Estimated return — disclosed long book
What Semper Augustus Investments Group 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
+4.1%
SPY -4.4%▲ +8.5%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +38.7% | +17.7% | +21.0% |
| 2024 | +10.3% | +24.9% | -14.6% |
| 2023 | +8.3% | +26.2% | -17.8% |
| 2022 | -0.3% | -18.2% | +17.8% |
| 2021 | +23.5% | +28.7% | -5.3% |
| 2020 | +11.1% | +18.3% | -7.2% |
| 2019 | +22.1% | +31.2% | -9.1% |
| 2018 | +1.3% | -4.6% | +5.9% |
| 2017 | +10.5% | +21.7% | -11.2% |
| 2016 | +22.5% | +12.0% | +10.6% |
| 2015 | -10.6% | +1.2% | -11.8% |
| 20142/4 Q | +1.3% | +6.1% | -4.8% |
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.