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Funds (13F)

Engine Capital Management, LP

Backtest from 19 Feb 2016 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.7%
S&P 500 +15.5%
Last 12 months
+17.4%
S&P 500 +12.1%
Sharpe ratio
0.45
S&P 500 0.80
Biggest drop
−60.0%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 201620182020202220242026 $46.9k$32.6k
StrategyS&P 500 $10,000 in Engine Capital Management, LP from 19 Feb 2016 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Engine 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.

Engine Capital Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.7%+15.5%
Total return+226%+369%
Last 12 months+17.4%+12.1%
Last 3 months+0.6%—
Last month+3.5%—
This year so far+13.4%—
Volatility a year27.1%16.7%
Sharpe ratio0.450.80
Biggest drop−60.0%−31.8%
Beta to the S&P 5001.251.00
Alpha a year (t-statistic)−4.4% (−0.83)—
Share of weeks up56%—

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
AVTR19.4%——
NATL11.0%——
BCO7.0%——
DNOW6.6%——
EYE6.6%——
KBR6.3%——
SPSC5.2%——
PRKS4.6%——
OFIX4.1%——
NXST3.5%——
FOXF3.5%——
HONA2.6%——
MAGN2.6%——
CVEO2.4%——
FUL2.3%——
CMP1.9%——
PRIM1.9%——
SONO1.7%——
PHIN1.4%——
FVRR1.4%——
BVS0.8%——
AOUT0.8%——
CBZ0.6%——
WEAV0.6%——
CCC0.5%——
UBER0.4%——
NIQ0.1%——
TRIP0.0%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest19 Feb 2016 to 2 Nov 2026+11.7%+15.5%0.450.80−60.0%1.25−4.4% (−0.83)
2018 onwards5 Jan 2018 to 2 Nov 2026+5.4%+13.9%0.230.66−60.0%1.23−8.1% (−1.36)
Last three years3 Nov 2023 to 2 Nov 2026+14.9%+21.8%0.561.16−21.2%0.92−3.4% (−0.36)
Last year7 Nov 2025 to 2 Nov 2026+20.7%+14.2%0.930.84−16.1%0.56+10.7% (0.65)
DateCompanyAction
21 Aug 2026UBERBought
21 Aug 2026TRIPBought
21 Aug 2026SPSCBought
21 Aug 2026PRIMBought
21 Aug 2026NIQBought
21 Aug 2026HONABought
21 Aug 2026FULBought
21 Aug 2026CCCBought
21 Aug 2026CBZBought
22 May 2026WEAVBought
22 May 2026DNOWBought
22 May 2026BVSBought
20 Feb 2026FOXFBought
20 Feb 2026CMPBought
21 Nov 2025SONOBought
21 Nov 2025ACHCBought
15 Aug 2025UNFBought
15 Aug 2025AVTRBought
16 May 2025PSXBought
16 May 2025CVEOBought
21 Feb 2025QDELBought
21 Feb 2025MAGNBought
21 Feb 2025AMTMBought
15 Nov 2024XRAYBought
15 Nov 2024UPWKBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026UNFSold
21 Aug 2026RMNISold
21 Aug 2026MGMSold
21 Aug 2026INNSold
21 Aug 2026CLDTSold
22 May 2026LAURSold
22 May 2026CZRSold
22 May 2026ACHCSold
20 Feb 2026XRAYSold
21 Nov 2025PSXSold
21 Nov 2025AMTMSold
15 Aug 2025QDELSold
15 Aug 2025LYFTSold
15 Aug 2025LKQSold
15 Aug 2025KFYSold
15 Aug 2025JELDSold
16 May 2025UPWKSold
16 May 2025RTXSold
16 May 2025NVSTSold
16 May 2025MGRCSold
16 May 2025ETSYSold
21 Feb 2025LWSold
21 Feb 2025EXPESold
21 Feb 2025DBXSold

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