Backtest
Copy-investor returns for each focused investor: buy the disclosed portfolio on the date the 13F is filed, hold until the next disclosure, then rebalance. Returns are weight-renormalised over the equity slice; options, bonds, and positions without pricing coverage are excluded. 85 of 85 strategies currently have at least one closed leg.
AlphaBaseline tracks copy-investor backtest returns across 85 institutional investors via SEC 13F filings. As of this update, 85 strategies have at least one closed leg. Stanley Druckenmiller (Duquesne Family Office LLC) leads with a 5Y return of +210.6%.
How the columns are computed
- 5Y — same shape over trailing 5 years. Suppressed ("—") when the strategy has less than 5 years of pricing-backed history, so a manager who started filing recently shows a dash here rather than a short chain dressed up as a 5-year record.
- 3Y — geometric chain over trailing 3 years. Suppressed ("—") when the strategy has less than 3 years of pricing-backed history.
- 1Y — same shape over trailing 365 days. Suppressed ("—") when the strategy has less than 1 year of history in the pricing universe.
- Q — return of the most recently closed holding period (from one disclosure date to the next).
- 5Y vs S&P 500 — the 5Y return minus SPY over that manager's own rebalance dates, so both sides cover exactly the same days. Both are price return, excluding dividends. A dash means the comparison is unavailable for that horizon — it does not mean the index went nowhere.
| Stanley Druckenmiller | Duquesne Family Office LLC | Q2 2026 | +210.61% | +192.32% | +47.15% | +18.27% | +112.71% | details → |
| David Tepper | Appaloosa Management | Q2 2026 | +168.75% | +123.82% | +32.47% | +5.38% | +95.06% | details → |
| Howard Marks | Oaktree Capital Management | Q2 2026 | +127.86% | +72.44% | +43.50% | -1.99% | +54.92% | details → |
| Abrams Bison Investments | Abrams Bison Investments | Q2 2026 | +125.52% | +134.92% | +57.59% | +14.75% | +51.83% | details → |
| David Einhorn | Greenlight Capital | Q2 2026 | +116.90% | +44.92% | +22.62% | +12.48% | +43.22% | details → |
| Third Avenue Management | Third Avenue Management | Q2 2026 | +102.45% | +78.27% | +30.13% | +9.74% | +29.22% | details → |
| Muhlenkamp | Muhlenkamp | Q2 2026 | +100.96% | +64.67% | +29.36% | -0.31% | +26.21% | details → |
| Michael Burry | Scion Asset Management | Q3 2025 | +92.65% | +48.45% | +5.19% | +5.19% | +39.76% | details → |
| Christopher Bloomstran | Semper Augustus | Q2 2026 | +91.14% | +80.66% | +25.63% | +8.06% | +17.45% | details → |
| Robert Vinall | RV Capital GmbH | Q2 2026 | +87.30% | +157.57% | +3.74% | +2.49% | +16.28% | details → |
| Duan Yongping | H&H International Investment | Q2 2026 | +83.79% | +59.72% | +21.23% | +0.04% | +9.69% | details → |
| Li Lu | Himalaya Capital Management | Q2 2026 | +81.07% | +92.12% | +28.15% | -3.16% | +6.97% | details → |
| Glenn Greenberg | Brave Warrior Advisors | Q2 2026 | +80.48% | +40.82% | +7.58% | +14.56% | +6.79% | details → |
| First Eagle | First Eagle Investment Management | Q2 2026 | +80.37% | +73.12% | +32.35% | +6.17% | +8.33% | details → |
| First Pacific Advisors | First Pacific Advisors | Q2 2026 | +77.31% | +79.54% | +26.75% | +7.10% | +1.93% | details → |
