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. 82 of 82 strategies currently have at least one closed leg.
AlphaBaseline tracks copy-investor backtest returns across 82 institutional investors via SEC 13F filings. As of this update, 82 strategies have at least one closed leg. Clifford Sosin (CAS Investment Partners) leads with a 3Y return of +451.1%.
How the columns are computed
- Q — return of the most recently closed holding period (from one disclosure date to the next).
- 1Y — geometric chain of closed periods whose exit date is within trailing 365 days. Suppressed ("—") when the strategy has less than 1 year of history in the pricing universe.
- 3Y — same shape over trailing 3 years. Suppressed ("—") when the strategy has less than 3 years of pricing-backed history.
- 3Y Top 5 — same 3Y window, but each quarter only counts that quarter's five largest priced positions instead of the full priced slice. Useful as a high-conviction sanity check: would the manager's best ideas alone have outperformed the portfolio? The slate is re-picked at every rebalance.
| Clifford Sosin | CAS Investment Partners | Q1 2026 | -4.92% | +10.96% | +451.06% | +451.06% | details → |
| Robert Vinall | RV Capital GmbH | Q1 2026 | -3.03% | +1.03% | +194.12% | +181.75% | details → |
| Stanley Druckenmiller | Duquesne Family Office LLC | Q1 2026 | +2.01% | +36.04% | +188.18% | +225.17% | details → |
| David Tepper | Appaloosa Management | Q1 2026 | +9.81% | +37.24% | +150.48% | +261.35% | details → |
| Pat Dorsey | Dorsey Asset Management | Q1 2026 | -0.54% | +16.15% | +146.47% | +222.31% | details → |
| Chase Coleman | Tiger Global Management | Q1 2026 | +11.14% | +12.47% | +119.68% | +126.10% | details → |
| Li Lu | Himalaya Capital Management | Q1 2026 | +11.68% | +46.34% | +118.97% | +129.21% | details → |
| Bryan Lawrence | Oakcliff Capital | Q1 2026 | +1.59% | +24.56% | +112.50% | +171.72% | details → |
| Lee Ainslie | Maverick Capital | Q1 2026 | +4.81% | +27.48% | +106.82% | +166.21% | details → |
| Stephen Mandel | Lone Pine Capital | Q1 2026 | -2.24% | +7.64% | +100.69% | +110.26% | details → |
| Samantha McLemore | Patient Capital Management | Q1 2026 | +7.40% | +33.64% | +97.35% | +88.49% | details → |
| Christopher Davis | Davis Advisors | Q1 2026 | +4.90% | +25.26% | +97.22% | +161.16% | details → |
| Michael Burry | Scion Asset Management | Q3 2025 | +5.19% | +12.15% | +96.53% | +163.30% | details → |
| Triple Frond Partners | Triple Frond Partners | Q1 2026 | +7.62% | +29.46% | +96.51% | +83.38% | details → |
| First Pacific Advisors | First Pacific Advisors | Q1 2026 | +3.66% | +32.13% | +91.40% | +136.73% | details → |
| Bill Miller | Miller Value Partners | Q1 2026 | +4.97% | +34.24% | +90.13% | +191.22% | details → |
| Third Avenue Management | Third Avenue Management | Q1 2026 | +2.23% | +36.84% | +90.12% | +140.93% | details → |
| Mohnish Pabrai | Pabrai Investments | Q1 2026 | +2.24% | +97.37% | +87.65% | +87.65% | details → |
| Daily Journal Corp (Charlie Munger) | Daily Journal Corp | Q1 2026 | -9.09% | +10.96% | +87.39% | +87.39% | details → |
| Torray Funds | Torray Funds | Q1 2026 | +6.70% | +31.27% | +85.20% | +208.47% | details → |
| Howard Marks | Oaktree Capital Management | Q1 2026 | +7.89% | +59.59% | +83.81% | +80.35% | details → |
