Return Attribution — Lone Pine Capital
← 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.
Lone Pine Capital (13F portfolio cloned at quarter-end weights) delivered a -20.64% 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: NU (+0.58%), LPLA (+0.35%), MCK (+0.06%). Biggest drags: GLW (-1.71%), MTZ (-1.64%), WULF (-1.63%). Across all 20 segmented periods, 40 stocks made a positive cumulative contribution and 29 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
-20.64%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NU |
3.9% |
+15.1% |
+0.58% |
| LPLA |
2.1% |
+16.4% |
+0.35% |
| MCK |
0.3% |
+23.1% |
+0.06% |
| V |
0.3% |
+9.4% |
+0.03% |
| IBKR |
0.3% |
-0.6% |
-0.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GLW |
4.3% |
-40.2% |
-1.71% |
| MTZ |
3.4% |
-47.9% |
-1.64% |
| WULF |
3.6% |
-44.7% |
-1.63% |
| AMAT |
5.3% |
-29.7% |
-1.58% |
| APP |
3.3% |
-45.6% |
-1.5% |
2026-Q1 → 2026-Q2 segment return
+27.17%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GLW |
4.0% |
+88.1% |
+3.55% |
| ASML |
6.9% |
+49.6% |
+3.42% |
| HUT |
2.3% |
+146.1% |
+3.32% |
| CRS |
5.7% |
+56.6% |
+3.23% |
| TER |
4.4% |
+63.1% |
+2.79% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MDLN |
4.2% |
-11.4% |
-0.48% |
| MCK |
2.7% |
-12.7% |
-0.34% |
| LPLA |
4.9% |
-6.4% |
-0.31% |
| NU |
4.4% |
-7.0% |
-0.31% |
| THC |
3.4% |
-0.9% |
-0.03% |
2025-Q4 → 2026-Q1 segment return
-9.5%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ASML |
4.8% |
+23.8% |
+1.13% |
| TSM |
6.8% |
+11.7% |
+0.8% |
| CRS |
3.0% |
+25.3% |
+0.77% |
| ENTG |
1.9% |
+39.3% |
+0.74% |
| CLH |
2.4% |
+22.3% |
+0.53% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| APP |
3.9% |
-40.4% |
-1.56% |
| DASH |
4.2% |
-33.4% |
-1.4% |
| CVNA |
5.5% |
-25.3% |
-1.4% |
| KKR |
4.7% |
-27.3% |
-1.28% |
| COF |
4.1% |
-24.8% |
-1.01% |
2025-Q3 → 2025-Q4 segment return
-0.7%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CIEN |
2.1% |
+60.5% |
+1.29% |
| TSM |
6.2% |
+9.6% |
+0.6% |
| CVNA |
4.8% |
+12.1% |
+0.58% |
| COF |
4.0% |
+14.0% |
+0.56% |
| LPLA |
5.5% |
+7.4% |
+0.4% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| VST |
6.7% |
-17.5% |
-1.18% |
| META |
7.1% |
-10.2% |
-0.72% |
| SE |
2.4% |
-28.6% |
-0.7% |
| FLUT |
3.2% |
-15.3% |
-0.49% |
| TLN |
3.7% |
-11.9% |
-0.44% |
2025-Q2 → 2025-Q3 segment return
+5.77%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| APP |
3.9% |
+105.2% |
+4.13% |
| TSM |
5.5% |
+22.9% |
+1.27% |
| TLN |
2.3% |
+46.3% |
+1.04% |
| ASML |
3.2% |
+20.8% |
+0.67% |
| CVNA |
5.2% |
+12.0% |
+0.62% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| INTU |
4.3% |
-13.5% |
-0.59% |
| LPLA |
5.0% |
-11.3% |
-0.56% |
| CRM |
3.6% |
-12.9% |
-0.47% |
| FLUT |
3.8% |
-11.1% |
-0.42% |
| PM |
3.6% |
-10.9% |
-0.39% |
2025-Q1 → 2025-Q2 segment return
+24.42%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| VST |
4.7% |
+65.2% |
+3.05% |
| CVNA |
4.9% |
+61.8% |
+3.01% |
| META |
8.8% |
+28.8% |
+2.52% |
| INTU |
7.4% |
+28.4% |
+2.11% |
| MSFT |
6.4% |
+33.0% |
+2.1% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SBUX |
5.6% |
-6.3% |
-0.35% |
| LLY |
3.9% |
-5.5% |
-0.22% |
| CRM |
4.0% |
+1.9% |
+0.08% |
| TOL |
3.5% |
+8.1% |
+0.28% |
| ARES |
2.0% |
+18.1% |
+0.37% |