| Bill & Melinda Gates Foundation Trust | Bill & Melinda Gates Foundation Trust | Q2 2026 | +73.08% | +50.42% | +14.45% | +4.64% | -0.61% | details → |
| Greenhaven Associates | Greenhaven Associates | Q3 2026 | +72.88% | +83.68% | +28.47% | +4.51% | -3.63% | details → |
| Harry Burn | Sound Shore | Q2 2026 | +70.31% | +63.75% | +29.16% | +6.38% | -4.56% | details → |
| Viking Global Investors | Viking Global Investors | Q2 2026 | +67.97% | +70.17% | +17.23% | +8.56% | -5.72% | details → |
| Leon Cooperman | Leon Cooperman | Q2 2026 | +66.89% | +65.91% | +16.72% | +0.34% | -6.80% | details → |
| Guy Spier | Aquamarine Capital | Q2 2026 | +66.51% | +75.51% | +2.66% | +3.96% | +1.79% | details → |
| ValueAct Capital | ValueAct Capital | Q2 2026 | +63.31% | +66.45% | -6.34% | +11.66% | -13.19% | details → |
| Chris Hohn | TCI Fund Management | Q2 2026 | +62.44% | +72.07% | +11.27% | +14.36% | -11.25% | details → |
| Christopher Davis | Davis Advisors | Q2 2026 | +61.57% | +76.45% | +25.87% | +3.82% | -11.23% | details → |
| Triple Frond Partners | Triple Frond Partners | Q2 2026 | +60.83% | +86.80% | +30.83% | +11.42% | -14.46% | details → |
| Bill Nygren | Oakmark Funds | Q2 2026 | +57.82% | +55.63% | +19.97% | +14.04% | -15.87% | details → |
| Warren Buffett | Berkshire Hathaway | Q2 2026 | +57.58% | +55.60% | +19.33% | +5.97% | -16.11% | details → |
| Bruce Berkowitz | Fairholme Capital | Q2 2026 | +56.90% | +13.90% | +31.16% | +6.47% | -16.79% | details → |
| Dodge & Cox | Dodge & Cox | Q2 2026 | +56.73% | +50.49% | +17.04% | +7.92% | -17.71% | details → |
| Torray Funds | Torray Funds | Q2 2026 | +55.10% | +51.54% | +11.48% | +2.47% | -13.02% | details → |
| Yacktman Asset Management | Yacktman Asset Management | Q2 2026 | +55.03% | +41.83% | +19.91% | +5.21% | -19.64% | details → |
| David Katz | Matrix Asset Advisors | Q3 2026 | +54.27% | +69.25% | +15.71% | -0.96% | -19.80% | details → |
| Lee Ainslie | Maverick Capital | Q2 2026 | +54.12% | +100.86% | +27.87% | +11.54% | -19.57% | details → |
| Steven Check | Check Capital Management | Q2 2026 | +54.10% | +80.48% | +14.27% | +5.90% | -20.01% | details → |
| Mairs & Power Growth Fund | Mairs & Power Growth Fund | Q2 2026 | +53.36% | +57.55% | +18.68% | +6.14% | -20.33% | details → |
| Bryan Lawrence | Oakcliff Capital | Q2 2026 | +53.15% | +99.54% | +18.61% | +3.51% | -20.89% | details → |
| Nelson Peltz | Trian Fund Management | Q2 2026 | +51.20% | +70.08% | +29.32% | +20.93% | -22.04% | details → |
| Bill Ackman | Pershing Square Capital Management | Q2 2026 | +49.93% | +41.45% | +15.19% | +2.03% | -23.76% | details → |
| Richard Pzena | Pzena Investment Management | Q2 2026 | +49.36% | +36.35% | +19.13% | +12.82% | -25.39% | details → |
| David Abrams | Abrams Capital Management | Q2 2026 | +49.30% | +42.03% | +9.45% | +14.16% | -25.15% | details → |
| Ariel Investments | Ariel Investments | Q2 2026 | +48.54% | +58.90% | +30.15% | +14.83% | -25.56% | details → |
| AltaRock Partners | AltaRock Partners | Q2 2026 | +48.54% | +56.65% | +0.27% | +5.60% | -24.74% | details → |
