Estimated return — disclosed long book
What Bruce Berkowitz’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
+6.7%
SPY -4.4%▲ +11.1%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +25.6% | +17.7% | +7.9% |
| 2024 | -19.6% | +24.9% | -44.5% |
| 2023 | +48.9% | +26.2% | +22.7% |
| 2022 | -20.2% | -18.2% | -2.1% |
| 2021 | +21.5% | +28.7% | -7.2% |
| 2020 | +100.9% | +18.3% | +82.5% |
| 2019 | +47.3% | +31.2% | +16.1% |
| 2018 | -33.0% | -4.6% | -28.5% |
| 2017 | -24.4% | +21.7% | -46.1% |
| 2016 | -26.5% | +12.0% | -38.5% |
| 2015 | -13.2% | +1.2% | -14.4% |
| 20142/4 Q | -0.6% | +6.1% | -6.7% |
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.