DaveManuel.com · Institutional Ownership · Returns

Who beat the market

What each manager's disclosed book did over Q3 2026, against what the market did over the same two quarter ends. Ranked by the difference, because in a quarter the market rose 2.1% a list ordered by raw return is a list of who owned semiconductors.

+2.1%

The market, Q3 2026

8,110

Books measured

1,291

Beat the market

16%

Of those measured

This is not fund performance. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are invisible. What is measured is the change in value of the positions a manager disclosed, had they been left untouched. A market-neutral fund's disclosed longs can rise sharply in a quarter its actual fund lost money.

Only managers reporting at least $500.0M across 15 or more priced positions appear, because a small concentrated book can post an enormous quarter on one holding. Priced is how much of the disclosed book we could value; a return computed over 70% of a book is a weaker claim than one over 99%.

The hundred that beat it by most

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Manager	Book	vs market	Size	Positions	Priced
Beau Ventures, LLc	+15.5%	+13.3%	$917.8M	22	100%
Donor Advised Charitable Giving, Inc.	+14.0%	+11.9%	$4.5B	31	100%
ADAMS NATURAL RESOURCES FUND, INC.	+13.3%	+11.1%	$762.9M	51	100%
Barton Investment Management	+12.7%	+10.6%	$724.1M	58	98%
Euro Pacific Asset Management, LLC	+11.6%	+9.5%	$923.2M	89	107%
HOEY INVESTMENTS, INC	+9.7%	+7.6%	$758.2M	443	98%
Ninety One SA (Pty) Ltd	+9.5%	+7.4%	$1.8B	109	100%
FOUNDATION RESOURCE MANAGEMENT INC	+9.4%	+7.3%	$859.7M	56	100%
JIA INVESTMENT ALLIANCE PTE. LTD.	+9.1%	+6.9%	$1.1B	23	100%
Seilern Investment Management Ltd	+8.7%	+6.6%	$793.8M	24	100%
ARMSTRONG HENRY H ASSOCIATES INC	+8.5%	+6.4%	$1.0B	64	100%
BROWN CAPITAL MANAGEMENT LLC	+8.3%	+6.2%	$500.2M	54	100%
Adams Asset Advisors, LLC	+7.9%	+5.8%	$881.2M	87	100%
MOGY JOEL R INVESTMENT COUNSEL INC	+7.8%	+5.7%	$1.7B	121	100%
MINDSET WEALTH MANAGEMENT, LLC	+7.5%	+5.4%	$518.9M	188	100%
Yarbrough Capital, LLC	+7.3%	+5.2%	$3.3B	88	100%
Quintet Private Bank (Europe) S.A.	+7.2%	+5.1%	$1.6B	194	100%
Loftus Peak Pty Ltd	+7.1%	+4.9%	$734.4M	26	100%
Lingotto Investment Management LLP	+7.0%	+4.9%	$4.6B	30	99%
