Estimated return — disclosed long book

What JANA Partners Management LP’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 and non-US listings, and the listed puts and calls it does report are left out here (it states them at the underlying stock’s value). It 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.