Return Attribution — CPP Investments
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
CPP Investments (13F portfolio cloned at quarter-end weights) delivered a +2.23% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: MSFT (+1.22%), NVDA (+0.88%), AAPL (+0.75%). Biggest drags: AMAT (-0.27%), INTC (-0.23%), LRCX (-0.22%). Across all 20 segmented periods, 37 stocks made a positive cumulative contribution and 34 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+2.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.1% |
+39.1% |
+1.22% |
| NVDA |
5.7% |
+15.5% |
+0.88% |
| AAPL |
4.2% |
+17.8% |
+0.75% |
| META |
1.5% |
+28.2% |
+0.41% |
| PLTR |
0.5% |
+69.2% |
+0.32% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMAT |
0.9% |
-29.7% |
-0.27% |
| INTC |
1.0% |
-22.7% |
-0.23% |
| LRCX |
0.9% |
-25.9% |
-0.22% |
| MU |
2.1% |
-10.1% |
-0.21% |
| KLAC |
0.5% |
-35.5% |
-0.19% |
2026-Q1 → 2026-Q2 segment return
+11.49%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MU |
0.6% |
+236.3% |
+1.34% |
| AMD |
0.5% |
+182.0% |
+0.82% |
| NVDA |
5.5% |
+14.0% |
+0.77% |
| INTC |
0.3% |
+211.9% |
+0.69% |
| AAPL |
4.2% |
+13.4% |
+0.56% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BG |
2.2% |
-17.9% |
-0.39% |
| CNQ |
1.3% |
-18.7% |
-0.24% |
| TMUS |
0.8% |
-20.4% |
-0.17% |
| XOM |
0.8% |
-18.7% |
-0.15% |
| CEG |
1.4% |
-10.9% |
-0.15% |
2025-Q4 → 2026-Q1 segment return
-2.39%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| BG |
1.6% |
+45.9% |
+0.72% |
| CNQ |
0.9% |
+43.7% |
+0.41% |
| LNG |
0.5% |
+46.4% |
+0.24% |
| XOM |
0.6% |
+39.7% |
+0.23% |
| CRC |
0.3% |
+54.8% |
+0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
4.1% |
-22.8% |
-0.93% |
| NVDA |
5.6% |
-6.2% |
-0.35% |
| SRAD |
1.1% |
-29.6% |
-0.32% |
| AAPL |
4.4% |
-6.3% |
-0.28% |
| AVGO |
2.7% |
-9.8% |
-0.26% |
2025-Q3 → 2025-Q4 segment return
+1.99%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
1.8% |
+28.8% |
+0.53% |
| GOOG |
1.4% |
+29.2% |
+0.4% |
| AAPL |
4.5% |
+7.3% |
+0.33% |
| LLY |
0.7% |
+42.0% |
+0.28% |
| VIK |
1.1% |
+14.9% |
+0.16% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
4.5% |
-6.1% |
-0.28% |
| META |
1.8% |
-10.2% |
-0.18% |
| NFLX |
0.7% |
-21.5% |
-0.16% |
| TMUS |
1.0% |
-15.3% |
-0.16% |
| SRAD |
1.3% |
-11.6% |
-0.15% |
2025-Q2 → 2025-Q3 segment return
+7.75%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
2.0% |
+23.4% |
+0.47% |
| AAPL |
2.0% |
+23.4% |
+0.47% |
| NVDA |
2.5% |
+17.9% |
+0.44% |
| NVDA |
2.5% |
+17.9% |
+0.44% |
| GOOGL |
0.7% |
+37.9% |
+0.26% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ISRG |
0.3% |
-17.7% |
-0.04% |
| ISRG |
0.3% |
-17.7% |
-0.04% |
| NFLX |
0.4% |
-11.0% |
-0.04% |
| NFLX |
0.4% |
-11.0% |
-0.04% |
| EQH |
0.4% |
-9.5% |
-0.04% |
2025-Q1 → 2025-Q2 segment return
+10.13%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
1.8% |
+46.5% |
+0.84% |
| NVDA |
1.8% |
+46.5% |
+0.84% |
| MSFT |
1.9% |
+33.0% |
+0.61% |
| MSFT |
1.9% |
+33.0% |
+0.61% |
| AVGO |
0.6% |
+65.7% |
+0.38% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
1.0% |
-40.5% |
-0.41% |
| UNH |
1.0% |
-40.5% |
-0.41% |
| AAPL |
2.1% |
-7.1% |
-0.15% |
| AAPL |
2.1% |
-7.1% |
-0.15% |
| TMUS |
0.9% |
-10.2% |
-0.09% |
