# Investors Institution Reference-Value Rankings

LeadHold is dedicated to identifying the investment institutions with the greatest reference value for retail investors. By continuously tracking the core holdings of leading U.S. equity institutions, LeadHold simulates buying each institution’s top five reported holdings on the first trading day after its 13F filing is released, then evaluates annualized return, annualized excess return, Sharpe ratio, maximum drawdown, and other performance metrics. Based on these results, LeadHold assigns a composite score and ranking to each tracked institution, assessing its relevance for individual investors and whether it is worth following over the long term.


1. Duquesne Family Office
  * alias: Stanley Druckenmiller
  * annualized return: +27.51%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/duquesne-family-office)

2. Goldman Sachs
  * alias: Goldman
  * annualized return: +18.89%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/goldman-sachs)

3. Avantis Investors
  * alias: American Century Investments
  * annualized return: +22.00%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/avantis-investors)

4. T. Rowe Price
  * alias: Robert W. Sharps
  * annualized return: +23.85%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/t-rowe-price)

5. Fidelity
  * alias: FMR
  * annualized return: +23.65%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/fidelity)

6. UBS Asset Management
  * alias: Aleksandar Ivanovic
  * annualized return: +22.23%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/ubs)

7. BlackRock
  * alias: Larry Fink
  * annualized return: +21.04%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/blackrock)

8. Duan Yongping
  * alias: H&H International Investment
  * annualized return: +24.62%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/h-h-international)

9. Whale Rock
  * alias: Alex Sacerdote
  * annualized return: +26.86%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/whale-rock)

10. Morgan Stanley
  * alias: MS
  * annualized return: +19.18%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/morgan-stanley)

11. PanAgora
  * alias: Edward Qian
  * annualized return: +21.00%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/pan-agora)

12. HSBC Global
  * alias: HSBC Global Asset Management
  * annualized return: +20.30%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/hsbc-global)

13. Jennison Associates
  * alias: Jennison Associates
  * annualized return: +23.20%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/jennison-associates)

14. Renaissance Technologies
  * alias: Jim Simons
  * annualized return: +20.06%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/renaissance-technologies)

15. Atreides Management
  * alias: Gavin Baker
  * annualized return: +43.50%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/atreides)

16. Invesco
  * alias: 
  * annualized return: +20.35%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/invesco)

17. AQR Capital Management
  * alias: Clifford S. Asness
  * annualized return: +18.98%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/aqr)

18. AllianceBernstein
  * alias: AB
  * annualized return: +19.17%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/alliancebernstein)

19. JPMorgan Chase
  * alias: JP Morgan 
  * annualized return: +17.09%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/jpmorgan-chase)

20. Citigroup
  * alias: Jane Fraser
  * annualized return: +17.63%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/citigroup)

21. Vanguard
  * alias: Vanguard Group
  * annualized return: +19.81%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/vanguard)

22. State Street
  * alias: State Street Corp
  * annualized return: +19.46%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/state-street)

23. Capital International Investors
  * alias: 
  * annualized return: +19.90%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/capital)

24. Light Street Capital
  * alias: Glen Kacher
  * annualized return: +26.71%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/light-street)

25. AXA
  * alias: Thomas Buberl
  * annualized return: +19.00%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/axa)

26. David E. Shaw
  * alias: D. E. Shaw & Co.
  * annualized return: +17.74%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/de-shaw)

27. Fisher
  * alias: Ken Fisher
  * annualized return: +17.34%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/fisher)

28. Akre Capital Management
  * alias: Chuck Akre
  * annualized return: +16.21%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/akre)

29. Davis Advisers
  * alias: Davis Selected
  * annualized return: +16.86%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/davis-selected-advisers)

30. Coatue Management
  * alias: Philippe Laffont
  * annualized return: +22.05%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/coatue)

31. Altarock Partners
  * alias: 
  * annualized return: +17.60%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/altarock-partners)

32. Wedgewood Partners
  * alias: David Rolfe
  * annualized return: +16.68%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/wedgewood-partners)

