Estimated return — disclosed long book

What Howard Marks’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
+7.5%
SPY -4.4%▲ +11.9%alpha
By calendar year
YearEstimatedSPYAlpha
2025+19.0%+17.7%+1.3%
2024-5.5%+24.9%-30.4%
20233/4 Q+7.5%+17.4%-9.9%
2022-6.8%-18.2%+11.3%
2020+310.5%+18.3%+292.2%
20193/4 Q+27.5%+29.0%-1.5%
2018-1.5%-4.6%+3.0%
2017+17.2%+21.7%-4.5%
20163/4 Q+12.5%+10.5%+2.0%
2015-18.9%+1.2%-20.2%
20142/4 Q-13.8%+6.1%-19.9%

Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the alpha is like-for-like, but the year is not a full year.