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 +210.4%.
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 | +210.42% | +197.13% | +47.39% | +18.43% | +136.74% | details → |
| David Tepper | Appaloosa Management | Q2 2026 | +170.12% | +124.34% | +32.48% | +5.11% | +96.43% | details → |
| Abrams Bison Investments | Abrams Bison Investments | Q2 2026 | +145.33% | +137.59% | +58.45% | +14.49% | +71.65% | details → |
| Michael Burry | Scion Asset Management | Q3 2025 | +133.91% | +71.86% | +5.19% | +5.19% | +81.02% | details → |
| Howard Marks | Oaktree Capital Management | Q2 2026 | +122.77% | +67.77% | +42.80% | -2.57% | +49.09% | details → |
| David Einhorn | Greenlight Capital | Q2 2026 | +111.26% | +39.58% | +19.09% | +9.30% | +37.58% | details → |
| Muhlenkamp | Muhlenkamp | Q2 2026 | +104.58% | +64.16% | +30.28% | -0.07% | +29.63% | details → |
| Christopher Bloomstran | Semper Augustus | Q2 2026 | +103.77% | +82.85% | +25.49% | +8.21% | +30.09% | details → |
| Third Avenue Management | Third Avenue Management | Q2 2026 | +90.22% | +79.93% | +31.07% | +10.05% | +16.99% | details → |
| Duan Yongping | H&H International Investment | Q2 2026 | +83.96% | +59.73% | +21.24% | +0.04% | +9.87% | details → |
| First Eagle | First Eagle Investment Management | Q2 2026 | +80.93% | +73.54% | +32.23% | +5.89% | +8.89% | details → |
| Li Lu | Himalaya Capital Management | Q2 2026 | +80.82% | +91.85% | +27.97% | -3.29% | +6.73% | details → |
| Glenn Greenberg | Brave Warrior Advisors | Q2 2026 | +80.52% | +40.49% | +7.29% | +14.26% | +6.84% | details → |
| Robert Vinall | RV Capital GmbH | Q2 2026 | +79.40% | +143.11% | +3.42% | +2.37% | +2.50% | details → |
| First Pacific Advisors | First Pacific Advisors | Q2 2026 | +78.24% | +80.31% | +26.95% | +6.95% | +2.88% | details → |
| Harry Burn | Sound Shore | Q2 2026 | +76.25% | +64.21% | +29.18% | +6.39% | +1.39% | details → |
| Bill & Melinda Gates Foundation Trust | Bill & Melinda Gates Foundation Trust | Q2 2026 | +73.32% | +50.53% | +14.42% | +4.27% | -0.37% | details → |
| Leon Cooperman | Leon Cooperman | Q2 2026 | +72.80% | +65.54% | +16.23% | +0.38% | -0.88% | details → |
| Guy Spier | Aquamarine Capital | Q2 2026 | +72.54% | +68.33% | +13.66% | +3.96% | +0.56% | details → |
| Christopher Davis | Davis Advisors | Q2 2026 | +62.72% | +75.84% | +25.55% | +3.56% | -10.09% | details → |
| Triple Frond Partners | Triple Frond Partners | Q2 2026 | +62.21% | +88.38% | +31.94% | +9.56% | -12.54% | details → |
| Chris Hohn | TCI Fund Management | Q2 2026 | +58.91% | +68.58% | +10.60% | +13.67% | -14.78% | details → |
| David Katz | Matrix Asset Advisors | Q2 2026 | +58.73% | +62.05% | +19.72% | +6.15% | -10.14% | details → |
| Warren Buffett | Berkshire Hathaway | Q2 2026 | +58.09% | +55.53% | +19.33% | +5.97% | -15.59% | details → |
| Steven Check | Check Capital Management | Q2 2026 | +57.77% | +79.29% | +13.99% | +5.84% | -16.34% | details → |
| Torray Funds | Torray Funds | Q2 2026 | +56.75% | +53.80% | +18.00% | +2.24% | -11.38% | details → |
| Bruce Berkowitz | Fairholme Capital | Q2 2026 | +56.70% | +13.93% | +31.19% | +6.49% | -16.98% | details → |
| Greenhaven Associates | Greenhaven Associates | Q2 2026 | +56.69% | +55.78% | +22.78% | +16.39% | -12.61% | details → |
