Estimated return — disclosed long book
What Norbert Lou’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
+5.5%
SPY +15.1%▼ -9.7%alpha
2026 YTD(2Q so far)
-1.4%
SPY +10.1%▼ -11.5%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +2.3% | +17.7% | -15.4% |
| 2024 | +10.0% | +24.9% | -14.8% |
| 2023 | +27.6% | +26.2% | +1.5% |
| 2022 | -24.4% | -18.2% | -6.2% |
| 2021 | +30.2% | +28.7% | +1.4% |
| 2020 | -2.7% | +18.3% | -21.1% |
| 2019 | +15.6% | +31.2% | -15.6% |
| 2018 | -9.8% | -4.6% | -5.3% |
| 2017 | +30.4% | +21.7% | +8.7% |
| 2016 | +2.6% | +12.0% | -9.4% |
| 2015 | -7.5% | +1.2% | -8.8% |
| 2014 | +24.1% | +13.5% | +10.7% |