Estimated return — disclosed long book

What George Soros’s US-listed long positions did, derived from the share counts and market values in consecutive 13F filings, shown against SPY over exactly the same quarters. This is not the fund’s return. A 13F excludes shorts, bonds, cash, non-US listings and derivatives, says nothing about fees or leverage, and only sees positions held at both quarter ends. The fund figure is a price return while SPY is a total return, so the comparison is tilted against the manager by roughly a dividend yield.

Q1 2026
-0.6%
SPY -4.4%▲ +3.8%
By calendar year
YearEstimatedSPYDifference
20252/4 Q-1.7%-1.7%+0.0%
20243/4 Q+13.2%+21.9%-8.6%
2023+22.2%+26.2%-3.9%
2022-46.8%-18.2%-28.6%
2021+6.9%+28.7%-21.8%
20203/4 Q+62.8%+46.9%+15.9%
2019+35.8%+31.2%+4.6%
2018-14.3%-4.6%-9.8%
2017+11.5%+21.7%-10.2%
20163/4 Q+16.7%+10.5%+6.2%
2015-2.4%+1.2%-3.7%
20141/4 Q-2.7%+1.1%-3.9%

Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the difference is like-for-like, but the year is not a full year.