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Funds (13F)

Whitebox Advisors LLC

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

Watch this strategy
Return a year
+24.9%
S&P 500 +14.1%
Last 12 months
+12.4%
S&P 500 +12.1%
Sharpe ratio
0.51
S&P 500 0.34
Biggest drop
−54.9%
S&P 500 −56.2%
$10.0k$20.0k$40.0k$80.0k$160k 2013201520172019202120232025 $188k$57.0k
Whitebox Advisors LLCS&P 500 $10,000 in Whitebox Advisors LLC 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 Whitebox Advisors 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.

Whitebox Advisors LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+24.9%+14.1%
Total return+1779%+470%
Last 12 months+12.4%+12.1%
Last 3 months+0.9%—
Last month+1.3%—
This year so far+0.9%—
Volatility a year24.6%22.8%
Sharpe ratio0.510.34
Biggest drop−54.9%−56.2%
Beta to the S&P 5000.411.00
Alpha a year (t-statistic)+9.4% (1.99)—
Share of weeks up57%—

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
PEN19.2%——
TECH17.8%——
CZR12.2%——
VAL7.4%——
GPOR5.6%——
TFPM5.5%——
OPI3.6%——
LLYVK2.8%——
CHRD1.7%——
SM1.6%——
CYH1.5%——
DCH1.4%——
BLCO1.4%——
UP1.1%——
NWSA1.0%——
GT0.8%——
MGM0.8%——
UAA0.8%——
VOYG0.8%——
ACI0.8%——
RYAAY0.7%——
NCMI0.6%——
ARCL0.6%——
BEAG0.5%——
ELBM0.5%——
DAAQ0.5%——
IPXG0.5%——
MMTX0.5%——
NTWO0.5%——
LPBB0.5%——
IRHO0.4%——
CSTM0.4%——
BHC0.4%——
SVAQ0.4%——
NBRG0.3%——
BIII0.3%——
FACT0.3%——
SABR0.3%——
WSTN0.3%——
SIRI0.3%——
SSAC0.3%——
ALIS0.2%——
MBI0.2%——
HRI0.2%——
KRG0.2%——
WTG0.2%——
R0.2%——
FISV0.2%——
IHRT0.1%——
PSFE0.1%——
COMP0.1%——
FVN0.1%——
MCGA0.1%——
MKLY0.1%——
MERC0.1%——
CAR0.1%——
HPP0.1%——
DXC0.1%——
ENR0.1%——
CCXI0.1%——
PENN0.1%——
CE0.1%——
GLND0.1%——
ACHC0.1%——
FUN0.1%——
KLXE0.1%——
NMG0.1%——
BTU0.0%——
BAX0.0%——
BUR0.0%——
PCG0.0%——
NBR0.0%——
UCFI0.0%——
CLVT0.0%——

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+24.9%+14.1%0.510.34−54.9%0.41+9.4% (1.99)
2018 onwards5 Jan 2018 to 2 Nov 2026+35.3%+13.9%0.530.25−52.4%0.38+11.3% (2.04)
Last three years3 Nov 2023 to 2 Nov 2026+64.7%+21.8%0.430.18−33.1%0.18+8.2% (1.45)
Last year7 Nov 2025 to 2 Nov 2026+327.9%+14.2%0.510.08−17.7%0.15+10.1% (1.70)
DateCompanyAction
21 Aug 2026WTGBought
21 Aug 2026WSTNBought
21 Aug 2026VOYGBought
21 Aug 2026UPBought
21 Aug 2026UCFIBought
21 Aug 2026UAABought
21 Aug 2026TECHBought
21 Aug 2026SVAQBought
21 Aug 2026SSACBought
21 Aug 2026SMBought
21 Aug 2026SIRIBought
21 Aug 2026SABRBought
21 Aug 2026RYAAYBought
21 Aug 2026PSFEBought
21 Aug 2026PENNBought
21 Aug 2026PENBought
21 Aug 2026PCGBought
21 Aug 2026OPIBought
21 Aug 2026NWSABought
21 Aug 2026NTWOBought
21 Aug 2026NMGBought
21 Aug 2026NBRGBought
21 Aug 2026NBRBought
21 Aug 2026MMTXBought
21 Aug 2026MKLYBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WKSold
21 Aug 2026VODSold
21 Aug 2026TPRSold
21 Aug 2026THCSold
21 Aug 2026TSold
21 Aug 2026PPLISold
21 Aug 2026OVVSold
21 Aug 2026OPTUSold
21 Aug 2026OGNSold
21 Aug 2026NESold
21 Aug 2026LUVSold
21 Aug 2026KSSSold
21 Aug 2026GMSold
21 Aug 2026EXESold
21 Aug 2026DBDSold
21 Aug 2026DALSold
21 Aug 2026AQNSold
21 Aug 2026AEISSold
21 Aug 2026AAPLSold
17 Nov 2023WTWSold
17 Nov 2023SBCSold
17 Nov 2023PBFSold
17 Nov 2023OKLOSold
17 Nov 2023KBHSold
17 Nov 2023IHRTSold

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