Compare managers

How each manager’s disclosed US portfolio would have performed, alongside how concentrated and patient they are and, where they run US funds, what those funds returned and cost.

PortfolioPeriod Fund cost and returns (21 managers)

Growth of $10,000

From the end of Q3 2021 to the end of Q3 2026: each quarter-end 13F portfolio held for the following quarter. Tick managers in the table to add them (up to 6). Log scale.

Berkshire Hathaway $16kFundsmith $13kPershing Square $15kAkre Capital Management $11kS&P 500 (SPY) $18k

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Manager comparison

CAS Investment PartnersClifford Sosin	+24.4%	+12.2 pts	−43.4%	6	100.0%	3.7%	7.5 yrs
AppaloosaDavid Tepper	+21.9%	+9.7 pts	−19.1%	25	78.9%	26.0%	4.8 yrs
Greenlight CapitalDavid Einhorn	+18.5%	+6.3 pts	−13.0%	46	52.8%	16.8%	3.8 yrs
Horizon KineticsSteven Bregman, Murray Stahl	+16.6%	+4.4 pts	−13.0%	317	77.5%	8.8%	4.8 yrs
H&H International (Duan Yongping)Duan Yongping	+15.8%	+3.7 pts	−21.2%	18	98.8%	8.7%	5.9 yrs
RV CapitalRobert Vinall	+15.6%	+3.4 pts	−26.6%	13	99.2%	7.8%	5.2 yrs
Omega Family Office (Leon Cooperman)Leon Cooperman	+14.7%	+2.6 pts	−17.7%	38	68.4%	14.2%	4.2 yrs
Brave Warrior AdvisorsGlenn Greenberg	+14.7%	+2.6 pts	−13.7%	39	74.4%	12.0%	3.5 yrs
Semper AugustusChris Bloomstran	+12.8%	+0.7 pts	−17.1%	48	81.3%	11.5%	8.0 yrs
First Pacific Advisors (FPA)Steven Romick, Mark Landecker	+12.5%	+0.4 pts	−17.6%	70	53.6%	10.7%	6.5 yrs
Gates Foundation TrustMichael Larson	+12.5%	+0.3 pts	−17.6%	24	94.9%	7.3%	12.1 yrs
First Eagle Investment ManagementMatthew McLennan, Julien Albertini	+12.3%	+0.1 pts	−15.1%	419	28.9%	9.0%	7.7 yrs
ValueActMason Morfit, Rob Hale	+12.2%	+0.0 pts	−17.4%	17	88.1%	19.1%	1.7 yrs
Wedgewood PartnersDavid Rolfe	+11.4%	−0.8 pts	−18.9%	18	71.8%	8.2%	6.5 yrs
AltaRock PartnersMark Massey	+11.3%	−0.8 pts	−19.3%	8	100.0%	7.8%	8.1 yrs
Himalaya CapitalLi Lu	+11.2%	−1.0 pts	−25.8%	7	100.0%	9.2%	4.5 yrs
Abrams Capital ManagementDavid Abrams	+11.0%	−1.1 pts	−15.7%	10	100.0%	5.5%	5.2 yrs
Chou AssociatesFrancis Chou	+10.9%	−1.2 pts	−20.8%	30	83.3%	10.9%	6.5 yrs
Mairs & PowerAndrew Adams	+10.9%	−1.3 pts	−14.8%	232	44.5%	6.9%	10.4 yrs
Berkshire HathawayWarren Buffett, Greg Abel	+10.1%	−2.1 pts	−18.1%	26	91.0%	6.3%	8.9 yrs
Davis Selected AdvisersChris Davis, Danton Goei	+10.1%	−2.1 pts	−17.6%	107	50.6%	9.1%	8.3 yrs
Third Avenue ManagementMatthew Fine	+10.0%	−2.2 pts	−16.7%	54	50.2%	11.7%	5.3 yrs
Smead Capital ManagementBill Smead, Cole Smead	+9.9%	−2.3 pts	−12.8%	31	55.1%	7.8%	7.2 yrs
Matrix Asset AdvisorsDavid Katz	+9.8%	−2.4 pts	−12.4%	83	40.1%	7.5%	7.7 yrs
TCI Fund ManagementChris Hohn	+9.5%	−2.6 pts	−17.9%	10	100.0%	6.5%	6.9 yrs
Valley Forge Capital ManagementDev Kantesaria	+9.2%	−3.0 pts	−21.0%	7	100.0%	4.3%	8.7 yrs
Fairholme Capital ManagementBruce Berkowitz	+9.1%	−3.1 pts	−30.4%	12	99.9%	2.4%	11.3 yrs
Troy Asset ManagementSebastian Lyon, Gabrielle Boyle	+9.0%	−3.2 pts	−15.7%	29	82.6%	9.6%	5.4 yrs
