These are the performance numbers for the stocks Gurus bought and the 5-year, 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 period to measure his own performances. Click here.
*The performance data are the average performances of the stocks Gurus purchased. They are not weighted, and do not include the stocks they kept
unchanged in number of shares owned. The data are different from the performances of their complete portfolios
**Portfolio Performances are calculated based on the equity holding as of the latest reported quarterly portfolio, assuming no buys/sells since.
***Turnover is defined as the impact to portfolio caused by all the purchases. This is a Quarter-to-Quarter number
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):
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)
I see you have added alot of new GURU NAMES to your website. Are you planning on puting them on the "scoreboard" so we can easily see their performance over the time periods...LOVE YOUR WEBSITE.
When do the Guru's 5 and 10 year % gains get recalculated by either them or Gurufocus.com. I question and am very doubtful Bruce Sherman's % rate is correct. It seems like they have never changed and continue year after year to be the same. He had a terrible last 12 to 18 months?
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Add Notes, Comments or Ask Questions
Comments
thanks!
Where can i find how much cash each furu hold?
tnx
Ilan
Gurufocus, where are you getting your data for the 10 Year and Since Inception columns?
Ben
I see you have added alot of new GURU NAMES to your website. Are you planning on puting them on the "scoreboard" so we can easily see their performance over the time periods...LOVE YOUR WEBSITE.
ROBERT BAUMANN
For hedge funds, sometimes we do not have the detailed data. If anyone can help, please contact us.