Bellecapital International Ltd.	+6.9%	+4.7%	$625.1M	121	100%
LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	+6.6%	+4.4%	$10.3B	562	100%
BANQUE PICTET & CIE SA	+6.5%	+4.3%	$9.7B	316	60%
Value Partners Investments Inc.	+6.1%	+4.0%	$1.4B	104	100%
Quilter Plc	+6.1%	+3.9%	$6.6B	130	99%
Howard Capital Management Group, LLC	+6.0%	+3.9%	$1.6B	146	100%
RPG Investment Advisory, LLC	+6.0%	+3.8%	$972.8M	93	100%
LOUISBOURG INVESTMENTS INC.	+6.0%	+3.8%	$586.7M	209	108%
Leonteq Securities AG	+5.8%	+3.7%	$1.7B	1,174	70%
FLOSSBACH VON STORCH SE	+5.7%	+3.6%	$22.1B	98	100%
Sarasin & Partners LLP	+5.7%	+3.5%	$8.5B	94	100%
COERENTE CAPITAL MANAGEMENT	+5.7%	+3.5%	$543.3M	43	100%
Ranmore Fund Management Ltd	+5.6%	+3.5%	$903.0M	23	100%
Bank Pictet & Cie (Europe) AG	+5.5%	+3.4%	$5.1B	204	100%
Blue Fin Capital, Inc.	+5.5%	+3.4%	$691.8M	164	100%
James Hambro & Partners LLP	+5.3%	+3.2%	$2.8B	68	100%
Troy Asset Management Ltd	+5.3%	+3.2%	$3.6B	29	101%
Metropolis Capital Ltd	+5.2%	+3.1%	$3.6B	16	104%
BOCHK Asset Management Ltd	+5.2%	+3.1%	$634.1M	144	100%
Private Wealth Partners, LLC	+5.2%	+3.1%	$1.4B	176	99%
Slow Capital, Inc.	+5.1%	+3.0%	$856.7M	111	100%
Cache Advisors, LLC	+4.9%	+2.8%	$1.2B	138	100%
ARTHUR M. COHEN & ASSOCIATES, LLC	+4.9%	+2.8%	$703.0M	138	110%
J. L. Bainbridge & Co., Inc.	+4.7%	+2.6%	$1.3B	110	99%
Sustainable Growth Advisers, LP	+4.5%	+2.4%	$10.2B	47	100%
Sepio Capital, LP	+4.5%	+2.4%	$1.8B	343	92%
Sendero Wealth Management, LLC	+4.5%	+2.3%	$974.0M	206	97%
Van Cleef Asset Management,Inc	+4.4%	+2.3%	$981.0M	119	100%
Interchange Capital Partners, LLC	+4.4%	+2.3%	$530.2M	426	100%
FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A.	+4.3%	+2.2%	$3.3B	445	100%
Mondrian Investment Partners LTD	+4.3%	+2.2%	$5.7B	111	88%
MCRAE CAPITAL MANAGEMENT INC	+4.3%	+2.2%	$508.1M	112	100%
Drummond Knight Asset Management Pty Ltd	+4.3%	+2.2%	$544.8M	16	100%
NORTHSTAR ASSET MANAGEMENT Co	+4.3%	+2.2%	$530.9M	260	100%
Washington Trust Advisors, Inc.	+4.2%	+2.1%	$1.3B	718	100%
PERRYMAN FINANCIAL ADVISORY INC /AD	+4.1%	+2.0%	$750.8M	190	100%
ALTA CAPITAL MANAGEMENT LLC/	+4.0%	+1.9%	$1.3B	101	100%
DILLON & ASSOCIATES INC	+4.0%	+1.9%	$817.5M	80	100%
Ramsay, Stattman, Vela & Price, Inc.	+4.0%	+1.9%	$562.2M	84	100%
PENN DAVIS MCFARLAND INC	+4.0%	+1.9%	$1.1B	76	98%
