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Funds (13F)

Montanova Capital, LLC

Backtest from 21 Feb 2014 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+13.1%
S&P 500 +13.7%
Last 12 months
+0.1%
S&P 500 +12.1%
Sharpe ratio
0.60
S&P 500 0.75
Biggest drop
−34.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2014201620182020202220242026 $50.9k$47.9k
Montanova Capital, LLCS&P 500 $10,000 in Montanova Capital, LLC from 21 Feb 2014 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Montanova Capital, 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.

Montanova Capital, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.1%+13.7%
Total return+379%+409%
Last 12 months+0.1%+12.1%
Last 3 months−7.1%—
Last month−3.8%—
This year so far−1.9%—
Volatility a year20.6%16.2%
Sharpe ratio0.600.75
Biggest drop−34.7%−31.8%
Beta to the S&P 5001.061.00
Alpha a year (t-statistic)−0.5% (−0.14)—
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
MANE11.1%——
ARQT7.1%——
LEGN4.4%——
PVLA3.8%——
AVBP3.4%——
BNTC3.4%——
BHVN3.3%——
AMD3.2%——
RCUS3.2%——
TSM3.1%——
NVDA3.1%——
EYPT2.6%——
SYY2.6%——
GE2.5%——
IMTX2.5%——
MGM2.4%——
META2.1%——
CAPR2.1%——
KURA2.0%——
GLUE1.9%——
AVLN1.8%——
HD1.7%——
HUT1.7%——
COF1.4%——
VMC1.4%——
FERG1.3%——
ZURA1.2%——
IFRX1.1%——
AURA1.1%——
FTH1.1%——
AMZN1.1%——
REPL1.1%——
APH1.0%——
SPOT1.0%——
CTNM1.0%——
APO1.0%——
BAC1.0%——
CBRS0.8%——
DKS0.7%——
AVGO0.7%——
CMPX0.7%——
LXEO0.6%——
UNH0.6%——
PROK0.6%——
WHWK0.4%——
SPCX0.4%——
MLM0.3%——
FULC0.3%——
PLNT0.3%——
BE0.2%——
KARD0.2%——
CVS0.2%——
MOLN0.2%——
AVR0.2%——
DXCM0.1%——
TMO0.1%——
CNC0.1%——
ABT0.1%——
BSX0.1%——
ISRG0.1%——
DHR0.1%——
MLYS0.1%——
CLDX0.1%——
MSLE0.1%——
COR0.1%——
ABEO0.1%——
NTRA0.1%——
JNJ0.0%——
LRCX0.0%——
MSFT0.0%——
SYK0.0%——
EW0.0%——
MDLN0.0%——
PFGC0.0%——
SNOW0.0%——
IQV0.0%——
MCK0.0%——
HCA0.0%——
WAT0.0%——
GWW0.0%——
IONS0.0%——
USFD0.0%——
A0.0%——
VLTO0.0%——
RMD0.0%——
STE0.0%——
SRPT0.0%——
ZBH0.0%——
CRL0.0%——
INM0.0%——

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 2014 to 2 Nov 2026+13.1%+13.7%0.600.75−34.7%1.06−0.5% (−0.14)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.0%+13.9%0.450.66−34.7%1.08−2.5% (−0.60)
Last three years3 Nov 2023 to 2 Nov 2026+22.8%+21.8%0.791.16−28.3%1.16+0.3% (0.02)
Last year7 Nov 2025 to 2 Nov 2026+7.0%+14.2%0.240.84−19.9%1.21−6.2% (−0.31)
DateCompanyAction
21 Aug 2026SPCXBought
21 Aug 2026SNOWBought
21 Aug 2026PLNTBought
21 Aug 2026MLMBought
21 Aug 2026LRCXBought
21 Aug 2026KARDBought
21 Aug 2026INMBought
21 Aug 2026HUTBought
21 Aug 2026DKSBought
21 Aug 2026CVSBought
21 Aug 2026CRLBought
21 Aug 2026CNCBought
21 Aug 2026CLDXBought
21 Aug 2026CBRSBought
21 Aug 2026BEBought
21 Aug 2026AVLNBought
21 Aug 2026AVGOBought
21 Aug 2026APHBought
22 May 2026WINGBought
22 May 2026VSTBought
22 May 2026VMCBought
22 May 2026USFDBought
22 May 2026TLNBought
22 May 2026SPOTBought
22 May 2026RBLXBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WINGSold
21 Aug 2026VSTSold
21 Aug 2026VRDNSold
21 Aug 2026TSLASold
21 Aug 2026TLNSold
21 Aug 2026RBLXSold
21 Aug 2026MTDSold
21 Aug 2026MDTSold
21 Aug 2026LTHSold
21 Aug 2026ERASSold
21 Aug 2026COHRSold
22 May 2026UTHRSold
22 May 2026TNGXSold
22 May 2026RCKTSold
22 May 2026RARESold
22 May 2026QURESold
22 May 2026ORCLSold
22 May 2026NOWSold
22 May 2026MRNASold
22 May 2026KOSold
22 May 2026INSMSold
22 May 2026GSSold
22 May 2026DKSSold
22 May 2026CRMSold
22 May 2026CRLSold

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