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Funds (13F)

Owl Creek Asset Management, L.P.

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

Watch this strategy
Return a year
+8.9%
S&P 500 +14.1%
Last 12 months
+28.9%
S&P 500 +12.1%
Sharpe ratio
0.41
S&P 500 0.78
Biggest drop
−36.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$30.8k
StrategyS&P 500 $10,000 in Owl Creek Asset Management, L.P. 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 Owl Creek Asset Management, L.P.'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.

Owl Creek Asset Management, L.P.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+8.9%+14.1%
Total return+208%+470%
Last 12 months+28.9%+12.1%
Last 3 months−10.2%—
Last month+1.4%—
This year so far+31.3%—
Volatility a year22.1%16.0%
Sharpe ratio0.410.78
Biggest drop−36.1%−31.8%
Beta to the S&P 5000.981.00
Alpha a year (t-statistic)−3.3% (−0.77)—
Share of weeks up55%—

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
ATEX49.4%——
RJET8.0%——
PCG7.0%——
FTAI3.1%——
APP2.5%——
ALK2.2%——
ARES2.2%——
DASH2.1%——
VST2.1%——
RCL2.0%——
TLN1.9%——
UBER1.7%——
UAL1.7%——
SKYW1.6%——
AIV1.6%——
CCL1.4%——
RKT1.4%——
FLEX1.3%——
UWMC1.0%——
MLCO0.8%——
SE0.8%——
CYH0.8%——
BWXT0.7%——
MSFT0.6%——
META0.6%——
NN0.5%——
Z0.3%——
GEV0.3%——
BWA0.2%——
DHR0.1%——
SPOT0.1%——

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+8.9%+14.1%0.410.78−36.1%0.98−3.3% (−0.77)
2018 onwards5 Jan 2018 to 2 Nov 2026+7.3%+13.9%0.290.66−36.1%0.96−4.2% (−0.71)
Last three years3 Nov 2023 to 2 Nov 2026+13.5%+21.8%0.441.16−28.1%0.80−1.7% (−0.13)
Last year7 Nov 2025 to 2 Nov 2026+36.2%+14.2%1.010.84−25.0%1.08+20.5% (0.71)
DateCompanyAction
21 Aug 2026ZBought
21 Aug 2026UWMCBought
21 Aug 2026UBERBought
21 Aug 2026UALBought
21 Aug 2026SEBought
21 Aug 2026RKTBought
21 Aug 2026RCLBought
21 Aug 2026NNBought
21 Aug 2026MSFTBought
21 Aug 2026MLCOBought
21 Aug 2026METABought
21 Aug 2026GEVBought
21 Aug 2026FLEXBought
21 Aug 2026DASHBought
21 Aug 2026CCLBought
21 Aug 2026BWABought
21 Aug 2026ARESBought
22 May 2026SPOTBought
22 May 2026ISRGBought
22 May 2026INTUBought
22 May 2026HWMBought
22 May 2026GEBought
22 May 2026ALKBought
22 May 2026AIVBought
20 Feb 2026SEBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026NVDASold
21 Aug 2026ISRGSold
21 Aug 2026INTUSold
21 Aug 2026HWMSold
21 Aug 2026GESold
21 Aug 2026AMZNSold
22 May 2026UBERSold
22 May 2026UALSold
22 May 2026SESold
22 May 2026ORCLSold
22 May 2026MSFTSold
22 May 2026LYFTSold
22 May 2026HUTSold
22 May 2026HUMSold
22 May 2026GEVSold
22 May 2026FLUTSold
22 May 2026DKNGSold
22 May 2026DASHSold
22 May 2026CWSold
22 May 2026AVGOSold
20 Feb 2026UNHSold
20 Feb 2026TDGSold
20 Feb 2026RKTSold
20 Feb 2026QURESold
20 Feb 2026PDDSold

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