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
Portfolio
Mutual Fund
5.24
4.12
16.93
24.80
12.70
0.30
12.40
1998-2017
CGM Focus Fund
40
1,933
53
Mutual Fund
5.14
23.23
34.75
18.20
12
10.80
10.30
1992-2017
Yacktman Fund
3
5,417
29
Mutual Fund
4.24
22.14
34.46
20
12.20
11.40
9.60
1997-2017
Yacktman Focused Fund
4
2,902
23
Mutual Fund
4.24
21.48
33.08
18.20
12
10.80
10.50
1993-2017
The Yacktman Fund
-
8,342
43
Mutual Fund
0.54
6.87
4.37
12.50
10.20
8.40
12
1984-2017
Bruce Fund
-
470
37
Mutual Fund
-
-
-
14.20
8.10
3
6
1991-2017
Third Avenue Value Fund
20
970
33
Mutual Fund
-
-
-
4.70
8.20
4.60
7.40
1994-2017
Small Cap Value Fund
8
2,352
270
Hedge Fund
-
-
-
-
-
-
-9
2010-2011
T2 Hedge Fund
21
50
16
Mutual Fund
-
-
-
24.80
15
8.50
13.90
1995-2017
Meridian Value Fund
13
2,681
149
Hedge Fund
-1.05
3.55
6.54
-
-
-
-
-
1
270
8
Investment Company
-1.33
8.91
19.56
-
-
-
-
-
7
25,816
19
Mutual Fund
-1.45
-2.64
-9.68
16.50
14.20
6.90
7.90
1997-2017
Nuveen Multi-Manager Large-Cap
9
5,044
153
-
-1.57
-2.05
1.76
-
-
-
-
-
-
159
4
Mutual Fund
-2.54
-1.34
3.87
18.30
16.30
7.70
13.30
1980-2017
Dodge & Cox Stock FUND
4
129,057
191
Mutual Fund
-3.58
-0.01
2.46
16.20
12.50
6.90
10.70
1986-2017
T. Rowe Price Equity Income Fu
3
20,358
101
Mutual Fund
-3.86
5.98
18.36
-
2
11.20
12.70
1989-2011
Akre Capital Private Asset Man
2
8,565
24
Hedge Fund
-4.04
-7.18
-0.67
-
-
-
-
-
4
802
104
Mutual Fund
-4.67
-8.74
-10.62
15
15.30
5.20
8
1993-2017
U. S. Value Equity
3
4,428
141
Hedge Fund
-4.83
2.48
2.72
-
4.10
7.90
11.70
1994-2011
Advantage Fund
15
5,342
58
Mutual Fund
-4.97
3.20
6.62
16.50
9.10
6.40
5.50
1994-2017
Tweedy Browne Value Fund
-
3,319
45
Hedge Fund
-5.39
10.85
18.45
-
26.60
-
16.10
-
Icahn Capital
5
25,217
20
Hedge Fund
-6.06
-0.18
-3.68
-
-
-
-
-
2
651
31
Investment Company
-6.21
3.57
3.22
23
13.10
10.50
18.50
1980-2017
Berkshire Hathaway Book Value
8
221,020
46
Investment Company
-6.22
3.44
5.26
-
0.70
6
9.80
1996-2011
Markel Corp. Equity Portfolio
2
5,930
131
Hedge Fund
-6.22
-16.02
-6.48
-
-
-
-
-
-
230
1
Hedge Fund
-6.48
-6.24
-22.31
-
-
-
-
-
http://www.georgesoros.com/
19
4,022
169
Mutual Fund
-7.07
9.42
3.99
19.60
17.70
11.70
16.60
1985-2017
Vanguard Healthcare Fund
1
48,833
89
Hedge Fund
-7.09
9.95
-1.60
-
-
-
-
-
18
232
54
Mutual Fund
-7.10
0.85
3.45
11.50
8.70
6.60
11.70
1984-2017
Weitz Partners Fund
6
2,420
76
Mutual Fund
-7.24
-1.89
0.97
19.50
15.10
9.40
7.50
1997-2017
Vanguard Selected Value Fund
5
62,996
401
Mutual Fund
-7.33
-3.55
0.99
18.80
7.70
2.60
9.10
1989-2017
Muhlenkamp  Fund
3
234
33
Hedge Fund
-7.37
-12.29
-7.30
-
-
-
-
-
6
20,561
183
Investment Company
-7.47
-6.29
-10.11
-
-
-
-
-
71
575
8
Mutual Fund
-7.96
-1.47
2.73
-
11.20
4
4.80
2004-2014
Large Cap Value Composite
26
221
457
Mutual Fund
-8.09
-7.61
3.49
2.70
2.50
2
10.30
1980-2017
CM Value I Composite
3
743
47
Mutual Fund
-8.17
-1.53
12.21
13.50
8.10
7.20
13.20
1980-2017
First Eagle Global Fund
3
39,797
174
Mutual Fund
-8.36
-0.59
8.26
19.30
15.70
7
11.50
1992-2017
Davis Financial Fund
7
23,261
139
Mutual Fund
-8.50
1.18
5.56
15.50
9.40
4.70
11.40
1988-2017
Longleaf Partners Fund
7
8,332
28
Mutual Fund
-8.72
8.01
10.89
31.50
16.70
7.90
12.80
1992-2017
Baron Partners Fund
3
24,140
371
Hedge Fund
-8.89
9.33
8.61
-9.60
5.20
9.50
14.80
2008-2016
Pershing Square, L.P.
3
5,209
7
Total 68