The Score Board of Gurus

These are the performance numbers for the stocks Gurus bought and the 5-year and 10-year performance numbers of their flagship funds. To be more objective, we also display the annualized performance numbers over complete market cycles and the return of rolling 5-year periods. Warren Buffett uses the annual returns of rolling 5-year periods to measure his own performance. Click here.

ScoreboardTop 10 Guru Holdings Performances *Fund PerformancesTurnover (%)Portfolio
NameType Since Latest 13F-Filing (%) Since 6m before Latest 13F-Filing (%) Since 12m before Latest 13F-Filing (%) 1-year (%) 5-year (%) 10-year (%) Since Inception (%) Period Tracked Fund tracked (Q/Q) Portfolio Value Number of Stocks
Vanguard Health Care Fund Mutual Fund-4.161.525.98-8.9916.810.216.51985 - 2016Vanguard Healthcare Fund246,55780
Mason Hawkins Mutual Fund2.128.920.820.729.63.211.21988 - 2016Longleaf Partners Fund58,31728
Bill Nygren Mutual Fund7.812.3136.618.3516.18.511.81992 - 2016Oakmark Fund316,93951
Mario Gabelli Mutual Fund2.357.715.1511.5811.16.611.61987 - 2016Asset Fund Class AAA216,160827
Ken Fisher Mutual Fund7.5119.0228.71.775.146.81997 - 2015Purisima Total Return (PURIX)367,542786
FPA Capital Fund Mutual Fund-0.06-0.7910.6922.866.25.413.21984 - 2016FPA Capital Fund830619
Warren Buffett Investment Company3.853.9114.9310.711.59.418.41980 - 2016Berkshire Hathaway Book Value10177,67947
David Dreman Mutual Fund1.916.3724.4211.244.82004 - 2014Large Cap Value Composite4182429
Wallace Weitz Mutual Fund-1.493.8617.656.229.94.511.71984 - 2016Weitz Partners Fund42,36776
Ronald Muhlenkamp Mutual Fund4.2911.3921.22-3.76.6-0.28.71989 - 2016Muhlenkamp  Fund531673
Arnold Van Den Berg Mutual Fund-4.01-3.183.7131.551.110.51980 - 2016CM Value I Composite1271146
Martin Whitman Mutual Fund00013.3910.52.25.61991 - 2016Third Avenue Value Fund41,05535
Mariko Gordon 0.24-0.2415.0714.2138.512.21995 - 2016Small-Cap Composite - Daruma61,60460
Ruane Cunniff Mutual Fund3.4911.3720.24-6.97.66131980 - 2016Sequoia Fund911,41569
Edward Lampert Hedge Fund-11.08-30.57-31.0405126
George Soros Hedge Fund-4.245.2314.22253,335219
Meridian Funds Mutual Fund00016.5913.66.913.41995 - 2016Meridian Value Fund132,681149
Julian Robertson Hedge Fund3.8615.5334.131655345
Robert Olstein Mutual Fund2.275.4721.2311.5312.84.2101996 - 2016Olstein All Cap Value Fund13776112
Keeley Asset Management Corp Mutual Fund00018.9411.94.87.51994 - 2016Small Cap Value Fund82,352270
T Rowe Price Equity Income Fund Mutual Fund1.8210.6422.9419.2812.75.710.51986 - 2016T. Rowe Price Equity Income Fu820,826108
Tweedy Browne Mutual Fund1.52819.889.698.94.951994 - 2016Tweedy Browne Value Fund33,67653
Bruce Berkowitz Mutual Fund-12.42-21.1-24.4225.6814.86.410.92000 - 2016Fairholme Fund39075
Glenn Greenberg Hedge Fund1.42-1.7411.472,06614
Ron Baron Mutual Fund1.315.7934.684.0413.96.112.11992 - 2016Baron Partners Fund621,073318
Leucadia National Investment Company4.6-11.742-1.72.24.616.21980 - 2016Leucadia Corp. Book Value181,19699
Private Capital Hedge Fund6.1616.8841.6711.8911.23.614.21987 - 2016PCM Value Fund765749
Seth Klarman Hedge Fund5.441.156.7413.112.81992 - 2001Baupost Fund47,98636
First Eagle Investment Mutual Fund1.654.991510.657.96.813.21980 - 2016First Eagle Global Fund944,717348
Dodge & Cox Mutual Fund-0.09-0.393.3621.27175.913.21980 - 2016Dodge & Cox Stock FUND5124,318180
Joel Greenblatt Hedge Fund5.5314.8517.637.968.32012 - 2016Gotham Absolute Return Fund296,804896
Michael Price Hedge Fund6.417.135.69722113
Ken Heebner Mutual Fund5.4320.8454.669.0310.8411.81998 - 2016CGM Focus Fund332,28553
David Einhorn Hedge Fund5.8713.6733.87.23.64.56.72004 - 2016Greenlight Re176,27439
Charles Brandes Mutual Fund-6.131.6515.6718.68162.17.81993 - 2016U. S. Value Equity54,922129
John Rogers Mutual Fund2.1113.4527.9815.5616.47.111.41987 - 2016Ariel Fund58,614176
Bill Ackman Hedge Fund-0.04-1.366.89-9.65.29.514.82008 - 2016Pershing Square, L.P.155,1146
Kahn Brothers Hedge Fund-7.022.269.79465534
Chris Davis Mutual Fund3.317.7220.4715.0415.54.611.21992 - 2016Davis Financial Fund223,496143
Mohnish Pabrai Hedge Fund1.1641.3990.7714135
Robert Bruce Mutual Fund2.687.1218.384.069.36.6121984 - 2016Bruce Fund440639
Richard Pzena Hedge Fund2.37.1215.641018,920151
Arnold Schneider Mutual Fund-1.87-11.75.1158.5114.12.912.41999 - 2016Schneider Small Cap Value Fund1955656
Whitney Tilson Hedge Fund0002010 - 2011T2 Hedge Fund215016
David Winters Mutual Fund3.8510.2328.596.674.23.95.32006 - 2016Wintergreen Fund282198
NWQ Managers Mutual Fund1.228.692119.313.967.51997 - 2016Nuveen Multi-Manager Large-Cap96,900193
HOTCHKIS & WILEY Mutual Fund1.771.6717.9919.7215.84.39.91988 - 2016Large Cap Value Fund825,384203
David Swensen Investment Company-7.15-5.87-2.95424334
Chuck Akre Mutual Fund6.1125.1235.51211.212.71989 - 2011Akre Capital Private Asset Man26,84326
David Tepper Hedge Fund6.8817.4515.7317.220.126.71993 - 2014Appaloosa Investment LP I147,11948
Tom Gayner Investment Company0.8411.2326.170.769.81996 - 2011Markel Corp. Equity Portfolio25,023139
Carl Icahn Hedge Fund-0.479.5412.3226.616.1121,25116
T Boone Pickens Hedge Fund-7.43-16.8-20.051823254
Third Avenue Management Mutual Fund4.8110.5118.7213.3910.52.15.61991 - 2016Third Avenue Value Fund42,219111
Steve Mandel Hedge Fund4.6424.1736.062420,56531
Prem Watsa Investment Company9.9417.0120.03-6.42.811.320.71986 - 2016Fairfax Per Share Book Value61,22248
John Paulson Hedge Fund-0.43-9.34-19.424.17.911.71994 - 2011Advantage Fund45,52953
Bill Gates Investment Company3.6715.2328.92725,75019
Wilbur Ross Hedge Fund-8.04-20.718.9203544
Robert Karr Hedge Fund12.5253.7360.4222.1904586
Donald Yacktman Mutual Fund6.164.6716.4111.210.79.410.21993 - 2016The Yacktman Fund110,34746
Charlie Munger 1.283.6738.2801544
Barrow, Hanley, Mewhinney & Strauss Mutual Fund-0.71-0.6212.3516.3414.37.571997 - 2016Vanguard Selected Value Fund966,343430
Donald Smith Mutual Fund4.7629.6250.2944,15570
Leon Cooperman Hedge Fund0.71-2.139.01192,57385
Lou Simpson Hedge Fund3.379.4728.2152,83613
Yacktman Focused Fund Mutual Fund6.383.8816.7411.2910.49.89.11997 - 2016Yacktman Focused Fund03,21521
Yacktman Fund Mutual Fund6.065.1216.3611.210.79.4101992 - 2016Yacktman Fund16,28338

