Estimated return — disclosed long book
What Greenhaven Associates 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.
Q2 2026
+15.7%
SPY +15.1%▲ +0.6%
2026 YTD(2Q so far)
+13.3%
SPY +10.1%▲ +3.2%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +14.1% | +17.7% | -3.7% |
| 2024 | +14.9% | +24.9% | -10.0% |
| 2023 | +34.5% | +26.2% | +8.4% |
| 2022 | -28.4% | -18.2% | -10.2% |
| 2021 | +46.0% | +28.7% | +17.2% |
| 2020 | +19.3% | +18.3% | +1.0% |
| 2019 | +35.9% | +31.2% | +4.7% |
| 2018 | -27.6% | -4.6% | -23.0% |
| 2017 | +32.7% | +21.7% | +11.0% |
| 2016 | +15.3% | +12.0% | +3.3% |
| 2015 | -3.3% | +1.2% | -4.5% |
| 20141/4 Q | +6.2% | +4.9% | +1.3% |
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.