Estimated return — disclosed long book
What Terry Smith’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
-9.0%
SPY -4.4%▼ -4.6%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +11.3% | +17.7% | -6.4% |
| 2024 | +15.0% | +24.9% | -9.9% |
| 2023 | +16.8% | +26.2% | -9.4% |
| 2022 | -24.9% | -18.2% | -6.7% |
| 2021 | +20.4% | +28.7% | -8.3% |
| 2020 | +31.4% | +18.3% | +13.1% |
| 2019 | +18.8% | +31.2% | -12.4% |
| 2018 | +12.8% | -4.6% | +17.4% |
| 2017 | +38.4% | +21.7% | +16.7% |
| 20163/4 Q | -0.4% | +9.3% | -9.7% |
| 2015 | +7.4% | +1.2% | +6.2% |
| 20142/4 Q | +14.1% | +6.1% | +8.0% |
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.