Estimated return — disclosed long book
What Gavin Baker’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
-4.5%
SPY -4.4%▼ -0.2%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 20253/4 Q | +78.4% | +23.0% | +55.5% |
| 2024 | +60.3% | +24.9% | +35.5% |
| 20233/4 Q | +67.9% | +30.4% | +37.5% |
| 20223/4 Q | -42.1% | -23.9% | -18.1% |
| 20212/4 Q | +21.4% | +15.2% | +6.2% |
| 20202/4 Q | +115.9% | +34.7% | +81.2% |
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.