Estimated return — disclosed long book
What Li Lu’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
+11.9%
SPY +15.1%▼ -3.2%alpha
2026 YTD(2Q so far)
+4.0%
SPY +10.1%▼ -6.1%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +31.4% | +17.7% | +13.7% |
| 2024 | +30.6% | +24.9% | +5.7% |
| 2023 | +35.4% | +26.2% | +9.3% |
| 2022 | -35.6% | -18.2% | -17.4% |
| 2021 | +29.1% | +28.7% | +0.4% |
| 2020 | +21.9% | +18.3% | +3.6% |
| 20182/4 Q | -7.7% | +6.6% | -14.3% |
| 20173/4 Q | +29.1% | +18.1% | +11.0% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the alpha is like-for-like, but the year is not a full year.