Return Attribution — Ontario Teachers Pension Plan
← 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.
Ontario Teachers Pension Plan (13F portfolio cloned at quarter-end weights) delivered a -2.97% 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: GFL (+1.66%), LNG (+0.38%), SNOW (+0.22%). Biggest drags: ENB (-0.93%), FER (-0.55%), XE (-0.47%). Across all 20 segmented periods, 49 stocks made a positive cumulative contribution and 38 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
-2.97%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
11.6% |
+14.3% |
+1.66% |
| LNG |
2.7% |
+14.1% |
+0.38% |
| SNOW |
0.7% |
+30.8% |
+0.22% |
| TRGP |
3.1% |
+6.4% |
+0.2% |
| AMT |
4.1% |
+2.7% |
+0.11% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ENB |
6.6% |
-14.2% |
-0.93% |
| FER |
2.1% |
-26.2% |
-0.55% |
| XE |
2.2% |
-21.6% |
-0.47% |
| TRP |
3.9% |
-11.1% |
-0.43% |
| EIX |
1.5% |
-26.0% |
-0.4% |
2026-Q1 → 2026-Q2 segment return
+3.1%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SNOW |
1.5% |
+68.7% |
+1.05% |
| ROK |
2.4% |
+38.0% |
+0.92% |
| COOK |
0.4% |
+171.8% |
+0.71% |
| CARR |
2.1% |
+30.7% |
+0.65% |
| PNC |
3.3% |
+18.3% |
+0.61% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
27.2% |
-11.8% |
-3.2% |
| CRM |
3.8% |
-15.6% |
-0.6% |
| PONY |
1.8% |
-26.4% |
-0.47% |
| TMUS |
1.3% |
-20.4% |
-0.26% |
| SA |
1.4% |
-9.2% |
-0.13% |
2025-Q4 → 2026-Q1 segment return
-5.94%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WMT |
4.1% |
+11.5% |
+0.48% |
| ROST |
1.8% |
+20.3% |
+0.37% |
| T |
1.9% |
+16.7% |
+0.31% |
| BURL |
1.6% |
+12.6% |
+0.2% |
| CMI |
3.6% |
+5.4% |
+0.19% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TEAM |
2.6% |
-57.9% |
-1.51% |
| CRM |
4.0% |
-29.5% |
-1.17% |
| COF |
4.6% |
-24.8% |
-1.15% |
| PONY |
2.1% |
-34.9% |
-0.74% |
| GFL |
21.6% |
-2.9% |
-0.62% |
2025-Q3 → 2025-Q4 segment return
-3.59%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CMI |
2.9% |
+20.9% |
+0.61% |
| COF |
4.0% |
+14.0% |
+0.57% |
| CRM |
3.6% |
+12.0% |
+0.44% |
| LLY |
0.7% |
+42.0% |
+0.31% |
| WMT |
3.7% |
+8.3% |
+0.31% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PONY |
10.4% |
-35.5% |
-3.71% |
| GFL |
24.7% |
-9.3% |
-2.31% |
| T |
2.2% |
-12.0% |
-0.27% |
| PINS |
1.0% |
-19.5% |
-0.2% |
| MSFT |
2.5% |
-6.1% |
-0.15% |
2025-Q2 → 2025-Q3 segment return
+4.85%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PONY |
5.7% |
+70.4% |
+3.98% |
| CMI |
2.8% |
+29.0% |
+0.82% |
| GE |
2.2% |
+16.6% |
+0.37% |
| BAC |
3.8% |
+8.7% |
+0.33% |
| TD |
3.6% |
+8.8% |
+0.32% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
26.4% |
-6.1% |
-1.61% |
| CRM |
3.7% |
-12.9% |
-0.47% |
| HON |
2.8% |
-9.6% |
-0.27% |
| COOK |
0.8% |
-28.7% |
-0.24% |
| SBUX |
2.4% |
-7.9% |
-0.19% |
2025-Q1 → 2025-Q2 segment return
+9.74%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
7.4% |
+33.0% |
+2.43% |
| PONY |
2.9% |
+49.7% |
+1.45% |
| SNOW |
2.6% |
+53.1% |
+1.35% |
| DIS |
3.7% |
+25.8% |
+0.95% |
| GFL |
19.6% |
+4.5% |
+0.88% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BDX |
5.1% |
-24.3% |
-1.24% |
| SBUX |
3.4% |
-6.3% |
-0.21% |
| HUM |
2.7% |
-7.3% |
-0.2% |
| LLY |
3.5% |
-5.5% |
-0.19% |
| HTHT |
0.3% |
-8.3% |
