Estimated return — disclosed long book

What Davis Selected Advisers LP’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.

Q2 2026
+13.2%
SPY +15.1%▼ -1.9%
2026 YTD(2Q so far)
+9.9%
SPY +10.1%▼ -0.2%
By calendar year
YearEstimatedSPYDifference
2025+20.8%+17.7%+3.0%
2024+19.1%+24.9%-5.8%
2023+32.3%+26.2%+6.2%
2022-21.3%-18.2%-3.2%
2021+18.1%+28.7%-10.6%
2020+11.6%+18.3%-6.7%
2019+32.3%+31.2%+1.1%
2018-16.2%-4.6%-11.6%
2017+21.5%+21.7%-0.3%
2016+11.7%+12.0%-0.3%
2015+0.9%+1.2%-0.4%
20142/4 Q+1.8%+6.1%-4.3%

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.