2024-Q4 → 2025-Q1 segment return
-5.44%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PM |
5.8% |
+33.1% |
+1.91% |
| SPOT |
3.0% |
+23.0% |
+0.7% |
| HWM |
2.5% |
+18.7% |
+0.47% |
| SBUX |
4.4% |
+7.2% |
+0.31% |
| LLY |
4.5% |
+6.7% |
+0.3% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| KKR |
4.4% |
-21.7% |
-0.97% |
| TSM |
5.5% |
-16.6% |
-0.92% |
| AMZN |
6.2% |
-13.9% |
-0.86% |
| XYZ |
2.4% |
-36.1% |
-0.86% |
| VST |
5.5% |
-14.7% |
-0.8% |
2024-Q3 → 2024-Q4 segment return
+8.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| APP |
2.3% |
+148.3% |
+3.42% |
| AMZN |
7.6% |
+18.3% |
+1.39% |
| CRM |
4.8% |
+22.3% |
+1.06% |
| XYZ |
3.8% |
+26.6% |
+1.02% |
| VST |
6.0% |
+16.5% |
+0.99% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| LEN |
4.1% |
-27.0% |
-1.11% |
| CEG |
4.6% |
-13.8% |
-0.64% |
| ASML |
3.4% |
-16.8% |
-0.57% |
| UNH |
3.6% |
-13.6% |
-0.49% |
| SBUX |
2.9% |
-6.3% |
-0.19% |
2024-Q2 → 2024-Q3 segment return
+10.1%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| APP |
3.8% |
+56.7% |
+2.18% |
| VST |
4.8% |
+38.2% |
+1.82% |
| KKR |
5.5% |
+24.3% |
+1.32% |
| PM |
5.5% |
+21.2% |
+1.16% |
| GEV |
2.1% |
+48.7% |
+1.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ASML |
4.9% |
-18.5% |
-0.9% |
| MSFT |
7.3% |
-4.1% |
-0.3% |
| AMZN |
7.0% |
-3.9% |
-0.28% |
| INTU |
4.8% |
-5.5% |
-0.27% |
| TSM |
8.5% |
-0.1% |
-0.01% |
2024-Q1 → 2024-Q2 segment return
+3.77%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| TSM |
6.6% |
+27.8% |
+1.84% |
| VST |
3.5% |
+23.8% |
+0.84% |
| SPOT |
3.5% |
+19.1% |
+0.67% |
| PM |
4.8% |
+12.0% |
+0.58% |
| APP |
2.9% |
+19.9% |
+0.58% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| XYZ |
4.5% |
-23.8% |
-1.07% |
| CRM |
5.7% |
-14.6% |
-0.83% |
| WDAY |
3.0% |
-17.3% |
-0.53% |
| LYV |
2.7% |
-11.4% |
-0.31% |
| MA |
2.6% |
-8.3% |
-0.22% |
2023-Q4 → 2024-Q1 segment return
+13.8%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| META |
8.8% |
+37.6% |
+3.31% |
| DKS |
3.7% |
+53.8% |
+2.0% |
| TSM |
6.3% |
+31.2% |
+1.95% |
| AMZN |
7.2% |
+18.5% |
+1.33% |
| KKR |
4.5% |
+21.6% |
+0.96% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HDB |
2.7% |
-16.6% |
-0.45% |
| UNH |
4.1% |
-6.1% |
-0.25% |
| WDAY |
3.7% |
-1.6% |
-0.06% |
| PM |
2.4% |
-1.3% |
-0.03% |
| BKNG |
4.7% |
+2.3% |
+0.11% |
2023-Q3 → 2023-Q4 segment return
+15.76%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WDAY |
5.3% |
+28.0% |
+1.5% |
| CRM |
4.9% |
+29.8% |
+1.45% |
| META |
8.0% |
+17.8% |
+1.43% |
| KKR |
3.9% |
+34.8% |
+1.36% |
| AMZN |
6.7% |
+19.5% |
+1.3% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
3.9% |
+0.0% |
+0.0% |
| IBN |
2.7% |
+3.1% |
+0.08% |
| UNH |
4.3% |
+4.4% |
+0.19% |
| SGI |
2.0% |
+17.9% |
+0.36% |
| HDB |
2.6% |
+13.8% |
+0.36% |
2023-Q2 → 2023-Q3 segment return
-3.08%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| BKNG |
5.2% |
+14.2% |
+0.74% |
| KKR |
3.4% |
+10.3% |
+0.35% |
| UNH |
3.9% |
+5.1% |
+0.2% |
| NVDA |
2.5% |
+3.0% |
+0.07% |
| MA |
4.2% |
+0.8% |
+0.04% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TSM |
5.9% |
-14.2% |
-0.84% |
| DKS |
4.0% |
-17.1% |
-0.68% |
| ASML |
3.1% |
-18.6% |
-0.57% |
| MSFT |
7.8% |
-7.3% |
-0.57% |
| HDB |
2.6% |
-15.4% |
-0.4% |
