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MILLENNIUM MANAGEMENT LLC

What you'd have made by mirroring MILLENNIUM MANAGEMENT LLC's public 13F filings, starting with $10,000 on Aug 14, 2024 and rebalancing at every disclosure through May 31, 2026.

8 filings replayed4274 of 6045 CUSIPs mapped to tickers3556 closed trades3858 still open
Benchmark
SPYIWMQQQEFAAGG
S&P 500 — US large-cap broad market

Equity curve

$10,000 mirrored · vs SPY
$10k$11k$12k$13k$14k20252026
Mirror portfolio$10k in SPY
Mirror — final
$13.68K
SPY — final
$14.21K
Mirror return
+36.8%
Excess return vs SPY
-5.3%

Risk profile

Weekly mirror returns vs SPY · rf ≈ 4%
Sharpe
1.09
Max drawdown
-15.6%
Beta vs SPY
1.02
Information ratio
-0.46
CAGR
+19.1%
Volatility (ann.)
13.8%
Sortino
1.07
α (Jensen, ann.)
-2.8%
Tracking error
5.5%
Upside capture
100%
Downside capture
107%
Window
1.8y

Drawdown

Underwater curve — distance below running peak
-15%-10%-5%0%-15.6%20252026

Largest drawdown: -15.6% from 2024-12-04 to 2025-04-16 · recovered 2025-07-02.

Style decomposition

R² 48% · 94 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)
+0.47
Size tilt
+0.48✓
Growth tilt
-0.22
International tilt
-0.12
Bond tilt
-0.00
α (style-adjusted)
+7.5%
R²
48%
α t-stat
0.97
Observations
94

Rolling 1y alpha

Trailing 52w mirror return − SPY return
-5%0%+5%avg -1.0%now -4.4%2026

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$50$100$150MSTR +$20TEVA +$15HUM −$8TVTX +$820252026
Realized P&L
+$146.67
Closed trades
3,556
Win rate
32%
Avg return / closed
+7.8%

Biggest closed trades

IssuerEntryExitHeldReturnP&L
MICROSTRATEGY INC
MSTR
Q3 2024Q2 20253Q+205%+$247.78M
TEVA PHARMACEUTICAL INDS LTD
TEVA
Q3 2024Q1 20266Q+91%+$179.46M
HUMANA INC
HUM
Q3 2024Q1 20266Q-47%−$97.71M
TRAVERE THERAPEUTICS INC
TVTX
Q3 2024Q2 20267Q+399%+$96.8M
DARDEN RESTAURANTS INC
DRI
Q3 2024Q1 20266Q+63%+$89.18M
EXACT SCIENCES CORP
EXK
Q3 2024Q2 20267Q+244%+$69.63M
AGNICO EAGLE MINES LTD
AEM
Q3 2024Q2 20253Q+39%+$69.6M
FRESHPET INC
FRPT
Q3 2024Q2 20267Q-63%−$58.3M
MP MATERIALS CORP
MP
Q3 2024Q3 20254Q+560%+$57.14M
EVERGY INC
EVRG
Q3 2024Q3 20254Q+28%+$55.39M

Every trade · entry date × return

Bubble = position size at entry
-50%-25%0%+25%+50%+100%+200%+500%SNDK · +3188%BE · +2167%RGTI · +2038%20252026
PositiveNegativeStill open (marked to market)
Best closed pick
RGTI +2038%
Worst closed pick
BHILQ -99%
Total trades
7,414
Open trades
3,858