Estimated return — disclosed long book
What Andreas Halvorsen’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
-5.7%
SPY -4.4%▼ -1.4%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +28.0% | +17.7% | +10.3% |
| 2024 | +16.5% | +24.9% | -8.4% |
| 2023 | +29.9% | +26.2% | +3.7% |
| 2022 | -23.4% | -18.2% | -5.2% |
| 2021 | -3.6% | +28.7% | -32.4% |
| 2020 | +43.0% | +18.3% | +24.6% |
| 2019 | +22.6% | +31.2% | -8.6% |
| 2018 | -5.4% | -4.6% | -0.9% |
| 2017 | +32.1% | +21.7% | +10.4% |
| 2016 | +3.3% | +12.0% | -8.7% |
| 2015 | +1.8% | +1.2% | +0.6% |
| 20142/4 Q | +4.9% | +6.1% | -1.2% |
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.