Estimated return — disclosed long book
What Giverny Capital Inc’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
-6.5%
SPY -4.4%▼ -2.1%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +11.8% | +17.7% | -5.9% |
| 20243/4 Q | +2.5% | +13.1% | -10.6% |
| 20233/4 Q | +9.7% | +13.0% | -3.3% |
| 2022 | -20.2% | -18.2% | -2.0% |
| 2021 | +25.2% | +28.7% | -3.5% |
| 2020 | +13.5% | +18.3% | -4.9% |
| 2019 | +30.4% | +31.2% | -0.8% |
| 2018 | -8.0% | -4.6% | -3.4% |
| 2017 | +17.1% | +21.7% | -4.6% |
| 2016 | +7.5% | +12.0% | -4.5% |
| 20153/4 Q | -5.8% | +0.4% | -6.2% |
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.