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
9.44
2.04
25.73
24.80
12.70
0.30
12.40
1998-2017
CGM Focus Fund
39 %
1,982
57
Mutual Fund
8.62
9.80
5.89
19.60
17.70
11.70
16.60
1985-2017
Vanguard Healthcare Fund
3 %
44,070
88
Investment Company
8.13
4.84
23.65
-
-
-
-
-
-
-
22,114
19
Mutual Fund
4.70
4.55
10.32
11.50
8.70
6.60
11.70
1984-2017
Weitz Partners Fund
6 %
2,316
76
Mutual Fund
4.37
13.16
26.18
18.20
12
10.80
10.50
1993-2017
The Yacktman Fund
1 %
8,048
39
Hedge Fund
4.35
2.47
3.28
-
-
-
-
-
-
17 %
221
52
Hedge Fund
3.98
1.06
13.11
-
-
-
-
-
-
7 %
2,953
11
Mutual Fund
3.63
11.95
27.56
1.77
5.10
4
6.80
1997-2015
Purisima Total Return (PURIX)
6 %
76,722
816
Investment Company
3.39
-0.01
8.04
23
13.10
10.50
18.50
1980-2017
Berkshire Hathaway Book Value
2 %
195,616
44
Hedge Fund
2.46
5.81
0.98
-
-
-
-
-
-
2 %
628
31
Hedge Fund
2.37
6.33
24.03
10
8.60
-
8.60
2012-2017
Gotham Absolute Return Fund
33 %
6,920
862
Mutual Fund
2.34
-1.75
4.09
12.50
10.20
8.40
12
1984-2017
Bruce Fund
2 %
462
38
Mutual Fund
2.21
10.43
31.44
-
2
11.20
12.70
1989-2011
Akre Capital Private Asset Man
2 %
7,916
23
Investment Company
1.87
0.22
13.48
-
0.70
6
9.80
1996-2011
Markel Corp. Equity Portfolio
2 %
5,449
133
Mutual Fund
1.54
0.80
10.82
14.30
12.60
6
10.20
1996-2017
Olstein All Cap Value Fund
10 %
754
115
Mutual Fund
0.86
-6.63
2.06
14
5.40
3.30
6
2006-2017
Wintergreen Fund
-
134
6
Hedge Fund
0.85
5.37
10.72
-
-
-
-
-
-
5 %
496
77
Hedge Fund
0.80
-1.02
-6.23
-
4.10
7.90
11.70
1994-2011
Advantage Fund
11 %
4,895
54
Investment Company
0.62
-2.92
21.14
-6.40
2.80
11.30
20.70
1986-2016
Fairfax Per Share Book Value
3 %
1,246
33
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
-
-0.16
18.16
22.38
14.20
13
8.50
12.20
1995-2016
Small-Cap Composite - Daruma
5 %
1,542
50
Mutual Fund
-0.30
-0.12
12.97
16.50
9.10
6.40
5.50
1994-2017
Tweedy Browne Value Fund
2 %
3,219
44
Mutual Fund
-0.30
1.78
6.06
18.90
15.80
7.30
10.20
1988-2017
Large Cap Value Fund
9 %
26,510
480
Mutual Fund
-0.53
-3.59
-2.37
19.50
15.10
9.40
7.50
1997-2017
Vanguard Selected Value Fund
8 %
62,068
420
Mutual Fund
-0.67
-4.32
3.84
18.30
16.30
7.70
13.30
1980-2017
Dodge & Cox Stock FUND
5 %
125,158
176
Mutual Fund
-0.77
5.20
15.85
15.50
9.40
4.70
11.40
1988-2017
Longleaf Partners Fund
6 %
8,947
29
Mutual Fund
-0.85
16.20
27.07
18.20
12
10.80
10.30
1992-2017
Yacktman Fund
3 %
5,417
29
Mutual Fund
-1.01
12.98
24.52
20.10
8.40
7
13.20
1980-2017
Sequoia Fund
5 %
11,162
61
Hedge Fund
-1.12
15.36
29.52
-
-
-
-
-
-
11 %
18,909
28
Hedge Fund
-1.12
16.93
31.99
-
26.60
-
16.10
-
Icahn Capital
8 %
24,144
21
Mutual Fund
-1.16
15.82
27.49
20
12.20
11.40
9.60
1997-2017
Yacktman Focused Fund
4 %
2,902
23
Hedge Fund
-1.25
-2.07
5.63
-
-
-
-
-
-
10 %
2,442
13
Hedge Fund
-1.28
10.92
9.87
-
-
-
-
-
-
16 %
2,874
85
Hedge Fund
-1.32
10.53
3.80
-9.60
5.20
9.50
14.80
2008-2016
Pershing Square, L.P.
18 %
5,805
8
Mutual Fund
-2.04
-1.52
10.31
2.70
2.50
2
10.30
1980-2017
CM Value I Composite
3 %
743
47
Hedge Fund
-2.52
-10.54
-5.75
-
-
-
-
-
-
10 %
19,892
161
Mutual Fund
-2.66
12.93
14.81
31.50
16.70
7.90
12.80
1992-2017
Baron Partners Fund
3 %
22,875
362
Total 68