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Funds (13F)

Light Street Capital Management, LLC

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

Watch this strategy
Return a year
+21.3%
S&P 500 +14.1%
Last 12 months
+9.9%
S&P 500 +12.1%
Sharpe ratio
0.74
S&P 500 0.78
Biggest drop
−68.3%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k$160k 2013201520172019202120232025 $128k$57.0k
StrategyS&P 500 $10,000 in Light Street 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 Light Street 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.

Light Street Capital Management, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+21.3%+14.1%
Total return+1181%+470%
Last 12 months+9.9%+12.1%
Last 3 months−3.0%—
Last month−15.1%—
This year so far+11.6%—
Volatility a year29.1%16.0%
Sharpe ratio0.740.78
Biggest drop−68.3%−31.8%
Beta to the S&P 5001.381.00
Alpha a year (t-statistic)+4.3% (0.83)—
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
TSM12.8%——
AMD7.6%——
ALAB7.2%——
GTLB7.0%——
AVGO6.9%——
AMKR6.1%——
FROG5.5%——
MKSI5.5%——
CHYM5.3%——
CPNG4.2%——
TOST3.9%——
RDDT3.8%——
NVDA3.3%——
BE3.0%——
ASML2.6%——
MELI2.6%——
CLBT2.3%——
SNOW2.1%——
MDB2.0%——
GOOGL1.8%——
AMZN1.4%——
DDOG1.2%——
NXPI0.8%——
ADI0.5%——
QNT0.3%——
GDS0.3%——

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+21.3%+14.1%0.740.78−68.3%1.38+4.3% (0.83)
2018 onwards5 Jan 2018 to 2 Nov 2026+16.0%+13.9%0.530.66−68.3%1.38+0.7% (0.11)
Last three years3 Nov 2023 to 2 Nov 2026+39.1%+21.8%1.151.16−34.0%1.78+3.8% (0.48)
Last year7 Nov 2025 to 2 Nov 2026+14.5%+14.2%0.490.84−16.7%1.83−5.3% (−0.36)
DateCompanyAction
21 Aug 2026TOSTBought
21 Aug 2026SNOWBought
21 Aug 2026RDDTBought
21 Aug 2026QNTBought
21 Aug 2026MELIBought
21 Aug 2026MDBBought
21 Aug 2026ALABBought
22 May 2026LITEBought
22 May 2026IOTBought
22 May 2026DDOGBought
22 May 2026CPNGBought
22 May 2026BEBought
20 Feb 2026TEAMBought
20 Feb 2026RDDTBought
20 Feb 2026NFLXBought
20 Feb 2026MKSIBought
20 Feb 2026AMPLBought
20 Feb 2026AMKRBought
21 Nov 2025SNOWBought
21 Nov 2025MNDYBought
21 Nov 2025MDBBought
21 Nov 2025GOOGLBought
21 Nov 2025DDOGBought
21 Nov 2025BABABought
21 Nov 2025APPFBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026LITESold
21 Aug 2026IOTSold
21 Aug 2026BILLSold
21 Aug 2026AMPLSold
22 May 2026TEAMSold
22 May 2026RDDTSold
22 May 2026NFLXSold
22 May 2026CEGSold
22 May 2026AAPLSold
20 Feb 2026SNPSSold
20 Feb 2026SNOWSold
20 Feb 2026SESold
20 Feb 2026MNDYSold
20 Feb 2026MDBSold
20 Feb 2026DDOGSold
20 Feb 2026CDNSSold
20 Feb 2026BABASold
20 Feb 2026APPFSold
21 Nov 2025NFLXSold
21 Nov 2025NCNOSold
21 Nov 2025METASold
21 Nov 2025MELISold
21 Nov 2025CLSSold
21 Nov 2025BLSold
15 Aug 2025RDDTSold

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