Click Here to Check the Top 10 Holdings of Gurus

*Top 10 Guru Holdings Performances is the value weighted average return for each guru. For example, today is 2015-12-07, then the latest 13F filing date is 2015-09-30. GuruFocus first selects the top 10 holdings (exclude warrants, options, funds) of each guru 2015-09-30 portfolio. Then calculates the return since 2015-09-30 till today for each holdings. Last, gets the value weighted return for the top 10 holdings.
**Under "Since Latest 13F-Filing" column, GuruFocus calculates the value weighted average return since 2015-09-30. Under "Since 6m before Latest 13F-Filing" column, GuruFocus calculates the value weighted average return since 2015-03-31. Under "Since 12m before Latest 13F-Filing" column, GuruFocus calculates the value weighted average return since 2014-09-30.
***The Top 10 holdings is rebalanced quarterly.
****The return data for Top 10 Guru Holdings Performances is not annualized.
*****The Top 10 Guru Holdings Performances data is updated in daily basis.
******The data are different from the performances of their complete portfolios.
*******Fund Performances data is for its own flagship fund. It is average annual return. Yearly annual performance data is collected from fund website.
********Turnover is defined as the impact to portfolio caused by all the purchases. This is a Quarter-to-Quarter number.
*********Past performance is no guarantee of future results.

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.

Table 1: Peak to Peak_1999-2007 Annual Return
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%
 
Table 2: Peak to Peak_2007-2012 Annual Return
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
 
Table 3: Peak to Peak_1999-2012 Annual Return
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
David Rolfe 7.67% 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
 
Table 4: Trough to Trough_2002-2008 Annual Return
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:

Table 5: Percentage of Years When Guru Outperformed the Market (Five-Year Rolling Basis)
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

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