Estimated return — disclosed long book
What Atlantic Investment Management 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.
Q3 2025
+21.7%
SPY +8.1%▲ +13.6%
2025 YTD(2Q so far)
+29.7%
SPY +19.8%▲ +9.9%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 20243/4 Q | +10.9% | +18.1% | -7.2% |
| 20233/4 Q | +12.8% | +17.4% | -4.6% |
| 2022 | -11.1% | -18.2% | +7.1% |
| 2021 | +27.6% | +28.7% | -1.1% |
| 20203/4 Q | -25.4% | -1.5% | -23.9% |
| 20193/4 Q | -5.3% | +20.4% | -25.8% |
| 2018 | -36.7% | -4.6% | -32.1% |
| 2017 | +6.8% | +21.7% | -14.9% |
| 2016 | +10.0% | +12.0% | -2.0% |
| 20153/4 Q | -17.5% | +0.4% | -17.8% |
| 20142/4 Q | -14.9% | +6.1% | -21.0% |
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.