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
5.68
4.56
17.42
24.80
12.70
0.30
12.40
1998-2017
CGM Focus Fund
40
1,933
53
Mutual Fund
0.07
16.62
27.76
18.20
12
10.80
10.50
1993-2017
The Yacktman Fund
-
8,342
43
Mutual Fund
-
-25.17
-25.11
-5.10
3.20
4.90
12.60
1984-2017
FPA Capital Fund
24
170
22
-
-
-14.83
-20.71
-
-
-
-
-
-
137
4
Mutual Fund
-
5.52
14.23
18.20
12
10.80
10.30
1992-2017
Yacktman Fund
4
4,935
30
Mutual Fund
-
-8.84
-12.62
16.20
12.50
6.90
10.70
1986-2017
T. Rowe Price Equity Income Fu
4
17,350
105
Mutual Fund
-
4.21
14.11
20
12.20
11.40
9.60
1997-2017
Yacktman Focused Fund
6
2,702
26
Mutual Fund
-
-
-
14.20
8.10
3
6
1991-2017
Third Avenue Value Fund
19
882
31
Mutual Fund
-
16.71
10.30
2.70
2.50
2
10.30
1980-2017
CM Value I Composite
7
740
43
Mutual Fund
-
3.41
4.49
21.10
16.10
11
12.10
1992-2017
Oakmark Fund
4
20,555
58
Mutual Fund
-
-
-
-
11.20
4
4.80
2004-2014
Large Cap Value Composite
26
221
457
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
Mutual Fund
-0.72
5.52
3.05
12.50
10.20
8.40
12
1984-2017
Bruce Fund
-
470
37
Mutual Fund
-3.00
6.93
19.42
-
2
11.20
12.70
1989-2011
Akre Capital Private Asset Man
2
8,565
24
Hedge Fund
-4.14
13.91
21.71
-
26.60
-
16.10
-
Icahn Capital
5
25,217
20
Mutual Fund
-5.16
11.67
6.13
19.60
17.70
11.70
16.60
1985-2017
Vanguard Healthcare Fund
1
48,833
89
Mutual Fund
-5.24
-6.39
-13.15
16.50
14.20
6.90
7.90
1997-2017
Nuveen Multi-Manager Large-Cap
9
5,044
153
Mutual Fund
-5.75
-4.60
0.44
18.30
16.30
7.70
13.30
1980-2017
Dodge & Cox Stock FUND
4
130,724
192
Hedge Fund
-5.77
-15.61
-6.02
-
-
-
-
-
-
230
1
Mutual Fund
-6.32
-7.25
-4.14
14
5.40
3.30
6
2006-2017
Wintergreen Fund
-
128
6
Investment Company
-6.41
3.31
13.41
-
-
-
-
-
7
25,816
19
Mutual Fund
-6.82
-11.07
-12.90
15
15.30
5.20
8
1993-2017
U. S. Value Equity
3
4,428
141
Hedge Fund
-7.01
10.05
-1.51
-
-
-
-
-
18
232
54
Hedge Fund
-7.63
-1.84
-5.28
-
-
-
-
-
2
651
31
Hedge Fund
-7.87
5.22
5.07
15.50
12.50
5.40
14.30
1987-2017
PCM Value Fund
7
674
42
Hedge Fund
-8.04
10.35
9.62
-1.60
2.30
7.10
13.60
2008-2017
Pershing Square, L.P.
3
5,209
7
Hedge Fund
-8.36
-11.35
-5.14
-
-
-
-
-
4
802
104
Hedge Fund
-8.72
-8.48
-24.17
-
-
-
-
-
http://www.georgesoros.com/
19
4,022
169
Hedge Fund
-8.79
-1.79
-1.56
-
4.10
7.90
11.70
1994-2011
Advantage Fund
15
5,342
58
Mutual Fund
-9.13
-1.31
1.96
16.50
9.10
6.40
5.50
1994-2017
Tweedy Browne Value Fund
-
3,319
45
Hedge Fund
-9.14
12.40
15.89
-
-
-
-
-
8
2,310
51
Investment Company
-9.45
-8.29
-12.03
-
-
-
-
-
54
749
8
Investment Company
-9.90
-0.62
1.13
-
0.70
6
9.80
1996-2011
Markel Corp. Equity Portfolio
2
5,930
131
Hedge Fund
-10.21
0.19
3.60
-
-
-
-
-
16
997
73
Mutual Fund
-10.28
-17.61
-16.02
-
-
-
-
-
4
3,207
63
Hedge Fund
-10.64
-15.38
-10.58
-
-
-
-
-
6
20,561
183
Mutual Fund
-11.28
-7.67
-3.32
18.80
7.70
2.60
9.10
1989-2017
Muhlenkamp  Fund
3
234
33
Mutual Fund
-11.45
-3.95
4.60
19.30
15.70
7
11.50
1992-2017
Davis Financial Fund
7
23,261
139
Total 68