| Tweedy Browne Co. | Tweedy Browne Value Fund | Q2 2026 | +48.02% | +47.06% | +22.79% | +0.91% | -25.71% | details → |
| David Rolfe | Wedgewood Partners | Q2 2026 | +45.84% | +52.21% | +5.07% | +6.99% | -28.26% | details → |
| William Von Mueffling | Cantillon Capital Management | Q2 2026 | +45.51% | +62.51% | +17.57% | -1.22% | -14.48% | details → |
| Thomas Russo | Gardner Russo & Quinn | Q2 2026 | +45.12% | +40.95% | +10.09% | +3.33% | -29.64% | details → |
| Valley Forge Capital Management | Valley Forge Capital Management | Q2 2026 | +44.89% | +36.16% | -9.46% | +9.40% | -28.80% | details → |
| Sarah Ketterer | Causeway Capital Management | Q2 2026 | +43.35% | +53.79% | +11.27% | +5.94% | -31.09% | details → |
| Thomas Gayner | Markel Asset Management | Q2 2026 | +42.06% | +44.77% | +12.06% | +2.31% | -26.77% | details → |
| Daily Journal Corp (Charlie Munger) | Daily Journal Corp | Q2 2026 | +41.36% | +108.43% | +8.14% | +9.09% | -31.98% | details → |
| Ruane Cunniff LP | Ruane Cunniff LP | Q2 2026 | +39.56% | +55.54% | +18.15% | +7.42% | -34.13% | details → |
| Greg Alexander | Conifer Management | Q2 2026 | +38.77% | +30.62% | -15.53% | +9.69% | -35.27% | details → |
| Francois Rochon | Giverny Capital | Q2 2026 | +38.34% | +43.32% | +9.02% | +9.74% | -35.76% | details → |
| Stephen Mandel | Lone Pine Capital | Q2 2026 | +38.17% | +86.37% | +0.67% | +5.33% | -50.29% | details → |
| Bill Miller | Miller Value Partners | Q2 2026 | +36.48% | +71.61% | +31.98% | +9.82% | -37.21% | details → |
| Prem Watsa | Fairfax Financial Holdings | Q2 2026 | +36.37% | +72.03% | +39.76% | +10.45% | -37.32% | details → |
| Vulcan Value Partners | Vulcan Value Partners | Q2 2026 | +35.16% | +59.15% | +6.23% | +12.13% | -37.79% | details → |
| Hillman Value Fund | Hillman Value Fund | Q2 2026 | +34.89% | +37.03% | +20.09% | +9.54% | -38.80% | details → |
| Josh Tarasoff | Greenlea Lane Capital | Q2 2026 | +31.09% | +56.00% | -3.33% | -2.57% | -42.60% | details → |
| Alex Roepers | Atlantic Investment Management | Q2 2026 | +28.64% | +16.00% | +3.02% | +4.17% | -45.05% | details → |
| Kahn Brothers Group | Kahn Brothers Group | Q2 2026 | +26.73% | +23.42% | +34.03% | +5.71% | -49.28% | details → |
| Francis Chou | Chou Associates | Q2 2026 | +26.27% | +44.37% | +14.32% | +2.05% | -46.96% | details → |
| Jensen Investment Management | Jensen Investment Management | Q2 2026 | +26.04% | +23.15% | +5.91% | +8.41% | -49.00% | details → |
| Chuck Akre | Akre Capital Management | Q2 2026 | +22.32% | +31.87% | -10.46% | +11.96% | -51.78% | details → |
| Mason Hawkins | Southeastern Asset Management | Q2 2026 | +21.12% | +28.72% | +8.23% | +8.31% | -52.98% | details → |
| AKO Capital | AKO Capital | Q2 2026 | +20.57% | +19.48% | -8.94% | +10.59% | -54.01% | details → |
| Clifford Sosin | CAS Investment Partners | Q2 2026 | +18.95% | +283.10% | +8.46% | +11.79% | -55.14% | details → |
| Chase Coleman | Tiger Global Management | Q2 2026 | +18.80% | +98.00% | +2.14% | +3.27% | -54.89% | details → |
| Wallace Weitz | Weitz Investment Management | Q2 2026 | +18.54% | +26.94% | +4.70% | +8.87% | -55.97% | details → |
| Pat Dorsey | Dorsey Asset Management | Q2 2026 | +16.83% | +111.11% | +21.03% | +7.46% | -56.86% | details → |
