Estimated performance
An estimate of each fund's return last quarter and over four quarters, from the stocks it reported owning.
Estimated performance
Click a heading to sort the whole list by that column.
Estimated from reported 13F holdings, not actual fund returns. Estimates for Q3 2026 (Jun 30, 2026 to Sep 30, 2026) and for the four quarters from Sep 30, 2025. Only funds reporting at least $500M and 10 positions are ranked; smaller portfolios swing too much. Companies that file a 13F for their own investments are left out.
| # | Fund | Est. return, Q3 2026This covers Q3 2026, from Jun 30, 2026 to Sep 30, 2026. We assume the fund held exactly what it reported at the start of the quarter, unchanged until the end, and price those stocks on both dates. Trades made during the quarter, short positions, cash, options and fees are not in a 13F, so this is an estimate of the disclosed portfolio, not the fund's actual return. | Return after filingWhat a reader could have earned by buying the stocks in the fund's earlier report on the day that report became public, and holding them until the next report was filed. Reports arrive up to 45 days after quarter end, so it can differ a lot from the estimated return. It is an estimate from reported 13F holdings, not what any fund earned. | Est. return, 4 quartersThe estimates for the last four quarters, compounded. Each quarter uses the stocks the fund reported at the start of that quarter. A dash means one of the four quarters could not be estimated: the fund is new, an earlier report looks incomplete, or we could match less than 70% of its stocks to a price. We assume the fund held exactly what it reported at the start of the quarter, unchanged until the end, and price those stocks on both dates. Trades made during the quarter, short positions, cash, options and fees are not in a 13F, so this is an estimate of the disclosed portfolio, not the fund's actual return. | Turnover | Reported value | Holdings with a priceHow much of the fund's stock holdings, by value at the start of the quarter, we could match to a price. The estimates only show when this is at least 70%. |
|---|---|---|---|---|---|---|---|
| 1 | Theleme Partners LLP | +59.9% | +84.2% | +69.8% | 11% | $2.6B | 100% |
| 2 | Avenir Tech Ltd | +31.1% | +3.6% | -33.9% | 21% | $645.7M | 100% |
| 3 | Folketrygdfondet | +23.2% | +2.6% | +55.5% | 9% | $5.7B | 76% |
| 4 | Woodbridge Co Ltd | +18.3% | +2.9% | — | 0% | $30.1B | 100% |
| 5 | Fernbridge Capital Management LP | +16.3% | +3.1% | -18.1% | 20% | $1.7B | 100% |
| 6 | Cypress Point Wealth Management, LLC | +16.0% | +8.8% | +7.1% | 21% | $945.3M | 83% |
| 7 | Gagnon Securities LLC | +15.9% | +7.7% | +26.9% | 11% | $576.5M | 94% |
| 8 | Icahn Enterprises Notable | +15.0% | -17.0% | +5.2% | 3% | $9.4B | 100% |
| 9 | Amova Asset Management Americas, Inc. | +14.3% | -6.3% | +12.1% | 14% | $8.0B | 100% |
| 10 | Donor Advised Charitable Giving, Inc. | +14.0% | +4.2% | +22.2% | 0% | $5.2B | 100% |
| 11 | Adams Natural Resources Fund, Inc. | +13.5% | +12.8% | +31.8% | 2% | $857.4M | 98% |
| 12 | Allen Holding Inc | +13.5% | +7.7% | +13.0% | 0% | $1.2B | 100% |
| 13 | Dash Acquisitions Inc. | +13.2% | +3.8% | +1.4% | 2% | $516.7M | 100% |
| 14 | Generali Powszechne Towarzystwo Emerytalne | +12.9% | +0.9% | +31.0% | 5% | $733.0M | 100% |
| 15 | Barton Investment Management | +12.7% | +12.4% | -10.7% | 2% | $806.6M | 98% |
| 16 | TCTC Holdings, LLC | +12.5% | +6.9% | +27.8% | 1% | $4.3B | 99% |
| 17 | Mariner Investment Group LLC | +12.1% High turnoverThis fund trades often, so the start-of-quarter holdings may differ a lot from what it actually held. Read the estimate loosely. | +6.6% | -6.0% | 40% | $587.3M | 98% |
| 18 | Electrum Group LLC | +12.0% | -21.4% | — | 0% | $3.8B | 100% |
| 19 | Pilgrim Partners Asia Pte Ltd | +11.9% | +8.2% | +6.0% | — | $504.9M | 100% |
| 20 | Guardcap Asset Management Ltd | +11.7% | +4.8% | -2.0% | 12% | $1.5B | 100% |
| 21 | Euro Pacific Asset Management, LLC | +11.4% | — | +14.5% | 7% | $1.1B | 99% |
| 22 | ARK Investment Management LLC | +10.9% | -6.5% | +15.1% | 15% | $17.4B | 100% |
| 23 | Sands Capital Alternatives, LLC | +10.2% | -7.0% | -8.6% | 4% | $694.7M | 100% |
| 24 | Independent Investors Inc | +10.1% | +4.3% | +19.3% | 2% | $566.4M | 98% |
| 25 | Elite Wealth Management, Inc. | +10.1% | -7.5% | +7.6% | 18% | $521.1M | 100% |
