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Funds (13F)

Dorsal Capital Management, LP

Backtest from 30 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+18.0%
S&P 500 +14.2%
Last 12 months
−18.6%
S&P 500 +12.1%
Sharpe ratio
0.75
S&P 500 0.79
Biggest drop
−48.4%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $88.4k$57.8k
StrategyS&P 500 $10,000 in Dorsal Capital Management, LP from 30 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Dorsal 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.

Dorsal Capital Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+18.0%+14.2%
Total return+784%+478%
Last 12 months−18.6%+12.1%
Last 3 months−0.7%—
Last month−4.5%—
This year so far−14.0%—
Volatility a year22.8%16.0%
Sharpe ratio0.750.79
Biggest drop−48.4%−31.8%
Beta to the S&P 5001.191.00
Alpha a year (t-statistic)+2.2% (0.62)—
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
AMZN11.4%——
TSM9.8%——
FWONK8.1%——
HD7.6%——
LRCX6.2%——
SPOT6.0%——
BURL5.7%——
SE5.3%——
PLNT5.2%——
MSFT4.8%——
CPNG4.7%——
META4.5%——
SMTC3.2%——
TWLO3.0%——
OKTA3.0%——
FROG2.9%——
SN2.7%——
VFC1.9%——
NXST1.6%——
LUV1.2%——
USFD1.1%——
SPCX0.3%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest30 Aug 2013 to 2 Nov 2026+18.0%+14.2%0.750.79−48.4%1.19+2.2% (0.62)
2018 onwards5 Jan 2018 to 2 Nov 2026+12.9%+13.9%0.490.66−48.4%1.20−1.6% (−0.36)
Last three years3 Nov 2023 to 2 Nov 2026+9.5%+21.8%0.331.16−28.4%1.12−11.6% (−1.79)
Last year7 Nov 2025 to 2 Nov 2026−17.4%+14.2%−1.110.84−21.9%1.08−31.7% (−2.26)
DateCompanyAction
21 Aug 2026USFDBought
21 Aug 2026SPCXBought
21 Aug 2026OKTABought
21 Aug 2026LUVBought
21 Aug 2026LRCXBought
22 May 2026VFCBought
22 May 2026SPOTBought
22 May 2026SMTCBought
22 May 2026FROGBought
22 May 2026ECHOBought
22 May 2026AMZNBought
20 Feb 2026TWLOBought
21 Nov 2025NXSTBought
15 Aug 2025HNGEBought
16 May 2025NTNXBought
16 May 2025MNDYBought
16 May 2025AURBought
16 May 2025APPBought
21 Feb 2025TSMBought
21 Feb 2025SNBought
21 Feb 2025ADSKBought
15 Nov 2024ZBought
15 Nov 2024WIXBought
15 Nov 2024USFDBought
15 Nov 2024SEBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZSold
21 Aug 2026WIXSold
21 Aug 2026NTNXSold
21 Aug 2026ECHOSold
21 Aug 2026APPSold
21 Aug 2026ADSKSold
21 Aug 2026AAPSold
22 May 2026MNDYSold
22 May 2026FLUTSold
20 Feb 2026USFDSold
20 Feb 2026DTSold
20 Feb 2026AMZNSold
21 Nov 2025HNGESold
15 Aug 2025AVGOSold
15 Aug 2025AURSold
16 May 2025QSRSold
16 May 2025HUBSSold
16 May 2025APHSold

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