Estimated return — disclosed long book
What Intel Corp’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
+32.0%
SPY +15.1%▲ +16.9%alpha
2026 YTD(2Q so far)
-14.3%
SPY +10.1%▼ -24.4%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +29.5% | +17.7% | +11.7% |
| 20243/4 Q | -17.9% | +21.9% | -39.7% |
| 2023 | +58.6% | +26.2% | +32.4% |
| 20223/4 Q | -52.1% | -14.2% | -37.9% |
| 20213/4 Q | +28.7% | +28.0% | +0.8% |
| 20203/4 Q | -7.3% | +5.5% | -12.8% |
| 2019 | +2.6% | +31.2% | -28.7% |
| 20183/4 Q | -50.2% | -3.6% | -46.6% |
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.