Estimated return — disclosed long book
What Stephen Mandel Jr.’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
-6.4%
SPY -4.4%▼ -2.0%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +25.0% | +17.7% | +7.3% |
| 2024 | +51.3% | +24.9% | +26.4% |
| 2023 | +36.7% | +26.2% | +10.5% |
| 20223/4 Q | -10.0% | -2.5% | -7.5% |
| 2021 | +9.1% | +28.7% | -19.6% |
| 2020 | +61.3% | +18.3% | +43.0% |
| 2019 | +46.2% | +31.2% | +15.0% |
| 2018 | -0.0% | -4.6% | +4.6% |
| 20173/4 Q | +22.0% | +14.9% | +7.1% |
| 2016 | +4.1% | +12.0% | -7.9% |
| 2015 | +4.3% | +1.2% | +3.1% |
| 20142/4 Q | +8.1% | +6.1% | +2.0% |
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.