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Backtest

LONE PINE CAPITAL LLC

What you'd have made by mirroring LONE PINE CAPITAL LLC's public 13F filings, starting with $10,000 on Aug 14, 2013 and rebalancing at every disclosure through Jun 2, 2026.

52 filings replayed243 of 310 CUSIPs mapped to tickers407 closed trades36 still open
Benchmark
SPYIWMQQQEFAAGG
S&P 500 — US large-cap broad market

Equity curve

$10,000 mirrored · vs SPY
$10k$20k$30k$40k$50k2015201720192021202320252026
Mirror portfolio$10k in SPY
Mirror — final
$53.26K
SPY — final
$55.94K
Mirror return
+432.6%
Excess return vs SPY
-26.8%

Risk profile

Weekly mirror returns vs SPY · rf ≈ 4%
Sharpe
0.46
Max drawdown
-57.8%
Beta vs SPY
1.25
Information ratio
-0.04
CAGR
+14.0%
Volatility (ann.)
21.7%
Sortino
0.40
α (Jensen, ann.)
-3.0%
Tracking error
11.3%
Upside capture
125%
Downside capture
133%
Window
12.8y

Drawdown

Underwater curve — distance below running peak
-60%-40%-20%0%-57.8%2015201720192021202320252026

Largest drawdown: -57.8% from 2021-09-15 to 2022-11-09 · recovered 2025-07-02.

Style decomposition

R² 44% · 668 weekly obs

Multivariate regression of weekly mirror excess return on five style factors built from the benchmark ETFs: SPY (market), IWM−SPY (size), QQQ−SPY (growth), EFA−SPY (international), AGG−SPY (bonds). The intercept is the “true alpha” after stripping these passive tilts. ✓ marks loadings whose |t-stat| ≥ 2 (≈ 95% confidence the loading is non-zero).

Market (β)
+1.04✓
Size tilt
+0.33✓
Growth tilt
+0.62✓
International tilt
+0.08
Bond tilt
+0.33✓
α (style-adjusted)
+2.5%
R²
44%
α t-stat
0.53
Observations
668

Rolling 1y alpha

Trailing 52w mirror return − SPY return
-40%-20%0%+20%+40%avg +2.9%now -16.8%201520162017201820192020202120222023202420252026

Whether the headline alpha was earned recently or decades ago. Bands above the zero line are quarters where the mirror beat SPY on a trailing-year basis; bands below are quarters where it lost ground. A flat positive line = steady outperformance; a curve that crosses often = regime-dependent strategy.

Realized P&L · closed trades

Cumulative profit from positions opened and later sold
$0$2.0k$4.0k$6.0k$8.0k$10k$12kMSFT +$1.8kADBE +$1.2kAMZN +$1.2kMETA +$6572015201720192021202320252026
Realized P&L
+$11.53K
Closed trades
407
Win rate
41%
Avg return / closed
+15.0%

Biggest closed trades

IssuerEntryExitHeldReturnP&L
MICROSOFT CORP
MSFT
Q3 2017Q2 202636Q+531%+$3.55B
ADOBE SYS INC
ADBE
Q2 2014Q2 202232Q+569%+$2.47B
AMAZON COM INC
AMZN
Q1 2018Q2 202633Q+264%+$2.38B
FACEBOOK INC
META
Q4 2014Q1 202229Q+191%+$1.3B
ALIBABA GROUP HLDG LTD
BABA
Q4 2016Q3 202015Q+183%+$996.82M
MICROSOFT CORP
MSFT
Q1 2014Q2 201713Q+98%+$938.05M
SERVICENOW INC
NOW
Q3 2017Q4 202221Q+271%+$925.54M
BATH & BODY WORKS INC
BBWI
Q4 2021Q4 202412Q-56%−$851.59M
MERCADOLIBRE INC
MELI
Q4 2017Q2 202010Q+195%+$824.99M
SNAP INC
SNAP
Q1 2021Q3 20226Q-81%−$786.52M

Every trade · entry date × return

Bubble = position size at entry
-50%-25%0%+25%+50%+100%+200%+500%SE · +978%APP · +617%ADBE · +569%2015201720192021202320252026
PositiveNegativeStill open (marked to market)
Best closed pick
SE +978%
Worst closed pick
LKNCY -94%
Total trades
443
Open trades
36