The Score Board of Gurus

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.

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%

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

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
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

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:

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

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	Q/Q Turnover (%)	Value ($Mil)	# stocks
Arnold Schneider	Mutual Fund	97.35	-13.77	20,060.40	16.20	1.60	5.50	9.80	1999-2019	Schneider Small Cap Value Fund	22	175	34
Arnold Van Den Berg	Mutual Fund	0	0	0	2.70	2.50	2	10.30	1980-2017	CM Value I Composite	4	587	41
Azvalor Blue Chips FI	Mutual Fund	8.85	82.25	278.62	-2	0	0	-0.80	2017-2020	AZVALOR BLUE CHIPS, FI	19	36	39
Azvalor Internacional FI	Mutual Fund	13.26	102.75	311.62	-6.40	1.90	0	1.90	2015-2020	AZVALOR INTERNACIONAL, FI	13	897	69
Azvalor Managers FI	Mutual Fund	16.78	132.89	376.38	-14.70	0	0	-3.90	2018-2020	AZVALOR MANAGERS, FI	13	26	114
Barrow, Hanley, Mewhinney & Strauss	Mutual Fund	-6.96	10.21	31.58	5.90	8.90	10	7	1997-2020	Vanguard Selected Value Fund	10	31,145	317
Bill Ackman	Hedge Fund	6.69	23.91	62.41	56.60	14.70	10.80	16.40	2008-2020	Pershing Square, L.P.	0	10,710	7
Bill Gates	Investment Company	-1.32	12.67	39.78	-	-	-	-	-		8	23,866	15
Bill Nygren	Mutual Fund	-0.47	29.08	72.93	12.90	12.40	12.50	11.70	1992-2020	Oakmark Fund	6	16,383	50
BP Capital Fund Advisors	Hedge Fund	-41.51	-45.68	-37.21	-	0	0	0	-		7	100	37
Bruce Berkowitz	Mutual Fund	-5.77	0.84	105.22	46.90	12	6.60	10.50	2000-2020	Fairholme Fund	3	1,267	15
Carl Icahn	Hedge Fund	-10.06	4.41	9.88	-	26.60	0	16.10	-	Icahn Capital	4	24,292	17
Charles Brandes	Mutual Fund	-2.29	35.37	80.08	7.80	11	11.40	8	1993-2020	U. S. Value Equity	11	4,500	156
Charlie Munger	-	-7.84	27.37	57.66	-	-	-	-	-		0	213	5
Chris Davis	Mutual Fund	-2.10	23.95	61.62	-5.90	7.60	8.90	10.40	1992-2020	Davis Financial Fund	8	24,332	119
Chuck Akre	Mutual Fund	2.05	18.14	26.90	20.40	19.30	17.20	14.20	1989-2020	Akre Capital Private Asset Man	4	16,237	25
David Dreman	Mutual Fund	0	0	0	-	11.20	4	4.80	2004-2014	Large Cap Value Composite	26	221	457
David Einhorn	Hedge Fund	-5.23	6.33	62.73	1.40	-3.40	-0.50	3.60	2004-2020	Greenlight Re	17	1,593	71
David Swensen	Investment Company	-3.65	-0.67	-23.87	-	0	0	0	-		96	292	16
David Tepper	Hedge Fund	-7.31	5.75	40.22	-	17.20	20.10	26.70	1993-2014	Appaloosa Investment LP I	6	4,832	54
David Winters	Mutual Fund	0	0	0	-19.90	-2.30	6.10	3.70	2006-2018	Wintergreen Fund	0	99	4
Dodge & Cox	Mutual Fund	-0.10	33.19	84.91	7.20	12.30	12	12.90	1980-2020	Dodge & Cox Stock FUND	5	152,873	190
Donald Smith & Co	Mutual Fund	-3.13	10.55	46.86	-	-	-	-	-		4	2,571	64
Edward Lampert	Hedge Fund	-6.86	45.25	199.39	-	0	0	0	-		5	183	3
First Eagle Investment	Mutual Fund	-2.48	13.64	30.44	8.30	8.40	7	12.60	1980-2020	First Eagle Global Fund	1	40,002	295
FPA Capital Fund	Mutual Fund	11.80	33.27	-11.70	4.50	3.70	2.90	11.60	1984-2020	FPA Capital Fund	64	143	44
George Soros	Hedge Fund	-3.13	1.08	28.56	-	0	0	0	-	http://www.georgesoros.com/	30	5,290	226
Glenn Greenberg	Hedge Fund	1.81	21.26	60.43	-	0	0	0	-		9	2,913	24
HOTCHKIS & WILEY	Mutual Fund	-3.32	26.73	65.08	-0.30	9.50	10.10	9.60	1988-2020	Large Cap Value Fund	6	32,794	467
Joel Greenblatt	Hedge Fund	5.06	22.35	46.53	-6.20	3.40	0	5.20	2012-2020	Gotham Absolute Return Fund	22	2,360	983
John Paulson	Hedge Fund	-4.46	9.32	26.18	-	4.10	7.90	11.70	1994-2011	Advantage Fund	17	4,186	40
John Rogers	Mutual Fund	-2.83	10.58	48.52	10	9.70	10	11	1987-2020	Ariel Fund	6	10,635	110
Julian Robertson	Hedge Fund	3.74	21.71	56.17	-	-	-	-	-		14	572	38
Kahn Brothers	Hedge Fund	-4.44	19.83	26.94	-	0	0	0	-		4	698	43
Keeley Asset Management Corp	Mutual Fund	0	0	0	3.60	8	8.20	7.70	1994-2020	Keeley Small Cap Dividend Valu	8	2,352	270
Ken Fisher	Mutual Fund	0.63	8.95	30.30	1.77	5.10	4	6.80	1997-2015	Purisima Total Return (PURIX)	4	159,080	943
Ken Heebner	Mutual Fund	-6.01	28.10	62.99	-4.30	-3.20	-0.40	8.50	1998-2020	CGM Focus Fund	64	1,108	56
Leon Cooperman	Hedge Fund	0.87	19.98	48.04	-	-	-	-	-		12	1,781	67
Leucadia National	Investment Company	-19.18	2.58	57.96	14.60	5.60	2.80	15.30	1980-2020	Leucadia Corp. Book Value	0	171	4
Lou Simpson	Hedge Fund	0	0	0	-	-	-	-	-		0	-	0

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