Estimated return — disclosed long book
What Jonathan Auerbach’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
-12.4%
SPY -4.4%▼ -8.0%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 20253/4 Q | +17.2% | +23.0% | -5.8% |
| 20243/4 Q | +20.8% | +21.9% | -1.0% |
| 20233/4 Q | +9.4% | +13.0% | -3.6% |
| 20223/4 Q | -33.7% | -23.9% | -9.8% |
| 2021 | +4.7% | +28.7% | -24.1% |
| 2020 | +16.5% | +18.3% | -1.9% |
| 2019 | +29.4% | +31.2% | -1.8% |
| 2018 | -15.8% | -4.6% | -11.3% |
| 2017 | +30.0% | +21.7% | +8.3% |
| 2016 | -8.6% | +12.0% | -20.6% |
| 2015 | -4.1% | +1.2% | -5.3% |
| 20142/4 Q | +10.7% | +6.1% | +4.6% |
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.