| Norbert Lou | Punch Card Management | Q2 2026 | +15.62% | +33.55% | +6.35% | +11.89% | -58.07% | details → |
| Terry Smith | Fundsmith | Q2 2026 | +14.23% | +33.89% | +5.20% | +9.05% | -59.87% | details → |
| Seth Klarman | Baupost Group | Q2 2026 | +10.62% | +48.24% | +21.04% | +3.32% | -63.82% | details → |
| Robert Olstein | Olstein Capital Management | Q1 2026 | +9.28% | +35.25% | +6.14% | -0.19% | -49.77% | details → |
| Daniel Loeb | Third Point | Q2 2026 | +8.08% | +48.74% | +3.00% | +0.30% | -65.61% | details → |
| Polen Capital Management | Polen Capital Management | Q2 2026 | +6.53% | +27.72% | -4.55% | +3.01% | -66.76% | details → |
| Mohnish Pabrai | Pabrai Investments | Q2 2026 | +5.92% | +53.71% | +45.84% | -6.00% | -68.52% | details → |
| Lindsell Train | Lindsell Train | Q2 2026 | +5.24% | +20.64% | +0.82% | +1.96% | -64.03% | details → |
| Henry Ellenbogen | Durable Capital Partners | Q2 2026 | -15.00% | +28.67% | -7.91% | +8.75% | -89.09% | details → |
| Makaira Partners | Makaira Partners LLC | Q4 2025 | -33.27% | -1.11% | -6.34% | +13.61% | -88.08% | details → |
| Glenn Welling | Engaged Capital | Q2 2026 | -45.52% | -28.47% | -3.18% | -0.63% | -119.21% | details → |
| Dennis Hong | ShawSpring Partners | Q2 2026 | -61.66% | -9.15% | -28.31% | +17.93% | -135.76% | details → |
| Carl Icahn | Icahn Capital Management | Q2 2026 | -65.12% | -45.20% | +0.32% | -5.12% | -139.22% | details → |
| John Armitage | Egerton Capital | Q3 2026 | — | +62.52% | +11.07% | +0.48% | — | details → |
| Samantha McLemore | Patient Capital Management | Q2 2026 | — | +77.61% | +22.78% | +5.60% | — | details → |
Frequently asked questions
- What is a copy-investor backtest?
- It is a simulation of what an outsider would have earned by mechanically copying a manager's disclosed SEC Form 13F portfolio: buy the equity positions on the date the filing becomes public, hold them until the manager's next disclosure, then rebalance into the new portfolio.
- How are the returns calculated?
- Each holding is priced on its entry and exit dates using split-adjusted closes, the per-position returns are combined by their portfolio weight, and the closed periods are compounded into the Q, 1-year, 3-year, and 5-year figures. Options, bonds, and positions without pricing coverage are excluded and the remaining equity weights are renormalised to 100%.
- Can I verify the numbers myself?
- Yes. Each manager's detail page exposes every closed period leg-by-leg with entry and exit shares, prices, and contribution, and offers a CSV download that reconciles exactly to the leaderboard number. Every holding also traces back to its SEC accession number.
- Why do some returns show a dash instead of a number?
- A horizon is suppressed when the strategy does not have enough pricing-backed history to fill that window — for example, a 3-year return is hidden until the manager has at least three years of priced, closed periods.
- Is this investment advice?
- No. The backtest is a historical measurement of disclosed 13F holdings, which are reported with a delay of up to 45 days. It is for informational purposes only and is not a recommendation to buy or sell any security.