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The Score Board of Gurus
These are the performance numbers for the stocks Gurus bought and the 5-year and 10-year performance numbers of their flagship funds. To be more objective, we also display the annualized performance numbers over complete market cycles and the return of rolling 5-year periods. Warren Buffett uses the annual returns of rolling 5-year periods to measure his own performance. Click here.
| Scoreboard | Top 10 Guru Holdings Performances * | Fund Performances | Turnover (%) | Portfolio |
| Name | Type |
Since Latest 13F-Filing (%) |
Since 6m before Latest 13F-Filing (%) |
Since 12m before Latest 13F-Filing (%) |
1-year (%) |
5-year (%) |
10-year (%) |
Since Inception (%) |
Period Tracked |
Fund tracked |
(Q/Q) |
Portfolio Value |
Number of Stocks |
|---|
| Vanguard Health Care Fund
| Mutual Fund | 7.5 | 0.75 | -3.74 | 0 | 19 | 11.3 | 16.8 | 1985 - 2016 | Vanguard Healthcare Fund | 4 | 41,768 | 75 |
| Mason Hawkins
| Mutual Fund | 3.88 | 13.68 | 26.75 | 0 | 9.6 | 3.2 | 11.2 | 1988 - 2016 | Longleaf Partners Fund | 5 | 10,359 | 30 |
| Bill Nygren
| Mutual Fund | 14.6 | 25.4 | 28.35 | 0 | 16.1 | 8.5 | 11.8 | 1992 - 2016 | Oakmark Fund | 2 | 13,993 | 48 |
| Mario Gabelli
| Mutual Fund | 1.77 | 11.99 | 12.3 | 0 | 11.1 | 6.6 | 11.6 | 1987 - 2016 | Asset Fund Class AAA | 3 | 15,827 | 816 |
| Ken Fisher
| Mutual Fund | 7.8 | 8.65 | 6.78 | 0 | 5.1 | 4 | 6.8 | 1997 - 2015 | Purisima Total Return (PURIX) | 2 | 55,303 | 729 |
| FPA Capital Fund
| Mutual Fund | 0.02 | 37.55 | 38.36 | 0 | 6.2 | 5.4 | 13.2 | 1984 - 2016 | FPA Capital Fund | 2 | 522 | 22 |
| Warren Buffett
| Investment Company | 6.19 | 12.17 | 15.4 | 0 | 11.6 | 10.1 | 19 | 1980 - 2015 | Berkshire Hathaway Book Value | 10 | 147,985 | 47 |
| David Dreman
| Mutual Fund | 5.9 | 24.42 | 24.77 | 0 | 11.2 | 4 | 4.8 | 2004 - 2014 | Large Cap Value Composite | 32 | 178 | 450 |
| Wallace Weitz
| Mutual Fund | 11.35 | 17.02 | 9.13 | 0 | 9.9 | 4.5 | 11.7 | 1984 - 2016 | Weitz Partners Fund | 7 | 2,469 | 84 |
| Ronald Muhlenkamp
| Mutual Fund | 6.28 | 13.91 | -4.24 | 0 | 6.6 | -0.2 | 8.7 | 1989 - 2016 | Muhlenkamp  Fund | 11 | 317 | 79 |
| Arnold Van Den Berg
| Mutual Fund | 5.12 | 20.64 | 20.09 | 0 | 6.7 | 3.1 | 11 | 1980 - 2014 | CM Value I Composite | 10 | 632 | 43 |
| Martin Whitman
| Mutual Fund | 0 | 0 | 0 | 0 | 10.5 | 2.2 | 5.6 | 1991 - 2016 | Third Avenue Value Fund | 3 | 1,084 | 36 |
| Mariko Gordon
| | 8.8 | 32.47 | 30.5 | 0 | 7.7 | 8.4 | 12.1 | 1995 - 2015 | Small-Cap Composite - Daruma | 13 | 1,756 | 54 |
| Ruane Cunniff
| Mutual Fund | 5.3 | 12.38 | -9.15 | 0 | 7.6 | 6 | 13 | 1980 - 2016 | Sequoia Fund | 8 | 10,642 | 92 |
| Edward Lampert
| Hedge Fund | -0.95 | -13.47 | -35.15 | 0 | | | | | | 1 | 653 | 10 |
