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Funds (13F)

ACR Alpine Capital Research, LLC

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+17.8%
S&P 500 +14.1%
Last 12 months
+29.9%
S&P 500 +12.1%
Sharpe ratio
0.86
S&P 500 0.78
Biggest drop
−36.2%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $86.9k$57.0k
StrategyS&P 500 $10,000 in ACR Alpine Capital Research, LLC from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies ACR Alpine Capital Research, LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

ACR Alpine Capital Research, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+17.8%+14.1%
Total return+769%+470%
Last 12 months+29.9%+12.1%
Last 3 months+4.2%—
Last month+4.5%—
This year so far+19.0%—
Volatility a year18.6%16.0%
Sharpe ratio0.860.78
Biggest drop−36.2%−31.8%
Beta to the S&P 5000.981.00
Alpha a year (t-statistic)+3.9% (1.40)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
JNJ10.5%——
CVX8.9%——
LEN8.3%——
MSFT8.2%——
THO8.0%——
FDX6.7%——
GM6.6%——
JPM6.2%——
VOD6.1%——
MGA6.1%——
ARW6.0%——
C5.6%——
ELV5.5%——
DG3.8%——
LBTYK1.9%——
DELL0.5%——
PPLI0.3%——
CRK0.2%——
SMBC0.1%——
FPH0.1%——
ECHO0.1%——
JEF0.1%——
MRK0.1%——
ZD0.1%——
MGM0.1%——
APG0.1%——
TLN0.1%——
FDXF0.0%——
NFE0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+17.8%+14.1%0.860.78−36.2%0.98+3.9% (1.40)
2018 onwards5 Jan 2018 to 2 Nov 2026+15.7%+13.9%0.660.66−36.2%0.98+2.4% (0.61)
Last three years3 Nov 2023 to 2 Nov 2026+26.4%+21.8%1.331.16−16.0%0.71+8.5% (1.28)
Last year7 Nov 2025 to 2 Nov 2026+30.5%+14.2%1.700.84−10.3%0.50+18.4% (1.46)
DateCompanyAction
31 Jul 2026TLNBought
31 Jul 2026FDXFBought
31 Jul 2026ELVBought
31 Jul 2026CRKBought
1 May 2026ZDBought
1 May 2026NINEBought
1 May 2026ECHOBought
31 Oct 2025NFEBought
9 May 2025FTAIBought
9 May 2025APGBought
9 May 2025ANGIBought
7 Feb 2025TLNBought
8 Nov 2024VODBought
8 Nov 2024THOBought
8 Nov 2024SMBCBought
8 Nov 2024SLDPBought
8 Nov 2024PPLIBought
8 Nov 2024NRDYBought
8 Nov 2024MSFTBought
8 Nov 2024MRKBought
8 Nov 2024MGMBought
8 Nov 2024MGABought
8 Nov 2024LENBought
8 Nov 2024LBTYKBought
8 Nov 2024JPMBought

Dated at the rebalance that made the change.

DateCompanyAction
31 Jul 2026NINESold
6 Feb 2026SLDPSold
6 Feb 2026CORZSold
8 Aug 2025TLNSold
8 Aug 2025FTAISold
8 Aug 2025CRKSold
8 Aug 2025ANGISold
9 May 2025HHHSold
7 Feb 2025NRDYSold
7 Feb 2025FNDSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest