Estimated return — disclosed long book
What Triple Frond Partners LLC’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
-8.5%
SPY -4.4%▼ -4.1%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +24.5% | +17.7% | +6.8% |
| 2024 | +19.4% | +24.9% | -5.5% |
| 2023 | +43.0% | +26.2% | +16.8% |
| 2022 | -29.9% | -18.2% | -11.7% |
| 2021 | +15.1% | +28.7% | -13.6% |
| 2020 | +23.0% | +18.3% | +4.7% |
| 2019 | +52.6% | +31.2% | +21.4% |
| 2018 | -7.2% | -4.6% | -2.6% |
| 2017 | +32.7% | +21.7% | +11.0% |
| 20163/4 Q | +6.3% | +7.9% | -1.6% |
| 2015 | +2.7% | +1.2% | +1.5% |
| 20142/4 Q | +10.5% | +6.1% | +4.4% |
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.