Return Attribution — Foresight Global Investors
← 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.
Foresight Global Investors (13F portfolio cloned at quarter-end weights) delivered a -2.06% 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: SAP (+1.71%), SONY (+1.51%), SHEL (+1.13%). Biggest drags: AZN (-2.13%), NVO (-1.44%), NVS (-1.32%). Across all 14 segmented periods, 22 stocks made a positive cumulative contribution and 16 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
-2.06%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SAP |
4.8% |
+35.7% |
+1.71% |
| SONY |
9.0% |
+16.7% |
+1.51% |
| SHEL |
4.5% |
+24.9% |
+1.13% |
| SDRL |
2.2% |
+18.1% |
+0.39% |
| XOM |
0.3% |
+20.3% |
+0.05% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AZN |
13.7% |
-15.6% |
-2.13% |
| NVO |
7.1% |
-20.2% |
-1.44% |
| NVS |
14.6% |
-9.0% |
-1.32% |
| STM |
5.0% |
-25.1% |
-1.26% |
| ALC |
7.1% |
-6.1% |
-0.44% |
2026-Q1 → 2026-Q2 segment return
+9.52%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| STM |
6.7% |
+116.8% |
+7.78% |
| NVO |
8.5% |
+30.5% |
+2.59% |
| HSBC |
11.3% |
+16.0% |
+1.8% |
| NVS |
17.1% |
+2.9% |
+0.5% |
| TSM |
0.5% |
+39.6% |
+0.19% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SHEL |
5.8% |
-16.2% |
-0.94% |
| SDRL |
4.8% |
-16.9% |
-0.8% |
| AZN |
18.6% |
-3.9% |
-0.72% |
| STLA |
2.9% |
-19.0% |
-0.56% |
| SAP |
5.6% |
-9.8% |
-0.56% |
2025-Q4 → 2026-Q1 segment return
+3.17%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AZN |
25.0% |
+8.4% |
+2.1% |
| STM |
6.1% |
+33.0% |
+2.03% |
| SHEL |
5.9% |
+25.7% |
+1.52% |
| NVS |
11.6% |
+11.3% |
+1.31% |
| RIO |
6.4% |
+16.8% |
+1.08% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVO |
8.2% |
-27.7% |
-2.28% |
| SONY |
9.7% |
-18.9% |
-1.83% |
| SAP |
4.6% |
-29.3% |
-1.35% |
| EL |
0.2% |
-31.5% |
-0.07% |
| IQV |
0.2% |
-24.3% |
-0.05% |
2025-Q3 → 2025-Q4 segment return
+4.27%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AZN |
11.1% |
+19.8% |
+2.2% |
| RIO |
7.6% |
+21.2% |
+1.6% |
| NVS |
13.1% |
+7.7% |
+1.0% |
| HSBC |
7.6% |
+12.2% |
+0.92% |
| SDRL |
5.2% |
+14.5% |
+0.75% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SONY |
13.9% |
-10.4% |
-1.44% |
| STM |
9.3% |
-8.5% |
-0.78% |
| SAP |
6.0% |
-7.6% |
-0.46% |
| NVO |
5.4% |
-8.2% |
-0.45% |
| UBER |
0.2% |
-16.5% |
-0.04% |
2025-Q2 → 2025-Q3 segment return
-2.55%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SONY |
7.5% |
+13.5% |
+1.01% |
| SONY |
7.5% |
+13.5% |
+1.01% |
| SDRL |
2.8% |
+15.1% |
+0.42% |
| SDRL |
2.8% |
+15.1% |
+0.42% |
| NVS |
7.1% |
+5.3% |
+0.37% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVO |
5.9% |
-20.4% |
-1.21% |
| NVO |
5.9% |
-20.4% |
-1.21% |
| SAP |
5.0% |
-13.5% |
-0.68% |
| SAP |
5.0% |
-13.5% |
-0.68% |
| CNI |
5.7% |
-9.4% |
-0.53% |
2025-Q1 → 2025-Q2 segment return
+9.36%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| STM |
3.9% |
+39.0% |
+1.53% |
| STM |
3.9% |
+39.0% |
+1.53% |
| SAP |
6.9% |
+13.3% |
+0.92% |
| SAP |
6.9% |
+13.3% |
+0.92% |
| HDB |
5.1% |
+15.4% |
+0.79% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SHEL |
4.3% |
-4.0% |
-0.17% |
| SHEL |
4.3% |
-4.0% |
-0.17% |
| RIO |
0.7% |
-2.7% |
-0.02% |
| RIO |
0.7% |
-2.7% |
-0.02% |
| FNV |
0.2% |
+4.3% |
+0.01% |
2024-Q4 → 2025-Q1 segment return
+6.41%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SONY |
17.3% |
+16.7% |
+2.89% |
| NVS |
16.5% |
+16.1% |
+2.66% |
| SAP |
19.1% |
+9.0% |
+1.72% |
| ABEV |
4.8% |
+27.1% |
+1.29% |
| SHEL |
