2025 net return
+20.9%
S&P 500 +17.9%
Compound annual return
16.4%
S&P 500 10.7% · 2004–2025
NAV per share 2025
$85.32
176.4M public shares
Total assets 2025
$19.36B
Net assets $15.05B
Annual net return vs. S&P 500
Amber / red = fund · grey = index
Growth of $100 · 2004–2025
Beat the index in 14 of 22 years
Excess return vs. the S&P 500
Fund net return minus index return
Average excess
+6.6%
Mean, 2004–2025
Best vs. index
+51.8%
2020
Worst vs. index
-25.8%
2017
NAV per public share
At each December 31
Total assets
Statement of financial position
Year by year
Returns and reported balance-sheet figures
Compare two years side by side
Returns, balance sheet and attribution for any pair of years
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Fund net return | +10.2% | +20.9% | +10.7% |
| S&P 500 return | +25.0% | +17.9% | -7.1% |
| Excess vs. index | -14.8% | +3.0% | +17.8% |
| Gross return | +13.8% | +26.5% | +12.7% |
| NAV per share | $71.11 | $85.32 | +$14.21 |
| Total assets | $15.63B | $19.36B | +$3.73B |
| Net assets | $13.01B | $15.05B | +$2.04B |
| Public shares | 183.0M | 176.4M | -6.6M |
| Gross contributors | +22.4% | +34.4% | +12.0% |
| Gross detractors | -8.6% | -7.9% | +0.7% |
| Positions reported | 14 | 15 | — |
2024 attribution
2025 attribution
Performance attribution
Contribution to gross return, positions of 50bps or more
Contributors
+34.4%
12 positions
Detractors
-7.9%
3 positions
2025 gross / net
+26.5% / +20.9%
| Position | Contribution |
|---|---|
| Alphabet Inc. | +10.3% |
| Federal National Mortgage Association | +5.8% |
| Federal Home Loan Mortgage Corporation | +5.0% |
| Brookfield Corporation | +3.5% |
| Uber Technologies, Inc. | +2.7% |
| Amazon.com, Inc. | +2.4% |
| Share Buyback Accretion | +1.2% |
| Hilton Worldwide Holdings Inc. | +1.0% |
| Universal Music Group N.V. | +0.7% |
| Meta Platforms, Inc. | +0.7% |
| Restaurant Brands International Inc. | +0.5% |
| Bond Interest Expense | -0.8% |
| Nike, Inc. | -2.5% |
| Chipotle Mexican Grill, Inc. | -4.6% |
| All Other Positions and Other Income/Expense | +0.6% |
Cumulative contribution by position
39 investments across 12 years
Largest winner
+36.4%
Chipotle Mexican Grill, Inc.
Largest loser
-31.6%
Valeant Pharmaceuticals International, Inc.
Winners / losers
27 / 12
All reported years
Position × year contribution heatmap
Green = added to return · red = detracted · click a year to load it above
Individual investments only; aggregate buckets, bond interest and buyback accretion are excluded. Blank cells mean the position was not reported at 50bps or more that year.