Estimated return — disclosed long book
What Jeffrey Smith’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
-5.3%
SPY -4.4%▼ -1.0%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | -5.7% | +17.7% | -23.4% |
| 2024 | +6.6% | +24.9% | -18.3% |
| 20232/4 Q | +13.4% | +8.0% | +5.3% |
| 2022 | -11.8% | -18.2% | +6.3% |
| 2021 | +26.8% | +28.7% | -2.0% |
| 2020 | +17.3% | +18.3% | -1.1% |
| 20193/4 Q | +21.8% | +20.4% | +1.4% |
| 2018 | -14.3% | -4.6% | -9.7% |
| 2017 | +14.9% | +21.7% | -6.8% |
| 2016 | +14.7% | +12.0% | +2.7% |
| 2015 | -11.4% | +1.2% | -12.6% |
| 20141/4 Q | +20.6% | +4.9% | +15.7% |
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.