Estimated return — disclosed long book
What Nelson Peltz’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
+13.8%
SPY +15.1%▼ -1.3%alpha
2026 YTD(2Q so far)
+10.1%
SPY +10.1%▲ +0.0%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +20.6% | +17.7% | +2.8% |
| 2024 | +19.1% | +24.9% | -5.8% |
| 2023 | +18.1% | +26.2% | -8.1% |
| 2022 | -24.3% | -18.2% | -6.1% |
| 2021 | +22.3% | +28.7% | -6.5% |
| 20202/4 Q | -10.8% | -9.7% | -1.1% |
| 2019 | +32.8% | +31.2% | +1.5% |
| 20182/4 Q | -13.4% | -14.4% | +1.0% |
| 2017 | -0.5% | +21.7% | -22.2% |
| 2016 | +13.2% | +12.0% | +1.2% |
| 20152/4 Q | +14.4% | +8.0% | +6.4% |
| 20142/4 Q | +4.2% | +6.1% | -1.9% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the alpha is like-for-like, but the year is not a full year.