Estimated return — disclosed long book
What Seth Klarman’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
-3.4%
SPY -4.4%▲ +0.9%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +16.6% | +17.7% | -1.1% |
| 2024 | -8.2% | +24.9% | -33.1% |
| 20233/4 Q | +1.0% | +13.0% | -12.0% |
| 2022 | -28.7% | -18.2% | -10.5% |
| 2021 | +17.9% | +28.7% | -10.8% |
| 2020 | +1.2% | +18.3% | -17.1% |
| 20193/4 Q | +0.3% | +15.6% | -15.3% |
| 2018 | -13.0% | -4.6% | -8.4% |
| 2017 | +8.8% | +21.7% | -12.9% |
| 2016 | +11.7% | +12.0% | -0.3% |
| 2015 | -33.7% | +1.2% | -34.9% |
| 20142/4 Q | -8.2% | +6.1% | -14.3% |
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.