| 26 | NWI Management LP | +10.0% | -3.6% | +38.9% | 19% | $2.7B | 100% |
| 27 | ADAPT Investment Managers SA | +9.9% High turnoverThis fund trades often, so the start-of-quarter holdings may differ a lot from what it actually held. Read the estimate loosely. | +1.6% | +28.2% | 55% | $11.8B | 98% |
| 28 | Hoey Investments, Inc | +9.9% | +6.4% | +10.8% | 2% | $850.8M | 100% |
| 29 | Dock Street Asset Management Inc | +9.6% | +0.0% | +9.9% | 6% | $1.2B | 100% |
| 30 | Meritage Group LP | +9.6% | +0.8% | -9.1% | 19% | $2.8B | 100% |
| 31 | DDD Partners, LLC | +8.6% | -1.1% | +5.7% | 12% | $1.7B | 100% |
| 32 | Bender Robert & Associates | +8.6% | +9.1% | +21.3% | 3% | $524.6M | 100% |
| 33 | Glenorchy Capital Ltd | +8.6% | -3.1% | +24.7% | 6% | $2.8B | 98% |
| 34 | Strategy Capital LLC | +8.4% | -14.9% | +20.8% | 5% | $1.8B | 100% |
| 35 | Brown Capital Management LLC | +8.3% | +11.4% | +6.5% | 10% | $526.9M | 100% |
| 36 | Ingalls & Snyder LLC | +8.1% | -9.6% | +19.1% | 2% | $3.9B | 97% |
| 37 | Greenbrier Partners Capital Management, LLC | +8.0% | +5.5% | +12.2% | 5% | $1.3B | 100% |
| 38 | Wedbush Fund Advisers, LLC | +8.0% | -8.5% | — | 12% | $1.0B | 100% |
| 39 | Sprott Inc. | +7.9% | +12.0% | +14.7% | 6% | $3.3B | 99% |
| 40 | Fortis Capital Management LLC | +7.9% | -2.2% | +8.7% | 10% | $1.0B | 100% |
| 41 | Act Two Investors LLC | +7.8% | -0.6% | +4.5% | 4% | $535.9M | 100% |
| 42 | Allen Operations LLC | +7.7% | -5.1% | -2.1% | 10% | $968.3M | 100% |
| 43 | Capital Counsel LLC | +7.6% | +6.9% | +11.3% | 4% | $2.6B | 100% |
| 44 | Capital Investment Services of America, Inc. | +7.5% | +8.4% | -0.9% | 2% | $1.1B | 100% |
| 45 | Wexford Capital LP | +7.4% | -20.7% | +34.9% | 16% | $762.8M | 99% |
| 46 | Harvest Portfolios Group Inc. | +7.3% | -0.7% | +7.7% | 6% | $8.0B | 100% |
| 47 | Carmignac Gestion | +7.3% | +0.2% | +5.4% | 22% | $7.4B | 99% |
| 48 | Fivespan Partners, LP | +7.3% | +12.8% | — | 22% | $795.7M | 100% |
| 49 | DNB Asset Management AS | +7.3% | -2.1% | +16.4% | 10% | $38.0B | 99% |
| 50 | Skandinaviska Enskilda Banken AB (publ) | +7.2% | -6.8% | +17.3% | 5% | $2.7B | 98% |
2,249 rows in all.
These are estimates, not fund returns. We leave out managers with fewer than 10 positions, because one stock can move their whole figure, and operating companies that file a 13F for their own investments (a chip maker holding stakes in its customers, for example), because they are not funds. A concentrated fund in a strong quarter can still show a very large figure: the estimate is only as broad as the fund's holdings. For each quarter we take the common stocks the fund reported at the start of the quarter, weight them by their reported value, and apply each stock's split-adjusted price change to the end of the quarter. The four-quarter figure compounds four such quarters. A 13F doesn't show what a fund bought or sold during the quarter, its options, cash, short positions, bonds or holdings outside the United States, and our figure leaves out dividends and fees. A fund that trades actively, or holds a lot besides US stocks, can differ a lot from its estimate. We only show a number when at least 70% of the fund's stock holdings, by value at the start of each quarter used, could be matched to a price, and the quarter-start report looks complete.
Return after filing asks a different question: what could a reader have earned by acting on the report once it was public? We assume the fund's earlier report was bought at the close of the first trading day on or after the day it was first filed, and held to the close of the first trading day on or after the day the next report was first filed. It uses the same stocks, prices, splits and 70% rule as the estimate, leaves out dividends, and is empty until the next report is filed. Turnover is the share of the portfolio that changed during the quarter: half the value of the shares bought and sold, at the end-of-quarter price, divided by the value at the end of the quarter. We mark funds at 30% or more as high turnover, because their estimates are the least reliable.
Values are what each manager reports on its 13F for the quarter, in dollars (a few managers file in thousands; we correct for that). Reports that look incomplete, such as a table that lists far less than the filer says it holds, are left out of the comparisons. Notable funds are a hand-picked list of well-known managers. This is information, not investment advice.