Manager similarity

The 'similar managers' list on manager pages.

Computed on the latest period both managers reported, for managers with at least 10 positions; a pair needs at least 3 common tickers to appear.

• Jaccard — |A ∩ B| ÷ |A ∪ B| over the two managers' full ticker sets: how much the portfolios overlap in membership, regardless of size.
• Cosine — value-weighted overlap over each manager's top-150 positions (L2-normalized weight vectors): how similar the portfolios are where the money actually is.

The displayed ranking uses jaccard + cosine; the top 12 matches per manager are stored.

Limitations

Similarity of reported longs only. Two managers can hold identical longs with opposite hedges. High similarity between giant broad portfolios is structural, not meaningful kinship.