Estimated return — disclosed long book
What Kahn Brothers Group Inc’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
+5.2%
SPY -4.4%▲ +9.6%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +24.0% | +17.7% | +6.3% |
| 2024 | -0.5% | +24.9% | -25.4% |
| 2023 | -8.3% | +26.2% | -34.5% |
| 2022 | +6.9% | -18.2% | +25.1% |
| 2021 | +34.5% | +28.7% | +5.8% |
| 2020 | -14.7% | +18.3% | -33.0% |
| 2019 | +9.0% | +31.2% | -22.3% |
| 2018 | -9.7% | -4.6% | -5.2% |
| 2017 | +9.5% | +21.7% | -12.2% |
| 2016 | +14.7% | +12.0% | +2.7% |
| 2015 | +0.9% | +1.2% | -0.3% |
| 20142/4 Q | -4.1% | +6.1% | -10.2% |
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.