| George Soros
| Hedge Fund | 10.32 | 27.59 | 32.86 | 0 | | | | | | 17 | 3,052 | 190 |
| Meridian Funds
| Mutual Fund | 0 | 0 | 0 | 0 | 13.6 | 6.9 | 13.4 | 1995 - 2016 | Meridian Value Fund | 13 | 2,681 | 149 |
| Julian Robertson
| Hedge Fund | 9.2 | 23.6 | 7.9 | 0 | | | | | | 35 | 552 | 40 |
| Robert Olstein
| Mutual Fund | 5.38 | 30.31 | 27.24 | 0 | 12.8 | 4.2 | 10 | 1996 - 2016 | Olstein All Cap Value Fund | 14 | 775 | 107 |
| Keeley Asset Management Corp
| Mutual Fund | 4.62 | 39.87 | 73.66 | 0 | 11.9 | 4.8 | 7.5 | 1994 - 2016 | Small Cap Value Fund | 8 | 2,352 | 270 |
| T Rowe Price Equity Income Fund
| Mutual Fund | 3.16 | 11.08 | 15.22 | 0 | 12.7 | 5.7 | 10.5 | 1986 - 2016 | T. Rowe Price Equity Income Fu | 5 | 21,893 | 108 |
| Tweedy Browne
| Mutual Fund | 5.11 | 14.13 | 21.53 | 0 | 8.9 | 4.9 | 5 | 1994 - 2016 | Tweedy Browne Value Fund | 3 | 3,202 | 49 |
| Bruce Berkowitz
| Mutual Fund | -6.51 | -14.91 | -27.11 | 0 | 14.8 | 6.4 | 10.9 | 2000 - 2016 | Fairholme Fund | 0 | 983 | 8 |
| Glenn Greenberg
| Hedge Fund | 10.51 | 24.86 | 2.62 | 0 | | | | | | 14 | 2,097 | 20 |
| Ron Baron
| Mutual Fund | 11.42 | 17.86 | 27.69 | 0 | 13.9 | 6.1 | 12.1 | 1992 - 2016 | Baron Partners Fund | 3 | 17,759 | 322 |
| Leucadia National
| Investment Company | 13.08 | 23.65 | 25.54 | 0 | 0.1 | 5.4 | 16.7 | 1980 - 2015 | Leucadia Corp. Book Value | 9 | 927 | 22 |
| Private Capital
| Hedge Fund | 11.79 | 33.43 | 8.04 | 0 | 11.2 | 3.6 | 14.2 | 1987 - 2016 | PCM Value Fund | 2 | 649 | 53 |
| Seth Klarman
| Hedge Fund | 7.13 | 14.03 | 15.36 | 0 | 13.1 | 12.8 | | 1992 - 2001 | Baupost Fund | 20 | 7,598 | 42 |
| First Eagle Investment
| Mutual Fund | 5.91 | 11.09 | 13.98 | 0 | 7.9 | 6.8 | 13.2 | 1980 - 2016 | First Eagle Global Fund | 7 | 39,105 | 334 |
| Dodge & Cox
| Mutual Fund | 5.65 | 30.88 | 26.98 | 0 | 17 | 5.9 | 13.2 | 1980 - 2016 | Dodge & Cox Stock FUND | 4 | 112,599 | 182 |
| Joel Greenblatt
| Hedge Fund | 3.81 | 10.09 | 15.9 | 0 | | | 8.3 | 2012 - 2016 | Gotham Absolute Return Fund | 33 | 7,757 | 926 |
| Michael Price
| Hedge Fund | 1.36 | 5.72 | 13.73 | 0 | | | | | | 10 | 824 | 117 |
| Ken Heebner
| Mutual Fund | 12.24 | 35.15 | 18.26 | 0 | 10.8 | 4 | 11.8 | 1998 - 2016 | CGM Focus Fund | 31 | 2,254 | 56 |
| David Einhorn
| Hedge Fund | 9.81 | 29.39 | 37.33 | 0 | 3.6 | 4.5 | 6.7 | 2004 - 2016 | Greenlight Re | 7 | 5,819 | 33 |
| Charles Brandes
| Mutual Fund | 10.95 | 20.83 | 19.04 | 0 | 16 | 2.1 | 7.8 | 1993 - 2016 | U. S. Value Equity | 4 | 6,660 | 176 |
| John Rogers
| Mutual Fund | 5.5 | 22.29 | 10.7 | 0 | 16.4 | 7.1 | 11.4 | 1987 - 2016 | Ariel Fund | 5 | 8,471 | 191 |
| Bill Ackman
| Hedge Fund | 13.14 | 20.04 | 5.43 | 0 | 7.1 | 12.8 | 17.1 | 2008 - 2015 | Pershing Square, L.P. | 15 | 5,913 | 8 |
| Kahn Brothers
