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BIG MONEY · COPY-TRADE BACKTEST
If You Copied Pershing Square (Bill Ackman)
Institutional fund · 13F filer
Every position below enters at the close on the disclosure date — the first day this was public — never the underlying trade date. A fund’s 13F only reveals a position once a quarter; the entry used here is the quarter’s report date, and the real public filing can trail that date by up to 45 days — see the caveat below.
See the disclosed holdings this is built fromNot enough disclosed buys to backtest yet — 1 usable position found. This page needs at least 3 to show a meaningful aggregate — check back as more trades are disclosed.
Positions
| Ticker | Disclosed | Entry | Last | Return | Index, same window |
|---|---|---|---|---|---|
| MSFT | Mar 31 | Mar 31 @ $370.17 | Sep 4 @ $499.70 | +35.0% | +18.2% |
How to read this
- Entry is the close on (or the next trading day after) the disclosure date, never the underlying trade date — the whole point is honesty about when the public could actually act.
- Price return only — dividends are excluded on both sides (the backtest and the index), which understates total return, especially for dividend payers.
- Equal-weighted: every disclosed buy counts the same regardless of the actual dollar size of the trade or position.
- Buys only — disclosed sells are not mirrored or subtracted; this tracks "what if you bought and held," not the entity's actual net position over time.
- For funds, "disclosure date" is the quarter's report date, not the actual 13F filing date — real 13F filings can post up to 45 days after quarter-end, so a stricter forward-honest entry would be later than what's shown here (likely flattering the fund's copy-trade return somewhat).
- Past performance isn't predictive of future results. Not investment advice.