-0.02% |
2024-Q4 → 2025-Q1 segment return
-2.15%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
18.9% |
+8.5% |
+1.61% |
| CB |
4.7% |
+9.9% |
+0.47% |
| DE |
3.3% |
+11.2% |
+0.37% |
| VSAT |
0.9% |
+22.4% |
+0.2% |
| SBUX |
2.7% |
+7.2% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PONY |
3.7% |
-38.5% |
-1.44% |
| MSFT |
7.4% |
-11.3% |
-0.83% |
| CRM |
3.4% |
-19.7% |
-0.68% |
| PYPL |
2.3% |
-23.6% |
-0.55% |
| ULTA |
2.4% |
-15.7% |
-0.38% |
2024-Q3 → 2024-Q4 segment return
+2.02%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
12.0% |
+11.7% |
+1.41% |
| CRM |
4.8% |
+22.3% |
+1.07% |
| SNOW |
2.5% |
+34.4% |
+0.86% |
| HON |
5.6% |
+15.3% |
+0.86% |
| DIS |
4.1% |
+15.8% |
+0.64% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HUM |
3.2% |
-19.6% |
-0.62% |
| CMCSA |
5.7% |
-10.1% |
-0.57% |
| ABBV |
4.9% |
-9.3% |
-0.46% |
| LOW |
5.4% |
-8.5% |
-0.46% |
| BDX |
5.1% |
-5.5% |
-0.28% |
2024-Q2 → 2024-Q3 segment return
+4.39%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| LOW |
4.7% |
+23.5% |
+1.1% |
| PYPL |
3.0% |
+34.1% |
+1.03% |
| SBUX |
3.9% |
+25.3% |
+0.99% |
| ABBV |
4.8% |
+16.2% |
+0.78% |
| CB |
6.1% |
+11.5% |
+0.7% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PINS |
2.4% |
-26.5% |
-0.63% |
| HUM |
3.8% |
-15.0% |
-0.57% |
| HON |
5.9% |
-8.3% |
-0.48% |
| MSFT |
10.0% |
-4.1% |
-0.41% |
| DIS |
3.9% |
-3.0% |
-0.12% |
2024-Q1 → 2024-Q2 segment return
-1.25%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
10.6% |
+12.9% |
+1.37% |
| MSFT |
9.1% |
+6.5% |
+0.6% |
| HUM |
3.2% |
+8.0% |
+0.26% |
| MS |
4.8% |
+4.2% |
+0.2% |
| NVDA |
0.2% |
+37.3% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DIS |
3.7% |
-19.2% |
-0.71% |
| PCAR |
3.4% |
-16.9% |
-0.58% |
| LOW |
4.3% |
-13.0% |
-0.56% |
| SBUX |
3.6% |
-14.9% |
-0.54% |
| CRM |
3.6% |
-14.6% |
-0.53% |
2023-Q4 → 2024-Q1 segment return
+5.63%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
9.4% |
+11.8% |
+1.11% |
| PCAR |
3.4% |
+26.9% |
+0.91% |
| CB |
6.1% |
+14.7% |
+0.89% |
| ABBV |
4.5% |
+18.6% |
+0.84% |
| LOW |
4.5% |
+15.0% |
+0.67% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PANW |
0.3% |
-3.7% |
-0.01% |
| HUM |
0.0% |
-24.1% |
-0.01% |
| XEL |
0.1% |
-13.2% |
-0.01% |
| CAR |
0.0% |
-30.9% |
-0.01% |
| CHTR |
0.0% |
-25.2% |
-0.0% |
2023-Q3 → 2023-Q4 segment return
+6.81%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
13.6% |
+8.7% |
+1.19% |
| CRM |
3.8% |
+29.8% |
+1.13% |
| AMZN |
5.0% |
+19.5% |
+0.98% |
| V |
5.5% |
+12.7% |
+0.7% |
| TMUS |
4.6% |
+14.4% |
+0.66% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BDX |
5.0% |
-5.3% |
-0.27% |
| HTHT |
0.2% |
-15.2% |
-0.03% |
| SE |
0.1% |
-8.1% |
-0.01% |
| BMY |
0.0% |
-10.7% |
-0.0% |
| CSCO |
0.1% |
-6.1% |
-0.0% |
2023-Q2 → 2023-Q3 segment return
-2.2%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ABBV |
4.4% |
+11.9% |
+0.52% |
| CB |
6.3% |
+7.5% |
+0.47% |
| PDD |
0.4% |
+41.8% |
+0.16% |
| META |
3.3% |
+4.7% |
+0.16% |
| PCAR |
3.9% |
+1.6% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
16.1% |
-18.1% |
-2.91% |
| V |
5.6% |
-2.6% |
-0.15% |
| CRM |
3.7% |
-4.0% |
-0.15% |
| AMZN |
4.7% |
-2.4% |
-0.11% |
| TMO |
3.6% |
-3.1% |
-0.11% |
2023-Q1 → 2023-Q2 segment return