| Hedge Fund | 3.01 | 16.89 | 11.71 | 0 | | | | | | 1 | 592 | 35 |
| Chris Davis
| Mutual Fund | 4.12 | 20.65 | 16.98 | 0 | 15.5 | 4.6 | 11.2 | 1992 - 2016 | Davis Financial Fund | 5 | 22,837 | 142 |
| Mohnish Pabrai
| Hedge Fund | 16.97 | 52.71 | 32.28 | 0 | | | | | | 1 | 347 | 7 |
| Robert Bruce
| Mutual Fund | 4.83 | 2.51 | 13.39 | 0 | 9.3 | 6.6 | 12 | 1984 - 2016 | Bruce Fund | 0 | 336 | 36 |
| Richard Pzena
| Hedge Fund | 6.57 | 32.87 | 33.65 | 0 | | | | | | 5 | 17,538 | 158 |
| Arnold Schneider
| Mutual Fund | 1.39 | 45.16 | 49.9 | 0 | 14.1 | 2.9 | 12.4 | 1999 - 2016 | Schneider Small Cap Value Fund | 14 | 586 | 63 |
| Whitney Tilson
| Hedge Fund | 0 | 0 | 0 | 0 | | | | 2010 - 2011 | T2 Hedge Fund | 21 | 50 | 16 |
| David Winters
| Mutual Fund | 6.26 | 14.13 | 24.58 | 0 | 4.2 | 3.9 | 5.3 | 2006 - 2016 | Wintergreen Fund | 0 | 269 | 8 |
| NWQ Managers
| Mutual Fund | 3.23 | 19.1 | 21.6 | 0 | 13.9 | 6 | 7.5 | 1997 - 2016 | Nuveen Multi-Manager Large-Cap | 13 | 7,365 | 210 |
| HOTCHKIS & WILEY
| Mutual Fund | 5.25 | 31.2 | 32.43 | 0 | 15.8 | 4.3 | 9.9 | 1988 - 2016 | Large Cap Value Fund | 7 | 24,799 | 177 |
| David Swensen
| Investment Company | 9.79 | 7.95 | 22.55 | 0 | | | | | | 33 | 591 | 10 |
| Chuck Akre
| Mutual Fund | 8.12 | 5.4 | 8.4 | 0 | 2 | 11.2 | 12.7 | 1989 - 2011 | Akre Capital Private Asset Man | 6 | 5,451 | 33 |
| David Tepper
| Hedge Fund | 11.07 | 15.02 | 23.93 | 0 | 17.2 | 20.1 | 26.7 | 1993 - 2014 | Appaloosa Investment LP I | 38 | 5,640 | 54 |
| Tom Gayner
| Investment Company | 6.41 | 17.83 | 18.83 | 0 | 0.7 | 6 | 9.8 | 1996 - 2011 | Markel Corp. Equity Portfolio | 2 | 4,149 | 133 |
| Carl Icahn
| Hedge Fund | -0.46 | 7.68 | -10.71 | 0 | 26.6 | | 16.1 | | | 3 | 22,374 | 19 |
| T Boone Pickens
| Hedge Fund | 0.71 | 16.21 | 45.68 | 0 | | | | | | 19 | 319 | 54 |
| Third Avenue Management
| Mutual Fund | 8.45 | 16.39 | 21.25 | 0 | 10.5 | 2.1 | 5.6 | 1991 - 2016 | Third Avenue Value Fund | 9 | 2,207 | 114 |
| Steve Mandel
| Hedge Fund | 10.77 | 10.86 | 14.85 | 0 | | | | | | 18 | 19,160 | 41 |
| Prem Watsa
| Investment Company | 2.37 | 6.71 | -10.48 | 0 | 4.2 | 13.1 | 21.7 | 1986 - 2015 | Fairfax Per Share Book Value | 9 | 1,168 | 29 |
| John Paulson
| Hedge Fund | 8.11 | -2.85 | -20.45 | 0 | 4.1 | 7.9 | 11.7 | 1994 - 2011 | Advantage Fund | 9 | 7,845 | 100 |
| Bill Gates
| Investment Company | 3.66 | 13.76 | 25.16 | 0 | | | | | | 0 | 19,020 | 18 |
| Wilbur Ross
| Hedge Fund | 7 | 3.33 | -6.76 | 0 | | | | | | 1 | 459 | 6 |
| Robert Karr
| Hedge Fund | 11.81 | 31.15 | 46.45 | 0 | | | 22.19 | | | 16 | 498 | 8 |
| Donald Yacktman
| Mutual Fund | 6.46 | 8.41 | 15.68 | 0 | 10.7 | 9.4 | 10.2 | 1993 - 2016 | The Yacktman Fund | 0 | 11,021 | 44 |
| Charlie Munger
| | 8.07 | 41.19 | 20.14 | 0 | | | | | | 0 | 146 | 4 |
