Get the Sunday Recap
Backtests like this, the scoreboard, and the week on the markets, every Sunday. Free.
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 | Oct 21 @ $532.95 | +44.0% | +18.8% |
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.