Estimated return — disclosed long book
What David Tepper’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
-4.8%
SPY -4.4%▼ -0.4%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 20253/4 Q | +25.2% | +6.3% | +19.0% |
| 2024 | +11.6% | +24.9% | -13.2% |
| 2023 | +47.9% | +26.2% | +21.7% |
| 2022 | -6.0% | -18.2% | +12.2% |
| 2021 | +17.9% | +28.7% | -10.8% |
| 2020 | +35.3% | +18.3% | +17.0% |
| 20193/4 Q | +40.0% | +29.0% | +11.0% |
| 2018 | -22.7% | -4.6% | -18.2% |
| 2017 | +26.8% | +21.7% | +5.1% |
| 20163/4 Q | +11.8% | +10.5% | +1.2% |
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.