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Funds (13F)

Darsana Capital Partners LP

Backtest from 20 Feb 2015 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+14.9%
S&P 500 +13.4%
Last 12 months
+3.8%
S&P 500 +12.1%
Sharpe ratio
0.63
S&P 500 0.71
Biggest drop
−54.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 201520172019202120232025 $50.6k$43.5k
Darsana Capital Partners LPS&P 500 $10,000 in Darsana Capital Partners LP from 20 Feb 2015 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Darsana Capital Partners 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.

Darsana Capital Partners LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.9%+13.4%
Total return+406%+335%
Last 12 months+3.8%+12.1%
Last 3 months+5.6%—
Last month−10.3%—
This year so far−5.6%—
Volatility a year22.2%16.5%
Sharpe ratio0.630.71
Biggest drop−54.1%−31.8%
Beta to the S&P 5001.051.00
Alpha a year (t-statistic)+1.8% (0.44)—
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
SPCX78.1%——
AMZN2.7%——
ECHO2.3%——
SHC2.2%——
GWRE2.1%——
HCA1.9%——
FWONK1.8%——
NYT1.6%——
DKS1.5%——
WMG1.5%——
WING1.2%——
EFX1.1%——
SCHW0.9%——
META0.8%——
VRT0.4%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest20 Feb 2015 to 2 Nov 2026+14.9%+13.4%0.630.71−54.1%1.05+1.8% (0.44)
2018 onwards5 Jan 2018 to 2 Nov 2026+16.1%+13.9%0.630.66−54.1%1.05+2.5% (0.51)
Last three years3 Nov 2023 to 2 Nov 2026+25.1%+21.8%1.101.16−13.6%0.79+6.6% (0.82)
Last year7 Nov 2025 to 2 Nov 2026+3.1%+14.2%0.060.84−13.6%0.89−7.4% (−0.40)
DateCompanyAction
21 Aug 2026SPCXBought
21 Aug 2026METABought
21 Aug 2026AMZNBought
20 Feb 2026VRTBought
20 Feb 2026DKSBought
21 Nov 2025WINGBought
16 May 2025SCHWBought
16 May 2025EFXBought
21 Feb 2025FWONKBought
15 Nov 2024WMGBought
15 Nov 2024TDGBought
15 Nov 2024STZBought
15 Nov 2024SHCBought
15 Nov 2024SGIBought
15 Nov 2024SCHWBought
15 Nov 2024NYTBought
15 Nov 2024HLTBought
15 Nov 2024HCABought
15 Nov 2024GWREBought
15 Nov 2024GOOGLBought
15 Nov 2024ECHOBought
15 Nov 2024CMCSABought
15 Nov 2024BACBought
15 Nov 2024AERBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026SGISold
22 May 2026TDGSold
22 May 2026AERSold
21 Nov 2025HLTSold
16 May 2025STZSold
16 May 2025GOOGLSold
21 Feb 2025SCHWSold
21 Feb 2025CMCSASold
21 Feb 2025BACSold

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