Estimated return — disclosed long book
What Tom Russo’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
+7.5%
SPY +15.1%▼ -7.6%
2026 YTD(2Q so far)
-0.3%
SPY +10.1%▼ -10.4%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +23.7% | +17.7% | +5.9% |
| 2024 | +10.9% | +24.9% | -14.0% |
| 2023 | +16.5% | +26.2% | -9.7% |
| 2022 | -11.8% | -18.2% | +6.4% |
| 2021 | +18.1% | +28.7% | -10.6% |
| 2020 | +5.5% | +18.3% | -12.9% |
| 2019 | +24.1% | +31.2% | -7.1% |
| 2018 | -16.1% | -4.6% | -11.5% |
| 2017 | +20.2% | +21.7% | -1.5% |
| 2016 | +8.0% | +12.0% | -4.0% |
| 2015 | +1.0% | +1.2% | -0.2% |
| 20142/4 Q | +1.1% | +6.1% | -5.0% |
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.