Earlier this week, I wrote about a group of funds that have managed to grow at a compound annual rate of more than 20% for 20 years or more. The list comes from Chris Clarke at Lawrence Clarke and it is his definition of what makes a great fund.
Funds come and go and you will find all sorts with fabulous records forone year,two years and evenfive years. But, as I have written here many times, over periods like that, how are we to distinguish luck from skill?
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| Eckhardt Trading CoStandard Program(USD) | 1990 | Trend follower | $500m | 22.34% | 29.08% |
| Hawksbill Capital Management - Standard Program | 1988 | Trend follower | $74m | 22.11% | 61.78% |
| EMC Capital Management - Classic Program | 1987 | Trend follower | $142m | 21.75% | 45.16% |
| MJ Walsh & Co. - Standard Program | 1985 | Trend follower | $118m | 21.14% | 43.04% |
| *Blenheim GL Markets LP | 1986 | Discretionary | $2,535m | 22.06% | 41.2% |
| Tudor BVI Global Fund | 1986 | Macro** | $7,650m | 20.67% | 17.07% |
| Berkshire Hathaway(Per share book value) | 1965 | Long-only equities | ? | 20.3% | 9.60% |
| AUM=assets under management; CAGR=compound annual growth rate |
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