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Funds (13F)

MKP Capital Management, L.L.C.

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

Watch this strategy
Return a year
+1.1%
S&P 500 +14.1%
Last 12 months
−9.5%
S&P 500 +12.1%
Sharpe ratio
0.13
S&P 500 0.78
Biggest drop
−74.2%
S&P 500 −31.8%
$5.0k$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$11.5k
StrategyS&P 500 $10,000 in MKP Capital Management, L.L.C. 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 MKP Capital Management, L.L.C.'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.

MKP Capital Management, L.L.C.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+1.1%+14.1%
Total return+15%+470%
Last 12 months−9.5%+12.1%
Last 3 months−2.2%—
Last month+0.4%—
This year so far−8.8%—
Volatility a year30.5%16.0%
Sharpe ratio0.130.78
Biggest drop−74.2%−31.8%
Beta to the S&P 5001.191.00
Alpha a year (t-statistic)−10.9% (−1.65)—
Share of weeks up39%—

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
JPM49.9%——
C14.1%——
MSFT13.7%——
GS12.7%——
AMZN5.6%——
NVDA2.2%——
AVGO1.0%——
CRDO0.3%——
VRT0.3%——
GEV0.3%——

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+1.1%+14.1%0.130.78−74.2%1.19−10.9% (−1.65)
2018 onwards5 Jan 2018 to 2 Nov 2026+0.7%+13.9%0.130.66−70.6%1.34−11.2% (−1.23)
Last three years3 Nov 2023 to 2 Nov 2026+25.4%+21.8%0.791.16−32.1%1.48−2.0% (−0.19)
Last year7 Nov 2025 to 2 Nov 2026−8.7%+14.2%−0.580.84−16.1%1.27−23.6% (−2.02)
DateCompanyAction
14 Aug 2026VRTBought
14 Aug 2026NVDABought
14 Aug 2026MSFTBought
14 Aug 2026GSBought
14 Aug 2026GEVBought
14 Aug 2026CRDOBought
14 Aug 2026CBought
14 Aug 2026AVGOBought
15 May 2026TMOBought
15 May 2026SCHWBought
15 May 2026JPMBought
15 May 2026DVNBought
15 May 2026CRWVBought
15 May 2026BSXBought
15 May 2026BEBought
15 May 2026ASMLBought
15 May 2026AMZNBought
13 Feb 2026OWLBought
13 Feb 2026NFLXBought
13 Feb 2026NDAQBought
13 Feb 2026NCLHBought
13 Feb 2026HOODBought
13 Feb 2026CTSHBought
13 Feb 2026COOBought
13 Feb 2026CBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026TMOSold
14 Aug 2026SCHWSold
14 Aug 2026GOOGLSold
14 Aug 2026DVNSold
14 Aug 2026CRWVSold
14 Aug 2026BSXSold
14 Aug 2026BESold
14 Aug 2026ASMLSold
14 Aug 2026AAPLSold
15 May 2026OWLSold
15 May 2026NFLXSold
15 May 2026NDAQSold
15 May 2026NCLHSold
15 May 2026MSFTSold
15 May 2026HOODSold
15 May 2026CTSHSold
15 May 2026COOSold
15 May 2026CSold
15 May 2026BACSold
13 Feb 2026TJXSold
13 Feb 2026PGSold
13 Feb 2026COFSold
13 Feb 2026AMZNSold
14 Nov 2025QCOMSold
14 Nov 2025HDSold

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