Estimated return — disclosed long book

What Mar Vista Partners’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.

Q2 2026
+12.5%
SPY +15.1% -2.6%
2026 YTD(2Q so far)
+3.7%
SPY +10.1% -6.4%
By calendar year
YearEstimatedSPYDifference
2025+14.5%+17.7%-3.2%
2024+10.5%+24.9%-14.4%
2023+27.9%+26.2%+1.7%
2022-21.0%-18.2%-2.8%
2021+23.1%+28.7%-5.6%
2020+15.9%+18.3%-2.4%
2019+34.1%+31.2%+2.8%
2018-5.4%-4.6%-0.9%
2017+23.5%+21.7%+1.8%
2016+4.9%+12.0%-7.1%
2015+1.8%+1.2%+0.6%
20141/4 Q+4.9%+4.9%-0.0%

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.