Return Attribution — Scopia Capital Management
← 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.
Scopia Capital Management (13F portfolio cloned at quarter-end weights) delivered a -21.33% 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: AMZN (+0.45%), DASH (+0.16%), BATRK (+0.00%). Biggest drags: CTVA (-6.58%), VVV (-2.23%), HLIT (-2.22%). Across all 20 segmented periods, 22 stocks made a positive cumulative contribution and 25 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
-21.33%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
5.2% |
+8.7% |
+0.45% |
| DASH |
5.5% |
+2.9% |
+0.16% |
| BATRK |
3.2% |
+0.1% |
+0.0% |
| AER |
3.2% |
-1.9% |
-0.06% |
| SGML |
0.4% |
-22.1% |
-0.09% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CTVA |
7.9% |
-82.9% |
-6.58% |
| VVV |
10.0% |
-22.3% |
-2.23% |
| HLIT |
7.2% |
-31.0% |
-2.22% |
| RRX |
7.1% |
-30.9% |
-2.21% |
| CC |
6.9% |
-31.5% |
-2.16% |
2026-Q1 → 2026-Q2 segment return
+17.92%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
4.0% |
+81.8% |
+3.25% |
| LIVN |
8.1% |
+29.4% |
+2.39% |
| VSTS |
2.4% |
+84.7% |
+2.07% |
| JBHT |
5.5% |
+36.8% |
+2.03% |
| PTON |
5.3% |
+37.8% |
+2.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| VISN |
8.3% |
-29.8% |
-2.47% |
| CC |
8.5% |
-6.5% |
-0.55% |
| GOOS |
2.9% |
-13.3% |
-0.39% |
| KKR |
5.7% |
-0.6% |
-0.03% |
| SGML |
1.4% |
+2.5% |
+0.03% |
2025-Q4 → 2026-Q1 segment return
+2.26%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CC |
4.6% |
+87.8% |
+4.0% |
| RRX |
6.3% |
+33.7% |
+2.12% |
| CTVA |
8.3% |
+25.2% |
+2.09% |
| VVV |
6.4% |
+15.9% |
+1.01% |
| ENS |
4.7% |
+18.6% |
+0.87% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| KKR |
7.3% |
-27.3% |
-1.99% |
| AZTA |
3.9% |
-36.5% |
-1.42% |
| PTON |
3.0% |
-30.4% |
-0.9% |
| TRU |
4.2% |
-19.3% |
-0.81% |
| BRZE |
2.1% |
-31.1% |
-0.65% |
2025-Q3 → 2025-Q4 segment return
+3.0%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ENS |
5.3% |
+30.1% |
+1.59% |
| LIVN |
5.3% |
+17.5% |
+0.92% |
| JBHT |
1.8% |
+45.2% |
+0.81% |
| AER |
4.2% |
+18.8% |
+0.79% |
| VSTS |
1.6% |
+47.2% |
+0.75% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CC |
5.7% |
-25.0% |
-1.44% |
| PTON |
2.8% |
-31.6% |
-0.88% |
| VVV |
4.5% |
-19.1% |
-0.86% |
| PRMB |
2.7% |
-25.5% |
-0.69% |
| KBR |
2.6% |
-15.0% |
-0.4% |
2025-Q2 → 2025-Q3 segment return
+9.65%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| INDV |
3.0% |
+63.6% |
+1.89% |
| CC |
4.7% |
+39.2% |
+1.84% |
| SGI |
6.1% |
+24.2% |
+1.47% |
| MRCY |
2.9% |
+43.7% |
+1.28% |
| PTON |
3.7% |
+29.7% |
+1.1% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PRMB |
4.0% |
-25.1% |
-1.01% |
| CTVA |
7.7% |
-9.0% |
-0.7% |
| VSTS |
2.0% |
-20.9% |
-0.42% |
| JBHT |
4.1% |
-6.3% |
-0.26% |
| VVV |
2.4% |
-5.2% |
-0.12% |
2025-Q1 → 2025-Q2 segment return
+8.6%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| RRX |
6.9% |
+27.6% |
+1.9% |
| CTVA |
8.4% |
+18.7% |
+1.58% |
| INDV |
2.6% |
+54.7% |
+1.42% |
| MRCY |
5.4% |
+25.0% |
+1.35% |
| DKNG |
4.5% |
+29.1% |
+1.3% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| VSTS |
3.6% |
-42.1% |
-1.53% |
| PRMB |
4.7% |
-16.3% |
-0.76% |
| MAGN |