Miller Value PartnersBill Miller IV, Bill Miller III	+9.0%	−3.2 pts	−23.4%	56	52.8%	14.8%	3.3 yrs
Tweedy, BrowneThomas Shrager, Robert Wyckoff	+8.6%	−3.6 pts	−14.5%	90	72.1%	8.9%	7.9 yrs
Fairfax Financial HoldingsPrem Watsa	+8.6%	−3.6 pts	−20.7%	31	92.4%	15.1%	2.6 yrs
Pershing SquareBill Ackman	+8.4%	−3.8 pts	−22.7%	14	93.6%	16.1%	3.3 yrs
Dodge & CoxDavid Hoeft, Steven Voorhis	+8.3%	−3.9 pts	−12.7%	219	29.8%	8.1%	7.8 yrs
Yacktman Asset ManagementStephen Yacktman, Jason Subotky	+8.1%	−4.1 pts	−13.8%	71	49.2%	7.4%	7.9 yrs
Giverny CapitalFrançois Rochon	+7.8%	−4.3 pts	−17.1%	49	55.5%	8.1%	6.9 yrs
Harris Associates (Oakmark)Bill Nygren, David Herro	+7.8%	−4.4 pts	−18.4%	155	32.3%	16.6%	5.2 yrs
Gardner Russo & QuinnTom Russo	+7.7%	−4.4 pts	−14.2%	82	84.6%	5.7%	10.7 yrs
Markel GroupTom Gayner	+7.5%	−4.7 pts	−17.9%	127	47.1%	5.3%	10.8 yrs
Kahn BrothersAndrew Kahn, Thomas Kahn	+7.3%	−4.9 pts	−13.6%	48	78.7%	7.4%	7.0 yrs
Cantillon Capital ManagementWilliam von Mueffling	+7.0%	−5.2 pts	−17.4%	27	61.7%	9.0%	8.1 yrs
AKO CapitalGorm Thomassen, Patrick Hargreaves	+6.1%	−6.1 pts	−16.2%	22	75.8%	12.5%	4.5 yrs
Jensen Investment ManagementRob McIver, Eric Schoenstein	+5.9%	−6.2 pts	−13.0%	83	55.1%	10.6%	6.7 yrs
Oaktree Capital ManagementHoward Marks	+5.8%	−6.4 pts	−28.2%	48	34.9%	39.4%	3.5 yrs
Dorsey Asset ManagementPat Dorsey	+5.3%	−6.9 pts	−30.6%	11	94.5%	19.4%	1.7 yrs
Vulcan Value PartnersC.T. Fitzpatrick	+5.1%	−7.1 pts	−25.4%	36	76.6%	12.9%	5.5 yrs
Lindsell TrainNick Train, Michael Lindsell	+5.1%	−7.1 pts	−13.3%	27	90.7%	7.7%	7.7 yrs
Daily Journal CorpCharlie Munger, Steven Myhill-Jones	+5.1%	−7.1 pts	−17.7%	4	100.0%	3.3%	10.9 yrs
FundsmithTerry Smith	+5.1%	−7.1 pts	−16.8%	41	52.5%	10.8%	5.9 yrs
Ruane, Cunniff & Goldfarb (Sequoia)John Harris, Arman Gökgöl-Kline	+5.0%	−7.2 pts	−19.2%	49	72.2%	9.9%	6.0 yrs
Weitz Investment ManagementWally Weitz, Brad Hinton	+4.8%	−7.4 pts	−15.7%	49	55.0%	7.7%	8.6 yrs
Oakcliff CapitalBryan Lawrence	+3.9%	−8.3 pts	−22.8%	9	100.0%	8.0%	7.3 yrs
Greenlea Lane CapitalJosh Tarasoff	+3.3%	−8.9 pts	−29.3%	10	100.0%	9.3%	4.7 yrs
Southeastern Asset ManagementMason Hawkins, Ross Glotzbach	+2.7%	−9.4 pts	−15.8%	46	62.7%	14.7%	4.6 yrs
Akre Capital ManagementJohn Neff, Chuck Akre	+2.0%	−10.2 pts	−17.2%	19	87.6%	7.1%	8.8 yrs
Polen Capital ManagementDan Davidowitz, Damon Ficklin	+1.5%	−10.7 pts	−23.4%	215	58.8%	13.3%	4.8 yrs
Punch Card ManagementNorbert Lou	+1.3%	−10.8 pts	−20.8%	5	100.0%	12.2%	5.9 yrs
Baupost GroupSeth Klarman	+1.1%	−11.1 pts	−20.8%	23	74.9%	21.3%	1.8 yrs
Carl IcahnCarl Icahn, Brett Icahn	−20.7%	−32.8 pts	−32.9%	12	98.6%	6.7%	10.9 yrs
Biglari CapitalSardar Biglari	from Q3 2013	–	–	11	100.0%	5.1%	11.1 yrs
Conifer ManagementGreg Alexander	from Q4 2019	–	–	6	100.0%	9.7%	4.0 yrs
Dalal Street (Mohnish Pabrai)Mohnish Pabrai	from Q2 2013	–	–	4	100.0%	19.5%	2.4 yrs
Engaged CapitalGlenn Welling	from Q4 2013	–	–	9	98.7%	21.4%	2.3 yrs
Muhlenkamp & CompanyJeff Muhlenkamp	from Q2 2013	–	–	27	58.2%	10.3%	6.0 yrs
Trian Fund ManagementNelson Peltz, Josh Frank	from Q2 2013	–	–	8	100.0%	8.6%	7.7 yrs

