Os dejo un extracto de la carta de Mornish Pabrai (un gran value investor de la escuela de Guy Spier).
Benchmarking vs. Other Funds
Pabrai Funds is not a mutual fund. However, with no shorting, no leverage and no use of derivatives, we are much closer in portfolio composition to a mutual fund rather than a typical hedge fund. We do have some advantages over mutual funds. Pabrai Funds is allowed to be far more concentrated than most mutual funds. Virtually all of the 400+ families invested in Pabrai Funds think long-term and we don’t have much in the way of annual redemptions. It is a far cry from the mutual fund norm of daily subscriptions, redemptions and rapid-fire switching in and out of funds.
Here is how PIFI/PIF2 has stacked up versus the top-performing mutual funds over the life of the
funds (15 years).
Fund Name Annualized Return – 15 years
(7/1/99 – 6/30/14)
1. Voya Russia Fund 17.43%
2. PIFI/PIF2 17.30%
3. Prudential Jennison Health Science 16.68%
4. Bruce Fund 16.46%
5. Bridgeway Ultra-Small Company Growth 16.31%
6. Blackrock Energy & Resources 16.28%
7. Turner Emerging Growth; Inv 15.92%
8. GMO: Emerging Country Debt; IV 15.89%
9. CGM Trust: Realty Fund 15.86%
10. Oppenheimer Developing Markets 15.57%
11. ICON Energy 15.52%
Best Index – Dow Jones Industrial Avg. 5.3%
(Data courtesy of Barron’s - Page L24; July 7, 2014)