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Funds (13F)

Cinctive Capital Management LP

Backtest from 21 Feb 2020 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+15.0%
S&P 500 +14.6%
Last 12 months
+19.8%
S&P 500 +12.1%
Sharpe ratio
0.60
S&P 500 0.66
Biggest drop
−39.7%
S&P 500 −31.0%
$10.0k$20.0k 2020202120222023202420252026 $25.6k$24.9k
StrategyS&P 500 $10,000 in Cinctive Capital Management LP from 21 Feb 2020 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Cinctive 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.

Cinctive Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+15.0%+14.6%
Total return+156%+149%
Last 12 months+19.8%+12.1%
Last 3 months+2.8%—
Last month+4.3%—
This year so far+16.8%—
Volatility a year22.5%18.9%
Sharpe ratio0.600.66
Biggest drop−39.7%−31.0%
Beta to the S&P 5001.111.00
Alpha a year (t-statistic)−0.2% (−0.06)—
Share of weeks up58%—

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
VST3.4%——
PKG1.5%——
HD1.5%——
LZM1.4%——
CHDN1.4%——
ORLY1.3%——
CSX1.3%——
EROC1.3%——
AIG1.2%——
NEE1.2%——
ROST1.2%——
NIQ1.1%——
SRE1.1%——
COF1.0%——
TBN0.9%——
IP0.9%——
BBY0.9%——
MRK0.8%——
SHW0.8%——
SBUX0.8%——
BG0.8%——
VRT0.8%——
JBL0.8%——
ABBV0.8%——
RBA0.8%——
AS0.8%——
KMI0.8%——
MLM0.8%——
INSM0.8%——
S0.8%——
FLG0.7%——
VLY0.7%——
BLDR0.7%——
USB0.7%——
WTTR0.7%——
CL0.7%——
BIIB0.7%——
UAL0.7%——
AMZN0.7%——
ITT0.6%——
LLY0.6%——
MANH0.6%——
TGT0.6%——
ONON0.6%——
YETI0.6%——
VRTX0.6%——
FIVE0.6%——
SXT0.6%——
TKR0.6%——
NXST0.6%——
MWH0.6%——
P0.5%——
DINO0.5%——
RAMP0.5%——
GKOS0.5%——
CYTK0.5%——
AER0.5%——
ULTA0.5%——
DG0.5%——
UNP0.5%——
RTX0.5%——
JNJ0.5%——
IOT0.5%——
WING0.5%——
SJM0.5%——
TTI0.5%——
AEO0.4%——
U0.4%——
VGNT0.4%——
NVDA0.4%——
JBS0.4%——
NOW0.4%——
BAC0.4%——
OSW0.4%——
RCL0.4%——
MNST0.4%——
ABT0.4%——
HUBB0.4%——
V0.4%——
CHTR0.4%——
CCJ0.4%——
SPCX0.4%——
TDG0.4%——
CHD0.4%——
WAT0.4%——
CC0.4%——
ISRG0.4%——
TMO0.4%——
ROIV0.3%——
DAL0.3%——
BE0.3%——
EVR0.3%——
SPOT0.3%——
GH0.3%——
AME0.3%——
UNH0.3%——
DECK0.3%——
NTHI0.3%——
PSN0.3%——
ALKS0.3%——
VLTO0.3%——
ERAS0.3%——
RL0.3%——
DAR0.3%——
HSY0.3%——
ESI0.3%——
OLLI0.3%——
IR0.3%——
COR0.3%——
WBI0.3%——
C0.3%——
IFF0.3%——
BLKB0.3%——
AHR0.3%——
WELL0.3%——
CMG0.3%——
CLH0.3%——
CVS0.3%——
KR0.3%——
FROG0.3%——
FCN0.3%——
CRBG0.3%——
SLB0.3%——
LECO0.3%——
KRYS0.3%——
KRMN0.3%——
ILMN0.3%——
MA0.3%——
COLB0.3%——
VRSN0.3%——
STE0.3%——
TFIN0.3%——
RDDT0.3%——
SYK0.3%——
DHI0.3%——
DPC0.3%——
LIN0.3%——
PNFP0.3%——
YUM0.3%——
SNOW0.3%——
NXT0.3%——
VLO0.3%——
PHVS0.3%——
TECH0.2%——
NSC0.2%——
ELVN0.2%——
JPM0.2%——
CLDX0.2%——
MGM0.2%——
MDT0.2%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest21 Feb 2020 to 2 Nov 2026+15.0%+14.6%0.600.66−39.7%1.11−0.2% (−0.06)
Last three years3 Nov 2023 to 2 Nov 2026+24.3%+21.8%1.161.16−21.3%0.95+3.1% (0.60)
Last year7 Nov 2025 to 2 Nov 2026+20.4%+14.2%1.230.84−6.5%0.72+8.1% (0.88)
DateCompanyAction
21 Aug 2026WTFCBought
21 Aug 2026WSTBought
21 Aug 2026WFGBought
21 Aug 2026WELLBought
21 Aug 2026WATBought
21 Aug 2026WBought
21 Aug 2026VRSNBought
21 Aug 2026VRSKBought
21 Aug 2026VLTOBought
21 Aug 2026VGNTBought
21 Aug 2026VBought
21 Aug 2026UWMCBought
21 Aug 2026URBNBought
21 Aug 2026ULTABought
21 Aug 2026TXNBought
21 Aug 2026TXGBought
21 Aug 2026TWSTBought
21 Aug 2026TTDBought
21 Aug 2026TTANBought
21 Aug 2026TSNBought
21 Aug 2026TSMBought
21 Aug 2026TPLBought
21 Aug 2026TMUSBought
21 Aug 2026TFINBought
21 Aug 2026TELBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026XYZSold
21 Aug 2026XPSold
21 Aug 2026WWWSold
21 Aug 2026VRNSSold
21 Aug 2026VRDNSold
21 Aug 2026VIKSold
21 Aug 2026VEEVSold
21 Aug 2026UTHRSold
21 Aug 2026UMACSold
21 Aug 2026UBERSold
21 Aug 2026TWLOSold
21 Aug 2026TVTXSold
21 Aug 2026TSLASold
21 Aug 2026TRVSold
21 Aug 2026TRPSold
21 Aug 2026TPRSold
21 Aug 2026TOLSold
21 Aug 2026TEVASold
21 Aug 2026SYYSold
21 Aug 2026SNDXSold
21 Aug 2026SITESold
21 Aug 2026SHOPSold
21 Aug 2026SHAKSold
21 Aug 2026SCHWSold
21 Aug 2026RYAMSold

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