Estimated return — disclosed long book
What Engaged Capital 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
-11.6%
SPY -4.4%▼ -7.2%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | -28.8% | +17.7% | -46.5% |
| 2024 | -13.7% | +24.9% | -38.6% |
| 2023 | +7.3% | +26.2% | -18.8% |
| 20223/4 Q | -26.7% | -14.2% | -12.4% |
| 2021 | +19.5% | +28.7% | -9.2% |
| 2020 | +62.6% | +18.3% | +44.3% |
| 20193/4 Q | +36.6% | +29.0% | +7.6% |
| 20183/4 Q | -11.4% | -7.8% | -3.6% |
| 20172/4 Q | +9.5% | +7.6% | +1.8% |
| 20163/4 Q | +80.4% | +9.3% | +71.1% |
| 20153/4 Q | -22.9% | -5.4% | -17.5% |
| 20142/4 Q | -4.4% | +6.1% | -10.5% |
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.