Berkshire Hathaway will give its new manager Todd Combs a limited portfolio worth about $2bn to $3bn while Warren Buffett assesses his performance.
The sum is much more than Combs ran at his Castle Point fund, but is smaller than the market may have expected, Fortune magazine reports. Berkshire announced the hiring of Combs on October 25, saying he would run "a significant portion" of its $100bn-plus portfolio. Combs' portfolio would be roughly the same size as the one run by decorated investor Lou Simpson, who is retiring this year. Fortune says Combs' salary and incentive plan will be linked to outperforming the S&P 500 over a three-year period.
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