For information and research only. Not investment advice.
13F filingsIn memoriam
Daily Journal
Charlie Munger
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed
Gains are reinvested — principal and returns grow together.
Backtest through 2026-07-28
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.
Hypothetical backtest — not a real trading record. Simulated on public data from 2014-02: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
All metrics below are computed on the After-filing curve.
Return?
8.3%
Compound annual return over the sample.
Risk?
27.6%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.43
Return ÷ volatility; higher is better.
Beat SPX?
−5.6%
Annualized gain over the S&P.
Excess?
−4.8%
The strategy's own annual excess, apart from the market.
Significance?
t=−0.88 · weak
t-value: how solid the excess is — higher is more reliable.
Max DD?
−51.2%
Largest peak-to-trough fall.
Leverage?
1.15×
How many times it rises and falls together with the market.
Longest recovery?
39 mo
Longest wait from a peak back to a new high.
About
Charlie Munger
Warren Buffett's lifelong partner and Berkshire's vice-chairman, Munger is famed for his 'latticework of mental models' and extreme concentration—owning a handful of high-quality businesses bought at fair prices and holding them for decades with almost no turnover. He was the man who nudged Buffett from bargains toward 'great companies at fair prices,' which is why his tiny filing is studied line by line across the industry.
Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2026-Q2 filing · filed 2026-07-16
>1% · filed weights
Ticker
Name
Weight
vs last filing
WFC
Wells Fargo & Co.
45.5%
−1.2 ▼
BAC
Bank of America Corporation
44.4%
+3.9 ▲
BABA
Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares
7.3%
−2.9 ▼
USB
U.S. Bancorp
2.8%
+0.2 ▲
Risk
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Masterfolio is an information service / publisher, not an investment adviser.