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These Topnotch Funds Are Banking on Buffett

Some fund managers can't resist ample helpings of Berkshire Hathaway for their portfolios.

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Pretend, for a moment, that you're a mutual fund manager. It's your job to provide the strongest possible risk-adjusted returns for your fund's shareholders while beating your peers and, while you're at it, the broader market. 

Now imagine there's a genius investor who lives down the street from you and whose talents you can buy in the form of shares in his holding company. Many believe he's the greatest equity investor of all time, having led his firm to a 47-year record of 19.8% average annual gains (based on book value per share through 2011) and beating the market (S&P 500) by an average of more than 10 percentage points per year along the way. Now imagine the temptation to add this world-class investor--and his firm's juicy returns--to your portfolio.

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Adam Zoll does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.