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Funds (13F)

Foxhaven Asset Management, LP

Backtest from 21 Feb 2014 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+18.7%
S&P 500 +13.7%
Last 12 months
−19.5%
S&P 500 +12.1%
Sharpe ratio
0.72
S&P 500 0.75
Biggest drop
−52.5%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2014201620182020202220242026 $88.0k$50.9k
StrategyS&P 500 $10,000 in Foxhaven Asset Management, LP from 21 Feb 2014 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Foxhaven Asset 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.

Foxhaven Asset Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+18.7%+13.7%
Total return+780%+409%
Last 12 months−19.5%+12.1%
Last 3 months−1.2%—
Last month+2.7%—
This year so far−11.0%—
Volatility a year25.5%16.2%
Sharpe ratio0.720.75
Biggest drop−52.5%−31.8%
Beta to the S&P 5001.211.00
Alpha a year (t-statistic)+3.6% (0.79)—
Share of weeks up54%—

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
MELI15.4%——
AMZN15.2%——
FERG10.4%——
HLT9.8%——
V8.8%——
DASH7.9%——
NVDA6.0%——
CPNG5.9%——
CEG4.1%——
FWONK3.9%——
AFRM3.7%——
NU3.5%——
VRSN2.8%——
AUR2.3%——
SHOP0.3%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest21 Feb 2014 to 2 Nov 2026+18.7%+13.7%0.720.75−52.5%1.21+3.6% (0.79)
2018 onwards5 Jan 2018 to 2 Nov 2026+16.6%+13.9%0.580.66−52.5%1.22+2.0% (0.33)
Last three years3 Nov 2023 to 2 Nov 2026+12.8%+21.8%0.461.16−32.0%1.20−9.6% (−1.27)
Last year7 Nov 2025 to 2 Nov 2026−15.8%+14.2%−0.810.84−26.2%1.36−31.7% (−1.97)
DateCompanyAction
21 Aug 2026VRSNBought
21 Aug 2026SHOPBought
21 Aug 2026NVDABought
21 Aug 2026CEGBought
22 May 2026FWONKBought
20 Feb 2026NUBought
20 Feb 2026NFLXBought
20 Feb 2026DASHBought
21 Nov 2025WIXBought
15 Aug 2025SHOPBought
15 Aug 2025SEBought
21 Feb 2025CRMBought
21 Feb 2025AFRMBought
15 Nov 2024VBought
15 Nov 2024TEAMBought
15 Nov 2024SHWBought
15 Nov 2024RBLXBought
15 Nov 2024PYPLBought
15 Nov 2024MSFTBought
15 Nov 2024MELIBought
15 Nov 2024HLTBought
15 Nov 2024FWRGBought
15 Nov 2024FWONKBought
15 Nov 2024FERGBought
15 Nov 2024DUOLBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026RBLXSold
21 Aug 2026NFLXSold
22 May 2026SESold
22 May 2026MSFTSold
22 May 2026DUOLSold
20 Feb 2026WIXSold
20 Feb 2026SHOPSold
20 Feb 2026PYPLSold
20 Feb 2026CARTSold
20 Feb 2026BKNGSold
21 Nov 2025TEAMSold
15 Aug 2025SHWSold
15 Aug 2025FWRGSold
16 May 2025CRMSold
16 May 2025CARGSold
21 Feb 2025FWONKSold
21 Feb 2025DIBSSold

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