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Ranked lists

Top 100: Biggest rd spenders

Backtest from 30 Sept 2010 to 30 Sept 2026 · quarterly · hypothetical

Watch this strategy
Return a year
+20.1%
S&P 500 +14.6%
Last 12 months
+40.4%
S&P 500 +15.7%
Sharpe ratio
0.98
S&P 500 0.91
Biggest drop
−30.2%
S&P 500 −23.9%
$10.0k$20.0k$40.0k$80.0k$160k 201020122014201620182020202220242026 $187k$88.5k
Top 100: Biggest rd spendersS&P 500 $10,000 in Top 100: Biggest rd spenders from 30 Sept 2010 against the S&P 500 (total return) over the same dates, marked quarterly, log scale. Hypothetical: before taxes and trading costs.

About

Holds the top 100 companies on our “biggest rd spenders” list, equal weight, rebuilt every quarter from figures in quarters that ended at least 90 days earlier, the same rules as the live list.

The live list →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+20.1%+14.6%
Total return+1767%+785%
Last 12 months+40.4%+15.7%
Last 3 months+2.0%—
Last month+2.0%—
This year so far+32.6%—
Volatility a year19.4%14.7%
Sharpe ratio0.980.91
Biggest drop−30.2%−23.9%
Beta to the S&P 5001.211.00
Alpha a year (t-statistic)+2.8% (1.31)—
Share of quarters up77%—

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
GOOGL1.0%——
AAPL1.0%——
MSFT1.0%——
MRK1.0%——
NVDA1.0%——
JNJ1.0%——
LLY1.0%——
INTC1.0%——
AVGO1.0%——
PFE1.0%——
BMY1.0%——
TM1.0%——
ORCL1.0%——
QCOM1.0%——
ABBV1.0%——
CSCO1.0%——
AMD1.0%——
BABA1.0%——
IBM1.0%——
TSLA1.0%——
AMGN1.0%——
CRM1.0%——
GILD1.0%——
MU1.0%——
ADBE1.0%——
VRTX1.0%——
AMAT1.0%——
UBER1.0%——
NFLX1.0%——
BA1.0%——
DELL1.0%——
NOW1.0%——
HPE1.0%——
ABT1.0%——
MRNA1.0%——
MDT1.0%——
RTX1.0%——
SNPS1.0%——
ARM1.0%——
MELI1.0%——
NXPI1.0%——
LRCX1.0%——
DE1.0%——
HON1.0%——
PANW1.0%——
CAT1.0%——
MRVL1.0%——
BSX1.0%——
INCY1.0%——
TXN1.0%——
SNOW1.0%——
BIIB1.0%——
SNAP1.0%——
CDNS1.0%——
COIN1.0%——
ADI1.0%——
RIVN1.0%——
GE1.0%——
EBAY1.0%——
SYK1.0%——
RBLX1.0%——
HPQ1.0%——
KLAC1.0%——
CTVA1.0%——
CRWD1.0%——
CMI1.0%——
ISRG1.0%——
TMO1.0%——
BDX1.0%——
ANET1.0%——
LCID1.0%——
GEV1.0%——
RVMD1.0%——
GEHC1.0%——
SNDK1.0%——
GRMN1.0%——
MCHP1.0%——
WDC1.0%——
NBIX1.0%——
KEYS1.0%——
MBLY1.0%——
EW1.0%——
TTWO1.0%——
CNH1.0%——
FLUT1.0%——
TWLO1.0%——
ADP1.0%——
U1.0%——
VTRS1.0%——
P1.0%——
NTAP1.0%——
MSI1.0%——
BMRN1.0%——
ILMN1.0%——
HUBS1.0%——
CIEN1.0%——
INSM1.0%——
FTNT1.0%——
ETN1.0%——
ZS1.0%——

Equal weight at the latest rebalance, rebuilt every quarter.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest30 Sept 2010 to 30 Sept 2026+20.1%+14.6%0.980.91−30.2%1.21+2.8% (1.31)
2018 onwards31 Mar 2018 to 30 Sept 2026+20.3%+15.1%0.840.75−30.2%1.19+2.9% (1.08)
Last three years31 Dec 2023 to 30 Sept 2026+29.7%+20.2%1.281.25−5.3%1.38+3.1% (0.48)
DateCompanyAction
30 Sept 2026ZSBought
30 Sept 2026VTRSBought
30 Sept 2026UBought
30 Sept 2026TWLOBought
30 Sept 2026PBought
30 Sept 2026NTAPBought
30 Sept 2026MSIBought
30 Sept 2026MBLYBought
30 Sept 2026KLACBought
30 Sept 2026INSMBought
30 Sept 2026ILMNBought
30 Sept 2026HUBSBought
30 Sept 2026HONBought
30 Sept 2026FTNTBought
30 Sept 2026ETNBought
30 Sept 2026CRWDBought
30 Sept 2026CIENBought
30 Sept 2026BMRNBought
30 Sept 2026ADPBought
30 Jun 2026TMBought
30 Jun 2026SNOWBought
30 Jun 2026RVMDBought
30 Jun 2026FLUTBought
30 Jun 2026BABABought
30 Jun 2026ARMBought

Dated at the rebalance that made the change.

DateCompanyAction
30 Sept 2026TCOMSold
30 Sept 2026STMSold
30 Sept 2026STLASold
30 Sept 2026SPOTSold
30 Sept 2026SHELSold
30 Sept 2026SAPSold
30 Sept 2026PHGSold
30 Sept 2026PDDSold
30 Sept 2026NVOSold
30 Sept 2026NTESSold
30 Sept 2026NIOSold
30 Sept 2026LISold
30 Sept 2026GSKSold
30 Sept 2026ERICSold
30 Sept 2026BNTXSold
30 Sept 2026ASXSold
30 Sept 2026ASMLSold
30 Sept 2026ARGXSold
30 Sept 2026ALNYSold
30 Jun 2026TWLOSold
30 Jun 2026SRPTSold
30 Jun 2026NTAPSold
30 Jun 2026MBLYSold
30 Jun 2026CRWDSold
30 Jun 2026ADPSold

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