1.8% |
-33.5% |
-0.61% |
| CC |
3.9% |
-14.7% |
-0.57% |
| KBR |
6.9% |
-3.8% |
-0.26% |
2024-Q4 → 2025-Q1 segment return
-10.29%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CTVA |
7.3% |
+10.8% |
+0.79% |
| AER |
7.0% |
+7.1% |
+0.49% |
| SGI |
6.5% |
+5.9% |
+0.38% |
| FROG |
3.7% |
+8.8% |
+0.33% |
| MRCY |
5.9% |
+2.6% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
8.1% |
-27.5% |
-2.24% |
| RRX |
7.5% |
-26.4% |
-1.97% |
| VSTS |
4.5% |
-34.9% |
-1.59% |
| PTON |
3.9% |
-27.4% |
-1.06% |
| KBR |
6.7% |
-14.0% |
-0.94% |
2024-Q3 → 2024-Q4 segment return
+0.34%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PTON |
2.2% |
+85.9% |
+1.91% |
| INTA |
1.0% |
+33.5% |
+0.34% |
| SGI |
3.4% |
+4.1% |
+0.14% |
| MBLY |
0.2% |
+45.4% |
+0.1% |
| VSTS |
3.4% |
+2.5% |
+0.09% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
6.6% |
-9.2% |
-0.61% |
| CC |
2.8% |
-15.7% |
-0.44% |
| RRX |
6.7% |
-6.3% |
-0.42% |
| ENS |
4.3% |
-9.2% |
-0.4% |
| HUM |
1.7% |
-19.6% |
-0.34% |
2024-Q2 → 2024-Q3 segment return
+4.4%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
9.8% |
+23.8% |
+2.32% |
| RRX |
4.7% |
+22.9% |
+1.07% |
| SGI |
4.8% |
+15.6% |
+0.76% |
| PTON |
1.9% |
+38.5% |
+0.75% |
| VSTS |
2.6% |
+22.1% |
+0.58% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FTRE |
5.1% |
-14.3% |
-0.73% |
| HUM |
4.2% |
-15.0% |
-0.62% |
| MBLY |
0.3% |
-51.2% |
-0.17% |
| ENS |
3.3% |
-1.2% |
-0.04% |
| CVNA |
0.1% |
+34.5% |
+0.05% |
2024-Q1 → 2024-Q2 segment return
-4.31%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SPY |
9.6% |
+4.1% |
+0.39% |
| ENS |
4.0% |
+9.8% |
+0.39% |
| HUM |
3.1% |
+8.0% |
+0.25% |
| AER |
2.8% |
+7.5% |
+0.21% |
| MBLY |
0.3% |
-12.6% |
-0.04% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FTRE |
2.9% |
-41.9% |
-1.2% |
| RRX |
4.3% |
-24.7% |
-1.06% |
| SGI |
4.4% |
-16.5% |
-0.72% |
| HLIT |
5.7% |
-12.4% |
-0.71% |
| VSTS |
1.8% |
-36.3% |
-0.64% |
2023-Q4 → 2024-Q1 segment return
+3.38%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| RRX |
4.9% |
+21.9% |
+1.07% |
| AER |
4.6% |
+16.9% |
+0.77% |
| SPY |
7.6% |
+10.0% |
+0.76% |
| SGI |
5.1% |
+11.8% |
+0.6% |
| FTRE |
3.1% |
+15.0% |
+0.46% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PTON |
1.5% |
-29.6% |
-0.46% |
| VSTS |
3.5% |
-8.7% |
-0.3% |
| ENS |
4.8% |
-6.2% |
-0.3% |
| JBHT |
2.5% |
-0.0% |
-0.0% |
| CVNA |
0.1% |
+66.5% |
+0.03% |
2023-Q3 → 2023-Q4 segment return
+7.61%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
6.7% |
+35.4% |
+2.38% |
| SGI |
5.0% |
+17.9% |
+0.9% |
| FTRE |
3.8% |
+22.1% |
+0.85% |
| NSC |
3.7% |
+20.9% |
+0.78% |
| AER |
3.3% |
+18.6% |
+0.62% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MNKD |
0.4% |
-11.9% |
-0.04% |
| CVNA |
0.0% |
+26.1% |
+0.01% |
| META |
0.6% |
+17.8% |
+0.11% |
| RRX |
4.7% |
+3.8% |
+0.18% |
| ENS |
4.5% |
+6.9% |
+0.31% |
2023-Q2 → 2023-Q3 segment return
-5.7%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SGI |
6.3% |
+8.4% |
+0.53% |
| META |
0.6% |
+4.7% |
+0.03% |
| CVNA |
0.0% |
+64.6% |
+0.02% |
| MNKD |
0.4% |
+1.5% |
+0.01% |
| AER |
2.6% |
-1.3% |
-0.03% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
6.7% |
-40.4% |
