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Funds (13F)

Diameter Capital Partners LP

Backtest from 16 Feb 2018 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+9.8%
S&P 500 +14.1%
Last 12 months
+13.4%
S&P 500 +12.1%
Sharpe ratio
0.36
S&P 500 0.67
Biggest drop
−67.1%
S&P 500 −31.8%
$5.0k$10.0k$20.0k 201820192020202120222023202420252026 $31.6k$22.5k
Diameter Capital Partners LPS&P 500 $10,000 in Diameter Capital Partners LP from 16 Feb 2018 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Diameter 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.

Diameter Capital Partners LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+9.8%+14.1%
Total return+125%+216%
Last 12 months+13.4%+12.1%
Last 3 months−5.8%—
Last month−0.0%—
This year so far−9.2%—
Volatility a year40.7%17.9%
Sharpe ratio0.360.67
Biggest drop−67.1%−31.8%
Beta to the S&P 5001.391.00
Alpha a year (t-statistic)−2.2% (−0.20)—
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
TDS12.6%——
MBC10.0%——
UNIT9.3%——
SPCX8.7%——
FBIN7.8%——
ECHO6.7%——
JHX6.2%——
AMBP4.8%——
VISN4.5%——
CMCSA4.2%——
OVV4.2%——
MAGN2.9%——
SEI2.5%——
CMCO2.2%——
CHTR2.2%——
CBRS1.6%——
NCDL1.5%——
WING1.4%——
PFLT1.4%——
CYH1.3%——
CGBD1.1%——
EAT1.0%——
FWRD1.0%——
MWH0.6%——
INIO0.4%——
BBDC0.2%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Feb 2018 to 2 Nov 2026+9.8%+14.1%0.360.67−67.1%1.39−2.2% (−0.20)
Last three years3 Nov 2023 to 2 Nov 2026+58.3%+21.8%1.151.16−31.9%1.40+27.6% (1.21)
Last year7 Nov 2025 to 2 Nov 2026+17.3%+14.2%0.520.84−25.8%0.75+9.4% (0.29)
DateCompanyAction
21 Aug 2026WINGBought
21 Aug 2026TDSBought
21 Aug 2026SPCXBought
21 Aug 2026SEIBought
21 Aug 2026OVVBought
21 Aug 2026MWHBought
21 Aug 2026INIOBought
21 Aug 2026FWRDBought
21 Aug 2026EATBought
21 Aug 2026CYHBought
21 Aug 2026CMCSABought
21 Aug 2026CHTRBought
21 Aug 2026CGBDBought
21 Aug 2026CBRSBought
22 May 2026VISNBought
22 May 2026UWMCBought
22 May 2026PCGBought
22 May 2026FBINBought
22 May 2026CMCOBought
20 Feb 2026WOLFBought
20 Feb 2026UNITBought
20 Feb 2026ULSBought
20 Feb 2026SLRCBought
20 Feb 2026PFLTBought
20 Feb 2026PFEBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026UWMCSold
21 Aug 2026SLRCSold
21 Aug 2026RHSold
21 Aug 2026PCGSold
22 May 2026WOLFSold
22 May 2026ULSSold
22 May 2026TDSSold
22 May 2026PFESold
22 May 2026OPTUSold
22 May 2026MRKSold
22 May 2026MFICSold
22 May 2026MERCSold
22 May 2026MDLNSold
22 May 2026LLYSold
22 May 2026FSKSold
22 May 2026EVRGSold
22 May 2026ETRSold
22 May 2026CZRSold
22 May 2026AESSold
20 Feb 2026OXYSold
20 Feb 2026NBRSold
20 Feb 2026METCSold
20 Feb 2026LUMNSold
20 Feb 2026LITESold
20 Feb 2026FWONKSold

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