Estimated return — disclosed long book
What Bill Ackman’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
+4.3%
SPY +15.1%▼ -10.8%alpha
2026 YTD(2Q so far)
-6.0%
SPY +10.1%▼ -16.1%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +6.5% | +17.7% | -11.2% |
| 2024 | +11.5% | +24.9% | -13.4% |
| 2023 | +29.9% | +26.2% | +3.7% |
| 2022 | +6.8% | -18.2% | +25.0% |
| 20213/4 Q | +21.5% | +15.9% | +5.6% |
| 2020 | +20.4% | +18.3% | +2.1% |
| 20193/4 Q | +48.5% | +29.0% | +19.5% |
| 2018 | +1.5% | -4.6% | +6.1% |
| 2017 | +9.2% | +21.7% | -12.5% |
| 2016 | -5.9% | +12.0% | -17.9% |
| 20153/4 Q | -23.9% | +0.4% | -24.2% |
| 20142/4 Q | +13.3% | +6.1% | +7.2% |
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.