Estimated return — disclosed long book
What David Abrams’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.
Q2 2026
+22.0%
SPY +15.1%▲ +6.8%
2026 YTD(2Q so far)
+2.1%
SPY +10.1%▼ -8.0%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +3.5% | +17.7% | -14.3% |
| 2024 | +28.0% | +24.9% | +3.1% |
| 2023 | +47.3% | +26.2% | +21.1% |
| 2022 | -21.5% | -18.2% | -3.4% |
| 2021 | +16.2% | +28.7% | -12.5% |
| 2020 | +18.8% | +18.3% | +0.5% |
| 2019 | +13.6% | +31.2% | -17.6% |
| 20183/4 Q | +4.5% | +10.4% | -5.8% |
| 2017 | +1.2% | +21.7% | -20.5% |
| 2016 | +16.3% | +12.0% | +4.3% |
| 20153/4 Q | -9.5% | +0.4% | -9.8% |
| 20142/4 Q | +5.5% | +6.1% | -0.6% |
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.