Estimated return — disclosed long book
What Ruane Cunniff’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
+10.7%
SPY +15.1%▼ -4.4%alpha
2026 YTD(2Q so far)
-0.3%
SPY +10.1%▼ -10.4%alpha
By calendar year
| Year | Estimated | SPY | Alpha |
|---|---|---|---|
| 2025 | +16.4% | +17.7% | -1.3% |
| 2024 | +18.0% | +24.9% | -6.9% |
| 2023 | +26.1% | +26.2% | -0.1% |
| 2022 | -30.2% | -18.2% | -12.0% |
| 2021 | +30.5% | +28.7% | +1.7% |
| 2020 | +29.6% | +18.3% | +11.3% |
| 2019 | +31.7% | +31.2% | +0.5% |
| 2018 | -7.5% | -4.6% | -2.9% |
| 2017 | +22.8% | +21.7% | +1.1% |
| 2016 | +16.0% | +12.0% | +4.0% |
| 2015 | -7.4% | +1.2% | -8.7% |
| 2014 | +9.3% | +13.5% | -4.2% |
| 20132/4 Q | +14.4% | +16.3% | -1.9% |
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.