Estimated return — disclosed long book

What Li Lu’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
-7.1%
SPY -4.4% -2.7%
By calendar year
YearEstimatedSPYDifference
2025+31.4%+17.7%+13.7%
2024+30.6%+24.9%+5.7%
2023+35.4%+26.2%+9.3%
2022-35.6%-18.2%-17.4%
2021+29.1%+28.7%+0.4%
2020+21.9%+18.3%+3.6%
20182/4 Q-7.7%+6.6%-14.3%
20173/4 Q+29.1%+18.1%+11.0%

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.