If you think they are good at picking winners at scale then many small bets makes sense, like a VC fund. Of course it's harder to tell if they're doing any work since they're not private investments, but many VC funds also ride coattails without adding much alpha.

This is not anything like a VC fund. 700+ positions in mostly large mature companies is so overly diversified that it would be near impossible to deviate too far from S&P or a world index.

in my experience investing in hedge funds, there is no accurate way to tell what an individual investor actually gets

the reference performance from fund inception is a pretty poor proxy if you were not a limited partner from inception

side pockets can be the greatest of all time