Buffett's index fund outgains hedge funds in 10-year bet

Warren Buffett
Adam Jeffery | CNBC
Warren Buffett

The stock market index fund Warren Buffett picked in a bet continues to outpace a collection of hedge funds seven years into the 10-year wager.

The latest standings in Buffett's bet with the money managers who own Protege Partners were reported Tuesday by Fortune magazine. Buffett made the bet in 2008 to demonstrate how hefty fees can hurt investment returns.

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The Vanguard S&P 500 Admiral index fund Buffett chose is up 63.5 percent since the bet began.

The five funds of hedge funds Protege picked were up roughly 19.6 percent.

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A charity of the winner's choosing will receive at least $1 million. The money both sides put up is invested in Berkshire Hathaway, and it is now worth roughly $1.7 million.