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Funds (13F)

Altimeter Capital Management, LP

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

Watch this strategy
Return a year
+13.2%
S&P 500 +14.1%
Last 12 months
−15.9%
S&P 500 +12.1%
Sharpe ratio
0.48
S&P 500 0.78
Biggest drop
−66.0%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$51.7k
StrategyS&P 500 $10,000 in Altimeter Capital Management, LP 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 Altimeter Capital Management, LP'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.

Altimeter Capital Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.2%+14.1%
Total return+417%+470%
Last 12 months−15.9%+12.1%
Last 3 months−2.6%—
Last month−16.6%—
This year so far−8.0%—
Volatility a year32.1%16.0%
Sharpe ratio0.480.78
Biggest drop−66.0%−31.8%
Beta to the S&P 5001.431.00
Alpha a year (t-statistic)−2.3% (−0.37)—
Share of weeks up55%—

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
NVDA22.9%——
META9.3%——
TSM8.3%——
CRWV7.3%——
ARM7.1%——
AMZN7.0%——
UBER6.5%——
SNOW6.0%——
MSFT5.8%——
QCOM4.2%——
SPCX3.7%——
MU2.9%——
AMAT2.3%——
KLAC2.1%——
LRCX2.1%——
HOOD1.1%——
GOOGL0.8%——
SNPS0.8%——

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+13.2%+14.1%0.480.78−66.0%1.43−2.3% (−0.37)
2018 onwards5 Jan 2018 to 2 Nov 2026+7.9%+13.9%0.310.66−66.0%1.45−6.0% (−0.73)
Last three years3 Nov 2023 to 2 Nov 2026+20.3%+21.8%0.641.16−27.8%1.60−8.1% (−0.85)
Last year7 Nov 2025 to 2 Nov 2026−11.3%+14.2%−0.430.84−22.0%1.94−31.2% (−2.01)
DateCompanyAction
21 Aug 2026SPCXBought
21 Aug 2026SNPSBought
21 Aug 2026QCOMBought
21 Aug 2026MUBought
21 Aug 2026LRCXBought
21 Aug 2026KLACBought
21 Aug 2026GOOGLBought
21 Aug 2026AMATBought
22 May 2026AXONBought
22 May 2026ARMBought
20 Feb 2026SHOPBought
20 Feb 2026CRWVBought
20 Feb 2026BEBought
21 Nov 2025SNPSBought
21 Nov 2025PTRNBought
21 Nov 2025PDDBought
21 Nov 2025NTSKBought
21 Nov 2025GOOGLBought
21 Nov 2025GEMIBought
21 Nov 2025BABABought
21 Nov 2025AVGOBought
15 Aug 2025TSMBought
15 Aug 2025IOTBought
15 Aug 2025DDOGBought
16 May 2025SAILBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026AXONSold
21 Aug 2026AVGOSold
22 May 2026ZSold
22 May 2026SHOPSold
22 May 2026MELISold
22 May 2026GOOGLSold
22 May 2026CPNGSold
22 May 2026BESold
20 Feb 2026SNPSSold
20 Feb 2026PTRNSold
20 Feb 2026PDDSold
20 Feb 2026NTSKSold
20 Feb 2026GEMISold
20 Feb 2026CARTSold
20 Feb 2026BABASold
20 Feb 2026ARMSold
21 Nov 2025IOTSold
21 Nov 2025DDOGSold
21 Nov 2025CRWVSold
15 Aug 2025TTANSold
15 Aug 2025SAILSold
15 Aug 2025RBRKSold
15 Aug 2025FLUTSold
15 Aug 2025BABASold
15 Aug 2025ALABSold

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