-2.72% |
| PTON |
3.7% |
-34.3% |
-1.26% |
| ENS |
7.6% |
-12.6% |
-0.96% |
| RRX |
8.2% |
-6.9% |
-0.57% |
| NSC |
4.3% |
-12.6% |
-0.55% |
2023-Q1 → 2023-Q2 segment return
+2.17%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ENS |
8.1% |
+25.1% |
+2.04% |
| HLIT |
8.2% |
+10.8% |
+0.89% |
| RRX |
7.0% |
+9.6% |
+0.68% |
| SPY |
3.3% |
+8.1% |
+0.27% |
| NSC |
2.8% |
+7.7% |
+0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PTON |
6.2% |
-32.2% |
-2.0% |
| PYPL |
2.0% |
-12.3% |
-0.25% |
| MNKD |
0.3% |
-0.7% |
-0.0% |
| SGI |
4.4% |
+1.8% |
+0.08% |
| META |
0.3% |
+35.3% |
+0.12% |
2022-Q4 → 2023-Q1 segment return
+9.45%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| META |
3.8% |
+75.4% |
+2.9% |
| PTON |
4.9% |
+42.8% |
+2.09% |
| ENS |
7.1% |
+17.9% |
+1.27% |
| RRX |
6.0% |
+17.6% |
+1.06% |
| HLIT |
7.6% |
+11.4% |
+0.86% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MNKD |
0.3% |
-22.2% |
-0.07% |
| IWM |
3.2% |
+2.7% |
+0.09% |
| PYPL |
1.9% |
+6.7% |
+0.12% |
| SPY |
3.8% |
+7.1% |
+0.27% |
| SGI |
5.6% |
+15.3% |
+0.86% |
2022-Q3 → 2022-Q4 segment return
+8.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SGI |
5.8% |
+42.6% |
+2.48% |
| ENS |
7.9% |
+27.2% |
+2.16% |
| KBR |
8.0% |
+22.2% |
+1.77% |
| ARMK |
5.2% |
+32.5% |
+1.69% |
| AXTA |
5.9% |
+20.9% |
+1.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| RRX |
8.1% |
-14.3% |
-1.15% |
| VRRM |
11.4% |
-10.0% |
-1.14% |
| PYPL |
3.7% |
-17.3% |
-0.64% |
| SONO |
0.1% |
+21.6% |
+0.01% |
| HLIT |
9.1% |
+0.2% |
+0.02% |
2022-Q2 → 2022-Q3 segment return
+1.44%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
9.2% |
+50.7% |
+4.67% |
| RRX |
7.3% |
+23.9% |
+1.76% |
| PYPL |
2.5% |
+23.2% |
+0.57% |
| FISV |
4.1% |
+5.2% |
+0.21% |
| ARMK |
7.3% |
+1.9% |
+0.14% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MHK |
5.5% |
-26.5% |
-1.46% |
| SONO |
5.9% |
-22.9% |
-1.35% |
| PTON |
4.8% |
-24.5% |
-1.17% |
| KBR |
9.4% |
-10.7% |
-1.0% |
| VRRM |
14.2% |
-2.2% |
-0.31% |
2022-Q1 → 2022-Q2 segment return
-10.31%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MNKD |
0.2% |
+3.5% |
+0.01% |
| IWM |
2.7% |
-17.7% |
-0.48% |
| HLIT |
8.5% |
-6.7% |
-0.57% |
| SPY |
6.9% |
-16.8% |
-1.16% |
| RRX |
7.5% |
-23.5% |
-1.75% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PTON |
4.2% |
-65.3% |
-2.76% |
| ENS |
8.7% |
-20.7% |
-1.81% |
| HTZ |
6.3% |
-28.3% |
-1.79% |
| RRX |
7.5% |
-23.5% |
-1.75% |
| SPY |
6.9% |
-16.8% |
-1.16% |
2021-Q4 → 2022-Q1 segment return
-3.24%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MNKD |
0.3% |
-15.8% |
-0.05% |
| ENS |
5.6% |
-5.4% |
-0.3% |
| RRX |
7.6% |
-12.4% |
-0.94% |
| HLIT |
9.3% |
-21.0% |
-1.95% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HLIT |
9.3% |
-21.0% |
-1.95% |
| RRX |
7.6% |
-12.4% |
-0.94% |
| ENS |
5.6% |
-5.4% |
-0.3% |
| MNKD |
0.3% |
-15.8% |
-0.05% |
2021-Q3 → 2021-Q4 segment return
+1.19%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SPY |
9.7% |
+10.5% |
+1.02% |
| IWM |
9.4% |
+1.7% |
+0.16% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| IWM |
9.4% |
+1.7% |
+0.16% |
| SPY |
9.7% |
+10.5% |
+1.02% |
Cumulative Contribution (all segments)