Estimated return — disclosed long book
What Lindsell Train Ltd’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
+1.8%
SPY +15.1%▼ -13.3%
2026 YTD(2Q so far)
-10.5%
SPY +10.1%▼ -20.6%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +12.2% | +17.7% | -5.5% |
| 2024 | +16.1% | +24.9% | -8.8% |
| 2023 | +20.7% | +26.2% | -5.5% |
| 2022 | -16.5% | -18.2% | +1.7% |
| 2021 | +10.7% | +28.7% | -18.0% |
| 2020 | +26.0% | +18.3% | +7.6% |
| 2019 | +26.4% | +31.2% | -4.9% |
| 2018 | +10.3% | -4.6% | +14.9% |
| 2017 | +21.1% | +21.7% | -0.6% |
| 2016 | +4.0% | +12.0% | -8.0% |
| 2015 | +10.8% | +1.2% | +9.5% |
| 20141/4 Q | +4.9% | +4.9% | +0.0% |
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.