Estimated return — disclosed long book
What Ariel Investments LLC’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
-0.5%
SPY -4.4%▲ +3.9%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +14.5% | +17.7% | -3.2% |
| 2024 | +9.2% | +24.9% | -15.7% |
| 2023 | +10.6% | +26.2% | -15.6% |
| 2022 | -14.7% | -18.2% | +3.4% |
| 2021 | +19.1% | +28.7% | -9.7% |
| 2020 | +11.2% | +18.3% | -7.2% |
| 2019 | +18.7% | +31.2% | -12.5% |
| 2018 | -14.9% | -4.6% | -10.3% |
| 2017 | +13.4% | +21.7% | -8.3% |
| 2016 | +11.9% | +12.0% | -0.1% |
| 2015 | -9.5% | +1.2% | -10.7% |
| 20142/4 Q | +4.3% | +6.1% | -1.8% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the alpha is like-for-like, but the year is not a full year.