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Funds (13F)

Azora Capital LP

Backtest from 16 Feb 2018 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+5.7%
S&P 500 +14.1%
Last 12 months
+5.0%
S&P 500 +12.1%
Sharpe ratio
0.24
S&P 500 0.67
Biggest drop
−51.4%
S&P 500 −31.8%
$10.0k$20.0k 201820192020202120222023202420252026 $31.6k$16.2k
Azora Capital LPS&P 500 $10,000 in Azora Capital LP from 16 Feb 2018 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Azora Capital 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.

Azora Capital LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+5.7%+14.1%
Total return+62%+216%
Last 12 months+5.0%+12.1%
Last 3 months−5.6%—
Last month−0.2%—
This year so far+3.6%—
Volatility a year28.0%17.9%
Sharpe ratio0.240.67
Biggest drop−51.4%−31.8%
Beta to the S&P 5001.291.00
Alpha a year (t-statistic)−8.9% (−1.66)—
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
BAC10.6%——
BEN10.2%——
VLY6.7%——
LPLA6.6%——
WT4.6%——
SLM4.3%——
XYZ3.6%——
STT3.0%——
OMF2.9%——
EVR2.8%——
HBAN2.8%——
HOMB2.8%——
MKTX2.6%——
ZION2.3%——
PJT2.2%——
NP2.0%——
FCFS2.0%——
ALLY1.9%——
BULL1.9%——
UMBF1.7%——
SEIC1.7%——
SYF1.6%——
ARX1.6%——
AAMI1.6%——
CCB1.6%——
COLB1.5%——
PRG1.4%——
PB1.3%——
PIPR1.2%——
BPOP1.2%——
USB1.1%——
NU1.0%——
TRU0.9%——
CBC0.8%——
NCNO0.8%——
LCLN0.6%——
JEF0.5%——
AIZ0.5%——
CIFR0.4%——
ANDG0.4%——
BGC0.3%——
ARI0.3%——
SFNC0.2%——
SLNH0.0%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Feb 2018 to 2 Nov 2026+5.7%+14.1%0.240.67−51.4%1.29−8.9% (−1.66)
Last three years3 Nov 2023 to 2 Nov 2026+25.3%+21.8%0.911.16−26.5%1.23+0.7% (0.08)
Last year7 Nov 2025 to 2 Nov 2026+8.3%+14.2%0.310.84−15.6%1.03−4.5% (−0.32)
DateCompanyAction
21 Aug 2026ZIONBought
21 Aug 2026USBBought
21 Aug 2026UMBFBought
21 Aug 2026TRUBought
21 Aug 2026SYFBought
21 Aug 2026STTBought
21 Aug 2026SFNCBought
21 Aug 2026SEICBought
21 Aug 2026PJTBought
21 Aug 2026PIPRBought
21 Aug 2026NCNOBought
21 Aug 2026MKTXBought
21 Aug 2026LCLNBought
21 Aug 2026JEFBought
21 Aug 2026HBANBought
21 Aug 2026EVRBought
21 Aug 2026COLBBought
21 Aug 2026BULLBought
21 Aug 2026BPOPBought
21 Aug 2026BGCBought
21 Aug 2026BACBought
21 Aug 2026ANDGBought
21 Aug 2026ALLYBought
21 Aug 2026AIZBought
22 May 2026XYZBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WULFSold
21 Aug 2026WLTHSold
21 Aug 2026VIRTSold
21 Aug 2026SSBSold
21 Aug 2026SCHWSold
21 Aug 2026RIOTSold
21 Aug 2026PNFPSold
21 Aug 2026PFSISold
21 Aug 2026MTBSold
21 Aug 2026KLARSold
21 Aug 2026IBKRSold
21 Aug 2026HUTSold
21 Aug 2026GLBESold
21 Aug 2026FHISold
21 Aug 2026EWBCSold
21 Aug 2026DAVESold
21 Aug 2026BTDRSold
21 Aug 2026BRBSSold
21 Aug 2026BBTSold
22 May 2026WAFDSold
22 May 2026UWMCSold
22 May 2026UPSTSold
22 May 2026SYFSold
22 May 2026SFSTSold
22 May 2026SEICSold

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