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Funds (13F)

Deep Track Capital, LP

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

Watch this strategy
Return a year
+12.6%
S&P 500 +14.1%
Last 12 months
+18.6%
S&P 500 +12.1%
Sharpe ratio
0.39
S&P 500 0.63
Biggest drop
−45.0%
S&P 500 −20.5%
$10.0k$20.0k 20222023202420252026 $18.6k$17.5k
Deep Track Capital, LPS&P 500 $10,000 in Deep Track Capital, 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 Deep Track Capital, 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.

Deep Track Capital, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.6%+14.1%
Total return+75%+86%
Last 12 months+18.6%+12.1%
Last 3 months−13.0%—
Last month−5.2%—
This year so far+1.2%—
Volatility a year33.2%16.2%
Sharpe ratio0.390.63
Biggest drop−45.0%−20.5%
Beta to the S&P 5001.101.00
Alpha a year (t-statistic)+1.9% (0.15)—
Share of weeks up49%—

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
GH8.0%——
IMVT5.7%——
GPCR4.0%——
PCVX3.9%——
ALNY3.9%——
MANE3.9%——
TARS3.6%——
ALKS3.3%——
OCUL3.0%——
BMRN3.0%——
NRIX3.0%——
ORKA2.9%——
ALMS2.8%——
IONS2.8%——
CMPS2.7%——
VERA2.7%——
AXSM2.7%——
MLTX2.1%——
COAG2.1%——
TNGX2.1%——
DFTX2.0%——
GRAL2.0%——
BCAX1.9%——
MAZE1.8%——
CLDX1.7%——
LBRX1.7%——
MBX1.5%——
GHRS1.4%——
COGT1.2%——
UTHR1.1%——
AVTX1.1%——
VRDN1.0%——
CYTK0.9%——
ALT0.9%——
PSNL0.8%——
ACRS0.8%——
CRMD0.8%——
WGS0.8%——
HROW0.7%——
CRVS0.6%——
SLDB0.6%——
BEAM0.5%——
DYN0.5%——
IMMX0.5%——
XFOR0.4%——
STTK0.4%——
MNKD0.4%——
IPSC0.4%——
GENB0.4%——
VSTM0.3%——
KURA0.3%——
ENTA0.3%——
NKTR0.3%——
OLMA0.3%——
KLRA0.2%——
KARD0.2%——
ELVN0.2%——
PMN0.2%——
IMCR0.2%——
XNCR0.1%——
CNTX0.1%——
IVA0.1%——
ALGS0.0%——

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+12.6%+14.1%0.390.63−45.0%1.10+1.9% (0.15)
Last three years3 Nov 2023 to 2 Nov 2026+24.2%+21.8%0.691.16−45.0%1.12+4.3% (0.26)
Last year7 Nov 2025 to 2 Nov 2026+21.8%+14.2%0.700.84−21.6%0.85+10.9% (0.42)
DateCompanyAction
21 Aug 2026XNCRBought
21 Aug 2026WGSBought
21 Aug 2026UTHRBought
21 Aug 2026STTKBought
21 Aug 2026OLMABought
21 Aug 2026NKTRBought
21 Aug 2026MNKDBought
21 Aug 2026KLRABought
21 Aug 2026KARDBought
21 Aug 2026IMMXBought
21 Aug 2026HROWBought
21 Aug 2026GHRSBought
21 Aug 2026GENBBought
21 Aug 2026ELVNBought
21 Aug 2026COAGBought
21 Aug 2026AVTXBought
21 Aug 2026ALTBought
21 Aug 2026ALNYBought
22 May 2026SLDBBought
22 May 2026PSNLBought
22 May 2026PMNBought
22 May 2026MANEBought
22 May 2026LRMRBought
22 May 2026KURABought
22 May 2026IPSCBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026LRMRSold
21 Aug 2026JANXSold
21 Aug 2026HELPSold
21 Aug 2026GERNSold
21 Aug 2026CBIOSold
21 Aug 2026BLLNSold
21 Aug 2026BBIOSold
21 Aug 2026ANIPSold
22 May 2026XENESold
22 May 2026MNPRSold
22 May 2026ANLSold
20 Feb 2026ZURASold
20 Feb 2026XNCRSold
20 Feb 2026QURESold
20 Feb 2026PTGXSold
20 Feb 2026PEPGSold
20 Feb 2026OLMASold
20 Feb 2026JBIOSold
20 Feb 2026IMASold
20 Feb 2026GHRSSold
20 Feb 2026CLYMSold
20 Feb 2026AVTXSold
20 Feb 2026AUTLSold
20 Feb 2026ACADSold
21 Nov 2025UPBSold

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