Tracked managers

53 curated, concentrated, low-turnover managers. Their signal is tier-weighted— a Tier-1 manager’s buy counts more than a Tier-3’s. Tiers reflect documented long-term records, not a prediction.

Tier 1 — documented long-term outperformers

Berkshire Hathaway (Buffett)Quality compounder

~19.9% CAGR book value 1965–2024 (audited); has trailed S&P every decade since 2015 (scale).

Brave Warrior (Glenn Greenberg)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Giverny Capital (Rochon)Quality compounder

~15% CAGR 1993–2023, +5.5pp (private accounts, part-audited).

Himalaya Capital (Li Lu)Value/global

~26%+ CAGR (private, disputed — treat as estimate).

Pershing Square (Ackman)Activist

15.9% net CAGR 2004–2024, +5.9pp vs S&P (audited PSH listed vehicle).

TCI Fund Management (Hohn)Quality compounder

~18% net CAGR 2004–2022+, +9pp (private LP, well-attested).

Valley Forge CapitalQuality compounder

~15% net CAGR 2007–2024, +4.5pp (private, Barron’s-corroborated).

Tier 2 — solid records

Akre Capital (Akre Focus)Quality compounder

15.7% net CAGR 2009–2024, +1.4pp vs S&P (audited fund).

Altarock PartnersQuality compounder

~12–14% net CAGR since 2002 (private LP, unaudited).

Appaloosa (Tepper)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Bares Capital (Brian Bares)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Baupost Group (Klarman)Deep value

~20% net early → ~4%/yr last decade (private; faded). Large non-equity book invisible to 13F.

Cantillon CapitalConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Dorsey Asset Management (Pat Dorsey)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Eagle Capital (Curry)Quality value

~13.9% 10-yr; top-1% manager claimed (private, no GIPS public record).

Fundsmith (Terry Smith)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Gardner Russo & Quinn (Russo)Graham/global value

~11.3% net CAGR 1990–2024, +0.9pp (private, modest edge).

Greenhaven Associates (Wachenheim)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Greenlight / DME Capital (Einhorn)Long/short value

12.7% net CAGR 1996–2025, +2.5pp (private). Short book invisible to 13F. Current filer: DME Capital Management LP.

Horizon Kinetics (Stahl)Franchise/inflation

~12.86% CAGR 20-yr, +2.3pp (audited fund; high volatility). Filer: Horizon Kinetics Asset Management LLC.

Icahn Capital (Carl Icahn)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Lindsell TrainConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Markel Group (Gayner)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Pabrai Funds (Dalal Street)Deep value

~12.6% net CAGR 1999–2023, +5.4pp (private). US 13F only (India holdings not reported). Filer: Dalal Street LLC.

Polen Capital (Focus Growth)Quality growth

12.66% CAGR since 1992, +1.57pp (GIPS). NOTE: firm-level 13F is diversified (~231 pos) — concentration metric self-corrects its weight.

Punch Card Management (Norbert Lou)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Ruane Cunniff / SequoiaQuality compounder

13.2% CAGR since 1970, +1.8pp (audited SEQUX). Filer: Ruane, Cunniff & Goldfarb L.P.

Semper Augustus (Bloomstran)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Third Point (Loeb)Activist

~13–16% net CAGR since 1996 (private, fund-letter figures).

Trian Partners (Peltz)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Triple Frond PartnersConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

ValueAct CapitalConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Wedgewood Partners (Rolfe)Quality growth

~11.4% net CAGR 1992–2022, +1.8pp (GIPS-verified composite).

Tier 3 — less-proven / weaker records (kept for breadth)

Abdiel Capital (Moran)Concentrated growth

No public return record to verify (private).

AKO CapitalConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Broad Run Investment MgmtConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Cook & BynumConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Davis AdvisorsConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Ensemble CapitalQuality growth

~10% CAGR since 2003, +0.8pp (private, modest). ⚠️ Last 13F 2024-Q3 — appears to have stopped filing.

Fairfax Financial (Watsa)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Fairholme Capital (Berkowitz)Deep value

~9.2%, large multi-year drawdowns; mixed (audited FAIRX).

Gates Foundation Trust (Cascade)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Glenview Capital (Robbins)Concentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Hosking PartnersConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Hound PartnersConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Lone Pine CapitalConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Marshfield AssociatesConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Smead CapitalConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Southeastern / Longleaf (Hawkins)Deep value

9.05% CAGR since 1987; UNDERPERFORMED S&P ~1.9pp (audited LLPFX).

Tiger Global ManagementConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Tweedy Browne (Value Fund)Graham/global value

8.27% CAGR since 1993; UNDERPERFORMED benchmarks (intl headwind; audited TWEBX).

Viking Global InvestorsConcentrated

Breadth-test add 2026-06-08 (survivorship-flagged).

Yacktman Asset ManagementQuality value

10.51% CAGR since 1992; slightly BELOW S&P (audited YACKX; strong risk-adjusted/bear-market record).