5.0% |
+17.0% |
+0.86% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SDRL |
9.8% |
-35.8% |
-3.52% |
| CNI |
11.9% |
-4.1% |
-0.49% |
| RIO |
1.4% |
+1.9% |
+0.03% |
| NTR |
1.0% |
+11.0% |
+0.11% |
| FNV |
0.5% |
+34.4% |
+0.16% |
2024-Q3 → 2024-Q4 segment return
-2.71%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SONY |
12.2% |
+12.6% |
+1.54% |
| SAP |
14.3% |
+7.5% |
+1.07% |
| HDB |
8.7% |
+2.0% |
+0.18% |
| WFC |
0.7% |
+25.1% |
+0.17% |
| V |
0.9% |
+14.9% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVS |
14.0% |
-16.5% |
-2.32% |
| CNI |
10.6% |
-13.4% |
-1.42% |
| ABEV |
3.3% |
-20.0% |
-0.66% |
| BAX |
1.2% |
-22.8% |
-0.28% |
| ELV |
0.8% |
-28.8% |
-0.24% |
2024-Q2 → 2024-Q3 segment return
+1.31%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SAP |
11.6% |
+13.6% |
+1.57% |
| SONY |
11.1% |
+13.5% |
+1.49% |
| NVS |
8.8% |
+8.0% |
+0.7% |
| GOOGL |
0.8% |
+34.0% |
+0.27% |
| GEV |
0.5% |
+48.7% |
+0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SDRL |
8.7% |
-22.8% |
-1.99% |
| NVO |
7.0% |
-16.9% |
-1.18% |
| HDB |
7.5% |
-2.7% |
-0.21% |
| BA |
0.7% |
-16.5% |
-0.11% |
| CNI |
8.8% |
-0.8% |
-0.07% |
2024-Q1 → 2024-Q2 segment return
+2.58%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVO |
9.4% |
+11.3% |
+1.06% |
| NVS |
9.4% |
+10.9% |
+1.02% |
| HDB |
5.6% |
+14.9% |
+0.84% |
| SAP |
10.9% |
+3.6% |
+0.39% |
| SDRL |
8.6% |
+2.4% |
+0.21% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CNI |
3.8% |
-10.3% |
-0.39% |
| CM |
7.4% |
-5.0% |
-0.37% |
| SONY |
10.2% |
-1.4% |
-0.15% |
| BAX |
0.7% |
-21.1% |
-0.14% |
| IQV |
0.7% |
-16.4% |
-0.11% |
2023-Q4 → 2024-Q1 segment return
+2.53%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SAP |
8.8% |
+26.0% |
+2.27% |
| CM |
8.6% |
+6.8% |
+0.58% |
| SDRL |
8.6% |
+6.4% |
+0.55% |
| TSM |
0.8% |
+31.2% |
+0.24% |
| CNI |
4.6% |
+4.8% |
+0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HDB |
5.9% |
-16.6% |
-0.99% |
| SONY |
10.5% |
-8.8% |
-0.93% |
| NVS |
7.6% |
-4.9% |
-0.38% |
| RIO |
0.9% |
-13.7% |
-0.12% |
| ADBE |
0.5% |
-15.4% |
-0.08% |
2023-Q3 → 2023-Q4 segment return
+7.92%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CM |
8.3% |
+26.4% |
+2.2% |
| SAP |
8.3% |
+19.5% |
+1.63% |
| SONY |
8.9% |
+14.9% |
+1.33% |
| HDB |
5.3% |
+13.8% |
+0.72% |
| SDRL |
7.6% |
+5.6% |
+0.42% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DEO |
8.1% |
-3.0% |
-0.24% |
| XOM |
1.0% |
-14.6% |
-0.15% |
| AZN |
10.1% |
-0.5% |
-0.06% |
| CTVA |
0.7% |
-6.0% |
-0.04% |
| JD |
0.5% |
-0.6% |
-0.0% |
2023-Q2 → 2023-Q3 segment return
-4.62%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SU |
4.6% |
+17.1% |
+0.78% |
| XOM |
0.8% |
+9.2% |
+0.08% |
| UBER |
0.9% |
+6.6% |
+0.06% |
| ADBE |
0.5% |
+4.4% |
+0.02% |
| CVS |
1.0% |
+1.8% |
+0.02% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DEO |
8.6% |
-14.0% |
-1.21% |
| CNH |
5.1% |
-16.0% |
-0.81% |
| SONY |
9.5% |
-8.5% |
-0.81% |
| CM |
8.9% |
-8.0% |
-0.72% |
| SAP |
9.1% |
-5.5% |
-0.5% |
2023-Q1 → 2023-Q2 segment return
+0.56%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AZN |
14.3% |
+3.1% |
+0.44% |
| ADBE |
1.0% |
+26.7% |
+0.26% |
| SAP |
2.5% |
+8.1% |
+0.2% |
| JPM |
1.3% |
+11.9% |
+0.16% |
| WFC |
0.9% |
+15.1% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DEO |
14.4% |
-4.2% |
-0.61% |
| JD |
0.8% |
-22.2% |
-0.19% |
| SONY |
12.4% |
-0.7% |
-0.08% |
| RIO |
1.1% |
-7.0% |
-0.07% |
| CVS |
1.0% |
-6.2% |
-0.06% |
Cumulative Contribution (all segments)