Note(s): The results of a two-step selection model developed by Heckman (1979) to evaluate potential survivorship bias over the 2020–2024 period are presented in the table above. The likelihood of a fund surviving the 2020–2024 era is estimated in the first stage using a probit model (not displayed) based on fund size, age, and investment focus. In the second stage, the performance equation incorporates the Inverse Mills Ratio (λ) as a regressor. The original g_i represents the unadjusted mean performance, while the Heckman adjusted gi accounts for selection bias