Berkshire Hathaway chiefs Warren Buffett and Charlie Munger will do their best to answer hours' worth of questions during the company's annual meeting on Saturday on everything from investing to politics to life.

Despite the fact that most of the 30,000 Berkshire investors congregating in Omaha, Nebraska, are lifetime Buffett devotees, many are sure to raise one awkward matter: Why does Berkshire continue to underperform the stock market and what are the 88-year-old Buffett and Munger, 95, going to do to correct course?

Michelle Buckley, chief investment officer of Baldwin Brothers, a Berkshire holder with $1 billion under management, said that while her firm appreciates Berkshire's reliable earnings potential, there is growing concern the conglomerate is being too conservative. Especially with its $110 billion cash hoard in a market environment clearly rewarding increased risk-taking and growth — not exactly Buffett's forte.

"We have owned Berkshire Hathaway at Baldwin for a significant amount of time and continue to incorporate it into our proprietary equity strategies to reflect that legacy positioning but also to capture the conglomerate's earnings potential," Buckley wrote in an email. "We are, however, becoming increasingly uncomfortable with Berkshire, as we also built our position to reflect the conglomerate's historically noteworthy cash conversion and capital allocation."

Baldwin owned 83,000 Berkshire Class B shares at the end of March with a current market value of about $18 million. Baldwin also sponsored a 2017 proposal on Berkshire's proxy ballot to attempt to reduce the conglomerate's methane emissions.

It may surprise some investors to learn that despite Buffett's prowess and mammoth lifetime outperformance, Berkshire's total returns are trailing those of the over the last one, five, 10 and 15 years. To be fair to Buffett, a lot of that is due to stock investors' continued preference for hot growth stocks, which the classic value investor like Buffett has largely avoided. These include names such as Microsoft, Amazon and Alphabet.

Looking at the numbers, $1,000 invested in Berkshire Hathaway on May 1, 2009 would now be worth $3,568. That same $1,000 invested in the S&P 500 would be worth $4,106 over the last 10 years.

Growth equities have seen remarkable outperformance over the broader market during the last five years, with the Vanguard Growth ETF up 185% versus the S&P 500's 173% gain on an indexed basis.

Meanwhile, Berkshire's management team oversees a private portfolio of companies described by the CEO as a "Niagara" of cash generation. And Berkshire has stock holdings in big, value companies like Coca-Cola, Bank of America and Verizon. These types of stocks, Buffett has said, help guarantee earnings for years to come through persistent dividends and stable balance sheets.

But the rest of Wall Street hasn't been interested in hunting for value amid consumer staples companies or big banks, opting instead for flashy acronyms stocks such as the FANGs.

And some of those value names for Buffett have turned into traps, including underperforming bank stocks and Kraft Heinz, one of Berkshire's largest holdings. The stock of the packaged food giant, whose products include Heinz Tomato Ketchup, Jell-O and Kraft Macaroni & Cheese, plunged more than 27% in a single session earlier this year.

Berkshire, which first took a meaningful, 320 million stake in the company in 2015 when Kraft merged with Heinz, has seen losses in that investment. Kraft shares, which shot to $83.17 in March 2015 after the merger between Kraft and Heinz was revealed, are now worth $32.