2024-Q4 → 2025-Q1 segment return
-2.37%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SRAD |
1.3% |
+24.7% |
+0.32% |
| TMUS |
1.3% |
+20.2% |
+0.26% |
| GE |
1.2% |
+20.0% |
+0.24% |
| LIN |
1.5% |
+11.0% |
+0.17% |
| PM |
0.5% |
+33.1% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
3.8% |
-19.9% |
-0.77% |
| AAPL |
3.7% |
-11.7% |
-0.43% |
| MSFT |
3.6% |
-11.3% |
-0.41% |
| AVGO |
1.3% |
-28.2% |
-0.36% |
| GOOGL |
1.9% |
-18.3% |
-0.35% |
2024-Q3 → 2024-Q4 segment return
+0.53%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
3.8% |
+10.7% |
+0.41% |
| TSLA |
0.5% |
+53.4% |
+0.26% |
| AVGO |
0.7% |
+34.6% |
+0.23% |
| NFLX |
0.9% |
+25.9% |
+0.22% |
| AMZN |
1.1% |
+18.3% |
+0.21% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
2.4% |
-13.6% |
-0.33% |
| LIN |
1.7% |
-12.0% |
-0.21% |
| GE |
1.2% |
-11.5% |
-0.14% |
| IQV |
0.8% |
-17.1% |
-0.14% |
| LLY |
0.9% |
-12.7% |
-0.12% |
2024-Q2 → 2024-Q3 segment return
+6.11%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
4.2% |
+34.0% |
+1.43% |
| AAPL |
2.5% |
+10.2% |
+0.25% |
| META |
1.8% |
+13.3% |
+0.25% |
| UNH |
1.6% |
+14.9% |
+0.24% |
| MA |
1.9% |
+12.1% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.4% |
-4.1% |
-0.14% |
| GOOG |
1.4% |
-9.2% |
-0.13% |
| CNQ |
1.5% |
-6.7% |
-0.1% |
| NVDA |
4.6% |
-2.0% |
-0.09% |
| STLA |
0.2% |
-29.3% |
-0.06% |
2024-Q1 → 2024-Q2 segment return
+2.24%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
3.7% |
+37.3% |
+1.38% |
| AAPL |
2.1% |
+23.6% |
+0.5% |
| GOOG |
0.9% |
+20.9% |
+0.2% |
| MSFT |
2.8% |
+6.5% |
+0.18% |
| GE |
1.3% |
+13.5% |
+0.18% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MA |
2.2% |
-8.3% |
-0.18% |
| IQV |
0.9% |
-16.4% |
-0.14% |
| CNQ |
1.7% |
-6.7% |
-0.12% |
| LYV |
1.0% |
-11.4% |
-0.11% |
| AVTR |
0.6% |
-17.1% |
-0.1% |
2023-Q4 → 2024-Q1 segment return
+7.33%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
2.4% |
+82.7% |
+2.01% |
| META |
1.2% |
+37.6% |
+0.45% |
| CNQ |
1.8% |
+16.2% |
+0.29% |
| MA |
2.1% |
+13.0% |
+0.28% |
| AMZN |
1.4% |
+18.5% |
+0.25% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
1.1% |
-10.9% |
-0.12% |
| UNH |
1.8% |
-6.1% |
-0.11% |
| NKE |
0.4% |
-17.8% |
-0.07% |
| HUM |
0.2% |
-24.1% |
-0.06% |
| ADBE |
0.3% |
-15.4% |
-0.05% |
2023-Q3 → 2023-Q4 segment return
+7.8%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
2.3% |
+13.3% |
+0.31% |
| UNP |
1.2% |
+21.3% |
+0.25% |
| RCL |
0.6% |
+40.5% |
+0.23% |
| META |
1.2% |
+17.8% |
+0.22% |
| AMZN |
1.0% |
+19.5% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| XOM |
0.4% |
-14.6% |
-0.06% |
| BMY |
0.3% |
-10.7% |
-0.03% |
| FNV |
0.1% |
-16.5% |
-0.02% |
| SU |
0.2% |
-6.5% |
-0.01% |
| SE |
0.1% |
-8.1% |
-0.01% |
2023-Q2 → 2023-Q3 segment return
-1.62%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNQ |
2.3% |
+15.0% |
+0.35% |
| PDD |
0.5% |
+41.8% |
+0.22% |
| LLY |
0.7% |
+14.1% |
+0.09% |
| UNH |
1.8% |
+5.1% |
+0.09% |
| BKNG |
0.6% |
+14.2% |
+0.08% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TRP |
1.3% |
-14.9% |
-0.19% |
| IQV |
1.1% |
-12.5% |
-0.13% |
| LYV |
1.2% |
-8.9% |
-0.1% |
| NFLX |
0.7% |
-14.1% |
-0.1% |
| MSFT |
1.4% |
-7.3% |
-0.1% |
2023-Q1 → 2023-Q2 segment return