| Bill Nygren | Oakmark Funds | Q2 2026 | +55.97% | +55.68% | +19.98% | +14.00% | -17.71% | details → |
| Yacktman Asset Management | Yacktman Asset Management | Q2 2026 | +55.46% | +42.40% | +20.36% | +5.59% | -19.21% | details → |
| Dodge & Cox | Dodge & Cox | Q2 2026 | +54.99% | +49.37% | +16.26% | +6.74% | -18.91% | details → |
| Bryan Lawrence | Oakcliff Capital | Q2 2026 | +54.81% | +101.51% | +18.18% | +3.14% | -18.69% | details → |
| ValueAct Capital | ValueAct Capital | Q2 2026 | +54.42% | +68.78% | -6.13% | +11.81% | -19.26% | details → |
| Bill Miller | Miller Value Partners | Q2 2026 | +53.83% | +78.91% | +28.82% | +9.98% | -19.86% | details → |
| Mairs & Power Growth Fund | Mairs & Power Growth Fund | Q2 2026 | +53.58% | +57.63% | +18.73% | +6.16% | -20.10% | details → |
| David Rolfe | Wedgewood Partners | Q2 2026 | +53.54% | +52.19% | +5.05% | +6.97% | -20.55% | details → |
| William Von Mueffling | Cantillon Capital Management | Q2 2026 | +50.59% | +60.66% | +7.19% | -1.15% | -15.58% | details → |
| Bill Ackman | Pershing Square Capital Management | Q2 2026 | +50.23% | +41.35% | +15.11% | +1.96% | -23.45% | details → |
| Hillman Value Fund | Hillman Value Fund | Q2 2026 | +49.19% | +48.36% | +28.80% | +17.39% | -24.49% | details → |
| Daily Journal Corp (Charlie Munger) | Daily Journal Corp | Q2 2026 | +48.88% | +99.60% | +18.19% | +9.07% | -21.78% | details → |
| AltaRock Partners | AltaRock Partners | Q2 2026 | +48.54% | +56.65% | +0.27% | +5.60% | -24.74% | details → |
| Viking Global Investors | Viking Global Investors | Q2 2026 | +48.41% | +70.77% | +16.84% | +8.20% | -25.28% | details → |
| Tweedy Browne Co. | Tweedy Browne Value Fund | Q2 2026 | +48.19% | +46.88% | +22.43% | +0.13% | -25.53% | details → |
| David Abrams | Abrams Capital Management | Q2 2026 | +47.83% | +40.27% | +10.15% | +13.81% | -26.07% | details → |
| John Armitage | Egerton Capital | Q2 2026 | +47.81% | +60.98% | +10.55% | +2.23% | -20.31% | details → |
| Nelson Peltz | Trian Fund Management | Q2 2026 | +47.62% | +68.22% | +29.30% | +20.91% | -25.61% | details → |
| Richard Pzena | Pzena Investment Management | Q2 2026 | +47.55% | +35.44% | +19.09% | +12.78% | -27.19% | details → |
| Ariel Investments | Ariel Investments | Q2 2026 | +45.78% | +54.54% | +29.09% | +14.00% | -28.31% | details → |
| Lee Ainslie | Maverick Capital | Q2 2026 | +44.99% | +97.48% | +26.70% | +10.17% | -28.69% | details → |
| Thomas Russo | Gardner Russo & Quinn | Q2 2026 | +44.31% | +40.37% | +9.55% | +2.96% | -29.91% | details → |
| Thomas Gayner | Markel Asset Management | Q2 2026 | +43.61% | +45.42% | +12.18% | +2.15% | -25.22% | details → |
| Valley Forge Capital Management | Valley Forge Capital Management | Q2 2026 | +43.41% | +34.77% | -10.38% | +8.29% | -30.27% | details → |
| Francois Rochon | Giverny Capital | Q2 2026 | +41.33% | +44.28% | +9.16% | +9.88% | -32.75% | details → |
| Sarah Ketterer | Causeway Capital Management | Q2 2026 | +39.34% | +53.20% | +10.72% | +5.46% | -34.56% | details → |
| Ruane Cunniff LP | Ruane Cunniff LP | Q2 2026 | +39.17% | +55.96% | +18.19% | +7.41% | -34.51% | details → |
| Vulcan Value Partners | Vulcan Value Partners | Q2 2026 | +38.86% | +58.86% | +6.17% | +12.07% | -34.09% | details → |
