Estimated return — disclosed long book
What Daniel Loeb’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.
Q4 2025
+0.3%
SPY +2.7%▼ -2.3%
2025 YTD(4Q so far)
+10.4%
SPY +17.7%▼ -7.4%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2024 | +31.5% | +24.9% | +6.6% |
| 2023 | +11.4% | +26.2% | -14.8% |
| 20222/4 Q | +17.9% | +2.3% | +15.7% |
| 2021 | +20.4% | +28.7% | -8.3% |
| 20203/4 Q | +13.1% | -1.5% | +14.6% |
| 2019 | +35.1% | +31.2% | +3.9% |
| 20183/4 Q | +9.6% | +10.4% | -0.8% |
| 2017 | +34.9% | +21.7% | +13.2% |
| 2016 | +2.7% | +12.0% | -9.3% |
| 2015 | -1.5% | +1.2% | -2.7% |
| 20142/4 Q | +3.9% | +6.1% | -2.2% |
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.