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Schedule Of Manager Reviews

Last Updated: July 18, 2016

The purpose of this article is to provide our readers an index of all our manager reviews.

Our manager reviews are based on the manager's top 10 holdings on 13-F filings. Limiting the number of positions allows readers to replicate the portfolio with ease if desired. It may not be an accurate reflection of the manager's actual investment performance. That said, it is possible for some clone portfolios to outperform the manager's actual portfolio over time due to the following factors:

  1. No Fee Drag: Hedge funds typically charge high base fees plus performance fees, which results in dramatically lower "net" returns. Investors can buy the stocks directly to access the manager's stock-picking skill on a "gross" basis.
  2. No Over-Diversification: Managers typically seek the comfort of overly diversified portfolios to avoid embarrassment from underperformance. Returns from the highest quality ideas are usually diluted by a long tail of lower quality ideas. We focus only on the top 10 holdings.
  3. No Fancy Sizing: Managers may have good stock picking skills, but can be terrible at sizing ideas appropriately. Our clone portfolios are equally-weighted so each idea have an equal impact on performance.
  4. No Tinkering: Managers typically add or trim positions on the margin too regularly, since afterall, they are paid to "actively manage" the portfolio. Quarterly rebalancing in line with 13-F releases reinforces a buy-and-hold discipline and reduces costs.
  5. No Shorting: Shorting requires a very different skillset which not all managers are good at. Alpha from successful longs can be severely diluted from bad shorts or dynamic exposure management that does not add value over time.

Managers Reviews For Q2 2016:

  1. AltaRock Partners (to come)
  2. Altimeter Capital Management (to come)
  3. Arlington Value (to come)
  4. Baupost Group (to come)
  5. BloombergSen (to come)
  6. Cantillon Capital Management (to come)
  7. Coatue Management (to come)
  8. Egerton Capital (to come)
  9. Fundsmith (to come)
  10. Gardner Russo (to come)
  11. Glenview Capital (to come)
  12. HS Management Partners (to come)
  13. Independent Franchise Partners (to come)
  14. Lansdowne Partners (to come)
  15. Lone Pine Capital (to come)
  16. Long Pond Capital (to come)
  17. Okumus Fund Management (to come)
  18. Orbis Investment Management (to come)
  19. Pershing Square Capital Management (to come)
  20. Sequoia Fund
  21. SQ Advisors (to come)
  22. Teton Capital Partners/Ancient Art (to come)
  23. Third Point (to come)
  24. Tiger Global Management (to come)
  25. TPG-Axon Capital Management (to come)
  26. Valiant Capital Management (to come)
  27. ValueAct Capital Management (to come)
  28. Vulcan Value Partners (to come)

Risk vs. returns through 06/30/16:

Managers Reviews For Q4 2015:

  1. AltaRock Partners
  2. Altimeter Capital Management
  3. Arlington Value
  4. Baupost Group
  5. BloombergSen
  6. Coatue Management
  7. Egerton Capital
  8. Fundsmith
  9. Glenview Capital (Clone)
  10. HS Management Partners (Clone)
  11. Independent Franchise Partners (Clone)
  12. Lansdowne Partners
  13. Lone Pine Capital
  14. Long Pond Capital (Clone)
  15. Okumus Fund Management
  16. Pershing Square Capital Management (Clone)
  17. Sequoia Fund (Clone)
  18. SQ Advisors (Clone)
  19. Teton Capital Partners/Ancient Art
  20. Third Point
  21. Tiger Global Management
  22. TPG-Axon Capital Management
  23. Valiant Capital Management
  24. Vulcan Value Partners (Clone)

Risk vs. returns through 12/31/15:

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.