undamentalytics Newsletter
Sign in

Funds (13F)

Carronade Capital Management, LP

Backtest from 18 Feb 2022 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+13.1%
S&P 500 +14.1%
Last 12 months
+10.2%
S&P 500 +12.1%
Sharpe ratio
0.43
S&P 500 0.63
Biggest drop
−40.8%
S&P 500 −20.5%
$10.0k$20.0k 20222023202420252026 $18.6k$17.9k
StrategyS&P 500 $10,000 in Carronade Capital Management, LP from 18 Feb 2022 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Carronade 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.

Carronade Capital Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.1%+14.1%
Total return+79%+86%
Last 12 months+10.2%+12.1%
Last 3 months−6.7%—
Last month+3.3%—
This year so far+3.2%—
Volatility a year27.0%16.2%
Sharpe ratio0.430.63
Biggest drop−40.8%−20.5%
Beta to the S&P 5000.881.00
Alpha a year (t-statistic)+2.6% (0.25)—
Share of weeks up52%—

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
VSAT22.5%——
TLN14.2%——
CMCSA9.5%——
TDS9.1%——
CTRI7.7%——
BKD7.4%——
VISN6.6%——
ACHC6.5%——
VZ4.0%——
ECHO3.3%——
DHC2.6%——
CNNE2.2%——
UHS1.4%——
SPHR1.3%——
CORZ1.2%——
WW0.3%——
CYH0.2%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest18 Feb 2022 to 2 Nov 2026+13.1%+14.1%0.430.63−40.8%0.88+2.6% (0.25)
Last three years3 Nov 2023 to 2 Nov 2026+33.3%+21.8%0.991.16−21.1%1.05+11.1% (0.79)
Last year7 Nov 2025 to 2 Nov 2026+12.8%+14.2%0.460.84−20.1%0.74+3.5% (0.16)
DateCompanyAction
21 Aug 2026VZBought
21 Aug 2026UHSBought
21 Aug 2026CMCSABought
22 May 2026SPHRBought
22 May 2026CYHBought
22 May 2026CORZBought
22 May 2026ACHCBought
21 Nov 2025WWBought
21 Nov 2025VSATBought
21 Nov 2025ECHOBought
22 Aug 2025TDSBought
22 Aug 2025DHCBought
22 Aug 2025CZRBought
15 Nov 2024VISNBought
15 Nov 2024TLNBought
15 Nov 2024SBGIBought
15 Nov 2024CNNEBought
15 Nov 2024BKDBought
16 Aug 2024VMRKBought
16 Aug 2024UDRBought
16 Aug 2024OPTUBought
16 Aug 2024MAABought
16 Aug 2024GEOBought
16 Aug 2024ESSBought
16 Aug 2024EBSBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026VMRKSold
21 Aug 2026UDRSold
21 Aug 2026OPTUSold
21 Aug 2026MAASold
21 Aug 2026ESSSold
21 Aug 2026CPTSold
22 May 2026GEOSold
22 May 2026CZRSold
21 Nov 2025SBGISold
22 Aug 2025VALSold
15 Nov 2024EBSSold
15 Nov 2024BHCSold
16 Aug 2024SWXSold
16 Aug 2024OGNSold
17 May 2024HESold
17 May 2024ECHOSold

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