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Funds (13F)

Lakewood Capital Management, LP

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

Watch this strategy
Return a year
+11.3%
S&P 500 +14.1%
Last 12 months
+21.7%
S&P 500 +12.1%
Sharpe ratio
0.52
S&P 500 0.78
Biggest drop
−41.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$41.1k
StrategyS&P 500 $10,000 in Lakewood Capital Management, LP 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 Lakewood 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.

Lakewood Capital Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.3%+14.1%
Total return+311%+470%
Last 12 months+21.7%+12.1%
Last 3 months+2.8%—
Last month+6.8%—
This year so far+14.4%—
Volatility a year20.8%16.0%
Sharpe ratio0.520.78
Biggest drop−41.7%−31.8%
Beta to the S&P 5001.151.00
Alpha a year (t-statistic)−3.4% (−1.26)—
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
CI6.4%——
AXTA6.4%——
ICLR5.5%——
ALLY4.4%——
GPI3.9%——
SHC3.9%——
CDW3.7%——
META3.6%——
SSNC3.5%——
IQV3.4%——
VTRS3.2%——
MA3.1%——
FAF2.8%——
AMRZ2.6%——
SPOT2.3%——
V2.3%——
BC2.1%——
MSFT2.1%——
ARW2.0%——
TFSL2.0%——
ABG2.0%——
CCS1.9%——
SW1.8%——
CRL1.7%——
BKNG1.6%——
WEX1.6%——
UNP1.5%——
APO1.5%——
JD1.4%——
ELV1.3%——
CPNG1.2%——
GOOGL1.2%——
SPGI1.1%——
GPN1.0%——
RELY0.9%——
UNFI0.9%——
HCA0.8%——
INGM0.6%——
NICE0.6%——
CMCSA0.6%——
TBLA0.5%——
KMPR0.5%——
HSIC0.4%——
LRN0.4%——
DKNG0.4%——
LKQ0.4%——
NSP0.4%——
AVT0.3%——
EME0.3%——
IOT0.3%——
FRMI0.3%——
KLAR0.3%——
GDS0.3%——
HIPO0.3%——
LAW0.2%——
VSNT0.2%——
SBET0.1%——

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+11.3%+14.1%0.520.78−41.7%1.15−3.4% (−1.26)
2018 onwards5 Jan 2018 to 2 Nov 2026+10.5%+13.9%0.430.66−41.7%1.13−3.5% (−0.96)
Last three years3 Nov 2023 to 2 Nov 2026+16.1%+21.8%0.711.16−18.3%0.83−1.6% (−0.23)
Last year7 Nov 2025 to 2 Nov 2026+23.8%+14.2%1.270.84−12.7%0.68+11.5% (0.96)
DateCompanyAction
21 Aug 2026SPOTBought
21 Aug 2026NSPBought
21 Aug 2026LKQBought
21 Aug 2026IOTBought
21 Aug 2026INGMBought
21 Aug 2026HCABought
21 Aug 2026GDSBought
21 Aug 2026FRMIBought
21 Aug 2026CCSBought
22 May 2026WAYBought
22 May 2026VSNTBought
22 May 2026VBought
22 May 2026TFXBought
22 May 2026SPGIBought
22 May 2026SBETBought
22 May 2026MSFTBought
22 May 2026MABought
22 May 2026LRNBought
22 May 2026DELLBought
22 May 2026CPNGBought
22 May 2026CDWBought
22 May 2026BKNGBought
22 May 2026AVTBought
22 May 2026ASSTBought
20 Feb 2026VTRSBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WAYSold
21 Aug 2026TFXSold
21 Aug 2026DELLSold
21 Aug 2026COFSold
21 Aug 2026CSold
21 Aug 2026BZHSold
21 Aug 2026BANDSold
21 Aug 2026ASSTSold
22 May 2026SIGSold
22 May 2026SDRLSold
22 May 2026MCYSold
22 May 2026GLNGSold
22 May 2026AEOSold
20 Feb 2026STZSold
20 Feb 2026NIQSold
20 Feb 2026GILSold
20 Feb 2026GDRXSold
21 Nov 2025UNHSold
21 Nov 2025JBSSold
15 Aug 2025SNXSold
15 Aug 2025ONTOSold
15 Aug 2025FDXSold
15 Aug 2025CZRSold
15 Aug 2025CARSold
15 Aug 2025CACISold

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