Warren Buffett hired 39-year old Todd Combs, a former Connecticut hedge fund manager with $400 AUM (assets under management), to oversee Berkshire Hathaway’s portfolio.
“For three years Charlie Munger and I have been looking for someone of Todd’s calibre to handle a significant portion of Berkshire’s investment portfolio,” Buffett said in a statement. “We are delighted that Todd will be joining us.”
Combs previously worked at Castle Point Capital, where he managed just $400 million. Under Buffett, Combs will manage a “significant portion” of the investment portfolio, according to the firm.
What caught his eye? The Wall Street Journal says Combs’ fund has returned 34% cumulatively since 2005. Click here to see what he’s holding in Castle Point’s portfolio >
Here’s a taste of what Castle Point Capital Management invests in, according to its latest SEC disclosure:
- 1.2 million shares in Western Union
- U.S. Bancorp
- CIT Group
- JP Morgan Chase
- Progressive Corp
- Wells Fargo – like Buffett.
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