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Funds (13F)

Cadian Capital Management, LP

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

Watch this strategy
Return a year
+17.2%
S&P 500 +14.1%
Last 12 months
+18.5%
S&P 500 +12.1%
Sharpe ratio
0.68
S&P 500 0.78
Biggest drop
−40.5%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $81.4k$57.0k
StrategyS&P 500 $10,000 in Cadian 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 Cadian 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.

Cadian Capital Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+17.2%+14.1%
Total return+714%+470%
Last 12 months+18.5%+12.1%
Last 3 months+12.5%—
Last month+8.4%—
This year so far+14.0%—
Volatility a year25.3%16.0%
Sharpe ratio0.680.78
Biggest drop−40.5%−31.8%
Beta to the S&P 5001.201.00
Alpha a year (t-statistic)+2.1% (0.47)—
Share of weeks up57%—

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
IQV11.9%——
GH8.6%——
FLYW7.6%——
PLNT6.3%——
SPOT6.0%——
MNDY5.2%——
VRNS5.0%——
DHR4.7%——
EVH4.4%——
HQY4.3%——
INTA4.2%——
SIBN4.1%——
BSX3.6%——
TCMD3.5%——
CYRX3.5%——
AMZN3.2%——
PCOR2.6%——
NTNX2.3%——
ALKT2.0%——
VRSN1.5%——
TSM1.3%——
EQIX1.1%——
OABI0.8%——
META0.6%——
WK0.5%——
SHC0.5%——
MDLN0.3%——
MXCT0.2%——

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+17.2%+14.1%0.680.78−40.5%1.20+2.1% (0.47)
2018 onwards5 Jan 2018 to 2 Nov 2026+19.3%+13.9%0.670.66−40.2%1.18+4.8% (0.77)
Last three years3 Nov 2023 to 2 Nov 2026+21.3%+21.8%0.671.16−33.8%1.24−1.3% (−0.10)
Last year7 Nov 2025 to 2 Nov 2026+19.8%+14.2%0.590.84−31.0%1.10+8.3% (0.27)
DateCompanyAction
21 Aug 2026WKBought
21 Aug 2026VRNSBought
21 Aug 2026SPOTBought
21 Aug 2026SHCBought
21 Aug 2026METABought
21 Aug 2026MDLNBought
21 Aug 2026EQIXBought
21 Aug 2026DHRBought
21 Aug 2026AMZNBought
22 May 2026VRSNBought
22 May 2026PLNTBought
22 May 2026PEGABought
22 May 2026PANWBought
22 May 2026BSXBought
20 Feb 2026UBought
20 Feb 2026TSMBought
20 Feb 2026METABought
20 Feb 2026INTABought
20 Feb 2026HQYBought
20 Feb 2026HIMSBought
20 Feb 2026GOGOBought
20 Feb 2026ALKTBought
21 Nov 2025WIXBought
21 Nov 2025VRNSBought
21 Nov 2025SIBNBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026PEGASold
21 Aug 2026PANWSold
21 Aug 2026GLBESold
21 Aug 2026DKNGSold
22 May 2026VRNSSold
22 May 2026USold
22 May 2026OPLNSold
22 May 2026OMCLSold
22 May 2026METASold
22 May 2026HIMSSold
22 May 2026GOGOSold
20 Feb 2026WIXSold
20 Feb 2026SPTSold
20 Feb 2026RELYSold
20 Feb 2026RBRKSold
20 Feb 2026HUBSSold
20 Feb 2026FLUTSold
20 Feb 2026BRZESold
21 Nov 2025SDGRSold
21 Nov 2025ROKUSold
21 Nov 2025ESTCSold
21 Nov 2025ACVASold
15 Aug 2025USFDSold
15 Aug 2025RELYSold
15 Aug 2025QUBTSold

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