Estimated return — disclosed long book

What Muhlenkamp’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.

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.