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Funds (13F)

Empyrean Capital Partners, LP

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.8%
S&P 500 +14.1%
Last 12 months
+20.5%
S&P 500 +12.1%
Sharpe ratio
0.53
S&P 500 0.78
Biggest drop
−56.5%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$43.4k
StrategyS&P 500 $10,000 in Empyrean Capital Partners, LP from 16 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 Empyrean 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.

Empyrean Capital Partners, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.8%+14.1%
Total return+334%+470%
Last 12 months+20.5%+12.1%
Last 3 months+1.0%—
Last month+3.7%—
This year so far+15.9%—
Volatility a year21.7%16.0%
Sharpe ratio0.530.78
Biggest drop−56.5%−31.8%
Beta to the S&P 5001.101.00
Alpha a year (t-statistic)−2.1% (−0.59)—
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
VSAT8.1%——
AER6.1%——
BTI5.5%——
MPC4.7%——
ENVA4.4%——
AAMI4.3%——
NSC4.1%——
UNP3.6%——
NMRK3.0%——
BXDC3.0%——
APO3.0%——
COF2.8%——
CCXI2.5%——
SGI2.3%——
TXNM2.1%——
SHEL2.1%——
ROKU2.0%——
VTOL2.0%——
CAH2.0%——
WAT1.8%——
ASH1.7%——
KVUE1.5%——
NNI1.4%——
AESI1.3%——
PEN1.2%——
PSX1.2%——
STZ1.2%——
WULF1.0%——
UNF1.0%——
KMB0.9%——
SIRI0.9%——
B0.9%——
HONA0.9%——
AMBP0.9%——
ALGT0.9%——
CPT0.7%——
FWONK0.7%——
INVH0.7%——
LLYVK0.7%——
RVMD0.7%——
PPTA0.7%——
NG0.6%——
TFX0.6%——
DK0.6%——
SBGI0.6%——
CTRI0.6%——
ECHO0.6%——
AXTA0.5%——
TRIP0.5%——
SNAP0.5%——
ARI0.4%——
TDS0.4%——
LION0.3%——
OPTU0.3%——
EQT0.3%——
DVN0.3%——
OXY0.2%——
VG0.2%——
TDAY0.2%——
RRC0.2%——
AR0.2%——
EXE0.1%——
SSMR0.1%——
INBX0.1%——
AGI0.1%——
PUMP0.1%——
ACIC0.1%——
CC0.1%——
UWMC0.1%——
CRK0.1%——
VIR0.1%——
REA0.0%——
THM0.0%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+11.8%+14.1%0.530.78−56.5%1.10−2.1% (−0.59)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.3%+13.9%0.450.66−56.5%1.13−2.2% (−0.45)
Last three years3 Nov 2023 to 2 Nov 2026+27.1%+21.8%1.421.16−14.8%0.67+9.7% (1.49)
Last year7 Nov 2025 to 2 Nov 2026+21.1%+14.2%1.310.84−7.0%0.41+11.7% (1.04)
DateCompanyAction
21 Aug 2026WULFBought
21 Aug 2026UWMCBought
21 Aug 2026TRIPBought
21 Aug 2026TFXBought
21 Aug 2026TDAYBought
21 Aug 2026SSMRBought
21 Aug 2026SGIBought
21 Aug 2026ROKUBought
21 Aug 2026REABought
21 Aug 2026PUMPBought
21 Aug 2026LIONBought
21 Aug 2026INBXBought
21 Aug 2026HONABought
21 Aug 2026FWONKBought
21 Aug 2026DVNBought
21 Aug 2026CCXIBought
21 Aug 2026CCBought
21 Aug 2026BXDCBought
21 Aug 2026ALGTBought
21 Aug 2026AESIBought
22 May 2026YSSBought
22 May 2026WATBought
22 May 2026VSNTBought
22 May 2026VIRBought
22 May 2026VGBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026YSSSold
21 Aug 2026VSNTSold
21 Aug 2026VISNSold
21 Aug 2026UMACSold
21 Aug 2026SMSold
21 Aug 2026SBACSold
21 Aug 2026RIGSold
21 Aug 2026PPLISold
21 Aug 2026NNSold
21 Aug 2026LBRTSold
21 Aug 2026HNRGSold
21 Aug 2026GLIBASold
21 Aug 2026FPSSold
21 Aug 2026FOXASold
21 Aug 2026CRCSold
21 Aug 2026CMCSASold
21 Aug 2026CCISold
21 Aug 2026ARKOSold
21 Aug 2026APASold
22 May 2026UNHSold
22 May 2026TFXSold
22 May 2026PCGSold
22 May 2026MDLZSold
22 May 2026LADSold
22 May 2026IQVSold

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