Estimated return — disclosed long book
What Dorsey Asset Management LLC’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
+16.4%
SPY +15.1%▲ +1.3%alpha
2026 YTD(2Q so far)
+16.6%
SPY +10.1%▲ +6.5%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +10.8% | +17.7% | -6.9% |
| 2024 | +31.8% | +24.9% | +7.0% |
| 20232/4 Q | +26.2% | +8.0% | +18.2% |
| 2022 | -55.2% | -18.2% | -37.0% |
| 2021 | +6.6% | +28.7% | -22.1% |
| 2020 | +58.6% | +18.3% | +40.3% |
| 2019 | +41.1% | +31.2% | +9.8% |
| 2018 | -0.7% | -4.6% | +3.9% |
| 2017 | +47.6% | +21.7% | +25.9% |
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.