Estimated return — disclosed long book

What Tom Gayner’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
+9.3%
SPY +15.1% -5.8%
2026 YTD(2Q so far)
+3.2%
SPY +10.1% -6.8%
By calendar year
YearEstimatedSPYDifference
2025+7.6%+17.7%-10.2%
2024+18.5%+24.9%-6.4%
2023+18.0%+26.2%-8.2%
2022-14.7%-18.2%+3.5%
20213/4 Q+16.7%+15.9%+0.8%
2020+9.7%+18.3%-8.6%
2019+28.2%+31.2%-3.0%
2018-5.1%-4.6%-0.5%
2017+22.9%+21.7%+1.2%
20162/4 Q+7.3%+7.9%-0.5%

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.