+5.0%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
2.3% |
+52.1% |
+1.2% |
| RCL |
0.5% |
+58.9% |
+0.29% |
| META |
0.8% |
+35.3% |
+0.29% |
| LYV |
0.9% |
+30.2% |
+0.28% |
| AMZN |
0.8% |
+25.9% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NKE |
0.8% |
-9.7% |
-0.07% |
| ABBV |
0.5% |
-14.7% |
-0.07% |
| SE |
0.2% |
-33.2% |
-0.06% |
| TME |
0.5% |
-11.1% |
-0.05% |
| PDD |
0.5% |
-9.1% |
-0.04% |
2022-Q4 → 2023-Q1 segment return
+3.74%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
1.5% |
+89.9% |
+1.31% |
| META |
0.4% |
+75.4% |
+0.3% |
| PANW |
0.6% |
+43.0% |
+0.25% |
| AMD |
0.4% |
+50.8% |
+0.19% |
| BKNG |
0.6% |
+31.6% |
+0.19% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
2.4% |
-8.5% |
-0.2% |
| JNJ |
0.8% |
-12.3% |
-0.1% |
| TD |
1.2% |
-7.5% |
-0.09% |
| SCHW |
0.1% |
-36.9% |
-0.05% |
| VZ |
0.2% |
-22.0% |
-0.05% |
2022-Q3 → 2022-Q4 segment return
+6.7%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MA |
1.8% |
+22.2% |
+0.39% |
| CNQ |
1.7% |
+19.2% |
+0.33% |
| TME |
0.3% |
+102.7% |
+0.27% |
| NVDA |
1.3% |
+20.9% |
+0.27% |
| WTRG |
1.6% |
+15.3% |
+0.24% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WMS |
0.7% |
-34.1% |
-0.24% |
| AMZN |
0.9% |
-25.7% |
-0.22% |
| WOOF |
1.2% |
-15.1% |
-0.18% |
| D |
1.3% |
-11.3% |
-0.14% |
| PANW |
0.6% |
-14.7% |
-0.09% |
2022-Q2 → 2022-Q3 segment return
-6.79%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WMS |
0.5% |
+38.1% |
+0.19% |
| SRAD |
1.3% |
+11.4% |
+0.15% |
| ALB |
0.3% |
+26.5% |
+0.07% |
| CD |
0.1% |
+41.7% |
+0.06% |
| AMZN |
0.9% |
+5.9% |
+0.05% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AVTR |
1.3% |
-37.0% |
-0.48% |
| WOOF |
1.5% |
-24.3% |
-0.37% |
| NVDA |
1.5% |
-19.8% |
-0.3% |
| CNQ |
1.8% |
-13.2% |
-0.23% |
| GDS |
0.5% |
-47.1% |
-0.23% |
2022-Q1 → 2022-Q2 segment return
-9.0%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PDD |
0.3% |
+56.2% |
+0.14% |
| VZ |
0.3% |
+33.4% |
+0.11% |
| MRK |
0.5% |
+12.0% |
+0.06% |
| LLY |
0.4% |
+13.2% |
+0.05% |
| VRTX |
0.6% |
+7.4% |
+0.04% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
2.1% |
-44.9% |
-0.93% |
| LYV |
1.3% |
-29.8% |
-0.39% |
| RCL |
0.6% |
-58.3% |
-0.32% |
| UNP |
1.4% |
-21.5% |
-0.31% |
| CNQ |
2.1% |
-13.3% |
-0.27% |
2021-Q4 → 2022-Q1 segment return
-2.8%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNQ |
1.1% |
+46.5% |
+0.5% |
| ABBV |
0.5% |
+21.0% |
+0.1% |
| UNP |
1.1% |
+9.0% |
+0.1% |
| VRTX |
0.4% |
+22.6% |
+0.09% |
| CAR |
0.3% |
+27.4% |
+0.08% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| META |
1.5% |
-33.8% |
-0.5% |
| AVTR |
1.1% |
-19.7% |
-0.23% |
| SHOP |
0.4% |
-50.8% |
-0.19% |
| DLR |
0.8% |
-19.1% |
-0.15% |
| NVDA |
2.0% |
-6.9% |
-0.14% |
2021-Q3 → 2021-Q4 segment return
+3.32%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
1.8% |
+41.5% |
+0.75% |
| UNH |
1.7% |
+28.4% |
+0.49% |
| AAPL |
1.2% |
+25.4% |
+0.29% |
| MSFT |
1.4% |
+19.3% |
+0.27% |
| CNQ |
1.1% |
+15.7% |
+0.18% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BABA |
1.3% |
-19.8% |
-0.25% |
| SE |
0.5% |
-30.2% |
-0.16% |
| PDD |
0.3% |
-35.8% |
-0.12% |
| PYPL |
0.3% |
-27.7% |
-0.09% |
| PLTR |
0.2% |
-24.7% |
-0.06% |
Cumulative Contribution (all segments)