Estimated return — disclosed long book
What Mohnish Pabrai’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
-19.1%
SPY +15.1%▼ -34.2%
2026 YTD(2Q so far)
-2.1%
SPY +10.1%▼ -12.2%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +21.6% | +17.7% | +3.9% |
| 2024 | -27.4% | +24.9% | -52.3% |
| 20233/4 Q | +120.5% | +16.1% | +104.5% |
| 2022 | -44.8% | -18.2% | -26.6% |
| 2021 | +6.8% | +28.7% | -22.0% |
| 2020 | +6.1% | +18.3% | -12.2% |
| 2019 | +9.1% | +31.2% | -22.2% |
| 2018 | -16.2% | -4.6% | -11.6% |
| 2017 | +58.3% | +21.7% | +36.6% |
| 2016 | -13.7% | +12.0% | -25.7% |
| 2015 | -15.6% | +1.2% | -16.9% |
| 20142/4 Q | -2.8% | +6.1% | -8.9% |
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.