Estimated return — disclosed long book
What Bill & Melinda Gates Foundation Trust’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
+4.6%
SPY -4.4%▲ +9.0%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +15.2% | +17.7% | -2.6% |
| 2024 | +9.5% | +24.9% | -15.4% |
| 2023 | +24.6% | +26.2% | -1.5% |
| 2022 | -5.8% | -18.2% | +12.4% |
| 2021 | +20.9% | +28.7% | -7.8% |
| 2020 | +9.7% | +18.3% | -8.7% |
| 2019 | +15.9% | +31.2% | -15.3% |
| 2018 | -0.0% | -4.6% | +4.5% |
| 2017 | +25.1% | +21.7% | +3.4% |
| 2016 | +19.0% | +12.0% | +7.0% |
| 2015 | -12.7% | +1.2% | -13.9% |
| 20142/4 Q | +8.9% | +6.1% | +2.8% |
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.