Largest Value Fund Managers by Portfolio Size
Ranking the legendary value investors and funds we track by the size of their reported equity portfolios — built from public GuruFocus 13F filings.
Who manages the largest value-investing portfolios?
Ranked by reported 13F equity, the largest value-style portfolios are run by multi-strategy managers such as Ken Fisher’s Fisher Asset Management, alongside concentrated franchises like Oakmark and Southeastern. Portfolio size reflects assets under management in disclosed U.S. equities, not investing skill — a small, concentrated fund can compound faster than a giant one.
- Portfolio size (equity) measures disclosed U.S. stock holdings from the latest 13F, in U.S. dollars.
- Bigger is not better — scale can dilute returns and limit how concentrated a manager can be.
- Pair this with the return leaderboard to see which large funds actually delivered.
Scale is not skill — but it does show how much capital the market has entrusted to each manager, and how much conviction sits behind their biggest ideas. This page ranks the value investors and funds we profile purely by the size of their reported U.S. equity portfolios.
Figures come from each manager’s latest 13F filing via GuruFocus and are reported in U.S. dollars. They cover only disclosed long equity positions, so they understate total assets for managers who also hold cash, bonds or foreign securities.
| # | Investor / Fund | Firm | Portfolio Size | Holdings | 10Y Return |
|---|---|---|---|---|---|
| 1 |  Ken Fisher | Fisher Asset Management, LLC | $348.3B | 1060 | +4% |
| 2 |  Warren Buffett | Berkshire Hathaway Inc | $299.3B | 29 | +14.3% |
| 3 |  Dodge & Cox | Dodge & Cox | $191.0B | 223 | +12.8% |
| 4 |  PRIMECAP Management | PRIMECAP Management | $169.1B | 324 | +15.2% |
| 5 |  First Eagle Investment | First Eagle Investment Management, LLC | $120.6B | 424 | +12.1% |
| 6 |  Ron Baron | Baron Funds | $66.6B | 346 | +24% |
| 7 |  Jeremy Grantham | GMO LLC | $44.4B | 664 | +6.6% |
| 8 |  Joel Greenblatt | Gotham Asset Management, LLC | $43.0B | 1793 | +8.9% |
| 9 |  Ray Dalio | Bridgewater Associates | $24.4B | 999 | 0% |
| 10 |  Chris Davis | Davis Selected Advisers | $23.3B | 112 | +12.8% |
| 11 |  Bill Nygren | Oakmark Fund | $22.7B | 60 | +13.7% |
| 12 |  Bill Ackman | Pershing Square Capital Management, L.P. | $13.7B | 11 | +13.3% |
| 13 |  Tom Gayner | Markel Gayner Asset Management Corp | $12.8B | 145 | +6% |
| 14 |  Mario Gabelli | GAMCO Investors | $10.1B | 983 | +9.6% |
| 15 |  John Rogers | Ariel Investment, LLC | $10.0B | 108 | +9.5% |
| 16 |  Tom Russo | Gardner Russo & Quinn LLC | $8.9B | 84 | +9.2% |
| 17 |  Yacktman Asset Management | Yacktman Asset Management | $8.4B | 75 | +11.4% |
| 18 |  Carl Icahn | Icahn Capital Management LP | $8.3B | 12 | 0% |
| 19 |  David Tepper | Appaloosa LP | $7.7B | 27 | +20.1% |
| 20 |  George Soros | Soros Fund Management LLC | $6.6B | 252 | 0% |
| 21 |  Ruane Cunniff | Ruane, Cunniff & Goldfarb L.P. | $6.4B | 55 | +11% |
| 22 |  Howard Marks | Oaktree Capital Management LP | $5.7B | 58 | 0% |
| 23 |  Seth Klarman | The Baupost Group | $5.4B | 23 | +12.8% |
| 24 |  Stanley Druckenmiller | Duquesne Capital Management, LLC | $5.2B | 95 | 0% |
| 25 |  Daniel Loeb | Third Point, LLC | $4.7B | 41 | +7.9% |
| 26 |  David Einhorn | Greenlight Capital | $3.9B | 47 | +3.9% |
| 27 |  Leon Cooperman | Omega Advisors | $3.5B | 39 | 0% |
| 28 |  Prem Watsa | Fairfax Financial Holdings | $2.6B | 32 | +12.6% |
| 29 |  Mason Hawkins | Southeastern Asset Management | $1.9B | 47 | +6.7% |
| 30 |  Bruce Berkowitz | Fairholme Capital Management | $1.5B | 13 | +8.9% |
| 31 |  Wallace Weitz | Weitz Investment Management Inc | $1.4B | 51 | +7.7% |
| 32 |  Mohnish Pabrai | Dalal Street, LLC | $327M | 4 | 0% |
| 33 |  Francis Chou | Chou Associates Management | $217M | 31 | +6% |
Source: GuruFocus 13F filings. Equity reflects disclosed U.S. long positions only and is delayed.
The $25 million lesson that changed Buffett
In 1972 the sellers of See's Candies asked $30 million; Buffett, trained on Graham's cigar butts, refused to go above $25 million — roughly three times book value, a price the old Buffett would never pay. The deal nearly died over $5 million. Charlie Munger pushed back: a beloved brand with loyal customers and genuine pricing power deserved a premium.
They paid the $25 million. See's went on to ship more than $1.65 billion of cumulative pre-tax earnings back to Omaha while needing almost no additional capital — raising prices every year without losing a single loyal customer. Buffett later called it 'the prototype of a dream business' and credits this one purchase with rewiring how he invests.
Quality compounds quietly for decades. Temperament and a clear circle of competence beat chasing the cheapest price.
The only deal Munger ever pushed
In the depths of the 2008 crisis, Munger did something he had never done before: he actively lobbied Buffett to invest in BYD, a Chinese battery and car maker led by engineer Wang Chuanfu — a man Munger described as "a combination of Thomas Edison and Jack Welch". The conviction came through Li Lu, whose circle of competence covered what Omaha's did not.
Berkshire paid $232 million for about 10% of the company — a tiny position by its standards, in an industry Buffett had publicly sworn off. At its 2022 peak the stake was worth roughly $9 billion, close to a forty-fold gain, before Berkshire began trimming.
A circle of competence can be extended honestly — by trusting someone who genuinely has one where you do not.
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Frequently asked questions
What does “portfolio size” mean here?
It is the total reported value of a manager’s disclosed U.S. long equity positions from their latest 13F filing, in U.S. dollars. It excludes cash, bonds, short positions and non-U.S. holdings, so it is a floor on total assets rather than the full picture.
Does a larger portfolio mean better returns?
No. Size reflects assets under management, not skill. Very large funds often struggle to stay concentrated and can find it harder to beat the market, which is why we show this alongside the long-term return leaderboard.
Where does the data come from?
All figures come from GuruFocus, based on each manager’s latest 13F filing. The data is delayed and self-reported, so treat it as a directional comparison rather than real-time tracking.
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