Estimated return — disclosed long book
What Bill Miller’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
+6.0%
SPY -4.4%▲ +10.4%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +13.8% | +17.7% | -4.0% |
| 2024 | +30.9% | +24.9% | +6.0% |
| 20233/4 Q | +29.9% | +16.1% | +13.8% |
| 2022 | -28.4% | -18.2% | -10.3% |
| 2021 | -1.2% | +28.7% | -29.9% |
| 2020 | +35.2% | +18.3% | +16.9% |
| 2019 | +31.1% | +31.2% | -0.1% |
| 2018 | -7.0% | -4.6% | -2.4% |
| 2017 | +16.2% | +21.7% | -5.5% |
| 2016 | +2.0% | +12.0% | -10.0% |
| 2015 | +23.7% | +1.2% | +22.5% |
| 20142/4 Q | +2.9% | +6.1% | -3.2% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the alpha is like-for-like, but the year is not a full year.