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Funds (13F)

Letko, Brosseau & Associates Inc

Backtest from 9 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.0%
S&P 500 +13.9%
Last 12 months
+32.6%
S&P 500 +12.1%
Sharpe ratio
0.55
S&P 500 0.77
Biggest drop
−44.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$39.9k
StrategyS&P 500 $10,000 in Letko, Brosseau & Associates Inc from 9 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 Letko, Brosseau & Associates Inc'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.

Letko, Brosseau & Associates Inc's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.0%+13.9%
Total return+299%+459%
Last 12 months+32.6%+12.1%
Last 3 months+4.2%—
Last month+2.5%—
This year so far+23.0%—
Volatility a year18.5%16.0%
Sharpe ratio0.550.77
Biggest drop−44.7%−31.8%
Beta to the S&P 5000.961.00
Alpha a year (t-statistic)−1.6% (−0.57)—
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
BNS5.0%——
TD4.9%——
RY4.8%——
BMO4.3%——
SLF4.2%——
MGA4.2%——
MFC4.1%——
OTEX3.3%——
CM2.9%——
NTR2.9%——
BCE2.8%——
ILMN2.5%——
B2.3%——
CVE2.2%——
META2.1%——
CVS1.9%——
TU1.8%——
CAE1.7%——
PFE1.7%——
WFG1.6%——
ADBE1.6%——
MSFT1.5%——
STT1.5%——
T1.5%——
ELPC1.4%——
C1.4%——
GSK1.4%——
CMCSA1.4%——
SWKS1.4%——
EMN1.4%——
CRM1.3%——
TFC1.3%——
VZ1.2%——
SBS1.2%——
ABBV1.1%——
FDX1.1%——
CRUS1.1%——
GEHC1.0%——
BAC0.9%——
MRNA0.9%——
EFXT0.8%——
GIL0.8%——
GPK0.8%——
WFC0.8%——
QSR0.8%——
MAC0.8%——
MRK0.8%——
COP0.7%——
EXC0.7%——
UPS0.7%——
BIIB0.5%——
IVZ0.5%——
LULU0.5%——
ADNT0.5%——
ACM0.5%——
INTC0.5%——
WMT0.4%——
CVX0.4%——
HBM0.3%——
FDXF0.3%——
HDB0.2%——
SW0.2%——
CXM0.1%——
PROF0.1%——
SCHW0.0%——
PBA0.0%——
FCX0.0%——
PVLA0.0%——
VALE0.0%——
NXPI0.0%——
ELVN0.0%——
FTS0.0%——
SU0.0%——
EMA0.0%——
MGTX0.0%——
GHRS0.0%——
ERO0.0%——
ALB0.0%——
BCAX0.0%——
NAMS0.0%——
SPRY0.0%——
CABA0.0%——
SNDX0.0%——
AMRZ0.0%——
AMZN0.0%——
CADL0.0%——
KMB0.0%——
LQDA0.0%——
AAPL0.0%——
ORCL0.0%——
MA0.0%——
DNLI0.0%——
AURA0.0%——
IAG0.0%——
TENX0.0%——
AQST0.0%——
TCRX0.0%——
ALDX0.0%——
HUMA0.0%——
PROK0.0%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest9 Aug 2013 to 2 Nov 2026+11.0%+13.9%0.550.77−44.7%0.96−1.6% (−0.57)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.8%+13.9%0.510.66−44.7%0.94−0.7% (−0.18)
Last three years3 Nov 2023 to 2 Nov 2026+25.4%+21.8%1.511.16−13.8%0.66+8.2% (1.66)
Last year7 Nov 2025 to 2 Nov 2026+33.5%+14.2%2.360.84−7.0%0.51+20.2% (2.25)
DateCompanyAction
14 Aug 2026SNDXBought
14 Aug 2026MABought
14 Aug 2026LQDABought
14 Aug 2026IAGBought
14 Aug 2026GILBought
14 Aug 2026GHRSBought
14 Aug 2026GEHCBought
14 Aug 2026FDXFBought
14 Aug 2026EXCBought
14 Aug 2026DNLIBought
14 Aug 2026CADLBought
14 Aug 2026AMZNBought
14 Aug 2026ACMBought
14 Aug 2026AAPLBought
15 May 2026KMBBought
15 May 2026ELVNBought
13 Feb 2026TENXBought
13 Feb 2026CRMBought
13 Feb 2026CABABought
13 Feb 2026BCAXBought
13 Feb 2026AQSTBought
14 Nov 2025PVLABought
14 Nov 2025PROKBought
14 Nov 2025NVDABought
14 Nov 2025GOSSBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026REPLSold
14 Aug 2026GOSSSold
14 Aug 2026GOOGLSold
15 May 2026SHELSold
13 Feb 2026NVDASold
13 Feb 2026MLYSSold
13 Feb 2026GILDSold
15 Aug 2025PLRXSold
15 Aug 2025KMBSold
15 Aug 2025DUKSold
9 May 2025YTRASold
9 May 2025UPSSold
9 May 2025ORCLSold
9 May 2025METSold
9 May 2025GOOGLSold
9 May 2025DKSSold
9 May 2025CLSSold
9 May 2025ALBSold
21 Feb 2025VODSold
21 Feb 2025DNLISold
21 Feb 2025CNQSold

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