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Funds (13F)

First Manhattan Co. Llc.

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

Watch this strategy
Return a year
+12.5%
S&P 500 +14.1%
Last 12 months
+5.4%
S&P 500 +12.1%
Sharpe ratio
0.69
S&P 500 0.78
Biggest drop
−31.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$47.5k
First Manhattan Co. Llc.S&P 500 $10,000 in First Manhattan Co. Llc. 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 First Manhattan Co. Llc.'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.

First Manhattan Co. Llc.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.5%+14.1%
Total return+375%+470%
Last 12 months+5.4%+12.1%
Last 3 months+0.4%—
Last month−1.9%—
This year so far+4.9%—
Volatility a year16.0%16.0%
Sharpe ratio0.690.78
Biggest drop−31.7%−31.8%
Beta to the S&P 5000.981.00
Alpha a year (t-statistic)−1.1% (−1.21)—
Share of weeks up59%—

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
MSFT6.7%——
ASML5.9%——
AAPL5.9%——
AMAT3.7%——
KKR3.6%——
AZO3.5%——
AVGO3.4%——
AMZN3.2%——
INTC2.7%——
V2.4%——
LB2.3%——
ORCL2.3%——
GOOGL2.2%——
NVDA2.1%——
TPL1.9%——
DHR1.8%——
TMO1.7%——
SPGI1.7%——
HON1.7%——
HONA1.7%——
SNPS1.6%——
UNH1.5%——
LIN1.4%——
PM1.3%——
GEV1.3%——
LOW1.2%——
CRM1.1%——
TTWO1.1%——
UBER1.0%——
ALLY0.8%——
ORLY0.8%——
MAR0.8%——
BKNG0.8%——
JNJ0.7%——
UNP0.7%——
CSL0.7%——
AMRZ0.7%——
AXP0.6%——
ABBV0.6%——
GE0.6%——
MCD0.6%——
MTCH0.6%——
VRT0.5%——
BALL0.5%——
AIZ0.5%——
COF0.4%——
META0.4%——
JPM0.4%——
ACN0.4%——
ICE0.4%——
SCI0.4%——
LLY0.4%——
QXO0.3%——
WOLF0.3%——
WDAY0.3%——
CSW0.3%——
VLTO0.3%——
KO0.3%——
BSX0.3%——
POOL0.3%——
EROK0.3%——
COR0.3%——
TMC0.3%——
BL0.3%——
CB0.3%——
KNSL0.3%——
KEYS0.3%——
IQV0.3%——
MA0.2%——
BAM0.2%——
CNQ0.2%——
HLT0.2%——
MS0.2%——
MDLZ0.2%——
SCHW0.2%——
MCO0.2%——
IBM0.2%——
AMD0.2%——
AMGN0.1%——
CPRT0.1%——
SNA0.1%——
WFC0.1%——
PG0.1%——
APH0.1%——
SYK0.1%——
DEI0.1%——
WBI0.1%——
TSM0.1%——
INGR0.1%——
ENB0.1%——
CMCSA0.1%——
TGT0.1%——
BXP0.1%——
LRCX0.1%——
GGG0.1%——
NEE0.1%——
NVGS0.1%——
MRK0.1%——
MLM0.1%——
L0.1%——
CBL0.1%——
COST0.1%——
HD0.1%——
DIS0.1%——
AMAL0.1%——
BA0.1%——
USB0.1%——
COP0.1%——
BX0.1%——
CIEN0.1%——
AXS0.1%——
BAC0.1%——
CSCO0.1%——
RRC0.1%——
TRS0.1%——
CCK0.1%——
EPD0.1%——
WMT0.1%——
HCA0.1%——
AWK0.1%——
PEP0.1%——
RTX0.1%——
QSR0.1%——
RPM0.1%——
GRBK0.1%——
DG0.1%——
NEM0.1%——
NNBR0.1%——
LOAR0.1%——
BAER0.1%——
TRV0.1%——
PNC0.1%——
SLG0.1%——
MU0.0%——
PSX0.0%——
FNV0.0%——
HHH0.0%——
TXN0.0%——
NTR0.0%——
AER0.0%——
KLAC0.0%——
MSB0.0%——
C0.0%——
JEF0.0%——
CMC0.0%——
ADP0.0%——
ABT0.0%——
MSI0.0%——
CVX0.0%——
QCOM0.0%——

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+12.5%+14.1%0.690.78−31.7%0.98−1.1% (−1.21)
2018 onwards5 Jan 2018 to 2 Nov 2026+12.7%+13.9%0.600.66−31.7%0.98−0.8% (−0.68)
Last three years3 Nov 2023 to 2 Nov 2026+16.1%+21.8%0.811.16−16.8%0.95−4.0% (−1.42)
Last year7 Nov 2025 to 2 Nov 2026+7.3%+14.2%0.310.84−11.7%0.93−5.3% (−0.88)
DateCompanyAction
21 Aug 2026XYZBought
21 Aug 2026WOLFBought
21 Aug 2026WDAYBought
21 Aug 2026VSTBought
21 Aug 2026VCTRBought
21 Aug 2026TKOBought
21 Aug 2026TATTBought
21 Aug 2026SPCXBought
21 Aug 2026SOLVBought
21 Aug 2026SNXBought
21 Aug 2026SNOWBought
21 Aug 2026SENEABought
21 Aug 2026PWRBought
21 Aug 2026PPGBought
21 Aug 2026OKTABought
21 Aug 2026NXPIBought
21 Aug 2026NVOBought
21 Aug 2026NBISBought
21 Aug 2026MRVLBought
21 Aug 2026MPBought
21 Aug 2026MDBBought
21 Aug 2026IBRXBought
21 Aug 2026HWMBought
21 Aug 2026HUBBBought
21 Aug 2026HONABought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZBHSold
21 Aug 2026YUMCSold
21 Aug 2026YORWSold
21 Aug 2026ULTASold
21 Aug 2026ULSold
21 Aug 2026TYLSold
21 Aug 2026TACSold
21 Aug 2026RYNSold
21 Aug 2026RSGSold
21 Aug 2026PTENSold
21 Aug 2026PSNSold
21 Aug 2026PRUSold
21 Aug 2026POSTSold
21 Aug 2026ORIOSold
21 Aug 2026ONONSold
21 Aug 2026MDXHSold
21 Aug 2026MCHPSold
21 Aug 2026KMISold
21 Aug 2026ICLRSold
21 Aug 2026GEHCSold
21 Aug 2026FTNTSold
21 Aug 2026FNDSold
21 Aug 2026EQTSold
21 Aug 2026DMACSold
21 Aug 2026DLRSold

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