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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
Nasdaq-100 — US large-cap tech-heavy

Equity curve

$10,000 mirrored · vs QQQ
$10k$20k$30k$40k2020202120222023202420252026
Mirror portfolio$10k in QQQ
Mirror — final
$23.91K
QQQ — final
$44.68K
Mirror return
+139.1%
Excess return vs QQQ
-207.7%

Risk profile

Weekly mirror returns vs QQQ · rf ≈ 4%
Sharpe
0.35
Max drawdown
-52.8%
Beta vs QQQ
0.74
Information ratio
-0.50
CAGR
+12.7%
Volatility (ann.)
24.9%
Sortino
0.31
α (Jensen, ann.)
-5.2%
Tracking error
20.2%
Upside capture
68%
Downside capture
69%
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 − QQQ return
-40%-20%0%+20%+40%avg -7.5%now -21.5%202120222023202420252026

Whether the headline alpha was earned recently or decades ago. Bands above the zero line are quarters where the mirror beat QQQ 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