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Funds (13F)

Pointstate Capital LP

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

Watch this strategy
Return a year
+16.5%
S&P 500 +14.1%
Last 12 months
+19.7%
S&P 500 +12.1%
Sharpe ratio
0.76
S&P 500 0.78
Biggest drop
−32.3%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $75.6k$57.0k
Pointstate Capital LPS&P 500 $10,000 in Pointstate Capital LP 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 Pointstate Capital 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.

Pointstate Capital LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+16.5%+14.1%
Total return+656%+470%
Last 12 months+19.7%+12.1%
Last 3 months+3.0%—
Last month+0.2%—
This year so far+9.5%—
Volatility a year20.3%16.0%
Sharpe ratio0.760.78
Biggest drop−32.3%−31.8%
Beta to the S&P 5001.121.00
Alpha a year (t-statistic)+1.4% (0.53)—
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
PCG6.7%——
AMZN6.6%——
DASH6.6%——
GRAB6.3%——
Q5.8%——
RTX5.5%——
XYZ4.6%——
DKNG4.4%——
META4.2%——
FLS3.9%——
WAB3.4%——
COF3.4%——
KNX3.0%——
ILMN3.0%——
RBRK2.9%——
UNP2.7%——
ARMK2.6%——
STUB2.5%——
CAI2.4%——
CSX2.4%——
UAL2.4%——
RMBS2.0%——
WMB1.8%——
FLUT1.7%——
CPNG1.4%——
NTRA1.4%——
CLF1.2%——
NUE1.1%——
NN1.1%——
MSFT0.9%——
MTCH0.8%——
LTH0.7%——
WAY0.4%——
STLD0.3%——

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+16.5%+14.1%0.760.78−32.3%1.12+1.4% (0.53)
2018 onwards5 Jan 2018 to 2 Nov 2026+19.0%+13.9%0.760.66−32.3%1.11+4.0% (1.16)
Last three years3 Nov 2023 to 2 Nov 2026+35.8%+21.8%1.391.16−26.1%1.26+7.8% (1.29)
Last year7 Nov 2025 to 2 Nov 2026+18.0%+14.2%0.790.84−10.9%1.11+3.0% (0.25)
DateCompanyAction
21 Aug 2026WMBBought
21 Aug 2026UNPBought
21 Aug 2026UALBought
21 Aug 2026STLDBought
21 Aug 2026RTXBought
21 Aug 2026NUEBought
21 Aug 2026NNBought
21 Aug 2026MTCHBought
21 Aug 2026MSFTBought
21 Aug 2026KNXBought
21 Aug 2026FLSBought
21 Aug 2026DKNGBought
21 Aug 2026CSXBought
21 Aug 2026CLFBought
21 Aug 2026AMZNBought
22 May 2026VISNBought
22 May 2026VGBought
22 May 2026RMBSBought
22 May 2026QBought
22 May 2026MTBought
22 May 2026METABought
22 May 2026LYBBought
22 May 2026LTHBought
22 May 2026ENTGBought
22 May 2026DOWBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WCCSold
21 Aug 2026VISNSold
21 Aug 2026VGSold
21 Aug 2026TEVASold
21 Aug 2026RKTSold
21 Aug 2026NVTSold
21 Aug 2026MTSold
21 Aug 2026LYBSold
21 Aug 2026GLNGSold
21 Aug 2026FCXSold
21 Aug 2026ENTGSold
21 Aug 2026DOWSold
21 Aug 2026CRSSold
22 May 2026XPSold
22 May 2026VSTSold
22 May 2026VALESold
22 May 2026UNPSold
22 May 2026TSEMSold
22 May 2026TLNSold
22 May 2026SCHWSold
22 May 2026OKTASold
22 May 2026METCSold
22 May 2026LSCCSold
22 May 2026IOTSold
22 May 2026HUTSold

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