| Barrow, Hanley, Mewhinney & Strauss
| Mutual Fund | 5.57 | 11.04 | 12.93 | 0 | 14.3 | 7.5 | 7 | 1997 - 2016 | Vanguard Selected Value Fund | 8 | 66,729 | 339 |
| Donald Smith
| Mutual Fund | 9.17 | 19.81 | 34.01 | 0 | | | | | | 8 | 3,729 | 68 |
| Leon Cooperman
| Hedge Fund | 9.3 | 25.16 | 11.84 | 0 | | | | | | 9 | 2,270 | 71 |
| Lou Simpson
| Hedge Fund | 10.83 | 27.12 | 7.53 | 0 | | | | | | 19 | 2,373 | 16 |
| Yacktman Focused Fund
| Mutual Fund | 6.9 | 8.89 | 16.03 | 0 | 10.4 | 9.8 | 9.1 | 1997 - 2016 | Yacktman Focused Fund | 2 | 3,534 | 21 |
| Yacktman Fund
| Mutual Fund | 6.23 | 8.28 | 15.69 | 0 | 10.7 | 9.4 | 10 | 1992 - 2016 | Yacktman Fund | 0 | 6,641 | 38 |
Click Here to Check the Top 10 Holdings of Gurus
*Top 10 Guru Holdings Performances is the value weighted average return for each guru. For example, today is 2015-12-07, then the latest 13F filing date is 2015-09-30. GuruFocus first selects the top 10 holdings (exclude warrants, options, funds) of each guru 2015-09-30 portfolio. Then calculates the return since 2015-09-30 till today for each holdings. Last, gets the value weighted return for the top 10 holdings.
**Under "Since Latest 13F-Filing" column, GuruFocus calculates the value weighted average return since 2015-09-30. Under "Since 6m before Latest 13F-Filing" column, GuruFocus calculates the value weighted average return since 2015-03-31. Under "Since 12m before Latest 13F-Filing" column, GuruFocus calculates the value weighted average return since 2014-09-30.
***The Top 10 holdings is rebalanced quarterly.
****The return data for Top 10 Guru Holdings Performances is not annualized.
*****The Top 10 Guru Holdings Performances data is updated in daily basis.
******The data are different from the performances of their complete portfolios.
*******Fund Performances data is for its own flagship fund. It is average annual return. Yearly annual performance data is collected from fund website.
********Turnover is defined as the impact to portfolio caused by all the purchases. This is a Quarter-to-Quarter number.
*********Past performance is no guarantee of future results.
A Better Way to Measure Performances
We believe that the performance over fixed time periods, like the latest 3-year, 5-year and 10-year, might be misleading since a single bad year performance would ruin all. Therefore, we believe the best way to measure funds’ performance is to check the performance number over complete market cycles.
According to the annual returns of S&P 500 from 1999 to 2012, we think market peaks appeared at 1999, 2007 and 2012, while market troughs appear at 2002 and 2008. Based on this, we research all the funds’ performance from peak to peak (1999 to 2007, 2007 to 2012, and 1999 to 2012) years and trough to trough years (2002 to 2008).