Yelin Lapidot Holdings Management Ltd.	+3.9%	+1.8%	$519.7M	80	99%
Kapitalo Investimentos Ltda	+3.9%	+1.8%	$1.2B	49	83%
FORBES J M & CO LLP	+3.9%	+1.8%	$1.3B	158	100%
EVERETT HARRIS & CO /CA/	+3.9%	+1.8%	$8.1B	292	100%
Talbot Financial, LLC	+3.9%	+1.8%	$1.4B	71	100%
Provident Investment Management, Inc.	+3.9%	+1.7%	$1.0B	89	100%
Blue Zone Wealth Advisors, LLC	+3.8%	+1.7%	$572.8M	125	100%
FAGAN ASSOCIATES, INC.	+3.8%	+1.7%	$812.7M	137	100%
COMMUNITY TRUST & INVESTMENT CO	+3.8%	+1.7%	$1.9B	144	100%
BUILDER INVESTMENT GROUP INC /ADV	+3.8%	+1.6%	$501.5M	106	99%
PKO Investment Management Joint-Stock Co	+3.7%	+1.6%	$1.4B	227	100%
L. Roy Papp & Associates, LLP	+3.7%	+1.5%	$951.4M	193	100%
Ninety One UK Ltd	+3.6%	+1.5%	$44.4B	270	99%
Manitou Investment Management Ltd.	+3.6%	+1.5%	$537.9M	46	100%
Nexus Investment Management ULC	+3.6%	+1.5%	$766.9M	71	100%
Paragon Capital Management Ltd	+3.6%	+1.5%	$525.6M	222	100%
E. Ohman J:or Asset Management AB	+3.6%	+1.4%	$4.3B	462	99%
Avestar Capital, LLC	+3.5%	+1.4%	$1.7B	486	94%
Aljian Capital Management, LLC	+3.5%	+1.4%	$538.7M	134	100%
WOODSTOCK CORP	+3.5%	+1.3%	$1.2B	157	100%
Rossmore Private Capital	+3.4%	+1.2%	$1.2B	335	99%
BURNS J W & CO INC/NY	+3.4%	+1.2%	$959.5M	189	100%
Douglas Lane & Associates, LLC	+3.3%	+1.2%	$7.3B	248	99%
NIXON PEABODY TRUST CO	+3.3%	+1.2%	$1.4B	175	100%
Coastline Trust Co	+3.3%	+1.2%	$1.1B	403	100%
WENDELL DAVID ASSOCIATES INC	+3.3%	+1.2%	$946.1M	153	100%
ROCKLAND TRUST CO	+3.2%	+1.1%	$2.5B	317	100%
Stenger Family Office, LLC	+3.2%	+1.1%	$618.2M	123	98%
Motley Fool Asset Management LLC	+3.2%	+1.1%	$2.6B	248	100%
Harbour Trust & Investment Management Co	+3.2%	+1.0%	$1.0B	160	100%
STEEL GROVE CAPITAL ADVISORS, LLC	+3.1%	+1.0%	$1.1B	221	100%
NFSG Corp	+3.1%	+1.0%	$807.6M	1,183	100%
Cardano Risk Management B.V.	+3.1%	+1.0%	$12.9B	51	99%
Versant Capital Management, Inc	+3.1%	+1.0%	$1.1B	2,706	99%
NICHOLS & PRATT ADVISERS LLP /MA	+3.1%	+1.0%	$1.6B	109	100%
SYCOMORE ASSET MANAGEMENT	+3.1%	+1.0%	$981.2M	70	105%
Curtis Advisory Group, LLC	+3.0%	+0.9%	$514.9M	117	100%
Axxion S.A.	+3.0%	+0.9%	$1.4B	490	101%
Oslo Pensjonsforsikring AS	+3.0%	+0.9%	$869.5M	455	100%
Generate Investment Management Ltd	+3.0%	+0.8%	$2.4B	90	100%
MIDDLETON & CO INC/MA	+3.0%	+0.8%	$941.5M	169	100%

