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Funds (13F)

Capital Fund Management S.A.

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

Watch this strategy
Return a year
+13.8%
S&P 500 +13.8%
Last 12 months
+15.4%
S&P 500 +12.1%
Sharpe ratio
0.70
S&P 500 0.76
Biggest drop
−34.6%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.6k$55.3k
Capital Fund Management S.A.S&P 500 $10,000 in Capital Fund Management S.A. from 2 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 Capital Fund Management S.A.'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.

Capital Fund Management S.A.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.8%+13.8%
Total return+456%+453%
Last 12 months+15.4%+12.1%
Last 3 months+3.1%—
Last month+0.3%—
This year so far+12.2%—
Volatility a year18.1%16.0%
Sharpe ratio0.700.76
Biggest drop−34.6%−31.8%
Beta to the S&P 5001.091.00
Alpha a year (t-statistic)−0.7% (−0.47)—
Share of weeks up60%—

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
AMZN2.0%——
AMD1.9%——
MSFT1.9%——
C1.6%——
TSLA1.6%——
TSM1.1%——
CRM1.1%——
UBER1.0%——
HOOD0.9%——
CAT0.9%——
ABNB0.9%——
GE0.8%——
CVX0.8%——
INTC0.8%——
ASML0.8%——
AIG0.8%——
UAL0.7%——
MDT0.7%——
SMCI0.7%——
JPM0.7%——
WFC0.7%——
META0.6%——
TMUS0.6%——
WDC0.6%——
DHR0.6%——
ORLY0.6%——
GILD0.6%——
MCK0.6%——
BAC0.5%——
MO0.5%——
CMCSA0.5%——
BSX0.5%——
CME0.5%——
B0.5%——
WDAY0.5%——
NXPI0.5%——
MMM0.5%——
TDG0.5%——
CTSH0.5%——
DOCU0.5%——
TEL0.5%——
TGT0.4%——
STX0.4%——
SPOT0.4%——
SHOP0.4%——
PINS0.4%——
ADP0.4%——
NOW0.4%——
CMG0.4%——
TEAM0.4%——
PH0.4%——
ON0.4%——
LRCX0.4%——
KKR0.4%——
TWLO0.4%——
ALB0.4%——
TXN0.4%——
KEYS0.4%——
ED0.4%——
APH0.4%——
BE0.4%——
LHX0.4%——
KLAC0.4%——
FDX0.4%——
ALNY0.4%——
GM0.4%——
LUV0.4%——
DG0.4%——
CLS0.3%——
RSG0.3%——
DXCM0.3%——
VSXY0.3%——
ECHO0.3%——
MET0.3%——
MU0.3%——
HAL0.3%——
SNDK0.3%——
DD0.3%——
AFL0.3%——
ISRG0.3%——
ABT0.3%——
BJ0.3%——
ICE0.3%——
GS0.3%——
INCY0.3%——
FOXA0.3%——
UNP0.3%——
STM0.3%——
AEP0.3%——
VRTX0.3%——
DHI0.3%——
ULTA0.3%——
JEF0.3%——
LMND0.3%——
GDDY0.3%——
HUBS0.3%——
WCN0.3%——
TTD0.3%——
SHEL0.3%——
CRS0.3%——
TMO0.3%——
VICI0.3%——
CF0.3%——
TPR0.3%——
DVN0.2%——
LNG0.2%——
EXE0.2%——
ROK0.2%——
ADBE0.2%——
AA0.2%——
TSEM0.2%——
UL0.2%——
MCD0.2%——
HRB0.2%——
AEM0.2%——
UTHR0.2%——
EXEL0.2%——
AFRM0.2%——
UPST0.2%——
DECK0.2%——
M0.2%——
CTAS0.2%——
F0.2%——
KO0.2%——
FTV0.2%——
MUSA0.2%——
OTIS0.2%——
FSLR0.2%——
TOST0.2%——
IONS0.2%——
BRBR0.2%——
XEL0.2%——
SCHW0.2%——
APD0.2%——
PLNT0.2%——
CSGP0.2%——
SMR0.2%——
CIEN0.2%——
SEDG0.2%——
LITE0.2%——
OPEN0.2%——
VEEV0.2%——
ADSK0.2%——
PRU0.2%——
ALK0.2%——
WWD0.2%——
DT0.2%——
UMC0.2%——
HCA0.2%——
LULU0.2%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest2 Aug 2013 to 2 Nov 2026+13.8%+13.8%0.700.76−34.6%1.09−0.7% (−0.47)
2018 onwards5 Jan 2018 to 2 Nov 2026+12.8%+13.9%0.560.66−34.6%1.08−1.5% (−0.77)
Last three years3 Nov 2023 to 2 Nov 2026+24.5%+21.8%1.191.16−19.3%1.03+2.0% (0.56)
Last year7 Nov 2025 to 2 Nov 2026+17.5%+14.2%1.010.84−8.1%0.94+3.5% (0.56)
DateCompanyAction
14 Aug 2026ZTOBought
14 Aug 2026ZETABought
14 Aug 2026ZBought
14 Aug 2026YUMCBought
14 Aug 2026YETIBought
14 Aug 2026XPOBought
14 Aug 2026XMTRBought
14 Aug 2026XENEBought
14 Aug 2026WSFSBought
14 Aug 2026WRLDBought
14 Aug 2026WRBBought
14 Aug 2026WPMBought
14 Aug 2026WOLFBought
14 Aug 2026WMTBought
14 Aug 2026WKCBought
14 Aug 2026WINGBought
14 Aug 2026WFRDBought
14 Aug 2026WFCBought
14 Aug 2026WAFDBought
14 Aug 2026VSHBought
14 Aug 2026VRDNBought
14 Aug 2026VNOBought
14 Aug 2026VLOBought
14 Aug 2026VITLBought
14 Aug 2026VIPSBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026WWWSold
14 Aug 2026WTSold
14 Aug 2026WSTSold
14 Aug 2026WRDSold
14 Aug 2026WMBSold
14 Aug 2026WLDNSold
14 Aug 2026WHRSold
14 Aug 2026WDFCSold
14 Aug 2026VSTSold
14 Aug 2026VRSKSold
14 Aug 2026VRRMSold
14 Aug 2026VELOSold
14 Aug 2026UHSSold
14 Aug 2026USold
14 Aug 2026TVTXSold
14 Aug 2026TTMISold
14 Aug 2026TRUPSold
14 Aug 2026TEXSold
14 Aug 2026TEMSold
14 Aug 2026TSold
14 Aug 2026SYKSold
14 Aug 2026STSold
14 Aug 2026SPGSold
14 Aug 2026SPBSold
14 Aug 2026SOCSold

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