The results are as follows (we ignore the funds which lack at least two years of data in a complete economic cycle). Please note that i=Investment company; m=Mutual Fund company; h=Hedge Fund company; F=Mutual Fund.
| Table 1: Peak to Peak_1999-2007 Annual Return |
| Guru Name |
Return |
Fund Type |
| David Tepper |
30.66% |
h |
| Ken Heebner |
28.90% |
m |
| Daniel Loeb |
21.30% |
h |
| Arnold Schneider |
19.78% |
m |
| Mawer New Canada Fund |
19.25% |
f |
| Robert Bruce |
18.74% |
m |
| John Buckingham |
17.68% |
m |
| John Paulson |
17.31% |
h |
| Bruce Berkowitz |
17.11% |
m |
| Fairholme Fund |
17.11% |
f |
| Jean-Marie Eveillard |
16.49% |
m |
| Meridian Funds |
15.80% |
m |
| Signature Select Canadian Fund |
15.59% |
f |
| Murray Stahl |
15.29% |
m |
| Arnold Van Den Berg |
14.54% |
f |
| Mark Hillman |
14.43% |
m |
| Chuck Royce |
13.92% |
m |
| Chuck Akre |
13.28% |
m |
| John Keeley |
13.22% |
m |
| Leith Wheeler Canadian Equity |
13.03% |
f |
| Westport Asset Management |
12.91% |
m |
| CI Can-Am Small Cap Fund |
12.62% |
f |
| Mawer Canadian Equity Fund |
12.51% |
f |
| Richard Snow |
12.50% |
m |
| Manning & Napier Advisors, Inc |
12.39% |
h |
| Robert Rodriguez |
12.15% |
f |
| Dodge & Cox |
12.12% |
m |
| Edward Owens |
11.33% |
f |
| Martin Whitman |
11.23% |
f |
| Third Avenue Management |
11.23% |
m |
| Ron Baron |
10.96% |
m |
| Steven Romick |
10.90% |
f |
| Ian Cumming |
10.77% |
i |
| Robert Olstein |
10.60% |
m |
| Chou RRSP Fund |
10.43% |
f |
| John Hussman |
10.41% |
m |
| Bill Frels |
10.14% |
m |
| Mario Gabelli |
9.86% |
m |
| Ronald Muhlenkamp |
9.62% |
m |
| Tom Gayner |
9.59% |
i |
| Mason Hawkins |
9.47% |
m |
| Tom Russo |
9.44% |
h |
| John Rogers |
9.41% |
m |
| Donald Yacktman |
9.00% |
m |
| PRIMECAP Management |
8.80% |
m |
| Francis Chou |
8.69% |
m |
| Warren Buffett |
8.39% |
i |
| Jeff Auxier |
8.32% |
m |
| Prem Watsa |
8.09% |
i |
| HOTCHKIS & WILEY |
8.05% |
m |
| Brian Rogers |
7.56% |
f |
| Ken Fisher |
7.51% |
m |
| Wallace Weitz |
7.50% |
m |
| David Rolfe |
7.45% |
m |
| NWQ Managers |
6.81% |
m |
| Chris Davis |
6.73% |
m |
| Charles Brandes |
6.50% |
m |
| Jeremy Grantham |
6.29% |
m |
| James Barrow |
6.05% |
m |
| Ruane Cunniff |
5.88% |
m |
| RS Investment Management |
5.65% |
m |
| Bill Nygren |
5.33% |
f |
| Tweedy Browne |
4.61% |
m |
| S&P 500 |
3.78% |
|
|
| Table 2: Peak to Peak_2007-2012 Annual Return |
| Guru Name |
Return |
Fund Type |
| Prem Watsa |
19.73% |
i |
| David Rolfe |
9.21% |
m |
| Daniel Loeb |
8.84% |
h |
| Donald Yacktman |
8.61% |
m |
| Warren Buffett |
8.43% |
i |
| Frank Sands |
8.28% |
m |
| Mawer New Canada Fund |
7.98% |
f |
| Zeke Ashton |
7.90% |
h |
| Chuck Royce |
7.05% |
m |
| Ian Cumming |
6.99% |
i |
| Jean-Marie Eveillard |
6.85% |
m |
| Westport Asset Management |
6.49% |
m |
| Ruane Cunniff |
6.12% |
m |
| Edward Owens |
5.80% |
f |
| David Einhorn |
5.76% |
h |
| Steven Romick |
5.61% |
f |
| Robert Rodriguez |
5.43% |
f |
| Mawer Canadian Equity Fund |
4.81% |
f |
| Bill Frels |
4.80% |
m |
| Robert Bruce |
4.58% |
m |
| Mario Gabelli |
4.51% |
m |
| Bill Nygren |
4.46% |
f |
| PRIMECAP Management |
