Vanguard Total Stock Market finished relatively high for 2012, 12th out of 30 funds. The last time we ran the 10 years numbers, it finished 20th out of 28th. All but one of our funds that trailed VTSMX in 2012 have equaled or beaten it over the trailing 10 year period. Comments are offered for Jenson, the only fund to trail it both for 2012 and the trailing 10 year period. (For this purpose, 10 year numbers as of 2/12/2013 were used.
It became obvious quite early in the year that Fairholme was going to run away with the race in 2012, this after a terrible 2011. So props to our first MFM fund of the year, Fairholme!
And here are the gaudy numbers we are talking about for the MFM30:
1. Fairholme +35.81%
2. Third Avenue Value 27.48
3. Janus Contrarian 23.83
4. Mairs & Power Growth Fund 21.91
5. Kinetics Paradigm 21.78
6. Bridgeway Agressive 21.58
7. Templeton Growth 21.54
8. Dodge and Cox Foreign 21.03
9. Ariel 20.32
10. Litman Gregory Masters Int'l 19.96
11. T. Rowe Price Spectrum Growth 18.13
12. Vanguard Total Stock Market Index 16.38
13. Fidelity Contra 16.26
14. Sequoia 15.68
15. Franklin Balance Sheet 15.65
16. Royce Special Equity 15.36
17. Mutual Shares 15.14
18. FMI Large Cap 14.86
19. T. Rowe Price Mid Cap Growth 13.91
20. Columbia Value and Restructuring 13.90
21. Franklin Income 13.68
22. Osterweis 13.66
23. Jenson 13.54
Highest quality stocks only, much of the 10 year underperformance is attributable to fees and expenses. Much but not all of it. True, it has beaten VTSMX over the trailing 15 year period, but still, the results on this one have to be considered a disappointment, so why does Morningstar rate it a "Gold"?
24. Vanguard Dividend Appreciation Index 11.50
25. Yacktman 11.47
26. Franklin Small Mid Cap Growth 10.78
27. FPA Crescent 10.33
28. Perkins Mid Cap Value 10.32
29. Wasatch Heritage Growth 9.45
30. Oakmark Balanced 9.05
Quite a good year.
But even a Moron knows not to get used to it.
