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Funds (13F)

Valiant Capital Management, L.P.

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

Watch this strategy
Return a year
+16.9%
S&P 500 +14.1%
Last 12 months
−2.8%
S&P 500 +12.1%
Sharpe ratio
0.65
S&P 500 0.78
Biggest drop
−65.2%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $78.7k$57.0k
StrategyS&P 500 $10,000 in Valiant Capital 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 Valiant Capital 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.

Valiant Capital Management, L.P.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+16.9%+14.1%
Total return+687%+470%
Last 12 months−2.8%+12.1%
Last 3 months−10.8%—
Last month−11.5%—
This year so far−0.9%—
Volatility a year26.2%16.0%
Sharpe ratio0.650.78
Biggest drop−65.2%−31.8%
Beta to the S&P 5001.251.00
Alpha a year (t-statistic)+1.5% (0.32)—
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
CORZ18.0%——
SEI12.1%——
GEV10.8%——
WULF6.7%——
PUMP5.7%——
GRDN4.7%——
RH4.7%——
PWR4.6%——
AVGO4.5%——
AMZN3.5%——
TKO3.4%——
CRWD3.2%——
TTWO2.9%——
LLY2.7%——
HDB2.5%——
NVDA2.4%——
CRDO2.4%——
MSFT2.3%——
Z1.4%——
BW0.7%——
UBER0.4%——
PSIX0.3%——

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+16.9%+14.1%0.650.78−65.2%1.25+1.5% (0.32)
2018 onwards5 Jan 2018 to 2 Nov 2026+12.5%+13.9%0.450.66−65.2%1.27−1.6% (−0.25)
Last three years3 Nov 2023 to 2 Nov 2026+33.8%+21.8%1.101.16−22.6%1.41+5.0% (0.54)
Last year7 Nov 2025 to 2 Nov 2026+0.2%+14.2%−0.040.84−22.6%1.19−12.7% (−0.65)
DateCompanyAction
21 Aug 2026WULFBought
21 Aug 2026BWBought
22 May 2026FPSBought
20 Feb 2026SEIBought
20 Feb 2026PUMPBought
21 Nov 2025GRDNBought
21 Nov 2025FLYBought
15 Aug 2025RHBought
15 Aug 2025BTBTBought
15 Aug 2025ABRBought
16 May 2025TACBought
21 Feb 2025WMBBought
21 Feb 2025WLDNBought
21 Feb 2025TLNBought
21 Feb 2025PSIXBought
21 Feb 2025KGSBought
15 Nov 2024ZBought
15 Nov 2024VSTBought
15 Nov 2024UBERBought
15 Nov 2024TTWOBought
15 Nov 2024TKOBought
15 Nov 2024PWRBought
15 Nov 2024NVDABought
15 Nov 2024NOWBought
15 Nov 2024NFLXBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WLDNSold
21 Aug 2026NOWSold
21 Aug 2026FPSSold
21 Aug 2026CRMSold
21 Aug 2026AGXSold
22 May 2026VSTSold
22 May 2026NFLXSold
20 Feb 2026FLYSold
21 Nov 2025CARTSold
21 Nov 2025BTBTSold
21 Nov 2025ABRSold
15 Aug 2025TLNSold
15 Aug 2025TACSold
15 Aug 2025KGSSold
16 May 2025WMBSold
21 Feb 2025CEGSold

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