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Funds (13F)

Madison Avenue Partners, LP

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

Watch this strategy
Return a year
+23.4%
S&P 500 +14.6%
Last 12 months
+94.2%
S&P 500 +12.1%
Sharpe ratio
0.79
S&P 500 0.66
Biggest drop
−37.8%
S&P 500 −31.0%
$10.0k$20.0k$40.0k 2020202120222023202420252026 $41.0k$24.9k
Madison Avenue Partners, LPS&P 500 $10,000 in Madison Avenue Partners, 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 Madison Avenue Partners, 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.

Madison Avenue Partners, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+23.4%+14.6%
Total return+310%+149%
Last 12 months+94.2%+12.1%
Last 3 months+4.3%—
Last month+5.4%—
This year so far+69.3%—
Volatility a year27.6%18.9%
Sharpe ratio0.790.66
Biggest drop−37.8%−31.0%
Beta to the S&P 5000.931.00
Alpha a year (t-statistic)+10.2% (1.24)—
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
GHC13.0%——
INVH11.6%——
MKL10.1%——
CPNG10.0%——
MICC8.8%——
SOLV6.2%——
STAA5.5%——
INDV5.4%——
LKFT4.8%——
GMED3.4%——
OCTV3.2%——
BTI3.0%——
STGW2.8%——
SANM2.2%——
PRIM2.1%——
AD1.9%——
AIV1.7%——
SNDK1.0%——
TPB1.0%——
SBGI0.9%——
MAGN0.7%——
MRP0.4%——
KROS0.3%——
MNRO0.1%——

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+23.4%+14.6%0.790.66−37.8%0.93+10.2% (1.24)
Last three years3 Nov 2023 to 2 Nov 2026+60.5%+21.8%1.791.16−16.0%0.98+30.2% (2.37)
Last year7 Nov 2025 to 2 Nov 2026+75.0%+14.2%2.100.84−11.5%1.18+43.2% (1.93)
DateCompanyAction
21 Aug 2026SANMBought
21 Aug 2026PRIMBought
21 Aug 2026OCTVBought
21 Aug 2026MRPBought
21 Aug 2026MNROBought
21 Aug 2026INVHBought
21 Aug 2026ADBought
22 May 2026STAABought
22 May 2026PRMBBought
22 May 2026PARBought
22 May 2026ICLRBought
22 May 2026DNOWBought
22 May 2026CPNGBought
22 May 2026AIVBought
20 Feb 2026WKBought
20 Feb 2026UNFBought
20 Feb 2026TPBBought
20 Feb 2026SOLSBought
20 Feb 2026SBGIBought
20 Feb 2026MOHBought
20 Feb 2026MICCBought
20 Feb 2026INDVBought
20 Feb 2026CBCBought
21 Nov 2025NWSABought
21 Nov 2025CTRIBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WLYSold
21 Aug 2026SNSold
21 Aug 2026PRMBSold
21 Aug 2026PARSold
21 Aug 2026MOHSold
21 Aug 2026ICLRSold
21 Aug 2026FSPSold
21 Aug 2026DNOWSold
21 Aug 2026CBCSold
22 May 2026WKSold
22 May 2026UNFSold
22 May 2026SOLSSold
20 Feb 2026NWSASold
20 Feb 2026NNISold
20 Feb 2026CTRISold
20 Feb 2026ALMSSold
20 Feb 2026AIVSold
21 Nov 2025PLRXSold
21 Nov 2025OVIDSold
21 Nov 2025MRPSold
21 Nov 2025INVXSold
21 Nov 2025CNNESold
21 Nov 2025CMCOSold
21 Nov 2025ARVNSold
15 Aug 2025PCGSold

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