Estimated return — disclosed long book
What Akre Capital Management LLC’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
-17.2%
SPY -4.4%▼ -12.8%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +1.0% | +17.7% | -16.8% |
| 2024 | +16.4% | +24.9% | -8.4% |
| 2023 | +21.9% | +26.2% | -4.3% |
| 2022 | -22.4% | -18.2% | -4.3% |
| 2021 | +24.5% | +28.7% | -4.2% |
| 2020 | +17.7% | +18.3% | -0.7% |
| 2019 | +39.8% | +31.2% | +8.6% |
| 2018 | +5.5% | -4.6% | +10.1% |
| 2017 | +30.8% | +21.7% | +9.1% |
| 2016 | +8.6% | +12.0% | -3.4% |
| 2015 | +3.1% | +1.2% | +1.8% |
| 20142/4 Q | +6.2% | +6.1% | +0.1% |
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.