33. Equitable
  * alias: Mark Pearson
  * annualized return: +17.03%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/equitable)

34. Valley Forge Capital Management
  * alias: VFCM
  * annualized return: +17.94%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/valley-forge)

35. Millennium Management
  * alias: Englander
  * annualized return: +17.34%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/millennium)

36. Miller Value Partners
  * alias: Bill Miller
  * annualized return: +18.78%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/miller-value)

37. Mitchell Capital Management
  * alias: 
  * annualized return: +16.55%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/mitchell)

38. William Blair
  * alias: William Blair Investment Management
  * annualized return: +18.85%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/william-blair)

39. Element Pointe
  * alias: Carlos A. Dominguez
  * annualized return: +14.84%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/element-pointe)

40. TCI
  * alias: The Children's Investment Fund
  * annualized return: +14.74%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/tci-fund)

41. Citadel
  * alias: Citadel Advisors
  * annualized return: +16.82%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/citadel)

42. Two Sigma
  * alias: John Overdeck & David Siegel
  * annualized return: +14.06%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/two-sigma)

43. Appaloosa
  * alias: David Tepper
  * annualized return: +16.60%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/appaloosa)

44. Ariel Investments
  * alias: John W. Rogers Jr.
  * annualized return: +14.84%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/ariel)

45. Polen Capital
  * alias: Polen
  * annualized return: +15.43%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/polen)

46. Glenn Greenberg
  * alias: Brave Warrior Advisors
  * annualized return: +14.08%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/brave-warrior)

47. Nightview Capital
  * alias: Arne Alsin
  * annualized return: +22.64%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/nightview)

48. Thomas Russo
  * alias: Gardner Russo & Quinn
  * annualized return: +12.70%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/gardner-russo-quinn)

49. Mar Vista Investment Partners
  * alias: 
  * annualized return: +11.20%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/mar-vista)

50. Toronto
  * alias: Raymond Chun
  * annualized return: +14.26%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/toronto)

51. Elemental Capital Partners
  * alias: Brian Wu
  * annualized return: +26.54%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/elemental-capital-partners)

52. Point72
  * alias: Point72 Asset Management
  * annualized return: +14.66%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/point72)

53. Yacktman
  * alias: Yacktman Asset Management
  * annualized return: +13.81%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/yacktman)

54. Dimensional Fund Advisors
  * alias: DFA
  * annualized return: +13.06%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/dimensional)

55. FPA
  * alias: Steven Romick
  * annualized return: +14.47%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/first-pacific-advisors)

56. D1 Capital
  * alias: Dan Sundheim
  * annualized return: +16.65%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/d1-capital)

57. Smead Capital Management
  * alias: 
  * annualized return: +13.20%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/smead)

58. Baillie Gifford
  * alias: Baillie Gifford & Co
  * annualized return: +16.33%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/baillie-gifford)

59. ARK
  * alias: Cathie Wood
  * annualized return: +19.64%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/ark-invest)

60. Matrix Asset Advisors
  * alias: David Katz
  * annualized return: +12.90%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/matrix-asset-advisors)

61. NZS Capital
  * alias: 
  * annualized return: +15.81%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/nzs)

62. Wellington Management
  * alias: Wellington
  * annualized return: +13.43%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/wellington)

63. Pershing Square
  * alias: Bill Ackman
  * annualized return: +14.92%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/pershing-square)

64. Global Endowment Management
  * alias: GEM
  * annualized return: +10.91%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/global-endowment)

65. Aristotle Capital Management
  * alias: 
  * annualized return: +8.84%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/aristotle)

66. Hound Partners
  * alias: 
  * annualized return: +14.81%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/hound-partners)

67. Eagle Capital Management
  * alias: 
  * annualized return: +10.69%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/eagle-1600746)

68. Eagle Capital
  * alias: Boykin Curry
  * annualized return: +13.13%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/eagle-945631)

69. Elliott Management
  * alias: Paul Singer
  * annualized return: +16.34%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/elliott-investment-management)

70. Bridgewater
  * alias: Ray Dalio
  * annualized return: +8.99%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/bridgewater)