4.40% |
m |
| David Winters |
4.25% |
m |
| CI Can-Am Small Cap Fund |
4.23% |
f |
| John Paulson |
4.11% |
h |
| Bruce Berkowitz |
3.99% |
m |
| Fairholme Fund |
3.99% |
f |
| Jeff Auxier |
3.90% |
m |
| Tom Russo |
3.77% |
h |
| James Barrow |
3.33% |
m |
| Tweedy Browne |
3.33% |
m |
| Meridian Funds |
3.17% |
m |
| RS Investment Management |
3.05% |
m |
| Diamond Hill Capital |
2.91% |
m |
| Leith Wheeler Canadian Equity |
2.75% |
f |
| Wallace Weitz |
2.51% |
m |
| S&P 500 |
2.21% |
|
| John Keeley |
2.03% |
m |
| Chuck Akre |
2.02% |
m |
| Manning & Napier Advisors, Inc |
1.89% |
h |
| Brian Rogers |
1.87% |
f |
| John Rogers |
1.86% |
m |
| Ron Baron |
1.58% |
m |
| Jeremy Grantham |
1.30% |
m |
| NWQ Managers |
1.23% |
m |
| Signature Select Canadian Fund |
1.05% |
f |
| John Buckingham |
0.84% |
m |
| Tom Gayner |
0.71% |
i |
| Chou RRSP Fund |
0.69% |
f |
| Francis Chou |
0.58% |
m |
| Arnold Van Den Berg |
0.29% |
f |
| Ken Heebner |
0.23% |
m |
| Mason Hawkins |
0.14% |
m |
| Dodge & Cox |
-0.17% |
m |
| Ken Fisher |
-0.31% |
m |
| Richard Snow |
-0.54% |
m |
| Mark Hillman |
-0.72% |
m |
| Martin Whitman |
-0.73% |
f |
| Third Avenue Management |
-0.77% |
m |
| Robert Olstein |
-0.80% |
m |
| Arnold Schneider |
-1.22% |
m |
| Murray Stahl |
-1.45% |
m |
| Chris Davis |
-1.76% |
m |
| HOTCHKIS & WILEY |
-2.29% |
m |
| John Hussman |
-2.64% |
m |
| Ronald Muhlenkamp |
-3.54% |
m |
| Charles Brandes |
-5.92% |
m |
|
| Table 3: Peak to Peak_1999-2012 Annual Return |
| Guru Name |
Return |
Fund Type |
| Daniel Loeb |
16.06% |
h |
| Mawer New Canada Fund |
14.46% |
f |
| Robert Bruce |
14.27% |
m |
| Arnold Schneider |
13.22% |
m |
| Ken Heebner |
13.00% |
m |
| Jean-Marie Eveillard |
12.73% |
m |
| Bruce Berkowitz |
11.21% |
m |
| John Buckingham |
11.11% |
m |
| Chuck Royce |
11.01% |
m |
| Meridian Funds |
10.78% |
m |
| Fairholme Fund |
10.37% |
f |
| Robert Rodriguez |
10.15% |
f |
| Westport Asset Management |
10.05% |
m |
| Signature Select Canadian Fund |
10.02% |
f |
| John Paulson |
9.85% |
h |
| Arnold Van Den Berg |
9.69% |
f |
| CI Can-Am Small Cap Fund |
9.68% |
f |
| Prem Watsa |
9.46% |
i |
| Edward Owens |
9.43% |
f |
| Chuck Akre |
9.32% |
m |
| Donald Yacktman |
9.24% |
m |
| Mawer Canadian Equity Fund |
9.21% |
f |
| Mark Hillman |
8.91% |
m |
| Steven Romick |
8.89% |
f |
| Leith Wheeler Canadian Equity |
8.78% |
f |
| John Keeley |
8.70% |
m |
| Manning & Napier Advisors, Inc |
8.38% |
h |
| Warren Buffett |
8.22% |
i |
| Bill Frels |
8.20% |
m |
| Richard Snow |
7.75% |
m |
| David Rolfe |
7.67% |
m |
| Chou RRSP Fund |
7.65% |
f |
| Dodge & Cox |
7.54% |
m |
| Ian Cumming |
7.41% |
i |
| Mario Gabelli |
7.40% |
m |
| Tom Russo |
7.35% |
h |
| Murray Stahl |
6.95% |
m |
| John Rogers |
6.92% |
m |
| Tom Gayner |
6.87% |
i |
| Ron Baron |
6.81% |
m |
| PRIMECAP Management |
6.71% |
m |
| Robert Olstein |
6.59% |
m |
| Francis Chou |
6.58% |
m |
| Wallace Weitz |
6.55% |
m |
| Jeff Auxier |
6.45% |
m |
| Martin Whitman |
6.32% |
f |
| Third Avenue Management |
6.30% |
m |
| Mason Hawkins |
6.09% |
m |
| Ruane Cunniff |
5.81% |
m |
| Bill Nygren |
5.62% |
f |