S&P 500 over the same period: +12.2% a year. Change a quarter is how much of the portfolio’s weight moved between consecutive filings, averaged over two years; held for is the value-weighted time current positions have been held (counted from mid-2013). Fund cost and 5-year return (a year, on average) are for the manager’s cheapest US fund share class, from its SEC filings.

How much they own in common

Share of one 13F portfolio also held by the other, counting the smaller weight in each company.

Manager	Berkshire Hathaway	Fundsmith	Pershing Square	Akre Capital Management
Berkshire Hathaway	–	4.7%	0.0%	3.7%
Fundsmith	4.7%	–	26.9%	10.0%
Pershing Square	0.0%	26.9%	–	21.4%
Akre Capital Management	3.7%	10.0%	21.4%	–

What if you had followed them?

Start with an amount, take money out every year (a share of the value or a fixed sum, in quarterly instalments), and compare with doing the same in the S&P 500.

ManagerPortfolioStartingAmount ($)WithdrawalsWithdraw a year (%)

Runs from the end of Q3 2013 to the end of Q3 2026, the first quarter with a copycat return for Berkshire Hathaway after your start.

Berkshire Hathaway

$191k

+9.4% a year · after taking out $64k over 13.0 years

S&P 500, same withdrawals

$269k

+12.3% a year · after taking out $81k

Return a year is the annualised return of the investment itself over the period, before withdrawals (withdrawals are 4% of the value each year, taken in quarterly instalments). Price returns, no dividends.

Berkshire Hathaway $191kS&P 500 (SPY) $269k

How these returns are worked out

Prices come from the 13F filings themselves: each holding’s reported value divided by its shares gives its price at quarter end. Share splits are detected from the company’s shares outstanding and corrected.
These are price returns. Dividends are not included, which typically understates returns by 1–2% a year, for the managers and the S&P 500 alike.
13F filings only show US-listed shares, long positions and quarter-end snapshots: trades within a quarter, short positions, bonds, cash and fees are not captured. This is a model of the disclosed portfolio, not the manager’s actual results.
Holdings no manager on this site still owned a quarter later can’t be priced; they are left out of that quarter (typically under 2% of a portfolio).
Past returns don’t predict future ones. Nothing here is investment advice.