By Brendan Conway

This weekend brings Woodstock for Capitalists : The annual meeting of Warren Buffetts Berkshire Hathaway (BRKA. BRKB ). Shareholders and value-investing wonks convene in Omaha, Neb. for a weekend of happy note that, among other things, Berkshires stock has been whupping the S&P 500 even more soundly than usual.

Go to the lengths known as  Buffettology  if youre into that sort of thing, or just hear out David Kathman of Morningstar,  whos compiled a list of ten funds with the highest percentage of top-10 Berkshire holdings at the end of 2009, 2010, 2011 and 2012.

Reuters Warren Buffett

Theyre Buffetts bros, so to speak, and while theres a certain gimmickry and imprecision in mimicry of any famous investors strategy, these funds offer the virtue of avoiding the risk of owning one companys stock Berkshire Hathaway not to mention the time-tested value strategies they offer. Here are a few of Kathmans funds.

Vanguard Dividend Appreciation Index (VDAIX ): A strategy of high-quality companies delivering years of consistent dividend increases. Besides its minuscule 0.20% management fee, this fund stands out for delivering a slimmer loss in the financial crisis than a standard index fund, a distinction which was also true of ETF companion Vanguard Dividend Appreciation (VIG ). Investors shouldnt be looking for a fat yield about 2% at present and they should be ready to undershoot the plain-vanilla index when stocks rise.

Yacktman Focused fund (YAFFX ): This fund is known for investing in big, inexpensive companies for the long haul, hence the similarities to Buffetts approach at Berkshire. Its 23% 2008 loss was similar to Vanguards, but the encore was stellar, a nearly 63% rise in 2009. Morningstar’s Kevin McDevitt  last year argued in favor of choosing Yacktman  (YACKX ) over this one, on account of an expense ratio that was an annual 50 basis points (0.50%) lower. McDevitt called the focused version “a more concentrated version of the larger fund.

Clipper fund (CFIMX ): Another bottom-up, value-and-quality strategy offering a mix of high-quality global giants and beaten, battered values. This fund got hammered in 2008, losing nearly 50%. but its tough to compare todays strategy to yesteryears thanks to a recent managerial reshuffling. The 15-year 6.3% return handily beats the S&P 500s 4.3%.

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