Estimated return — disclosed long book
What Mason Hawkins’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
-3.3%
SPY -4.4%▲ +1.0%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +0.8% | +17.7% | -17.0% |
| 2024 | +9.5% | +24.9% | -15.4% |
| 2023 | +17.8% | +26.2% | -8.4% |
| 2022 | -26.9% | -18.2% | -8.7% |
| 2021 | +13.6% | +28.7% | -15.2% |
| 2020 | +5.8% | +18.3% | -12.6% |
| 2019 | +16.6% | +31.2% | -14.7% |
| 2018 | -17.7% | -4.6% | -13.1% |
| 2017 | +20.7% | +21.7% | -1.0% |
| 2016 | +20.6% | +12.0% | +8.6% |
| 2015 | -16.3% | +1.2% | -17.6% |
| 20142/4 Q | -2.4% | +6.1% | -8.5% |
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.