Estimated return — disclosed long book
What Prem Watsa’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
+1.7%
SPY -4.4%▲ +6.1%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +33.7% | +17.7% | +16.0% |
| 2024 | +14.1% | +24.9% | -10.8% |
| 20233/4 Q | -1.1% | +17.4% | -18.5% |
| 2022 | -4.9% | -18.2% | +13.3% |
| 2021 | +40.3% | +28.7% | +11.6% |
| 20203/4 Q | +55.8% | +46.9% | +8.9% |
| 2019 | +20.2% | +31.2% | -11.0% |
| 2018 | -23.2% | -4.6% | -18.7% |
| 2017 | +35.6% | +21.7% | +13.9% |
| 20163/4 Q | -17.8% | +7.9% | -25.7% |
| 2015 | -34.2% | +1.2% | -35.5% |
| 20142/4 Q | -12.8% | +6.1% | -18.9% |
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.