71. Mairs & Power
  * alias: 
  * annualized return: +12.00%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/mairs-power)

72. Berkshire Hathaway
  * alias: Warren Buffett
  * annualized return: +12.05%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/berkshire-hathaway)

73. Nicolai Tangen
  * alias: AKO Capital
  * annualized return: +12.83%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/ako)

74. Markel Group
  * alias: MKL
  * annualized return: +10.12%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/markel)

75. Punch Card Management
  * alias: Norbert Lou
  * annualized return: +8.74%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/punch-card)

76. Leon Cooperman
  * alias: Omega Advisors
  * annualized return: +11.56%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/leon-cooperman)

77. Blackstone
  * alias: Stephen A. Schwarzman
  * annualized return: +14.90%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/blackstone)

78. Edgar Wachenheim III
  * alias: Greenhaven Associates
  * annualized return: +13.51%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/greenhaven)

79. Oaktree Capital Management
  * alias: Oaktree
  * annualized return: +14.28%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/oaktree)

80. Trian Partners
  * alias: Trian Fund Management
  * annualized return: +6.19%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/trian)

81. Fundsmith
  * alias: Terry Smith
  * annualized return: +13.57%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/fundsmith)

82. Wallace Capital Management
  * alias: 
  * annualized return: +9.11%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/wallace)

83. Viking Global Investors
  * alias: Andreas Halvorsen
  * annualized return: +12.09%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/viking-global)

84. EdgePoint
  * alias: EdgePoint Investment Group
  * annualized return: +10.00%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/edgepoint)

85. Farallon Capital Management
  * alias: Farallon
  * annualized return: +9.79%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/farallon)

86. Macquarie
  * alias: Shemara Wikramanayake
  * annualized return: +9.98%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/macquarie)

87. Conifer Management
  * alias: 
  * annualized return: +11.63%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/conifer)

88. Kora
  * alias: Kora Management
  * annualized return: +15.07%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/kora)

89. Fairholme
  * alias: Fairholme Capital Management
  * annualized return: +11.69%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/fairholme)

90. Focused Investors
  * alias: 
  * annualized return: +5.94%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/focused-investors)

91. Brandywine Global
  * alias: Brandywine Global Investment Management
  * annualized return: +9.92%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/brandywine-global)

92. Royal Bank of Canada
  * alias: RBC
  * annualized return: +8.07%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/rbc)

93. Dodge & Cox
  * alias: 
  * annualized return: +10.13%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/dodge-cox)

94. Element Wealth
  * alias: Jeremy Nelson
  * annualized return: +10.91%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/element-wealth)

95. Harris Associates
  * alias: Bill Nygren
  * annualized return: +12.87%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/harris-associates)

96. Himalaya Capital
  * alias: Li Lu
  * annualized return: +12.18%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/himalaya)

97. Forest Hill
  * alias: 
  * annualized return: +4.57%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/forest-hill)

98. First Eagle
  * alias: First Eagle Investment Management
  * annualized return: +7.65%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/first-eagle)

99. Ruane, Cunniff & Goldfarb
  * alias: RCG
  * annualized return: +3.84%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/ruane-cunniff-goldfarb)

100. Schroder
  * alias: Johanna Kyrklund
  * annualized return: +7.90%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/schroder)

101. Southeastern
  * alias: Mason Hawkins
  * annualized return: +7.97%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/southeastern-asset)

102. Daily Journal
  * alias: 
  * annualized return: +6.39%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/daily-journal)

103. Maverick Capital
  * alias: Lee Ainslie
  * annualized return: +10.60%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/maverick)

104. Apollo
  * alias: Marc Rowan
  * annualized return: +3.08%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/apollo)

105. Brookfield Corp
  * alias: Bruce Flatt
  * annualized return: +4.09%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/brookfield-corp)

106. David Abrams
  * alias: Abrams Capital Management
  * annualized return: +4.77%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/abrams)

107. Thiel Macro
  * alias: Peter Thiel
  * annualized return: +1.91%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/thiel-macro)