| Brian Rogers |
5.39% |
f |
| James Barrow |
5.33% |
m |
| RS Investment Management |
5.23% |
m |
| Ronald Muhlenkamp |
5.22% |
m |
| HOTCHKIS & WILEY |
4.90% |
m |
| Jeremy Grantham |
4.76% |
m |
| John Hussman |
4.65% |
m |
| NWQ Managers |
4.38% |
m |
| Tweedy Browne |
4.35% |
m |
| Chris Davis |
3.89% |
m |
| Ken Fisher |
3.75% |
m |
| S&P 500 |
2.97% |
|
| Charles Brandes |
2.65% |
m |
|
| Table 4: Trough to Trough_2002-2008 Annual Return |
| Guru Name |
Return |
Fund Type |
| David Tepper |
17.16% |
h |
| John Paulson |
15.90% |
h |
| Robert Bruce |
14.02% |
m |
| Prem Watsa |
13.00% |
i |
| Jean-Marie Eveillard |
11.61% |
m |
| Ken Heebner |
10.92% |
m |
| Mawer New Canada Fund |
10.20% |
f |
| CI Can-Am Small Cap Fund |
10.15% |
f |
| Daniel Loeb |
9.37% |
h |
| Warren Buffett |
9.26% |
i |
| Chuck Royce |
7.12% |
m |
| Bruce Berkowitz |
6.93% |
m |
| Fairholme Fund |
6.93% |
f |
| Chuck Akre |
6.79% |
m |
| Ian Cumming |
6.51% |
i |
| Leith Wheeler Canadian Equity |
6.40% |
f |
| Diamond Hill Capital |
6.29% |
m |
| Steven Romick |
6.21% |
f |
| John Hussman |
6.02% |
m |
| Mawer Canadian Equity Fund |
5.69% |
f |
| Signature Select Canadian Fund |
5.45% |
f |
| John Keeley |
5.37% |
m |
| Donald Yacktman |
5.20% |
m |
| Sarah Ketterer |
4.98% |
m |
| Tom Russo |
4.51% |
h |
| Edward Owens |
4.26% |
f |
| Arnold Schneider |
4.04% |
m |
| Ron Baron |
3.81% |
m |
| Westport Asset Management |
3.34% |
m |
| Francis Chou |
3.33% |
m |
| Jeff Auxier |
2.88% |
m |
| Murray Stahl |
2.69% |
m |
| Meridian Funds |
2.68% |
m |
| Robert Rodriguez |
2.60% |
f |
| Bill Frels |
2.41% |
m |
| Mario Gabelli |
2.21% |
m |
| Martin Whitman |
2.04% |
f |
| Third Avenue Management |
2.04% |
m |
| Mark Hillman |
1.95% |
m |
| Tom Gayner |
1.83% |
i |
| PRIMECAP Management |
1.75% |
m |
| Chou RRSP Fund |
1.45% |
f |
| Ruane Cunniff |
1.40% |
m |
| John Buckingham |
1.30% |
m |
| Arnold Van Den Berg |
1.12% |
f |
| Manning & Napier Advisors, Inc |
0.63% |
h |
| Dodge & Cox |
0.54% |
m |
| Brian Rogers |
0.53% |
f |
| Tweedy Browne |
-0.04% |
m |
| Richard Snow |
-0.50% |
m |
| NWQ Managers |
-0.59% |
m |
| James Barrow |
-0.65% |
m |
| Jeremy Grantham |
-0.83% |
m |
| HOTCHKIS & WILEY |
-1.08% |
m |
| Ken Fisher |
-1.28% |
m |
| David Rolfe |
-1.35% |
m |
| Bill Nygren |
-1.37% |
f |
| S&P 500 |
-1.38% |
|
| Ronald Muhlenkamp |
-1.61% |
m |
| RS Investment Management |
-1.92% |
m |
| John Rogers |
-2.48% |
m |
| Chris Davis |
-2.78% |
m |
| Mason Hawkins |
-2.79% |
m |
| Wallace Weitz |
-2.95% |
m |
| Robert Olstein |
-3.50% |
m |
| Frank Sands |
-4.49% |
m |
| Charles Brandes |
-7.56% |
m |
|
In Berkshire Hathaway Inc. (BRK.A)(BRK.B)’s annual report of 2012, Warren Buffett mentioned this methodology. We first calculate the five-year rolling annualized returns for each fund from their inception date to today, then compare them with five-year rolling annualized returns of the S&P 500, and finally we calculate the percentage of years when each fund outperformed the market. We ignore those funds which had less than eight five-year rolling returns from 1980 or their inception date, whichever comes first, to 2012.
