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Funds (13F)

Spyglass Capital Management LLC

Backtest from 15 Feb 2019 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+12.6%
S&P 500 +15.6%
Last 12 months
−20.1%
S&P 500 +12.1%
Sharpe ratio
0.45
S&P 500 0.73
Biggest drop
−52.4%
S&P 500 −31.8%
$10.0k$20.0k 20192020202120222023202420252026 $30.6k$25.0k
StrategyS&P 500 $10,000 in Spyglass Capital Management LLC from 15 Feb 2019 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Spyglass Capital Management 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.

Spyglass Capital Management LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.6%+15.6%
Total return+150%+206%
Last 12 months−20.1%+12.1%
Last 3 months−4.7%—
Last month−3.1%—
This year so far−16.9%—
Volatility a year30.4%18.0%
Sharpe ratio0.450.73
Biggest drop−52.4%−31.8%
Beta to the S&P 5001.371.00
Alpha a year (t-statistic)−4.5% (−0.71)—
Share of weeks up56%—

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
AFRM6.8%——
CRDO5.9%——
IOT5.4%——
AAON5.3%——
APP5.3%——
FICO4.8%——
FOUR4.8%——
SNOW4.5%——
ILMN4.4%——
CSGP4.1%——
MDB4.1%——
DASH4.0%——
CHYM3.8%——
GLBE3.7%——
HUBS3.7%——
CVNA3.5%——
MEDP3.5%——
QXO3.4%——
CDNS3.2%——
ASND3.1%——
MKSI2.9%——
LOAR2.7%——
APG2.7%——
PCOR2.3%——
FPS2.1%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest15 Feb 2019 to 2 Nov 2026+12.6%+15.6%0.450.73−52.4%1.37−4.5% (−0.71)
Last three years3 Nov 2023 to 2 Nov 2026+21.7%+21.8%0.651.16−34.6%1.62−6.5% (−0.55)
Last year7 Nov 2025 to 2 Nov 2026−17.5%+14.2%−0.610.84−31.1%1.60−34.3% (−1.45)
DateCompanyAction
21 Aug 2026QXOBought
21 Aug 2026MKSIBought
21 Aug 2026FPSBought
21 Aug 2026ASNDBought
22 May 2026RBLXBought
22 May 2026CHYMBought
20 Feb 2026CVNABought
20 Feb 2026CRDOBought
21 Nov 2025LOARBought
21 Nov 2025IOTBought
21 Nov 2025FICOBought
15 Aug 2025NCNOBought
15 Aug 2025DUOLBought
15 Aug 2025CDNSBought
16 May 2025HOODBought
16 May 2025FICOBought
16 May 2025AAONBought
21 Feb 2025ILMNBought
15 Nov 2024WSCBought
15 Nov 2024VEEVBought
15 Nov 2024TDGBought
15 Nov 2024SPOTBought
15 Nov 2024SNOWBought
15 Nov 2024SGBought
15 Nov 2024PCORBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026RBLXSold
21 Aug 2026NCNOSold
21 Aug 2026KNSLSold
22 May 2026DUOLSold
20 Feb 2026SGSold
20 Feb 2026ACVASold
21 Nov 2025VEEVSold
21 Nov 2025HOODSold
21 Nov 2025ALABSold
15 Aug 2025WSCSold
15 Aug 2025GDDYSold
15 Aug 2025FICOSold
16 May 2025SPOTSold
16 May 2025FNDSold
16 May 2025DUOLSold
21 Feb 2025TDGSold

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