Top funds
No. 17 this year · Hedge fund · Cleveland

Saga Partners

Run by Joe Frankenfield since 2017. Owns a handful of fast-growing internet companies, like Carvana and The Trade Desk, through big swings.
If you’d given them $1,000 on January 1, by September 30 you’d have
$733
26.7% in 2026, through Sep 30
You’d have lost $267.
The rose 11.8% over the same months (not counting dividends, the cash some companies pay their owners).
As reported by Saga Partners fact sheet, for Jan 1 – Sep 30, 2026

Good years and bad years

In 2025:
$1,000
$1,442
(+44.2%)
The S&P 500 rose 16.4% in 2025 (not counting dividends, the cash some companies pay their owners).
As reported by Saga Partners 2025 annual update, for Jan 1 – Dec 31, 2025
Over 10 years (2017–2026):
$1,000
$3,807
(+14.7% a year)
The S&P 500 grew 13.4% a year over the same years (not counting dividends, the cash some companies pay their owners).
As reported by Saga Partners fact sheet, for Jan 1, 2017 – Sep 30, 2026
Even funds with strong records have bad years.
S&P 500 data: S&P Dow Jones Indices LLC, via FRED.

What they own

From the fund’s own letters. They name these companies but not how much of the fund is in each. Tap a stock to open its page.
— : their letter doesn’t say how much.

Just bought

1
First reported in the fund’s own letters since July 2026. Older buys show as plain holdings.

Sold

Their latest letters don’t mention selling anything.

Year by year

Each calendar year’s result, after fees, for Saga Portfolio (a representative client account). After a 1.5% yearly fee that Saga applies on paper. It owns only a few stocks, so its years swing hugely.
From Jan 1, 2017 to Sep 30, 2026, $1,000 became $3,794: 14.7% a year on average, after fees. Up in 7 of the 10 years shown, down in 3.
2026 · Jan 1 – Sep 30
−26.7%
2025
+44.2%
2024
+112.2%
2023
+204.6%
2022
−84.9%
2021
−10.9%
2020
+120.5%
2019
+63.2%
2018
+0.6%
2017
+14.3%
Source: Saga Portfolio factsheet as of Sep 30, 2026, Calendar Year Performance table, Saga

Who invests with them

From Form ADV, the form investment firms file with the SEC about their clients, their money and their staff.
About 47 investors
Clients with an account of their own. It runs no private fund.
$24 million it manages
All the money it invests for its clients, by its own count.
1 person works there
They also pick the investments.
  • The investor count is approximate.
From the Form ADV filed by Saga Partners LLC on Mar 27, 2026.
View it on SEC.gov

At a glance

Stocks their letters name
6
Holdings as of
Sep 30, 2026
Run by
Joe Frankenfield
Based in
Cleveland
Investing since
2017
Their latest letter
Read it ↗︎

Good to know

  • Very few holdings, so it swings a lot, up and down, from one year to the next.
  • It doesn’t file the government report, so we show what its letters say.
Holdings from Saga Partners’ own letters to its investors, as of Sep 30, 2026.
Read the letter
Not investment advice. For information and education only. Holdings: SEC Form 13F filings and the funds’ own letters. Returns: as reported by the funds or the press, linked at each number. Investors and money managed: the managers’ Form ADV filings with the SEC. Not affiliated with the SEC or any fund.
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