| Daniel Loeb | Third Point | Q2 2026 | +38.24% | +50.41% | +3.69% | -0.45% | -35.44% | details → |
| Mason Hawkins | Southeastern Asset Management | Q2 2026 | +36.51% | +28.22% | +8.55% | +7.80% | -37.58% | details → |
| Alex Roepers | Atlantic Investment Management | Q2 2026 | +28.71% | +16.05% | +3.07% | +4.22% | -44.97% | details → |
| Jensen Investment Management | Jensen Investment Management | Q2 2026 | +27.20% | +24.72% | +6.57% | +8.13% | -47.83% | details → |
| Chase Coleman | Tiger Global Management | Q2 2026 | +26.63% | +99.67% | +1.87% | +3.09% | -47.05% | details → |
| Josh Tarasoff | Greenlea Lane Capital | Q2 2026 | +24.39% | +55.82% | -3.43% | -2.67% | -49.29% | details → |
| Chuck Akre | Akre Capital Management | Q2 2026 | +23.11% | +31.96% | -10.67% | +10.89% | -50.98% | details → |
| AKO Capital | AKO Capital | Q2 2026 | +21.29% | +20.20% | -8.70% | +10.60% | -53.29% | details → |
| Kahn Brothers Group | Kahn Brothers Group | Q2 2026 | +20.48% | +7.23% | +34.09% | +5.75% | -55.54% | details → |
| Wallace Weitz | Weitz Investment Management | Q2 2026 | +20.42% | +27.04% | +4.62% | +8.76% | -54.08% | details → |
| Clifford Sosin | CAS Investment Partners | Q2 2026 | +18.74% | +282.39% | +8.26% | +11.59% | -55.35% | details → |
| Greg Alexander | Conifer Management | Q2 2026 | +16.67% | +9.84% | -19.27% | +7.47% | -56.82% | details → |
| Francis Chou | Chou Associates | Q2 2026 | +16.55% | +45.08% | +14.39% | +2.11% | -56.68% | details → |
| Norbert Lou | Punch Card Management | Q2 2026 | +15.37% | +33.26% | +6.11% | +11.65% | -58.31% | details → |
| Pat Dorsey | Dorsey Asset Management | Q2 2026 | +14.86% | +110.04% | +20.42% | +6.92% | -58.82% | details → |
| Mohnish Pabrai | Pabrai Investments | Q2 2026 | +14.70% | +66.28% | +47.29% | -5.07% | -59.21% | details → |
| Stephen Mandel | Lone Pine Capital | Q2 2026 | +14.37% | +87.28% | +0.17% | +4.81% | -59.31% | details → |
| Terry Smith | Fundsmith | Q2 2026 | +13.82% | +33.99% | +5.28% | +9.13% | -60.27% | details → |
| Seth Klarman | Baupost Group | Q2 2026 | +12.01% | +48.31% | +20.94% | +3.22% | -61.90% | details → |
| Prem Watsa | Fairfax Financial Holdings | Q2 2026 | +9.50% | +44.31% | +39.52% | +10.25% | -64.18% | details → |
| Robert Olstein | Olstein Capital Management | Q1 2026 | +9.02% | +21.59% | +9.38% | -0.22% | -50.03% | details → |
| Polen Capital Management | Polen Capital Management | Q2 2026 | +6.68% | +27.82% | -4.51% | +3.05% | -66.61% | details → |
| Lindsell Train | Lindsell Train | Q2 2026 | +6.66% | +20.66% | +0.82% | +1.95% | -62.61% | details → |
| Henry Ellenbogen | Durable Capital Partners | Q2 2026 | -12.64% | +24.30% | -8.04% | +8.60% | -86.73% | details → |
| Makaira Partners | Makaira Partners LLC | Q4 2025 | -32.73% | -0.64% | -6.34% | +13.61% | -87.54% | details → |
| Glenn Welling | Engaged Capital | Q2 2026 | -46.61% | -28.63% | -3.61% | -1.07% | -120.29% | details → |
| Dennis Hong | ShawSpring Partners | Q2 2026 | -58.97% | -10.28% | -28.05% | +18.36% | -133.06% | details → |
| Carl Icahn | Icahn Capital Management | Q2 2026 | -65.02% | -44.89% | +0.89% | -4.57% | -139.11% | details → |
| Samantha McLemore | Patient Capital Management | Q2 2026 | — | +78.88% | +22.50% | +5.36% | — | 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.