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Funds (13F)

Braidwell LP

Backtest from 17 Feb 2023 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+16.1%
S&P 500 +19.7%
Last 12 months
+43.1%
S&P 500 +12.1%
Sharpe ratio
0.52
S&P 500 1.02
Biggest drop
−35.4%
S&P 500 −16.9%
$10.0k$20.0k 2023202420252026 $19.5k$17.4k
Braidwell LPS&P 500 $10,000 in Braidwell LP from 17 Feb 2023 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Braidwell 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.

Braidwell LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+16.1%+19.7%
Total return+74%+95%
Last 12 months+43.1%+12.1%
Last 3 months+7.5%—
Last month+2.2%—
This year so far+28.0%—
Volatility a year25.8%14.0%
Sharpe ratio0.521.02
Biggest drop−35.4%−16.9%
Beta to the S&P 5001.091.00
Alpha a year (t-statistic)−2.0% (−0.19)—
Share of weeks up51%—

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
CAI5.8%——
HNGE4.3%——
GKOS3.3%——
EWTX3.2%——
SYRE3.1%——
IRTC3.1%——
NEO2.8%——
KOD2.7%——
XENE2.7%——
GLUE2.3%——
DNTH2.3%——
NBIX2.2%——
ATEC2.2%——
GENB2.2%——
MRVI2.1%——
KRYS1.9%——
HUM1.8%——
TMO1.8%——
KYMR1.7%——
RYTM1.7%——
ACAD1.6%——
BTSG1.6%——
TMDX1.6%——
MBX1.5%——
CLYM1.4%——
CDNA1.4%——
MAZE1.3%——
DRUG1.3%——
ACHC1.3%——
NKTR1.3%——
CRVS1.3%——
NRIX1.2%——
INSP1.2%——
AVTX1.2%——
ALMR1.2%——
DHR1.1%——
ISRG1.1%——
ORKA1.0%——
AVLN1.0%——
AVAH1.0%——
BIOA1.0%——
BSX1.0%——
VERA0.9%——
RGEN0.9%——
ZURA0.9%——
GH0.9%——
EOLS0.9%——
NTRA0.8%——
KIDS0.8%——
ELV0.8%——
TECX0.8%——
DYN0.8%——
IMCR0.7%——
ARGX0.7%——
CLDX0.6%——
OVID0.6%——
MNKD0.6%——
QURE0.6%——
XFOR0.5%——
ORIC0.5%——
KNSA0.5%——
OCS0.5%——
ACRS0.5%——
SPTX0.4%——
VOR0.4%——
SRZN0.4%——
IMUX0.4%——
IONS0.4%——
DGX0.4%——
ANL0.4%——
TENX0.3%——
KARD0.3%——
COAG0.2%——
GHRS0.2%——
WAT0.2%——
RACC0.2%——
LUNG0.0%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest17 Feb 2023 to 2 Nov 2026+16.1%+19.7%0.521.02−35.4%1.09−2.0% (−0.19)
Last three years3 Nov 2023 to 2 Nov 2026+25.1%+21.8%0.821.16−35.4%1.05+4.3% (0.34)
Last year7 Nov 2025 to 2 Nov 2026+47.5%+14.2%1.510.84−10.6%0.88+28.8% (1.26)
DateCompanyAction
21 Aug 2026WATBought
21 Aug 2026TENXBought
21 Aug 2026SPTXBought
21 Aug 2026RACCBought
21 Aug 2026QUREBought
21 Aug 2026OVIDBought
21 Aug 2026ORKABought
21 Aug 2026OCSBought
21 Aug 2026MNKDBought
21 Aug 2026MAZEBought
21 Aug 2026KARDBought
21 Aug 2026IMUXBought
21 Aug 2026IMCRBought
21 Aug 2026HUMBought
21 Aug 2026GHRSBought
21 Aug 2026DGXBought
21 Aug 2026COAGBought
21 Aug 2026AVTXBought
21 Aug 2026AVLNBought
21 Aug 2026ANLBought
21 Aug 2026ALMRBought
22 May 2026VORBought
22 May 2026TGTXBought
22 May 2026TARSBought
22 May 2026RYTMBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026TGTXSold
21 Aug 2026TARSSold
21 Aug 2026RVTYSold
21 Aug 2026RVMDSold
21 Aug 2026PRAXSold
21 Aug 2026PENSold
21 Aug 2026ILMNSold
21 Aug 2026HROWSold
21 Aug 2026GRALSold
21 Aug 2026FULCSold
21 Aug 2026ESTASold
21 Aug 2026DNLISold
21 Aug 2026CVSSold
21 Aug 2026CNCSold
21 Aug 2026CMPXSold
21 Aug 2026CGONSold
21 Aug 2026CELCSold
21 Aug 2026BMRNSold
22 May 2026XNCRSold
22 May 2026RLMDSold
22 May 2026ORKASold
22 May 2026LEGNSold
22 May 2026KPTISold
22 May 2026ICLRSold
22 May 2026CSTLSold

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