Estimated return — disclosed long book
What Sound Shore Management Inc’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
+5.7%
SPY +15.1%▼ -9.4%alpha
2026 YTD(2Q so far)
+3.1%
SPY +10.1%▼ -7.0%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +22.8% | +17.7% | +5.1% |
| 2024 | +27.3% | +24.9% | +2.5% |
| 2023 | +22.3% | +26.2% | -3.9% |
| 2022 | -9.8% | -18.2% | +8.4% |
| 2021 | +24.5% | +28.7% | -4.3% |
| 2020 | +9.1% | +18.3% | -9.3% |
| 2019 | +26.8% | +31.2% | -4.4% |
| 2018 | -13.4% | -4.6% | -8.8% |
| 2017 | +14.2% | +21.7% | -7.5% |
| 2016 | +20.1% | +12.0% | +8.1% |
| 2015 | -5.7% | +1.2% | -6.9% |
| 20142/4 Q | +2.3% | +6.1% | -3.8% |
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.