+6.68%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
16.6% |
+12.7% |
+2.11% |
| MSFT |
7.7% |
+18.0% |
+1.39% |
| AMZN |
4.1% |
+25.9% |
+1.07% |
| JPM |
5.3% |
+11.9% |
+0.63% |
| PCAR |
3.7% |
+14.3% |
+0.54% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TMO |
5.4% |
-9.4% |
-0.51% |
| CB |
6.1% |
-0.8% |
-0.05% |
| HTHT |
0.2% |
-20.9% |
-0.05% |
| PDD |
0.4% |
-9.1% |
-0.04% |
| SE |
0.1% |
-33.2% |
-0.03% |
2022-Q4 → 2023-Q1 segment return
+6.33%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
13.9% |
+17.9% |
+2.48% |
| MSFT |
7.7% |
+20.1% |
+1.54% |
| AMZN |
3.8% |
+23.0% |
+0.87% |
| NOW |
3.5% |
+19.7% |
+0.69% |
| V |
5.0% |
+8.8% |
+0.44% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CB |
6.3% |
-12.0% |
-0.75% |
| JPM |
6.1% |
-3.2% |
-0.19% |
| FANG |
3.0% |
-1.2% |
-0.04% |
| CI |
0.0% |
-22.5% |
-0.01% |
| CNC |
0.0% |
-22.9% |
-0.01% |
2022-Q3 → 2022-Q4 segment return
+8.67%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
15.9% |
+15.6% |
+2.49% |
| CAT |
5.1% |
+47.0% |
+2.38% |
| SYK |
7.6% |
+20.7% |
+1.57% |
| TSCO |
4.6% |
+21.0% |
+0.96% |
| PGR |
6.3% |
+11.6% |
+0.73% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
6.4% |
-25.7% |
-1.66% |
| META |
3.7% |
-11.2% |
-0.42% |
| PANW |
0.3% |
-14.7% |
-0.04% |
| ELAN |
1.4% |
-1.5% |
-0.02% |
| RIVN |
0.0% |
-44.0% |
-0.01% |
2022-Q2 → 2022-Q3 segment return
-4.73%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
8.4% |
+5.9% |
+0.5% |
| TJX |
4.3% |
+11.5% |
+0.49% |
| MS |
5.5% |
+4.9% |
+0.27% |
| CD |
0.5% |
+41.7% |
+0.2% |
| WFC |
4.9% |
+3.4% |
+0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NOW |
6.1% |
-20.6% |
-1.26% |
| MSFT |
12.7% |
-9.3% |
-1.17% |
| ELAN |
1.9% |
-36.8% |
-0.7% |
| META |
3.9% |
-15.5% |
-0.6% |
| CWK |
2.3% |
-24.9% |
-0.57% |
2022-Q1 → 2022-Q2 segment return
-14.24%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| YMM |
0.4% |
+38.3% |
+0.14% |
| SU |
0.0% |
+7.6% |
+0.0% |
| VZ |
0.0% |
+33.4% |
+0.0% |
| KMB |
0.0% |
+10.7% |
+0.0% |
| LLY |
0.0% |
+13.2% |
+0.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
17.7% |
-20.7% |
-3.66% |
| AMZN |
8.8% |
-34.8% |
-3.08% |
| MSFT |
12.3% |
-17.0% |
-2.08% |
| META |
5.0% |
-27.9% |
-1.4% |
| CAT |
5.4% |
-19.4% |
-1.05% |
2021-Q4 → 2022-Q1 segment return
-4.78%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
8.4% |
+2.8% |
+0.24% |
| LUV |
0.9% |
+7.0% |
+0.06% |
| PANW |
0.2% |
+11.5% |
+0.03% |
| CNQ |
0.0% |
+46.5% |
+0.02% |
| XOM |
0.0% |
+35.5% |
+0.02% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GFL |
20.6% |
-14.0% |
-2.88% |
| NOW |
6.5% |
-14.2% |
-0.92% |
| MSFT |
11.4% |
-7.9% |
-0.9% |
| AMZN |
8.5% |
-1.7% |
-0.15% |
| YMM |
0.5% |
-22.9% |
-0.13% |
2021-Q3 → 2021-Q4 segment return
+3.96%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
8.1% |
+19.3% |
+1.56% |
| UNH |
3.7% |
+28.4% |
+1.06% |
| CSX |
2.8% |
+24.9% |
+0.71% |
| HD |
1.3% |
+26.0% |
+0.34% |
| TMO |
1.4% |
+16.8% |
+0.24% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| YMM |
1.0% |
-44.6% |
-0.43% |
| LUV |
1.0% |
-16.6% |
-0.16% |
| BABA |
0.8% |
-19.8% |
-0.15% |
| DIS |
1.2% |
-8.7% |
-0.1% |
| NFLX |
4.2% |
-1.1% |
-0.05% |
Cumulative Contribution (all segments)