Investor and fund ranking
What would have happened copying each concentrated manager's 13F. We measure what anyone could have done, always against SPY over the same dates. All figures are price only, no dividends or costs. It is an ordering by past results: it does not say who the better investor is.
Of 201 managers with 5 years of measured history, 34 returned more than SPY (17%) by copying their 13F. Includes those no longer counted as concentrated managers.
What our study found: buying, in equal parts, the stocks concentrated managers hold did not beat the S&P 500. Those they kept accumulating did somewhat better than the rest, and those nobody was accumulating did worse: a small gap, not enough to beat the index. See the study →
Data updated on Nov 5, 2026.
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Annual return of buying their portfolio when each 13F was published and holding it for a quarter. Price only, no dividends (SPY too). It measures copying the 13F, which for a global manager is only its US-listed slice.
- Copying44.1%SPY11.8%+32.3% a year vs SPY$7.5 bn · largest position 45% · prices 99%
- Copying38.6%SPY11.8%+26.8% a year vs SPY$1.6 bn · largest position 15% · prices 94%
- Copying28.2%SPY11.8%+16.4% a year vs SPY$2.4 bn · largest position 39% · prices 98%
- Copying27.2%SPY11.8%+15.5% a year vs SPY$534M · largest position 20% · prices 95%
- Copying24.0%SPY11.8%+12.2% a year vs SPY$620M · largest position 31% · prices 97%
- Copying22.5%SPY11.8%+10.7% a year vs SPY$434M · largest position 10% · prices 97%
- Copying19.9%SPY11.8%+8.1% a year vs SPY$2.0 bn · largest position 26% · prices 100%
- Copying19.5%SPY11.8%+7.8% a year vs SPY$4.4 bn · largest position 20% · prices 100%
- Copying19.0%SPY11.8%+7.3% a year vs SPY$11.1 bn · largest position 14% · prices 94%
- Copying18.8%SPY11.8%+7.1% a year vs SPY$1.6 bn · largest position 34% · prices 100%
- Copying17.7%SPY11.8%+5.9% a year vs SPY$2.8 bn · largest position 16% · prices 98%
- Copying17.5%SPY11.8%+5.8% a year vs SPY$5.8 bn · largest position 28% · prices 98%
- Copying16.8%SPY11.8%+5.0% a year vs SPY$346M · largest position 11% · prices 99%
- Copying16.7%SPY11.8%+4.9% a year vs SPY$1.4 bn · largest position 40% · prices 95%
- Copying15.5%SPY11.8%+3.7% a year vs SPY$4.6 bn · largest position 12% · prices 100%
- Copying14.4%SPY11.8%+2.6% a year vs SPY$1.1 bn · largest position 19% · prices 100%
- Copying13.9%SPY11.8%+2.1% a year vs SPY$2.3 bn · largest position 10% · prices 100%
- Copying13.6%SPY11.8%+1.8% a year vs SPY$4.3 bn · largest position 15% · prices 100%
- Copying13.5%SPY11.8%+1.8% a year vs SPY$3.4 bn · largest position 27% · prices 100%
- Copying13.2%SPY11.8%+1.5% a year vs SPY$1.9 bn · largest position 13% · prices 97%
- Copying13.0%SPY11.8%+1.2% a year vs SPY$625M · largest position 10% · prices 99%
- Copying12.8%SPY11.8%+1.1% a year vs SPY$573M · largest position 9% · prices 100%
- Copying12.7%SPY11.8%+1.0% a year vs SPY$857M · largest position 25% · prices 100%
- Copying12.6%SPY11.8%+0.9% a year vs SPY$984M · largest position 14% · prices 98%
- Copying12.4%SPY11.8%+0.6% a year vs SPY$856M · largest position 7% · prices 96%
- Copying12.4%SPY11.8%+0.6% a year vs SPY$5.1 bn · largest position 10% · prices 99%
- Copying12.4%SPY11.8%+0.6% a year vs SPY$885M · largest position 16% · prices 99%
- Copying12.2%SPY11.8%+0.5% a year vs SPY$598M · largest position 12% · prices 99%
- Copying12.0%SPY11.8%+0.3% a year vs SPY$428M · largest position 24% · prices 98%
- Copying12.0%SPY11.8%+0.3% a year vs SPY$1.3 bn · largest position 11% · prices 99%
- Copying12.0%SPY11.8%+0.2% a year vs SPY$1.1 bn · largest position 11% · prices 100%
- Copying11.9%SPY11.8%+0.1% a year vs SPY$539M · largest position 8% · prices 100%
- Copying11.7%SPY11.8%-0.1% a year vs SPY$5.1 bn · largest position 45% · prices 100%
- Copying11.7%SPY11.8%-0.1% a year vs SPY$2.6 bn · largest position 28% · prices 94%
- Copying11.1%SPY11.8%-0.7% a year vs SPY$702M · largest position 7% · prices 99%
- Copying11.1%SPY11.8%-0.7% a year vs SPY$3.7 bn · largest position 25% · prices 100%
- Copying11.0%SPY11.8%-0.7% a year vs SPY$1.9 bn · largest position 48% · prices 95%
- Copying10.9%SPY11.8%-0.9% a year vs SPY$1.2 bn · largest position 12% · prices 99%
- Copying10.9%SPY11.8%-0.9% a year vs SPY$3.6 bn · largest position 15% · prices 99%
- Copying10.8%SPY11.8%-1.0% a year vs SPY$299 bn · largest position 22% · prices 100%
- Copying10.6%SPY11.8%-1.1% a year vs SPY$650M · largest position 20% · prices 100%
- Copying10.5%SPY11.8%-1.2% a year vs SPY$2.0 bn · largest position 20% · prices 100%
- Copying10.4%SPY11.8%-1.4% a year vs SPY$741M · largest position 13% · prices 99%
- Copying10.3%SPY11.8%-1.5% a year vs SPY$1.2 bn · largest position 45% · prices 100%
- Copying10.3%SPY11.8%-1.5% a year vs SPY$684M · largest position 22% · prices 99%
- Copying10.2%SPY11.8%-1.6% a year vs SPY$1.1 bn · largest position 10% · prices 100%
- Copying10.1%SPY11.8%-1.7% a year vs SPY$4.8 bn · largest position 11% · prices 98%
- Copying10.1%SPY11.8%-1.7% a year vs SPY$1.3 bn · largest position 22% · prices 100%
- Copying9.9%SPY11.8%-1.9% a year vs SPY$849M · largest position 22% · prices 100%
- Copying9.9%SPY11.8%-1.9% a year vs SPY$4.1 bn · largest position 9% · prices 99%
Methodology
Copy their portfolio: each 13F portfolio is bought at the first quarter end after it was published and held for one quarter at the reported weights; annualized return over the quarters the manager counted as a concentrated manager (at least 90% of the period's quarters required). Follow their buys: new positions and increases above 25% over the last 10 years (minimum 20). Prices implied by 13F filings (reported value ÷ shares, at least 3 filers per price), split-adjusted; price only, no dividends or costs, for SPY too. “Prices” is the share of the portfolio with a usable price. Includes managers no longer counted as concentrated, to avoid looking only at survivors. Past performance does not guarantee future results; not a recommendation.