Return Attribution — Southeastern Asset 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.
Southeastern Asset Management (13F portfolio cloned at quarter-end weights) delivered a -1.18% 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: MAT (+1.74%), AVTR (+1.35%), REGN (+0.92%). Biggest drags: FBIN (-1.35%), RYN (-1.21%), MGM (-1.09%). Across all 20 segmented periods, 29 stocks made a positive cumulative contribution and 19 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
-1.18%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MAT |
8.9% |
+19.5% |
+1.74% |
| AVTR |
2.4% |
+55.5% |
+1.35% |
| REGN |
5.0% |
+18.6% |
+0.92% |
| ABT |
4.0% |
+9.3% |
+0.37% |
| CLW |
1.3% |
+24.4% |
+0.31% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FBIN |
4.8% |
-28.0% |
-1.35% |
| RYN |
10.5% |
-11.5% |
-1.21% |
| MGM |
2.9% |
-37.2% |
-1.09% |
| TRIP |
1.6% |
-34.6% |
-0.56% |
| SHEN |
2.1% |
-23.6% |
-0.49% |
2026-Q1 → 2026-Q2 segment return
+4.55%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ACMR |
1.5% |
+222.5% |
+3.37% |
| FBIN |
4.1% |
+41.9% |
+1.73% |
| MGM |
3.0% |
+29.2% |
+0.88% |
| TRIP |
2.4% |
+28.6% |
+0.69% |
| SN |
1.3% |
+43.8% |
+0.57% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ACI |
6.2% |
-19.8% |
-1.23% |
| GLIBK |
2.4% |
-42.1% |
-1.02% |
| REGN |
5.0% |
-18.5% |
-0.92% |
| CNX |
7.6% |
-12.0% |
-0.91% |
| MAT |
9.2% |
-4.5% |
-0.41% |
2025-Q4 → 2026-Q1 segment return
-3.48%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FDX |
4.6% |
+23.8% |
+1.1% |
| SHEN |
1.5% |
+33.4% |
+0.51% |
| CNX |
7.8% |
+4.8% |
+0.38% |
| CNH |
1.5% |
+19.3% |
+0.29% |
| SAM |
1.3% |
+18.1% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MAT |
7.6% |
-26.8% |
-2.03% |
| AVTR |
1.8% |
-31.6% |
-0.57% |
| FBIN |
2.6% |
-21.7% |
-0.57% |
| FIS |
1.8% |
-29.4% |
-0.54% |
| TRIP |
1.8% |
-26.8% |
-0.49% |
2025-Q3 → 2025-Q4 segment return
+2.54%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| REGN |
4.2% |
+35.9% |
+1.49% |
| MAT |
7.0% |
+17.9% |
+1.25% |
| CNX |
7.8% |
+14.5% |
+1.13% |
| FDX |
4.5% |
+23.1% |
+1.04% |
| WTM |
2.7% |
+24.3% |
+0.66% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PVH |
4.0% |
-20.0% |
-0.8% |
| RYN |
6.1% |
-12.4% |
-0.76% |
| KHC |
4.8% |
-6.5% |
-0.32% |
| CNH |
2.1% |
-15.0% |
-0.31% |
| AVTR |
3.3% |
-8.2% |
-0.27% |
2025-Q2 → 2025-Q3 segment return
+2.37%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PVH |
4.7% |
+22.2% |
+1.05% |
| DINO |
3.6% |
+27.4% |
+0.99% |
| ACMR |
1.5% |
+51.1% |
+0.79% |
| MLCO |
2.3% |
+26.8% |
+0.63% |
| BIO |
3.8% |
+16.2% |
+0.62% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MAT |
7.2% |
-14.7% |
-1.05% |
| FIS |
3.9% |
-19.0% |
-0.74% |
| ACI |
3.8% |
-18.0% |
-0.68% |
| CNH |
2.5% |
-16.3% |
-0.4% |
| CNX |
7.6% |
-4.6% |
-0.35% |
2025-Q1 → 2025-Q2 segment return
+4.65%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DINO |
4.7% |
+24.9% |
+1.17% |
| OSCR |
1.5% |
+63.5% |
+0.93% |
| TIGO |
3.3% |
+23.8% |
+0.77% |
| AMG |
4.3% |
+17.1% |
+0.73% |
| CNX |
8.0% |
+7.0% |
+0.56% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| REGN |
3.9% |
-17.1% |
-0.66% |
| KHC |
4.0% |
-15.3% |
-0.61% |
| WEST |
1.9% |
-20.6% |
-0.39% |