| William Von Mueffling | Cantillon Capital Management | Q1 2026 | +5.15% | +26.09% | +79.40% | +176.60% | details → |
| Christopher Bloomstran | Semper Augustus | Q1 2026 | -8.36% | +29.40% | +76.91% | +88.25% | details → |
| Viking Global Investors | Viking Global Investors | Q1 2026 | +1.06% | +18.41% | +74.29% | +63.81% | details → |
| John Armitage | Egerton Capital | Q1 2026 | +5.19% | +18.53% | +72.49% | +46.60% | details → |
| Josh Tarasoff | Greenlea Lane Capital | Q1 2026 | +2.93% | +1.61% | +72.17% | +75.48% | details → |
| ValueAct Capital | ValueAct Capital | Q1 2026 | -3.88% | -7.00% | +69.43% | +60.15% | details → |
| First Eagle | First Eagle Investment Management | Q1 2026 | +0.30% | +33.17% | +68.69% | +64.52% | details → |
| Guy Spier | Aquamarine Capital | Q2 2026 | +3.96% | +26.52% | +68.32% | +50.23% | details → |
| Duan Yongping | H&H International Investment | Q1 2026 | +8.93% | +28.92% | +67.27% | +65.36% | details → |
| Harry Burn | Sound Shore | Q1 2026 | +1.56% | +30.50% | +65.35% | +101.70% | details → |
| AltaRock Partners | AltaRock Partners | Q1 2026 | +8.76% | +3.45% | +63.80% | +58.37% | details → |
| Jensen Investment Management | Jensen Investment Management | Q1 2026 | +5.56% | +34.78% | +63.78% | +146.60% | details → |
| Leon Cooperman | Leon Cooperman | Q1 2026 | +6.28% | +30.69% | +63.02% | +87.03% | details → |
| Ruane Cunniff LP | Ruane Cunniff LP | Q1 2026 | +3.78% | +14.94% | +62.06% | +65.99% | details → |
| David Katz | Matrix Asset Advisors | Q1 2026 | +2.18% | +34.13% | +61.98% | +84.87% | details → |
| Mairs & Power Growth Fund | Mairs & Power Growth Fund | Q1 2026 | +5.95% | +22.41% | +61.51% | +129.99% | details → |
| Francis Chou | Chou Associates | Q1 2026 | +5.06% | +15.89% | +58.62% | +65.43% | details → |
| Vulcan Value Partners | Vulcan Value Partners | Q1 2026 | +0.56% | +6.12% | +58.18% | +82.88% | details → |
| Daniel Loeb | Third Point | Q1 2026 | +2.70% | +11.83% | +58.08% | +34.72% | details → |
| Dodge & Cox | Dodge & Cox | Q1 2026 | +0.50% | +14.66% | +55.53% | +82.09% | details → |
| Tweedy Browne Co. | Tweedy Browne Value Fund | Q1 2026 | -0.86% | +27.27% | +55.47% | +68.46% | details → |
| David Rolfe | Wedgewood Partners | Q1 2026 | +1.60% | +6.39% | +54.73% | +134.07% | details → |
| Chris Hohn | TCI Fund Management | Q1 2026 | -1.83% | +4.81% | +54.53% | +46.65% | details → |
| Bill Nygren | Oakmark Funds | Q1 2026 | -1.60% | +8.87% | +53.37% | +113.63% | details → |
| Warren Buffett | Berkshire Hathaway | Q1 2026 | +4.06% | +17.47% | +53.28% | +65.00% | details → |
| Seth Klarman | Baupost Group | Q1 2026 | +2.79% | +38.08% | +52.44% | +62.23% | details → |
| Ariel Investments | Ariel Investments | Q1 2026 | -2.22% | +25.91% | +51.35% | +49.74% | details → |
| Bill & Melinda Gates Foundation Trust | Bill & Melinda Gates Foundation Trust | Q1 2026 | -0.02% | +12.29% | +50.85% | +51.30% | details → |
| Glenn Greenberg | Brave Warrior Advisors | Q1 2026 | -3.70% | +0.26% | +50.76% | +65.37% | details → |
| Thomas Gayner | Markel Asset Management | Q1 2026 | -0.28% | +14.31% | +50.35% | +71.99% | details → |
| Bruce Berkowitz | Fairholme Capital | Q1 2026 | -7.96% | +32.27% | +48.72% | +48.05% | details → |
