Estimated return — disclosed long book
What John Armitage’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
+11.5%
SPY +15.1%▼ -3.6%
2026 YTD(2Q so far)
+6.0%
SPY +10.1%▼ -4.1%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +19.0% | +17.7% | +1.3% |
| 2024 | +28.5% | +24.9% | +3.6% |
| 2023 | +24.5% | +26.2% | -1.7% |
| 2022 | -16.9% | -18.2% | +1.2% |
| 2021 | +15.2% | +28.7% | -13.5% |
| 2020 | +37.7% | +18.3% | +19.4% |
| 2019 | +42.7% | +31.2% | +11.5% |
| 2018 | -1.2% | -4.6% | +3.4% |
| 2017 | +32.2% | +21.7% | +10.5% |
| 2016 | +14.2% | +12.0% | +2.2% |
| 2015 | +4.6% | +1.2% | +3.4% |
| 20141/4 Q | +5.1% | +4.9% | +0.2% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the difference is like-for-like, but the year is not a full year.