Estimated return — disclosed long book
What Tom Gayner’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
+9.3%
SPY +15.1%▼ -5.8%
2026 YTD(2Q so far)
+3.2%
SPY +10.1%▼ -6.8%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +7.6% | +17.7% | -10.2% |
| 2024 | +18.5% | +24.9% | -6.4% |
| 2023 | +18.0% | +26.2% | -8.2% |
| 2022 | -14.7% | -18.2% | +3.5% |
| 20213/4 Q | +16.7% | +15.9% | +0.8% |
| 2020 | +9.7% | +18.3% | -8.6% |
| 2019 | +28.2% | +31.2% | -3.0% |
| 2018 | -5.1% | -4.6% | -0.5% |
| 2017 | +22.9% | +21.7% | +1.2% |
| 20162/4 Q | +7.3% | +7.9% | -0.5% |
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.