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Funds (13F)

Rubric Capital Management LP

Backtest from 10 Feb 2017 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+12.0%
S&P 500 +14.7%
Last 12 months
+13.8%
S&P 500 +12.1%
Sharpe ratio
0.48
S&P 500 0.73
Biggest drop
−56.0%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 20172019202120232025 $38.0k$30.2k
Rubric Capital Management LPS&P 500 $10,000 in Rubric Capital Management LP from 10 Feb 2017 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Rubric Capital Management 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.

Rubric Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.0%+14.7%
Total return+202%+280%
Last 12 months+13.8%+12.1%
Last 3 months−2.0%—
Last month+1.9%—
This year so far+9.6%—
Volatility a year24.8%17.2%
Sharpe ratio0.480.73
Biggest drop−56.0%−31.8%
Beta to the S&P 5001.101.00
Alpha a year (t-statistic)−2.0% (−0.40)—
Share of weeks up58%—

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
TLN13.0%——
FTAI7.6%——
VTRS5.1%——
TEVA5.0%——
GLNG4.3%——
VST2.7%——
TAC2.6%——
FLR2.5%——
KNSA2.4%——
BGC2.4%——
ZM2.2%——
GIL2.2%——
ARQT2.0%——
AMZN2.0%——
ROIV2.0%——
ZYME1.7%——
AMCR1.7%——
CMPR1.7%——
AMRX1.6%——
NRIX1.6%——
MCY1.5%——
PFSI1.4%——
IART1.3%——
DK1.3%——
MGTX1.2%——
GEO1.1%——
SDGR1.0%——
ECVT1.0%——
LBTYK1.0%——
COMP0.9%——
NWL0.9%——
EPC0.9%——
CXW0.8%——
ARDX0.8%——
ENOV0.8%——
ADMA0.7%——
MNKD0.7%——
DRVN0.7%——
OPK0.7%——
AVO0.7%——
ADEA0.7%——
RNW0.7%——
SSYS0.6%——
SPRY0.6%——
ANDE0.6%——
PRMB0.6%——
SON0.6%——
STUB0.6%——
GLXY0.6%——
VG0.6%——
ESTA0.6%——
QDEL0.5%——
ALVO0.5%——
TH0.5%——
DNOW0.5%——
PRTA0.5%——
TRVI0.4%——
COLL0.4%——
ABUS0.3%——
VGNT0.3%——
XPER0.3%——
OFIX0.3%——
TRIP0.3%——
MATV0.3%——
LILA0.3%——
BHVN0.2%——
VISN0.2%——
ANIP0.2%——
QURE0.2%——
HPP0.1%——
SEG0.1%——
GDS0.1%——
HRTX0.1%——
PRLB0.1%——
AERO0.1%——
OMER0.1%——
EPRX0.1%——
EDSA0.1%——
MREO0.1%——
ABEO0.0%——
CRI0.0%——
TXMD0.0%——
TTI0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest10 Feb 2017 to 2 Nov 2026+12.0%+14.7%0.480.73−56.0%1.10−2.0% (−0.40)
2018 onwards5 Jan 2018 to 2 Nov 2026+10.3%+13.9%0.400.66−56.0%1.10−2.7% (−0.49)
Last three years3 Nov 2023 to 2 Nov 2026+27.8%+21.8%1.061.16−26.5%0.99+6.3% (0.68)
Last year7 Nov 2025 to 2 Nov 2026+16.4%+14.2%0.690.84−11.3%0.81+4.8% (0.29)
DateCompanyAction
21 Aug 2026VGNTBought
21 Aug 2026TTIBought
21 Aug 2026TRIPBought
21 Aug 2026STUBBought
21 Aug 2026SONBought
21 Aug 2026QUREBought
21 Aug 2026OMERBought
21 Aug 2026HPPBought
21 Aug 2026GLXYBought
21 Aug 2026GDSBought
21 Aug 2026FLRBought
21 Aug 2026ESTABought
21 Aug 2026BHVNBought
21 Aug 2026ANIPBought
21 Aug 2026AMZNBought
21 Aug 2026ALVOBought
21 Aug 2026ABEOBought
22 May 2026ZMBought
22 May 2026VISNBought
22 May 2026VGBought
22 May 2026PTGXBought
22 May 2026PFSIBought
22 May 2026INDVBought
22 May 2026EPRXBought
22 May 2026DRVNBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026TSATSold
21 Aug 2026TDSSold
21 Aug 2026PTGXSold
21 Aug 2026MYPSSold
21 Aug 2026INDVSold
21 Aug 2026HELESold
21 Aug 2026EMBCSold
21 Aug 2026CPRISold
21 Aug 2026CEGSold
21 Aug 2026BMRNSold
21 Aug 2026AKAMSold
21 Aug 2026ACHCSold
22 May 2026SWSold
22 May 2026STUBSold
22 May 2026NFESold
22 May 2026GPKSold
22 May 2026FLRSold
22 May 2026EOSESold
22 May 2026DARSold
22 May 2026BGSold
22 May 2026ADMSold
20 Feb 2026TTISold
20 Feb 2026SUPNSold
20 Feb 2026MHKSold
20 Feb 2026CNNESold

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