Poor Jason Donville. The returns for his fund have been very bad for the last 3 years. On Donville Kent's website, the performance of december 2017 isn't written yet, but for the first 11 months of the year, the performance has been about 8,4%. Let's say that the performance of december has been pretty good and the performance for 2017 has been about 10-12%. It's OK but not that good.
The last 3 years for Donville Kent would look like that:
Some devouted fans may say that it's only a bad period and Jason will come back stronger than ever. Perhaps. But three bad years in a row is probably way beyond what a client of a fund may be able to swallow. It looks like small caps with high ROE didn't do what they should do.
Now, let's take a look at Chuck Akre.
According to this website (perhaps there's some mistake, I haven't trianguled my sources of information), the average return annualized over the last 3 years is 28,63%.
Isn't that bloody incredible? At this moment, you should stop reading this post, sell everything you own and build an exact copy of Akre's portfolio. Don't tell me that's luck, don't tell me that's conjoncture. Nobody without an incredible talent could get a 28,63% annualized return.
Just take a look at Akre's biggest positions over the last year:
American Tower (13,5% of the portfolio): UP 34%
Moody's (11,5% of the portfolio): UP 55%
Mastercard (11% of the portfolio)): UP 44%
Markel (8% of the portfolio): UP 25%
Visa (7,5% of the portfolio): UP 43%
Dollar Tree (6,1% of the portfolio): UP 39%
O'Reilly (6% of the portfolio): DOWN 14%
Carmax: (5,7% of the portfolio): DOWN 1%
What more do you want? Akre invests in large or giga caps and he's still able to get such returns. That guy deserves a blow job from all of us!