What did Top-Performing Funds do in Q3?
These Funds Beat the S&P 500 by an Average of 235.2% Since 2015
Another round of quarterly 13F filings have been tallied, so let’s dive into the portfolios of 5 top-performing funds. These funds have beat the S&P 500’s 6-year return by an average of 235.2% over the past 6 years.
Kora Mangement - Nitin Saigal
Kora Management’s Nitin Saigal runs one of the most concentrated funds in the entire investment industry. Saigal’s fund recently entered billion territory this year and boasts a heavy conviction portfolio with only 2 holdings. The conviction paid off, as Kora has returned 319% the past 6 years, almost tripling the S&P 500’s 124% return during the same period. In fact, Kora hasn’t held more than 12 positions since 2016.
Sea Limited makes up 96.70% of Kora’s portfolio, with the rest going to StoneCo. Both companies have performed poorly during Q4 so far:
SE: -20.27%
STNE: -50.38%
Luckily, StoneCo only makes up a small portion of Kora’s portfolio.
Red Line: Kora Cumulative Return (319%)
Blue Line: S&P 500 Cumulative Return (124%)
During Q3 of this year, Kora returned 15.62% compared to the S&P 500’s 6.85% return.
Kora’s holdings value increased by 13.5% compared to Q2. As a reminder, holdings value isn’t synonymous with cumulative return and be can be affected by accepting external capital from clients as well as appreciation of assets.
Average Holding Period (AHP): 7 quarters
Top 10 Position AHP: 7 quarters
Top 20 Position AHP: 7 quarters
Significant Buys: STNE
Significant Sells: N/A
New Positions: STNE
Sold Positions Completely: MELI