| Sarah Ketterer | Causeway Capital Management | Q1 2026 | -8.75% | +13.22% | +47.44% | +15.16% | details → |
| David Abrams | Abrams Capital Management | Q1 2026 | -1.55% | -16.75% | +46.74% | +57.66% | details → |
| Yacktman Asset Management | Yacktman Asset Management | Q1 2026 | +2.40% | +23.56% | +46.46% | +37.71% | details → |
| Francois Rochon | Giverny Capital | Q1 2026 | -2.37% | +6.08% | +45.96% | +23.01% | details → |
| Bill Ackman | Pershing Square Capital Management | Q1 2026 | +6.62% | +16.42% | +42.44% | +44.69% | details → |
| Nelson Peltz | Trian Fund Management | Q1 2026 | -2.80% | +20.57% | +40.42% | +36.23% | details → |
| David Einhorn | Greenlight Capital | Q1 2026 | -6.10% | +11.44% | +40.27% | +27.36% | details → |
| Thomas Russo | Gardner Russo & Quinn | Q1 2026 | +0.13% | +7.37% | +39.39% | +46.41% | details → |
| Valley Forge Capital Management | Valley Forge Capital Management | Q1 2026 | -6.05% | -26.61% | +38.23% | +32.67% | details → |
| Polen Capital Management | Polen Capital Management | Q1 2026 | +5.61% | -2.36% | +37.87% | +78.58% | details → |
| Richard Pzena | Pzena Investment Management | Q1 2026 | -3.38% | +12.90% | +34.87% | +8.17% | details → |
| Hillman Value Fund | Hillman Value Fund | Q1 2026 | -5.56% | +14.57% | +33.94% | +71.56% | details → |
| Greenhaven Associates | Greenhaven Associates | Q1 2026 | -1.59% | +5.50% | +33.85% | +41.36% | details → |
| Norbert Lou | Punch Card Management | Q1 2026 | -2.61% | -8.49% | +32.56% | +32.51% | details → |
| Mason Hawkins | Southeastern Asset Management | Q1 2026 | -5.36% | +1.84% | +30.46% | +16.56% | details → |
| Robert Olstein | Olstein Capital Management | Q1 2026 | -0.22% | +24.27% | +30.28% | -11.70% | details → |
| Wallace Weitz | Weitz Investment Management | Q1 2026 | -2.66% | -1.30% | +29.43% | +46.35% | details → |
| Chuck Akre | Akre Capital Management | Q1 2026 | -4.28% | -15.15% | +27.96% | +37.79% | details → |
| Terry Smith | Fundsmith | Q1 2026 | -1.32% | -0.20% | +27.09% | +32.82% | details → |
| Prem Watsa | Fairfax Financial Holdings | Q1 2026 | -1.25% | +36.61% | +26.57% | +24.95% | details → |
| Alex Roepers | Atlantic Investment Management | Q1 2026 | -15.03% | +9.50% | +25.31% | +36.26% | details → |
| Greg Alexander | Conifer Management | Q1 2026 | -7.91% | -23.40% | +23.27% | +25.94% | details → |
| Henry Ellenbogen | Durable Capital Partners | Q1 2026 | -3.10% | -12.34% | +22.78% | +33.68% | details → |
| Lindsell Train | Lindsell Train | Q1 2026 | -3.12% | -1.99% | +22.18% | +41.75% | details → |
| AKO Capital | AKO Capital | Q1 2026 | -0.77% | -16.53% | +19.41% | +4.19% | details → |
| Makaira Partners | Makaira Partners LLC | Q4 2025 | +13.61% | -14.62% | +12.59% | -3.16% | details → |
| Kahn Brothers Group | Kahn Brothers Group | Q1 2026 | +5.71% | +40.29% | +10.50% | +5.62% | details → |
| Dennis Hong | ShawSpring Partners | Q1 2026 | -8.12% | -43.84% | -23.92% | -28.31% | details → |
| Glenn Welling | Engaged Capital | Q1 2026 | -9.47% | -4.91% | -27.69% | -28.85% | details → |
| Carl Icahn | Icahn Capital Management | Q1 2026 | +10.89% | +9.21% | -49.55% | -56.05% | 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, and 3-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.