The hundred that trailed by most

The same measure, the other end. Trailing a rising market is not the same as losing money, and several of these books rose while the market rose faster.

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Manager	Book	vs market	Size	Positions	Priced
WT Asset Management Ltd	-15.0%	-17.2%	$5.0B	24	100%
Amanah Holdings Trust	-14.7%	-16.8%	$1.7B	20	101%
TEMA ETFS LLC	-14.6%	-16.7%	$3.1B	580	100%
Halter Ferguson Financial Inc.	-13.3%	-15.5%	$606.5M	34	98%
Moody Aldrich Partners LLC	-11.0%	-13.1%	$551.1M	174	99%
Robeco Schweiz AG	-10.6%	-12.8%	$6.2B	126	100%
U S GLOBAL INVESTORS INC	-10.4%	-12.5%	$1.0B	125	100%
ESSEX INVESTMENT MANAGEMENT CO LLC	-9.9%	-12.0%	$745.9M	285	98%
KIRR MARBACH & CO LLC /IN/	-9.7%	-11.8%	$593.7M	57	100%
Two Seas Capital LP	-9.3%	-11.5%	$2.6B	37	85%
HENNESSY ADVISORS INC	-9.3%	-11.4%	$3.1B	324	100%
HERALD INVESTMENT MANAGEMENT Ltd	-8.7%	-10.8%	$733.6M	88	100%
Copeland Capital Management, LLC	-8.2%	-10.3%	$4.9B	259	100%
Pembroke Management, LTD	-7.8%	-9.9%	$1.4B	100	100%
TB Alternative Assets Ltd.	-7.5%	-9.6%	$621.3M	31	100%
Hamlin Capital Management, LLC	-7.3%	-9.5%	$4.4B	30	100%
WASATCH ADVISORS LP	-6.6%	-8.7%	$15.2B	215	100%
REINHART PARTNERS, LLC.	-6.5%	-8.7%	$4.4B	72	100%
Spectrum Financial Alliance Ltd LLC	-6.4%	-8.5%	$679.5M	31	100%
JOHNSON & JOHNSON	-6.3%	-8.4%	$798.7M	15	100%
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT	-6.3%	-8.4%	$2.2B	73	100%
CHAPIN DAVIS, INC.	-6.2%	-8.3%	$566.8M	253	100%
Leeward Investments, LLC - MA	-6.1%	-8.2%	$2.1B	135	96%
Stanley-Laman Group, Ltd.	-6.1%	-8.2%	$856.7M	197	87%
Inspire Investing, LLC	-6.1%	-8.2%	$2.4B	1,227	98%
KTF INVESTMENTS, LLC	-6.0%	-8.2%	$987.1M	92	100%
Abundance Wealth Counselors	-5.8%	-7.9%	$731.5M	168	100%
DEPRINCE RACE & ZOLLO INC	-5.8%	-7.9%	$6.0B	188	100%
Hennion & Walsh Asset Management, Inc.	-5.5%	-7.7%	$3.5B	946	99%
CACTI ASSET MANAGEMENT LLC	-5.5%	-7.6%	$1.5B	70	75%
CapWealth Advisors, LLC	-5.4%	-7.6%	$1.2B	102	85%
Tributary Capital Management, LLC	-5.2%	-7.3%	$1.2B	134	100%
GREENLEAF TRUST	-5.2%	-7.3%	$10.4B	860	100%
GRACE & WHITE INC /NY	-5.1%	-7.3%	$536.7M	89	85%
UNICOM Systems, Inc.	-4.9%	-7.1%	$1.5B	38	95%
Oliver Luxxe Assets LLC	-4.9%	-7.0%	$675.5M	192	99%
Compass Wealth Management LLC	-4.8%	-7.0%	$528.4M	167	100%
COOKE & BIELER LP	-4.8%	-6.9%	$8.6B	100	100%
JACKSON SQUARE CAPITAL, LLC	-4.8%	-6.9%	$719.0M	137	100%
GF FUND MANAGEMENT CO. LTD.	-4.7%	-6.9%	$8.3B	575	100%
Skylands Capital, LLC	-4.5%	-6.7%	$812.5M	162	100%
Trinity Street Asset Management LLP	-4.5%	-6.6%	$1.9B	23	100%
CAMPBELL NEWMAN ASSET MANAGEMENT INC	-4.5%	-6.6%	$1.3B	98	100%
DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC	-4.4%	-6.5%	$2.4B	168	99%
HUDSON EDGE INVESTMENT PARTNERS INC.	-4.4%	-6.5%	$732.0M	122	100%
PREVAIL INNOVATIVE WEALTH ADVISORS, LLC	-4.4%	-6.5%	$671.3M	196	100%
SAPIENT CAPITAL LLC	-4.3%	-6.4%	$6.3B	390	82%
EULAV Asset Management	-4.3%	-6.4%	$3.1B	151	100%
Oak Grove Capital LLC	-4.3%	-6.4%	$1.4B	97	65%
Davidson Capital Management Inc.	-4.2%	-6.3%	$624.2M	96	100%
CONTRAVISORY INVESTMENT MANAGEMENT, INC.	-4.0%	-6.1%	$566.1M	389	100%