The results are as follows:
| Table 5: Percentage of Years When Guru Outperformed the Market (Five-Year Rolling Basis) |
| Guru Name |
Percentage |
Number of Data |
| Warren Buffett |
100.00% |
29 |
| Daniel Loeb |
100.00% |
14 |
| Westport Asset Management |
100.00% |
11 |
| Diamond Hill Capital |
100.00% |
8 |
| CI Can-Am Small Cap Fund |
100.00% |
11 |
| Edward Owens |
95.83% |
24 |
| Meridian Funds |
92.86% |
14 |
| David Tepper |
92.86% |
14 |
| Tom Gayner |
91.67% |
12 |
| Bruce Berkowitz |
88.89% |
9 |
| Jeff Auxier |
88.89% |
9 |
| Fairholme Fund |
88.89% |
9 |
| Prem Watsa |
86.36% |
22 |
| Ruane Cunniff |
86.21% |
29 |
| Chuck Akre |
84.21% |
19 |
| NWQ Managers |
83.33% |
12 |
| Tom Russo |
83.33% |
24 |
| PRIMECAP Management |
83.33% |
24 |
| Ken Heebner |
81.82% |
11 |
| Manning & Napier Advisors Inc. |
80.00% |
10 |
| Signature Select Canadian Fund |
80.00% |
10 |
| Ian Cumming |
78.57% |
28 |
| John Paulson |
78.57% |
14 |
| Robert Rodriguez |
76.00% |
25 |
| Ken Fisher |
75.00% |
12 |
| Frank Sands |
75.00% |
8 |
| David Rolfe |
75.00% |
16 |
| Mawer New Canada Fund |
75.00% |
20 |
| Steven Romick |
73.33% |
15 |
| Mario Gabelli |
72.73% |
22 |
| Leith Wheeler Canadian Equity |
71.43% |
14 |
| Ron Baron |
70.59% |
17 |
| Chuck Royce |
70.59% |
17 |
| Murray Stahl |
69.23% |
13 |
| James Barrow |
66.67% |
12 |
| Jean-Marie Eveillard |
65.52% |
29 |
| Bill Frels |
65.52% |
29 |
| Bill Nygren |
64.71% |
17 |
| Richard Snow |
64.71% |
17 |
| Chris Davis |
64.71% |
17 |
| Mawer Canadian Equity Fund |
64.71% |
17 |
| Tweedy Browne |
64.29% |
14 |
| Wallace Weitz |
64.00% |
25 |
| Donald Yacktman |
62.50% |
16 |
| RS Investment Management |
61.54% |
13 |
| Brian Rogers |
60.87% |
23 |
| Ronald Muhlenkamp |
60.00% |
20 |
| John Keeley |
60.00% |
15 |
| Arnold Schneider |
60.00% |
10 |
| Mark Hillman |
60.00% |
10 |
| Francis Chou |
59.09% |
22 |
| Dodge & Cox |
58.62% |
29 |
| Mason Hawkins |
57.14% |
21 |
| John Hussman |
55.56% |
9 |
| Robert Olstein |
53.85% |
13 |
| John Buckingham |
50.00% |
10 |
| Robert Bruce |
48.00% |
25 |
| John Rogers |
45.45% |
22 |
| Martin Whitman |
44.44% |
18 |
| Third Avenue Management |
44.44% |
18 |
| Jeremy Grantham |
44.44% |
9 |
| Arnold Van Den Berg |
41.38% |
29 |
| Charles Brandes |
37.50% |
16 |
| Chou RRSP Fund |
36.36% |
22 |
| HOTCHKIS & WILEY |
33.33% |
21 |
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