| FDX |
5.1% |
-6.2% |
-0.31% |
| SAM |
1.4% |
-20.1% |
-0.27% |
2024-Q4 → 2025-Q1 segment return
-5.21%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ACI |
5.4% |
+12.8% |
+0.69% |
| MAT |
6.4% |
+9.6% |
+0.62% |
| TIGO |
2.9% |
+21.0% |
+0.6% |
| RTX |
2.9% |
+15.0% |
+0.43% |
| GHC |
2.4% |
+10.4% |
+0.25% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BIO |
4.8% |
-25.9% |
-1.24% |
| CNX |
7.8% |
-14.2% |
-1.11% |
| PVH |
2.6% |
-38.8% |
-0.99% |
| FDX |
5.7% |
-12.9% |
-0.74% |
| H |
2.9% |
-21.9% |
-0.64% |
2024-Q3 → 2024-Q4 segment return
+2.57%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
9.6% |
+12.6% |
+1.21% |
| LYV |
4.6% |
+18.3% |
+0.85% |
| WBD |
2.6% |
+29.4% |
+0.77% |
| PYPL |
3.1% |
+9.7% |
+0.31% |
| FDX |
5.8% |
+3.3% |
+0.19% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MAT |
7.3% |
-6.9% |
-0.5% |
| MGM |
4.1% |
-11.4% |
-0.47% |
| HTHT |
1.9% |
-11.2% |
-0.21% |
| RTX |
3.1% |
-4.0% |
-0.12% |
| ESRT |
1.0% |
-6.6% |
-0.07% |
2024-Q2 → 2024-Q3 segment return
+6.0%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
7.7% |
+34.0% |
+2.62% |
| MAT |
5.9% |
+17.2% |
+1.01% |
| PYPL |
2.1% |
+34.1% |
+0.73% |
| LYV |
3.7% |
+16.8% |
+0.63% |
| RTX |
2.4% |
+21.3% |
+0.51% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FDX |
6.7% |
-8.3% |
-0.56% |
| MGM |
4.4% |
-12.0% |
-0.53% |
| PVH |
2.4% |
-4.7% |
-0.11% |
| WTM |
1.7% |
-6.7% |
-0.11% |
| HDB |
0.3% |
-2.7% |
-0.01% |
2024-Q1 → 2024-Q2 segment return
-3.94%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FDX |
6.0% |
+4.1% |
+0.24% |
| CNX |
8.3% |
+2.4% |
+0.2% |
| RTX |
3.0% |
+3.6% |
+0.11% |
| HDB |
0.3% |
+14.9% |
+0.04% |
| WTM |
1.7% |
+1.3% |
+0.02% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MAT |
6.5% |
-17.9% |
-1.16% |
| CNH |
3.7% |
-18.6% |
-0.69% |
| WBD |
3.9% |
-15.2% |
-0.59% |
| LYV |
4.7% |
-11.4% |
-0.54% |
| PVH |
1.7% |
-24.7% |
-0.42% |
2023-Q4 → 2024-Q1 segment return
+4.97%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
6.4% |
+18.6% |
+1.19% |
| H |
4.0% |
+22.5% |
+0.9% |
| FDX |
4.7% |
+15.1% |
+0.71% |
| LYV |
4.4% |
+13.0% |
+0.58% |
| PVH |
3.5% |
+15.2% |
+0.53% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WBD |
4.2% |
-22.7% |
-0.96% |
| BATRK |
1.5% |
-1.3% |
-0.02% |
| HDB |
0.1% |
-16.6% |
-0.01% |
| MSGS |
0.0% |
+1.5% |
+0.0% |
| GOOG |
0.0% |
+8.0% |
+0.0% |
2023-Q3 → 2023-Q4 segment return
+4.17%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PVH |
3.4% |
+59.7% |
+2.06% |
| H |
4.2% |
+23.1% |
+0.97% |
| MGM |
3.5% |
+21.5% |
+0.76% |
| FBIN |
3.1% |
+22.9% |
+0.71% |
| LYV |
3.9% |
+12.7% |
+0.5% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MAT |
7.4% |
-14.3% |
-1.06% |
| CNX |
7.9% |
-11.4% |
-0.9% |
| FDX |
5.9% |
-4.1% |
-0.24% |
| HTHT |
0.6% |
-15.2% |
-0.09% |
| PYPL |
0.0% |
+4.8% |
+0.0% |
2023-Q2 → 2023-Q3 segment return
+0.85%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
7.9% |
+27.4% |
+2.16% |
| MAT |
6.7% |
+12.7% |
+0.85% |
| FDX |
6.0% |
+7.4% |
+0.44% |
| WTM |
2.1% |
+7.7% |
+0.16% |
| ESRT |
1.7% |
+7.8% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
4.5% |
-16.3% |
-0.73% |
| WBD |
4.5% |
-13.1% |
-0.59% |
| LYV |
4.3% |
-8.9% |
-0.38% |
