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Funds (13F)

Invenomic Capital Management LP

Backtest from 21 Feb 2020 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+17.1%
S&P 500 +14.6%
Last 12 months
+26.8%
S&P 500 +12.1%
Sharpe ratio
0.63
S&P 500 0.66
Biggest drop
−40.7%
S&P 500 −31.0%
$10.0k$20.0k 2020202120222023202420252026 $28.8k$24.9k
StrategyS&P 500 $10,000 in Invenomic Capital Management LP from 21 Feb 2020 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Invenomic 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.

Invenomic Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+17.1%+14.6%
Total return+188%+149%
Last 12 months+26.8%+12.1%
Last 3 months+4.3%—
Last month+8.7%—
This year so far+19.1%—
Volatility a year25.1%18.9%
Sharpe ratio0.630.66
Biggest drop−40.7%−31.0%
Beta to the S&P 5001.091.00
Alpha a year (t-statistic)+2.4% (0.43)—
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
GPN3.9%——
UHS3.9%——
WDAY3.5%——
XRAY3.2%——
SPSC3.0%——
PVH2.6%——
BDX2.5%——
FIS2.5%——
CHTR2.4%——
EGO2.2%——
OMC2.1%——
LYFT2.1%——
BILL2.0%——
CLVT1.9%——
CRM1.8%——
INGM1.8%——
INTU1.7%——
VTRS1.7%——
CNMD1.7%——
OC1.6%——
FISV1.6%——
SON1.5%——
ABM1.4%——
NOMD1.4%——
ST1.4%——
MNDY1.3%——
INGR1.3%——
UPWK1.2%——
HURN1.2%——
DOLE1.2%——
PATH1.2%——
FIVN1.2%——
DLO1.1%——
PRGS1.0%——
LZ1.0%——
HAE1.0%——
ENOV1.0%——
TNC1.0%——
COUR1.0%——
PENN1.0%——
CMCSA0.9%——
ZBH0.9%——
GEN0.9%——
GEHC0.9%——
PRU0.9%——
KBR0.8%——
RYZ0.8%——
CHWY0.7%——
CXT0.7%——
MDT0.7%——
HUBS0.7%——
SSTK0.7%——
CAL0.7%——
IART0.6%——
HELE0.6%——
MKTX0.6%——
MTN0.6%——
FLGT0.6%——
MATV0.6%——
FLO0.6%——
SSNC0.6%——
DNOW0.6%——
ACH0.6%——
M0.6%——
FUN0.6%——
ROCK0.6%——
SPT0.5%——
BBY0.5%——
DMC0.5%——
EPC0.4%——
LOVE0.4%——
OTIS0.4%——
CLW0.4%——
IOVA0.4%——
VITL0.4%——
SLGN0.4%——
PCG0.4%——
EVTC0.4%——
WD0.4%——
MTB0.3%——
KRNT0.3%——
RBLX0.3%——
WSBC0.3%——
UCB0.3%——
SFM0.3%——
BRBR0.3%——
IQV0.3%——
FVRR0.2%——
SBH0.2%——
EMN0.2%——
FOR0.2%——
WIX0.2%——
DSP0.2%——
ASIX0.1%——
GNTX0.1%——
TBI0.1%——
QS0.1%——
HURC0.1%——
RGP0.1%——
FOXF0.1%——
MMS0.1%——
EGHT0.1%——
AVD0.0%——
UFI0.0%——

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 2020 to 2 Nov 2026+17.1%+14.6%0.630.66−40.7%1.09+2.4% (0.43)
Last three years3 Nov 2023 to 2 Nov 2026+15.7%+21.8%0.631.16−21.4%0.87−2.1% (−0.26)
Last year7 Nov 2025 to 2 Nov 2026+29.2%+14.2%1.250.84−10.7%0.79+15.3% (0.94)
DateCompanyAction
21 Aug 2026WDBought
21 Aug 2026VITLBought
21 Aug 2026SSNCBought
21 Aug 2026SLGNBought
21 Aug 2026RBLXBought
21 Aug 2026PRGSBought
21 Aug 2026PCGBought
21 Aug 2026MMSBought
21 Aug 2026MKTXBought
21 Aug 2026MDTBought
21 Aug 2026KBRBought
21 Aug 2026INTUBought
21 Aug 2026HURNBought
21 Aug 2026GEHCBought
21 Aug 2026FOXFBought
21 Aug 2026EVTCBought
21 Aug 2026DNOWBought
21 Aug 2026CHWYBought
21 Aug 2026CHTRBought
21 Aug 2026BDXBought
21 Aug 2026BBYBought
22 May 2026WSBCBought
22 May 2026WLTHBought
22 May 2026WDAYBought
22 May 2026VNOBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZDSold
21 Aug 2026WTSold
21 Aug 2026WLTHSold
21 Aug 2026VSTSSold
21 Aug 2026VNOSold
21 Aug 2026VCSold
21 Aug 2026TYLSold
21 Aug 2026TFXSold
21 Aug 2026SSYSSold
21 Aug 2026SOLVSold
21 Aug 2026SNAPSold
21 Aug 2026RRXSold
21 Aug 2026RNGSold
21 Aug 2026RAMPSold
21 Aug 2026QTRXSold
21 Aug 2026QDELSold
21 Aug 2026PYPLSold
21 Aug 2026PRKSSold
21 Aug 2026PRAASold
21 Aug 2026PINSSold
21 Aug 2026PIISold
21 Aug 2026PCTYSold
21 Aug 2026OXMSold
21 Aug 2026OVVSold
21 Aug 2026OPRXSold

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