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Backtest

SOROS FUND MANAGEMENT LLC

What you'd have made by mirroring SOROS FUND 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 replayed514 of 665 CUSIPs mapped to tickers494 closed trades250 still open
Benchmark
SPYIWMQQQEFAAGG
Russell 2000 — US small-cap

Equity curve

$10,000 mirrored · vs IWM
$9.0k$10k$11k$12k$13k$14k20252026
Mirror portfolio$10k in IWM
Mirror — final
$13.07K
IWM — final
$14.24K
Mirror return
+30.7%
Excess return vs IWM
-11.7%

Risk profile

Weekly mirror returns vs IWM · rf ≈ 4%
Sharpe
0.80
Max drawdown
-14.0%
Beta vs IWM
0.45
Information ratio
-0.34
CAGR
+16.1%
Volatility (ann.)
15.2%
Sortino
0.82
α (Jensen, ann.)
+4.1%
Tracking error
16.5%
Upside capture
65%
Downside capture
61%
Window
1.8y

Drawdown

Underwater curve — distance below running peak
-10%-5%0%-14.0%20252026

Largest drawdown: -14.0% from 2025-02-19 to 2025-04-16 · recovered 2025-07-02.

Style decomposition

R² 38% · 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)
+0.55
Size tilt
+0.32✓
Growth tilt
+0.08
International tilt
+0.03
Bond tilt
+0.06
α (style-adjusted)
+2.9%
R²
38%
α t-stat
0.31
Observations
94

Rolling 1y alpha

Trailing 52w mirror return − IWM return
-20%-10%0%+10%+20%avg -4.6%now -22.0%2026

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$200$400$600$800SNDK +$239BABA +$93WDC +$69BRO −$6920252026
Realized P&L
+$831.3
Closed trades
494
Win rate
35%
Avg return / closed
+5.2%

Biggest closed trades

IssuerEntryExitHeldReturnP&L
SANDISK CORP
SNDK
Q3 2025Q4 20251Q+444%+$106.19M
ALIBABA GROUP HLDG LTD
BABA
Q3 2024Q2 20253Q+56%+$41.26M
WESTERN DIGITAL CORP
WDC
Q2 2025Q4 20252Q+218%+$30.88M
BROWN & BROWN INC
BRO
Q3 2025Q1 20262Q-28%−$30.72M
ECHOSTAR CORP
SATS
Q3 2024Q1 20252Q+68%+$29.6M
SPDR S&P 500 ETF TR
SPY
Q3 2024Q4 20241Q+9%+$23.16M
INSMED INC
INSM
Q3 2024Q3 20254Q+71%+$22.27M
ANALOG DEVICES INC
ADI
Q2 2025Q2 20264Q+87%+$18.55M
SAREPTA THERAPEUTICS INC
SRPT
Q4 2024Q2 20252Q-68%−$17.46M
AURORA INNOVATION INC
AUR
Q3 2024Q3 20254Q+94%+$17.39M

Every trade · entry date × return

Bubble = position size at entry
-50%-25%0%+25%+50%+100%+200%SNDK · +444%CIFR · +418%AAOI · +328%20252026
PositiveNegativeStill open (marked to market)
Best closed pick
SNDK +444%
Worst closed pick
BIOA -75%
Total trades
744
Open trades
250