Estimated return — disclosed long book
What Chris Hohn’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
-12.1%
SPY -4.4%▼ -7.7%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +25.1% | +17.7% | +7.4% |
| 2024 | +12.4% | +24.9% | -12.5% |
| 2023 | +32.2% | +26.2% | +6.0% |
| 2022 | -21.9% | -18.2% | -3.7% |
| 2021 | +25.7% | +28.7% | -3.0% |
| 2020 | +28.3% | +18.3% | +10.0% |
| 20193/4 Q | +24.2% | +15.6% | +8.7% |
| 2018 | +1.2% | -4.6% | +5.8% |
| 20173/4 Q | +12.3% | +18.1% | -5.7% |
| 20163/4 Q | +20.5% | +9.3% | +11.2% |
| 20152/4 Q | +1.4% | +0.1% | +1.3% |
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.