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Funds (13F)

Voleon Capital Management LP

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

Watch this strategy
Return a year
−3.9%
S&P 500 +15.6%
Last 12 months
+11.3%
S&P 500 +12.1%
Sharpe ratio
−0.21
S&P 500 0.73
Biggest drop
−68.1%
S&P 500 −31.8%
$5.0k$10.0k$20.0k 20192020202120222023202420252026 $30.6k$7.3k
Voleon Capital Management LPS&P 500 $10,000 in Voleon Capital Management LP 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 Voleon 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.

Voleon Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)−3.9%+15.6%
Total return−27%+206%
Last 12 months+11.3%+12.1%
Last 3 months−0.1%—
Last month−4.1%—
This year so far+8.9%—
Volatility a year21.7%18.0%
Sharpe ratio−0.210.73
Biggest drop−68.1%−31.8%
Beta to the S&P 5000.851.00
Alpha a year (t-statistic)−15.7% (−2.82)—
Share of weeks up35%—

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
NVDA5.6%——
AAPL5.5%——
MSFT4.0%——
GOOGL3.9%——
AMZN2.9%——
META2.0%——
TSLA1.8%——
MU1.5%——
JPM1.5%——
AVGO1.4%——
MA1.3%——
SNDK1.3%——
LLY1.2%——
INTC1.2%——
ALAB1.0%——
ORLY1.0%——
CMG0.9%——
ABBV0.8%——
V0.8%——
CAH0.8%——
WMT0.8%——
MRK0.7%——
SOLS0.7%——
GD0.7%——
HD0.7%——
WAB0.6%——
BLK0.6%——
SHW0.6%——
CPRT0.6%——
AMAT0.6%——
FTNT0.6%——
HOOD0.6%——
KO0.6%——
ATI0.6%——
GEV0.6%——
CAT0.5%——
ONTO0.5%——
CI0.5%——
FAST0.5%——
DELL0.5%——
PG0.5%——
DXCM0.5%——
AMD0.5%——
IREN0.5%——
COST0.5%——
AZN0.5%——
CTAS0.4%——
SCHW0.4%——
CLMT0.4%——
HNGE0.4%——
RTX0.4%——
LRCX0.4%——
TRGP0.4%——
GSAT0.4%——
AXSM0.4%——
TTD0.4%——
INTU0.4%——
Q0.4%——
LUMN0.4%——
MS0.4%——
RBLX0.4%——
WMB0.3%——
NEE0.3%——
MRVL0.3%——
T0.3%——
SO0.3%——
EIX0.3%——
AZO0.3%——
SF0.3%——
FCX0.3%——
FLEX0.3%——
MANH0.3%——
NBIS0.3%——
RJF0.3%——
PEG0.3%——
VIK0.3%——
ESTA0.3%——
APLD0.3%——
GTLB0.3%——
PCAR0.3%——
LGN0.3%——
BE0.3%——
ERIE0.3%——
EXEL0.3%——
SHOP0.3%——
MMM0.3%——
FTI0.3%——
LIND0.3%——
WFC0.3%——
CHYM0.2%——
DOCS0.2%——
STM0.2%——
MCK0.2%——
BAC0.2%——
FIG0.2%——
SRPT0.2%——
COKE0.2%——
TJX0.2%——
WSM0.2%——
ASML0.2%——
MPC0.2%——
UNP0.2%——
ZS0.2%——
BKD0.2%——
MTD0.2%——
DUOL0.2%——
PLTR0.2%——
LBRT0.2%——
VRSN0.2%——
BBIO0.2%——
VMC0.2%——
VSNT0.2%——
TT0.2%——
TPC0.2%——
USB0.2%——
AME0.2%——
MIRM0.2%——
CW0.2%——
INGM0.2%——
JBLU0.2%——
CRDO0.2%——
CBC0.2%——
EXC0.2%——
PTON0.2%——
DK0.2%——
ECG0.2%——
GFS0.2%——
RBRK0.2%——
FRSH0.2%——
DDS0.2%——
AMRX0.2%——
PODD0.2%——
TVTX0.2%——
GRAL0.2%——
CORT0.1%——
GWW0.1%——
PBF0.1%——
XIFR0.1%——
LYV0.1%——
SCCO0.1%——
CRCL0.1%——
ITW0.1%——
ALSN0.1%——
CSCO0.1%——
CNC0.1%——
ACLS0.1%——
HIG0.1%——
VIAV0.1%——
JNJ0.1%——
TREX0.1%——

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 2026−3.9%+15.6%−0.210.73−68.1%0.85−15.7% (−2.82)
Last three years3 Nov 2023 to 2 Nov 2026+8.6%+21.8%0.371.16−16.3%0.71−6.9% (−1.61)
Last year7 Nov 2025 to 2 Nov 2026+13.4%+14.2%0.730.84−10.2%1.01−0.7% (−0.17)
DateCompanyAction
21 Aug 2026YUMBought
21 Aug 2026XYLBought
21 Aug 2026XMTRBought
21 Aug 2026WOLFBought
21 Aug 2026WMBought
21 Aug 2026WINGBought
21 Aug 2026WEAVBought
21 Aug 2026WDCBought
21 Aug 2026WCCBought
21 Aug 2026WBIBought
21 Aug 2026VVXBought
21 Aug 2026VSNTBought
21 Aug 2026VSATBought
21 Aug 2026VMCBought
21 Aug 2026VGBought
21 Aug 2026VECOBought
21 Aug 2026VCELBought
21 Aug 2026UUUUBought
21 Aug 2026USLMBought
21 Aug 2026URIBought
21 Aug 2026UPBBought
21 Aug 2026UMBFBought
21 Aug 2026ULCCBought
21 Aug 2026UALBought
21 Aug 2026UBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WTWSold
21 Aug 2026WSTSold
21 Aug 2026WSCSold
21 Aug 2026WRBSold
21 Aug 2026WFRDSold
21 Aug 2026WECSold
21 Aug 2026VRTSold
21 Aug 2026VNTSold
21 Aug 2026VISNSold
21 Aug 2026VIRTSold
21 Aug 2026VEEVSold
21 Aug 2026UNHSold
21 Aug 2026UHSSold
21 Aug 2026TXTSold
21 Aug 2026TXRHSold
21 Aug 2026TSCOSold
21 Aug 2026TROWSold
21 Aug 2026TMPSold
21 Aug 2026THGSold
21 Aug 2026THCSold
21 Aug 2026TEMSold
21 Aug 2026TEAMSold
21 Aug 2026SRCESold
21 Aug 2026SRADSold
21 Aug 2026SPXCSold

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