108. Third Point
  * alias: Daniel Loeb
  * annualized return: +10.33%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/third-point)

109. Turtle Creek
  * alias: David Murray
  * annualized return: +4.66%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/turtle-creek)

110. Altimeter Capital
  * alias: Brad Gerstner
  * annualized return: +12.43%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/altimeter)

111. Tiger Global
  * alias: Chase Coleman
  * annualized return: +11.02%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/tiger-global)

112. Lone Pine Capital
  * alias: Stephen Mandel
  * annualized return: +8.56%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/lone-pine)

113. Perceptive Advisors
  * alias: Joseph Edelman
  * annualized return: +3.46%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/perceptive-advisors)

114. Dragoneer Investment Group
  * alias: Marc Stad
  * annualized return: +7.50%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/dragoneer)

115. Element Capital Management
  * alias: Jeffrey Talpins
  * annualized return: +1.71%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/element-capital-management)

116. Dalal Street
  * alias: 
  * annualized return: +5.43%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/dalal-street)

117. Jana Partners
  * alias: Barry Rosenstein
  * annualized return: -1.34%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/jana-partners)

118. Greenhaven Road
  * alias: 
  * annualized return: +9.83%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/greenhaven-road)

119. Intel
  * alias: 
  * annualized return: +2.65%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/intel)

120. Pzena Investment Management
  * alias: Pzena
  * annualized return: +6.42%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/pzena)

121. Baker Bros. Advisors
  * alias: Baker Brothers
  * annualized return: +4.57%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/baker-bros)

122. Greenoaks Capital Partners
  * alias: Greenoaks
  * annualized return: +10.64%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/greenoaks)

123. Soros Fund Management
  * alias: Soros Capital
  * annualized return: +1.56%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/soros-fund)

124. Aspex
  * alias: Hermes Li
  * annualized return: +3.15%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/aspex)

125. Baupost Group
  * alias: Seth Klarman
  * annualized return: +0.58%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/baupost)

126. Starboard Value
  * alias: Jeffrey Smith
  * annualized return: +4.77%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/starboard-value)

127. Carlyle Group
  * alias: Harvey M. Schwartz
  * annualized return: -2.35%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/carlyle)

128. Tairen Capital
  * alias: Liren Chen
  * annualized return: +5.99%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/tairen-capital)

129. Carl Icahn
  * alias: Icahn Enterprises
  * annualized return: -0.32%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/carl-icahn)

130. Chubb
  * alias: Evan G. Greenberg
  * annualized return: +2.47%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/chubb)

131. CloudAlpha Capita
  * alias: Nancy Yang
  * annualized return: -3.10%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/cloud-alpha-capita)

132. Perseverance Asset Management
  * alias: Jiang Jinzhi
  * annualized return: -0.57%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/perseverance-asset)

133. Greenwoods Asset Management
  * alias: Greenwoods
  * annualized return: +3.21%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/greenwoods)

134. Fairfax Financial
  * alias: Prem Watsa
  * annualized return: +0.68%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/fairfax-financial)

135. Clearlake Capital
  * alias: 
  * annualized return: -8.94%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/clearlake-capital)

136. HHLR Advisors
  * alias: Hillhouse Capital
  * annualized return: -0.10%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/hhlr-advisors)

137. Paulson & Co.
  * alias: Paulson & Co.
  * annualized return: -2.87%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/paulson)

138. Amazon
  * alias: 
  * annualized return: -26.77%
  * tracking history:  years
  * analysis: [Analysis Report](https://lead-hold.com/en/investors/amazon)

## Q: Why track only the top five holdings?

**A:** The top five holdings usually represent an institution’s core allocation intent, reducing tracking complexity while improving strategy clarity and replicability.

- Focus on core allocation intent
- Reduce tracking decision load
- Improve strategy replicability


## Q: How do we validate an institution's reference value?

**A:** Using SEC-filed holdings reports, we screen institutions with independently verifiable and easier-to-replicate long-term public records, then rank them.

- More than five years of disclosed holdings
- Track the top five long positions
- Measure annualized return and consistency