2023-Q1 → 2023-Q2 segment return
+6.25%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
6.3% |
+25.9% |
+1.64% |
| MSFT |
7.2% |
+18.0% |
+1.29% |
| TDG |
4.8% |
+21.3% |
+1.02% |
| WDAY |
8.2% |
+9.4% |
+0.76% |
| TSM |
7.0% |
+8.3% |
+0.59% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MRNA |
2.2% |
-20.9% |
-0.45% |
| DKS |
6.0% |
-6.1% |
-0.37% |
| UNH |
3.9% |
-1.2% |
-0.05% |
| LNG |
0.0% |
-3.1% |
-0.0% |
| HDB |
1.8% |
+4.5% |
+0.08% |
2022-Q4 → 2023-Q1 segment return
+12.26%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| TSM |
7.4% |
+24.7% |
+1.82% |
| AMZN |
7.7% |
+23.0% |
+1.78% |
| WDAY |
7.5% |
+23.4% |
+1.75% |
| MSFT |
8.0% |
+20.1% |
+1.61% |
| BKNG |
4.2% |
+31.6% |
+1.34% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
5.4% |
-8.5% |
-0.46% |
| MRNA |
2.3% |
-14.5% |
-0.34% |
| HDB |
1.9% |
-2.5% |
-0.05% |
| IBN |
2.4% |
-1.4% |
-0.03% |
| LNG |
0.0% |
+5.4% |
+0.0% |
2022-Q3 → 2022-Q4 segment return
+3.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| BBWI |
6.3% |
+29.3% |
+1.85% |
| MA |
4.1% |
+22.2% |
+0.92% |
| BKNG |
3.9% |
+22.6% |
+0.89% |
| DKS |
4.9% |
+15.4% |
+0.76% |
| TDG |
3.6% |
+20.0% |
+0.73% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
7.1% |
-25.7% |
-1.83% |
| PYPL |
6.7% |
-17.3% |
-1.16% |
| SG |
0.8% |
-53.7% |
-0.43% |
| META |
3.7% |
-11.2% |
-0.42% |
| EPAM |
4.2% |
-9.5% |
-0.4% |
2022-Q2 → 2022-Q3 segment return
+1.51%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DKS |
3.7% |
+39.4% |
+1.45% |
| BBWI |
5.8% |
+21.1% |
+1.22% |
| EPAM |
3.6% |
+22.9% |
+0.83% |
| LPLA |
4.1% |
+18.4% |
+0.76% |
| PYPL |
2.9% |
+23.2% |
+0.68% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NOW |
6.0% |
-20.6% |
-1.23% |
| META |
7.8% |
-15.5% |
-1.21% |
| TSM |
7.1% |
-16.1% |
-1.14% |
| MSFT |
8.7% |
-9.3% |
-0.8% |
| MA |
4.7% |
-9.5% |
-0.45% |
2022-Q1 → 2022-Q2 segment return
-19.35%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FCNCA |
0.4% |
-1.7% |
-0.01% |
| UNH |
2.7% |
-0.8% |
-0.02% |
| TMO |
1.9% |
-9.5% |
-0.18% |
| V |
4.7% |
-11.5% |
-0.54% |
| DKS |
2.3% |
-24.2% |
-0.55% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WDAY |
7.5% |
-42.0% |
-3.14% |
| AMZN |
8.9% |
-34.8% |
-3.09% |
| SHOP |
4.3% |
-53.7% |
-2.29% |
| MSFT |
9.4% |
-17.0% |
-1.59% |
| DASH |
3.3% |
-45.2% |
-1.47% |
2021-Q4 → 2022-Q1 segment return
-10.21%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
4.7% |
+2.8% |
+0.13% |
| V |
4.3% |
+2.4% |
+0.1% |
| XYZ |
0.2% |
-16.0% |
-0.03% |
| MA |
7.1% |
-0.6% |
-0.04% |
| AMZN |
8.4% |
-1.7% |
-0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SHOP |
7.8% |
-50.8% |
-3.98% |
| DASH |
5.0% |
-20.1% |
-1.01% |
| BEKE |
2.6% |
-38.7% |
-0.99% |
| WDAY |
6.5% |
-11.9% |
-0.78% |
| NOW |
5.3% |
-14.2% |
-0.76% |
2021-Q3 → 2021-Q4 segment return
+1.35%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
4.0% |
+28.4% |
+1.13% |
| MSFT |
4.5% |
+19.3% |
+0.86% |
| DDOG |
2.2% |
+27.1% |
+0.6% |
| WDAY |
4.2% |
+9.4% |
+0.39% |
| BEKE |
1.9% |
+10.7% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DASH |
5.2% |
-28.7% |
-1.49% |
| CVNA |
2.2% |
-25.1% |
-0.55% |
| ADBE |
3.8% |
-1.5% |
-0.06% |
| DXCM |
2.7% |
-1.8% |
-0.05% |
| META |
3.5% |
-0.7% |
-0.02% |
Cumulative Contribution (all segments)