For diving into effects on alpha capture rate it is necessary to know, how to select "good managers" ex ante, who reliably generate alpha in the first place. Particularly of hedge funds having significant beta to equities.

To my knowlege this only depends on luck with such funds, as not only Nicolas Talab pointed out in "Fooled by Randomness", and Nicolas Rabener, CAIA, confirmed: "The performance of the top 50 hedge funds can be simply replicated via a 50% allocation to the S&P 500 and 50% to non-interest-bearing cash." on 1 Feb. 2022 in: https://www.hvst.com/posts/cryptocurrency-hedge-funds-w8WTxZ5A
Would appreciate your comment on this, Vincent