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Funds (13F)

Slate Path Capital LP

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

Watch this strategy
Return a year
+28.0%
S&P 500 +14.1%
Last 12 months
+39.5%
S&P 500 +12.1%
Sharpe ratio
0.98
S&P 500 0.78
Biggest drop
−39.5%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k$160k 2013201520172019202120232025 $260k$57.0k
Slate Path Capital LPS&P 500 $10,000 in Slate Path 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 Slate Path 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.

Slate Path Capital LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+28.0%+14.1%
Total return+2501%+470%
Last 12 months+39.5%+12.1%
Last 3 months−0.5%—
Last month−3.0%—
This year so far+28.2%—
Volatility a year26.6%16.0%
Sharpe ratio0.980.78
Biggest drop−39.5%−31.8%
Beta to the S&P 5001.281.00
Alpha a year (t-statistic)+10.2% (2.17)—
Share of weeks up59%—

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
UNP8.7%——
U6.4%——
UAL6.3%——
HUM5.9%——
STM5.4%——
RIVN5.3%——
HPE4.9%——
FDXF4.7%——
DAL3.9%——
NUE3.9%——
FCX3.9%——
CLF3.7%——
KNX3.7%——
WOLF3.0%——
CSX2.6%——
IP2.6%——
RIG2.5%——
APTV2.3%——
JHX2.2%——
AAL2.1%——
RBLX2.1%——
TXN2.0%——
AKAM2.0%——
ENPH1.8%——
ON1.7%——
KMX1.3%——
SKYD1.0%——
FIGR0.8%——
GDS0.6%——
COIN0.5%——
CRCL0.5%——
SNAP0.5%——
WHR0.4%——
PURR0.3%——
XPO0.3%——
GEV0.2%——
UNH0.2%——
NAMS0.1%——
TVRD0.0%——

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+28.0%+14.1%0.980.78−39.5%1.28+10.2% (2.17)
2018 onwards5 Jan 2018 to 2 Nov 2026+29.7%+13.9%0.970.66−39.5%1.25+12.4% (2.17)
Last three years3 Nov 2023 to 2 Nov 2026+55.1%+21.8%1.711.16−27.8%1.38+20.1% (2.19)
Last year7 Nov 2025 to 2 Nov 2026+34.9%+14.2%1.150.84−11.9%1.60+12.8% (0.79)
DateCompanyAction
21 Aug 2026UNHBought
21 Aug 2026RIVNBought
21 Aug 2026RBLXBought
21 Aug 2026PURRBought
21 Aug 2026KMXBought
21 Aug 2026GDSBought
21 Aug 2026FDXFBought
21 Aug 2026CSXBought
21 Aug 2026CRCLBought
21 Aug 2026APTVBought
21 Aug 2026AKAMBought
22 May 2026XPOBought
22 May 2026WOLFBought
22 May 2026TXNBought
22 May 2026TEBought
22 May 2026SWBought
22 May 2026SNAPBought
22 May 2026SEDGBought
22 May 2026SAIABought
22 May 2026RIGBought
22 May 2026ENPHBought
20 Feb 2026STUBBought
20 Feb 2026STMBought
20 Feb 2026QBought
20 Feb 2026ONBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026TWLOSold
21 Aug 2026TESold
21 Aug 2026SWSold
21 Aug 2026STUBSold
21 Aug 2026SEDGSold
21 Aug 2026SAIASold
21 Aug 2026RKTSold
21 Aug 2026QSold
21 Aug 2026LABSold
21 Aug 2026GFSSold
21 Aug 2026EXESold
21 Aug 2026EQTSold
21 Aug 2026AMRZSold
21 Aug 2026AERSold
22 May 2026WDCSold
22 May 2026PAASSold
22 May 2026OUSTSold
22 May 2026NYTSold
22 May 2026NVTSSold
22 May 2026NKESold
22 May 2026NEMSold
22 May 2026LULUSold
22 May 2026GTLBSold
22 May 2026GLWSold
22 May 2026FISVSold

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