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Funds (13F)

Highbridge Capital Management LLC

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

Watch this strategy
Return a year
+20.1%
S&P 500 +14.1%
Last 12 months
+11.6%
S&P 500 +12.1%
Sharpe ratio
0.50
S&P 500 0.78
Biggest drop
−61.2%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k$160k 2013201520172019202120232025 $113k$57.0k
StrategyS&P 500 $10,000 in Highbridge Capital Management 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 Highbridge Capital Management 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.

Highbridge Capital Management LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+20.1%+14.1%
Total return+1027%+470%
Last 12 months+11.6%+12.1%
Last 3 months+2.9%—
Last month−3.6%—
This year so far+11.7%—
Volatility a year52.3%16.0%
Sharpe ratio0.500.78
Biggest drop−61.2%−31.8%
Beta to the S&P 5000.961.00
Alpha a year (t-statistic)+14.5% (1.05)—
Share of weeks up57%—

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
SBET15.4%——
LLYVK13.5%——
KVUE12.8%——
BHF7.2%——
NWE5.8%——
FACT3.8%——
SSAC3.2%——
ECHO2.8%——
ROKU2.6%——
ARCL2.5%——
ELME2.4%——
BEAG2.4%——
STHO2.3%——
EMPD2.2%——
GOOGL2.1%——
PUBM1.9%——
LPBB1.5%——
TOYO1.5%——
DCH1.2%——
OPK1.2%——
NBRG1.2%——
IRHO1.1%——
BTDR1.0%——
ELBM0.8%——
CHTR0.8%——
LNZA0.7%——
CPB0.5%——
DELL0.5%——
TMCR0.5%——
GEN0.4%——
IMSR0.4%——
WSTN0.4%——
HTZ0.3%——
SLS0.3%——
MU0.3%——
IP0.3%——
LCID0.3%——
KDK0.2%——
MKLY0.2%——
LUMN0.2%——
CAR0.2%——
CAG0.2%——
MMTX0.1%——
KEEL0.1%——
PPLI0.1%——
WLFC0.1%——
TDS0.1%——
BTU0.1%——
TXN0.1%——
QCOM0.0%——
DK0.0%——
BRUN0.0%——
HPAI0.0%——
SD0.0%——
DAIC0.0%——
MRNO0.0%——

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+20.1%+14.1%0.500.78−61.2%0.96+14.5% (1.05)
2018 onwards5 Jan 2018 to 2 Nov 2026+22.9%+13.9%0.510.66−61.2%0.95+21.2% (1.03)
Last three years3 Nov 2023 to 2 Nov 2026+7.3%+21.8%0.371.16−61.2%0.60+28.0% (0.47)
Last year7 Nov 2025 to 2 Nov 2026+10.3%+14.2%0.600.84−61.2%0.22+101.9% (0.58)
DateCompanyAction
21 Aug 2026WLFCBought
21 Aug 2026TXNBought
21 Aug 2026TOYOBought
21 Aug 2026TMCRBought
21 Aug 2026SLSBought
21 Aug 2026ROKUBought
21 Aug 2026QCOMBought
21 Aug 2026PUBMBought
21 Aug 2026OPKBought
21 Aug 2026MUBought
21 Aug 2026LNZABought
21 Aug 2026LCIDBought
21 Aug 2026KEELBought
21 Aug 2026KDKBought
21 Aug 2026IPBought
21 Aug 2026IMSRBought
21 Aug 2026GOOGLBought
21 Aug 2026GENBought
21 Aug 2026FACTBought
21 Aug 2026ECHOBought
21 Aug 2026DELLBought
21 Aug 2026DAICBought
21 Aug 2026CPBBought
21 Aug 2026CHTRBought
21 Aug 2026CARBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WYFISold
21 Aug 2026WIXSold
21 Aug 2026WHRSold
21 Aug 2026VGASSold
21 Aug 2026SRPTSold
21 Aug 2026SMSold
21 Aug 2026RNASold
21 Aug 2026PLMKSold
21 Aug 2026NWLSold
21 Aug 2026NAVISold
21 Aug 2026MACISold
21 Aug 2026JBSSold
21 Aug 2026GLIBASold
21 Aug 2026FUFUSold
21 Aug 2026FLDSold
21 Aug 2026CYABSold
21 Aug 2026CNCKSold
21 Aug 2026BURUSold
21 Aug 2026BELFASold
21 Aug 2026BDMDSold
21 Aug 2026AESSold
22 May 2026ZTSSold
22 May 2026TMUSSold
22 May 2026RNWSold
22 May 2026OPENSold

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