What if you had copied Coatue Management?
Philippe Laffont
The verdict
Copying Coatue Management's 13F filings from Feb 2020 would have turned $10,000 into $18,631, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +9.7% a year against +14.4% for the S&P 500, 4.7 points a year behind. Its worst fall was 66.0%, from Feb 12, 2021 to Dec 28, 2022. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Coatue Management$18,631
- S&P 500$24,639
- Bought their first portfolio and never traded$26,936
If you had bought their first portfolio and never traded, you would have ended at $26,936, so following every move cost $8,304.
- $10,000 copied
- $18,631
- +86.3%, +9.7% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $26,936
- Bought their first portfolio and never traded
- Worst fall
- −66.0%
- Feb 12, 2021 to Dec 28, 2022
- Trades
- 644
- 347 buys, 297 sales over 29 filings; about 100% of the copy traded a year
The moves that made the most
- NVDANVIDIA+$2,720
Held since Feb 2020, the stock up 1,851%
- TSLATesla+$1,802
Held since May 2020, the stock up 603%
- METAMeta Platforms+$1,372
Held since Feb 2020, the stock up 197%
- GEVGE Vernova+$1,212
Held since Aug 2024, the stock up 341%
- TSMTaiwan Semiconductor+$1,187
Held since Feb 2022, the stock up 205%
- AMZNAmazon.com+$1,076
Held since Feb 2020, the stock up 148%
The moves that cost the most
- RIVNRivian Automotive−$1,367
Held from Feb 2022 to May 2024, the stock down 85%
- MRNAModerna−$1,211
Held from May 2021 to May 2026, the stock down 15%
- DASHDoordash−$531
Held since Feb 2021, the stock down 49%
- APIAgora−$497
Held from Feb 2021 to Aug 2022, the stock down 93%
- CBRSCerebras Systems−$448
Held since Aug 2026, the stock down 62%
- MUMicron Technology−$376
Held since May 2020
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +76.5% | +13.1% | +63.4 |
| 2021 | −8.7% | +28.7% | −37.4 |
| 2022 | −55.4% | −18.2% | −37.2 |
| 2023 | +54.9% | +26.2% | +28.7 |
| 2024 | +44.0% | +24.9% | +19.1 |
| 2025 | +24.2% | +17.7% | +6.5 |
| 2026to Nov 2026 | −6.4% | +11.5% | −17.8 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.