Van Den Berg Management I, Inc. 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means moderate concentration rather than broad index-like exposure: top 5 25.15%, top 10 40.80%, top 20 65.33%, with COHR 6.22%, LUMN 5.23%, GOOGL 5.10%, XOM 4.77%, BRK.A 3.83%, FANG 3.58%. The baseline result is return 5.53%, alpha -3.13%, beta 0.68, Sharpe 0.44, Sortino 0.57, max drawdown -36.30%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Information Technology 24.59%, Energy 22.43%, Health Care 13.73%, Communication Services 13.67%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2025-06-30 (8.55% vs SPY 4.20%, excess 4.35%, turnover 12.98%); the weakest was 2025-03-31 (2.17% vs SPY 9.22%, excess -7.04%, turnover 17.97%). The latest rows (2025-03-31 (2.17% vs SPY 9.22%, excess -7.04%, turnover 17.97%); 2025-06-30 (8.55% vs SPY 4.20%, excess 4.35%, turnover 12.98%); 2025-09-30 (1.53% vs SPY 1.49%, excess 0.04%, turnover 16.56%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether COHR 6.22%, LUMN 5.23%, GOOGL 5.10%, XOM 4.77% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -36.30% is acceptable for the user's risk budget.