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Backtest

D1 Capital Partners L.P.

What you'd have made by mirroring D1 Capital Partners L.P.'s public 13F filings, starting with $10,000 on Feb 14, 2019 and rebalancing at every disclosure through Jun 2, 2026.

30 filings replayed243 of 290 CUSIPs mapped to tickers337 closed trades44 still open
Benchmark
SPYIWMQQQEFAAGG
Russell 2000 — US small-cap

Equity curve

$10,000 mirrored · vs IWM
$10k$15k$20k$25k2020202120222023202420252026
Mirror portfolio$10k in IWM
Mirror — final
$23.91K
IWM — final
$20.73K
Mirror return
+139.1%
Excess return vs IWM
+31.7%

Risk profile

Weekly mirror returns vs IWM · rf ≈ 4%
Sharpe
0.35
Max drawdown
-52.8%
Beta vs IWM
0.62
Information ratio
0.10
CAGR
+12.7%
Volatility (ann.)
24.9%
Sortino
0.31
α (Jensen, ann.)
+4.7%
Tracking error
21.9%
Upside capture
67%
Downside capture
56%
Window
7.3y

Drawdown

Underwater curve — distance below running peak
-50%-40%-30%-20%-10%0%-52.8%2020202120222023202420252026

Largest drawdown: -52.8% from 2021-11-18 to 2023-01-05 · not yet recovered.

Style decomposition

R² 46% · 381 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)
+0.93✓
Size tilt
+0.28✓
Growth tilt
+0.51✓
International tilt
+0.28✓
Bond tilt
+0.08
α (style-adjusted)
-0.1%
R²
46%
α t-stat
-0.02
Observations
381

Rolling 1y alpha

Trailing 52w mirror return − IWM return
-40%-20%0%+20%+40%avg +4.0%now -23.6%202120222023202420252026

Whether the headline alpha was earned recently or decades ago. Bands above the zero line are quarters where the mirror beat IWM 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$8.0kRIVN −$2.7kU +$1.7kHOOD −$1.2kBABA +$9562020202120222023202420252026
Realized P&L
+$3.75K
Closed trades
337
Win rate
47%
Avg return / closed
+5.4%

Biggest closed trades

IssuerEntryExitHeldReturnP&L
RIVIAN AUTOMOTIVE INC
RIVN
Q1 2022Q4 202411Q-84%−$1.35B
UNITY SOFTWARE INC
U
Q4 2020Q4 20214Q+77%+$873.23M
ROBINHOOD MKTS INC
HOOD
Q4 2021Q4 20238Q-76%−$587.79M
ALIBABA GROUP HLDG LTD
BABA
Q3 2019Q1 20216Q+67%+$481.07M
JPMORGAN CHASE & CO
JPM
Q3 2020Q2 20213Q+64%+$373.85M
PHILIP MORRIS INTL INC
PM
Q4 2023Q1 20269Q+124%+$350.63M
MICROSOFT CORP
MSFT
Q2 2020Q1 202519Q+133%+$329.88M
JD COM INC
JD
Q2 2019Q2 202212Q+69%+$294.78M
DANAHER CORPORATION
DHR
Q2 2020Q2 20228Q+51%+$276M
NETFLIX INC
NFLX
Q1 2019Q3 202110Q+44%+$269.41M

Every trade · entry date × return

Bubble = position size at entry
-50%-25%0%+25%+50%+100%PURR · +160%MSFT · +133%PM · +124%2020202120222023202420252026
PositiveNegativeStill open (marked to market)
Best closed pick
MSFT +133%
Worst closed pick
OPEN -90%
Total trades
381
Open trades
44