Estimated return — disclosed long book
What Philippe Laffont’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
-6.6%
SPY -4.4%▼ -2.2%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +29.7% | +17.7% | +12.0% |
| 2024 | +38.3% | +24.9% | +13.5% |
| 2023 | +61.6% | +26.2% | +35.4% |
| 2022 | -55.5% | -18.2% | -37.4% |
| 20213/4 Q | -13.2% | +18.8% | -32.0% |
| 2020 | +84.0% | +18.3% | +65.7% |
| 2019 | +43.6% | +31.2% | +12.4% |
| 2018 | -6.6% | -4.6% | -2.0% |
| 2017 | +40.0% | +21.7% | +18.3% |
| 2016 | +5.5% | +12.0% | -6.5% |
| 2015 | +9.3% | +1.2% | +8.1% |
| 20142/4 Q | +5.9% | +6.1% | -0.2% |
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.