The Score Board of Gurus

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.
Peak to Peak_1999-2007 Annual Return
Peak to Peak_2007-2012 Annual Return
Peak to Peak_1999-2012 Annual Return
Trough to Trough_2002-2008 Annual Return
Percentage of Years When Guru Outperformed the Market (Five-Year Rolling Basis)
Scoreboard Top 10 Guru Holdings Performances (%) Fund Performances (%) since Latest 13F-filing Q/Q Turnover (%) Portfolio
Guru Name Type Since latest 13F-filing Since 6m ago Since 12m ago 1y 5y 10y Since Inception Period Tracked Fund Tracked Value ($Mil) # stocks
Steve Mandel Hedge Fund25.2626.8418.64-----2616,99737
Vanguard Health Care Fund Mutual Fund22.5919.3710.831.209.8014.2016.101985-2018Vanguard Healthcare Fund741,55091
Bruce Berkowitz Mutual Fund21.0525.5316.48-23.20-4.805.407.902000-2018Fairholme Fund44754
Prem Watsa Investment Company20.819.35-5.37-1.507.507.20201986-2018Fairfax Per Share Book Value11,66732
David Tepper Hedge Fund19.767.70-5.71-17.2020.1026.701993-2014Appaloosa Investment LP I423,38024
Wilbur Ross Hedge Fund19.6019.174.49-----03654
Warren Buffett Investment Company19.3131.0515.740.409.5011.70181980-2018Berkshire Hathaway Book Value0214,67348
John Rogers Mutual Fund18.599.050.71-13.704.2014.6010.601987-2018Ariel Fund47,506144
Ken Fisher Mutual Fund18.4424.5016.651.775.1046.801997-2015Purisima Total Return (PURIX)990,987860
Julian Robertson Hedge Fund18.0236.2633.54-----2426423
George Soros Hedge Fund17.5825.3631.22-000-,931127
John Paulson Hedge Fund16.5910.603.76-4.107.9011.701994-2011Advantage Fund124,99345
Robert Karr Hedge Fund16.348.0521.04-0022.19-1756611
Private Capital Hedge Fund15.988.01-8.27-93.3011.4013.501987-2018PCM Value Fund457548
Glenn Greenberg Hedge Fund15.8315.81-0.65-000-121,87417
Chris Davis Mutual Fund13.9017.898.80-11.806.8012.3010.501992-2018Davis Financial Fund119,875135
Leucadia National Investment Company13.410.53-21.6715.303.4011.3015.701980-2018Leucadia Corp. Book Value255614
Third Avenue Management Mutual Fund13.237.93-1.01-20.80-0.306.904.801991-2018Third Avenue Value Fund31,10857
Robert Olstein Mutual Fund13.2127.6819.56-113.40119.201996-2018Olstein All Cap Value Fund10639112
Ruane Cunniff Mutual Fund12.6320.4215.20-2.601.7010.2012.801980-2018Sequoia Fund57,62140
Mohnish Pabrai Hedge Fund12.525.44-8.56-000-72613
Leon Cooperman Hedge Fund12.1516.66-5.48-----211,68261
Mason Hawkins Mutual Fund11.973.35-14.99-18-0.5010.2010.301988-2018Longleaf Partners Fund25,73427
Richard Pzena Hedge Fund11.797.400.37-000-518,378175
Wallace Weitz Mutual Fund11.6419.1315.57-11.500.5010.50111984-2018Weitz Partners Fund42,42869
Bill Nygren Mutual Fund11.5515.515.99-12.70613.9011.101992-2018Oakmark Fund215,43652
Ron Baron Mutual Fund11.4523.3119.69-27.5014.7012.201992-2018Baron Partners Fund424,309350
Ronald Muhlenkamp Mutual Fund11.4013.64-3.73-13.30-1.306.508.201989-2018Muhlenkamp  Fund1220534
Tweedy Browne Mutual Fund11.123.190.69-6.403.308.7051994-2018Tweedy Browne Value Fund92,82647
Smead Value Fund Mutual Fund11.0121.2418.22-----Smead Value Fund51,17427
Joel Greenblatt Hedge Fund10.7519.3719.20-4.902.1006.302012-2018Gotham Absolute Return Fund235,6601,076
Chuck Akre Mutual Fund10.5724.5738.82-211.2012.701989-2011Akre Capital Private Asset Man310,14425
David Swensen Investment Company9.744.161.44-000-291229
Charles Brandes Mutual Fund9.352.24-7.82-6.206.8013.407.501993-2018U. S. Value Equity33,868138
Tom Gayner Investment Company9.2219.5514.44-0.7069.801996-2011Markel Corp. Equity Portfolio26,619132
Dodge & Cox Mutual Fund9.0517.2216.03-7.107.1013.2012.701980-2018Dodge & Cox Stock FUND5121,530181
HOTCHKIS & WILEY Mutual Fund8.7116.190.10-14.30512.609.301988-2018Large Cap Value Fund524,796453
Kahn Brothers Hedge Fund8.554.48-99.89-000-379848
Robert Bruce Mutual Fund8.4115.9220.93-45.6011.5011.501984-2018Bruce Fund145935
Bill Gates Investment Company7.6112.609.48-----821,22618
Total 70