Paradice Investment Management LLC	-3.9%	-6.1%	$591.3M	20	94%
Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management)	-3.9%	-6.0%	$759.1M	41	100%
Baker Ellis Asset Management LLC	-3.8%	-6.0%	$964.1M	265	100%
EXCHANGE TRADED CONCEPTS, LLC	-3.8%	-5.9%	$19.7B	1,528	91%
Parkway Wealth Management Group, LLC	-3.8%	-5.9%	$866.1M	147	100%
Blueprint Financial Advisors LLC	-3.7%	-5.9%	$874.9M	128	97%
CONGRESS ASSET MANAGEMENT CO	-3.7%	-5.8%	$16.2B	366	100%
Triasima Portfolio Management inc.	-3.6%	-5.8%	$738.2M	126	100%
RMG Wealth Management LLC	-3.5%	-5.7%	$1.0B	508	104%
Cardinal Capital Management, Inc.	-3.5%	-5.6%	$3.3B	60	79%
SCHWARTZ INVESTMENT COUNSEL INC	-3.5%	-5.6%	$3.0B	138	100%
Harbor Group, Inc.	-3.4%	-5.5%	$833.0M	114	98%
Polaris Capital Management, LLC	-3.3%	-5.5%	$1.0B	83	98%
North Growth Management Ltd.	-3.3%	-5.4%	$774.6M	47	99%
Columbus Macro, LLC	-3.2%	-5.4%	$1.0B	204	98%
PROVIDENT TRUST CO	-3.2%	-5.3%	$4.8B	22	100%
Townsend & Associates, Inc	-3.2%	-5.3%	$1.2B	112	98%
ALTFEST L J & CO INC	-3.2%	-5.3%	$1.0B	309	99%
Family Investment Center, Inc.	-3.1%	-5.2%	$600.7M	119	100%
Ocean Park Asset Management, LLC	-3.1%	-5.2%	$2.1B	81	100%
JLB & ASSOCIATES INC	-3.0%	-5.2%	$748.3M	68	100%
SIERRA SUMMIT ADVISORS LLC	-3.0%	-5.1%	$893.3M	183	100%
Abel Hall, LLC	-3.0%	-5.1%	$576.0M	937	100%
OLD REPUBLIC INTERNATIONAL CORP	-3.0%	-5.1%	$2.7B	54	100%
Vest Financial, LLC	-2.9%	-5.0%	$9.5B	420	100%
Harbour Capital Advisors, LLC	-2.9%	-5.0%	$553.2M	298	101%
Egerton Capital (UK) LLP	-2.9%	-5.0%	$10.4B	23	100%
HUNTER ASSOCIATES INVESTMENT MANAGEMENT LLC	-2.9%	-5.0%	$861.6M	288	99%
Rodgers & Associates, LTD	-2.8%	-5.0%	$1.1B	108	100%
Rothschild & Co Wealth Management UK Ltd	-2.8%	-4.9%	$6.9B	24	100%
PINNACLE ASSOCIATES LTD	-2.8%	-4.9%	$9.2B	959	100%
Legacy Capital Wealth Partners, LLC	-2.8%	-4.9%	$534.6M	375	103%
Blueprint Investment Partners LLC	-2.7%	-4.9%	$1.2B	157	97%
Fenimore Asset Management Inc	-2.6%	-4.8%	$4.8B	88	99%
CORDA Investment Management, LLC.	-2.6%	-4.8%	$1.6B	85	100%
DUDLEY & SHANLEY, INC.	-2.6%	-4.7%	$662.2M	35	100%
Churchill Financial Advisors, LLC	-2.6%	-4.7%	$515.2M	122	99%
Cohen Capital Management, Inc.	-2.6%	-4.7%	$735.5M	152	100%
Parkside Investments, LLC	-2.5%	-4.7%	$899.1M	88	100%
KWMG, LLC	-2.5%	-4.6%	$1.4B	153	100%
JGP Wealth Management, LLC	-2.5%	-4.6%	$1.1B	231	100%
Twele Capital Management, Inc.	-2.4%	-4.6%	$612.3M	40	100%
Insight Wealth Strategies, LLC	-2.4%	-4.6%	$1.0B	181	101%
TECTONIC ADVISORS LLC	-2.4%	-4.5%	$2.0B	286	98%
CPC Advisors, LLC	-2.4%	-4.5%	$741.6M	159	100%
DELTEC ASSET MANAGEMENT LLC	-2.3%	-4.5%	$611.0M	148	90%
CONFLUENCE INVESTMENT MANAGEMENT LLC	-2.3%	-4.4%	$6.4B	266	100%
QV Investors Inc.	-2.3%	-4.4%	$1.3B	68	100%
MOUNTAIN PACIFIC INVESTMENT ADVISERS LLC	-2.3%	-4.4%	$635.4M	146	100%

The market is SPY over the same two quarter ends, priced the same way as everything else here: the median implied price across every filer reporting it, taken from the filings themselves rather than a licensed index feed. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that have nothing to do with skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.