| PVH |
3.8% |
-9.9% |
-0.38% |
| H |
5.1% |
-7.3% |
-0.37% |
2023-Q1 → 2023-Q2 segment return
+2.53%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
7.8% |
+10.6% |
+0.83% |
| GE |
4.2% |
+14.8% |
+0.62% |
| GOOG |
3.1% |
+16.1% |
+0.5% |
| FDX |
5.3% |
+9.1% |
+0.48% |
| MAT |
7.4% |
+6.1% |
+0.45% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WBD |
5.3% |
-17.1% |
-0.91% |
| PVH |
4.4% |
-4.7% |
-0.21% |
| HTHT |
0.7% |
-20.9% |
-0.15% |
| GHC |
2.4% |
-3.8% |
-0.09% |
| MGM |
5.2% |
-1.1% |
-0.06% |
2022-Q4 → 2023-Q1 segment return
+11.38%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GE |
5.8% |
+46.4% |
+2.69% |
| WBD |
4.2% |
+59.3% |
+2.51% |
| FDX |
5.1% |
+32.7% |
+1.65% |
| MGM |
4.6% |
+32.5% |
+1.51% |
| H |
6.1% |
+23.6% |
+1.44% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
7.2% |
-4.9% |
-0.35% |
| WTM |
2.9% |
-2.5% |
-0.07% |
| ESRT |
2.1% |
-3.2% |
-0.07% |
| CNH |
1.0% |
-4.9% |
-0.05% |
| GHC |
2.6% |
-1.1% |
-0.03% |
2022-Q3 → 2022-Q4 segment return
+7.52%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMG |
4.9% |
+41.6% |
+2.02% |
| GE |
5.2% |
+35.2% |
+1.84% |
| PVH |
2.9% |
+57.7% |
+1.64% |
| MSGS |
3.0% |
+40.4% |
+1.21% |
| WMG |
2.1% |
+50.9% |
+1.07% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| LUMN |
11.5% |
-28.3% |
-3.24% |
| OSCR |
1.5% |
-50.7% |
-0.76% |
| WBD |
4.2% |
-17.5% |
-0.74% |
| MAT |
7.1% |
-5.8% |
-0.41% |
| GOOG |
3.9% |
-7.6% |
-0.29% |
2022-Q2 → 2022-Q3 segment return
-11.62%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| H |
4.8% |
+9.5% |
+0.45% |
| OSCR |
1.1% |
+17.4% |
+0.18% |
| WTM |
3.5% |
+4.6% |
+0.16% |
| FISV |
2.3% |
+5.2% |
+0.12% |
| MGM |
3.6% |
+2.7% |
+0.1% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| LUMN |
15.0% |
-33.3% |
-5.0% |
| FDX |
6.9% |
-34.2% |
-2.36% |
| MAT |
8.0% |
-15.2% |
-1.22% |
| WBD |
4.5% |
-14.1% |
-0.63% |
| PVH |
2.7% |
-21.2% |
-0.57% |
2022-Q1 → 2022-Q2 segment return
-7.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WTM |
2.7% |
+9.7% |
+0.26% |
| MAT |
6.7% |
+0.5% |
+0.04% |
| HTHT |
0.1% |
+15.8% |
+0.01% |
| CMCSA |
0.0% |
-16.6% |
-0.0% |
| WMB |
1.3% |
-5.5% |
-0.07% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
8.8% |
-20.6% |
-1.8% |
| GE |
5.0% |
-30.8% |
-1.53% |
| MGM |
4.5% |
-31.0% |
-1.38% |
| H |
4.3% |
-22.6% |
-0.98% |
| ESRT |
2.7% |
-28.0% |
-0.76% |
2021-Q4 → 2022-Q1 segment return
+3.83%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNX |
6.7% |
+50.7% |
+3.41% |
| WMB |
3.4% |
+30.0% |
+1.01% |
| ESRT |
2.4% |
+10.8% |
+0.26% |
| MAT |
7.8% |
+3.0% |
+0.23% |
| WTM |
0.9% |
+12.2% |
+0.11% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FDX |
6.7% |
-10.2% |
-0.68% |
| MGM |
4.7% |
-6.5% |
-0.31% |
| GE |
5.3% |
-2.7% |
-0.14% |
| GHC |
3.4% |
-2.7% |
-0.09% |
| CNH |
0.6% |
-6.2% |
-0.04% |
2021-Q3 → 2021-Q4 segment return
-1.14%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CMCSA |
2.9% |
-10.0% |
-0.29% |
| BABA |
2.0% |
-19.8% |
-0.4% |
| GE |
5.4% |
-8.4% |
-0.45% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GE |
5.4% |
-8.4% |
-0.45% |
| BABA |
2.0% |
-19.8% |
-0.4% |
| CMCSA |
2.9% |
-10.0% |
-0.29% |
Cumulative Contribution (all segments)