Estimated return — disclosed long book

What Olstein Capital Management LP’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
-2.4%
SPY -4.4% +2.0%
By calendar year
YearEstimatedSPYDifference
2025+7.8%+17.7%-9.9%
2024+6.8%+24.9%-18.1%
2023+11.3%+26.2%-14.8%
2022-20.2%-18.2%-2.0%
2021+23.1%+28.7%-5.7%
2020+7.0%+18.3%-11.4%
2019+30.3%+31.2%-0.9%
2018-11.8%-4.6%-7.2%
2017+15.1%+21.7%-6.6%
2016+15.2%+12.0%+3.2%
2015-10.7%+1.2%-12.0%
20141/4 Q+9.2%+4.9%+4.3%

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.