13F filer · reported 2026-Q2 · filed 2026-08-13 · Δ vs 2026-Q1 · US-listed long positions only 13F portfolio $5.5B · Positions 11 · Top 10 100.0% · Effective N 3.8 Filer13F 2026-Q2 | CIK1358706 | Reported quarter2026-Q2 | | Prior quarter2026-Q1 | Filed2026-08-13 | | Reported value$5.5B | Positions11 | | Regulatory AUM (ADV)$13.7B | Employees (ADV)38 | | Head office (ADV)BOSTON, MA, United States | Structure (ADV)Limited Partnership |
Authorized signatory: Fred Leif · Chief Financial Officer — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager. Owners & officers (ADV Schedule A): ABRAMS, DAVID, CHARLES (MANAGING PARTNER) · BOMBERG, ALISON, TSCHOPP (GENERAL COUNSEL) · LARGESS, KENNETH, CHARLES (CHIEF COMPLIANCE OFFICER AND DEPUTY GENERAL COUNSEL) · LEIF, FREDERIC, IRA (CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER) · RHODES, TRAVIS, MATTHEW (PRESIDENT) · ABRAMS CAPITAL MANAGEMENT, LLC (GENERAL PARTNER) Reported 2026-Q2 · filed 2026-08-13 · ADV 2026-03-25ⓘ Implied return1.14y vs SPY | Cumulative−2.6% | CAGR−2.3% | | vs SPY−24.2pp | Vol (ann.)24.9% | | Sharpe0.03 | Max drawdown−25.2% | | Beta1.23 | Avg coverage97% | | Quarters replayed4 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 12 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOGL | 9.9% | +67.8% | +5.07pp | | LOAR | 42.8% | +3.6% | +3.05pp | | CPNG | 5.8% | −42.8% | −3.02pp | | SGI | 8.7% | −22.3% | −2.17pp | | LAD | 13.9% | +14.3% | +2.15pp | | ABG | 8.9% | −15.4% | −1.54pp | | META | 4.2% | −26.9% | −1.34pp | | ET · exited | 1.1% | +30.1% | +0.31pp | | CRCL · exited | 0.2% | −34.8% | −0.27pp | | NUVB | 0.3% | +139.0% | +0.09pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +2.4% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings11 of 11 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| LOAR | 47.1% | $2.6B | +0.0% | | LAD | 13.2% | $723M | +0.0% | | GOOGL | 8.9% | $490M | −26.5% | | SGI | 8.3% | $455M | +0.0% | | ABG | 7.9% | $433M | +0.0% | | CPNG | 4.1% | $226M | +0.0% | | WTW | 3.4% | $188M | +0.0% | | UHAL/B | 3.4% | $188M | +0.0% | | META | 3.3% | $183M | +0.0% | | NUVB | 0.1% | $7M | +0.0% | | UHAL | 0.0% | $2M | +0.0% |
Weights as filed for 2026-Q2 · Δ vs 2026-Q1ⓘ Sector split6 sectors | Sector | N | Weight |
|---|
| Industrials | 2 | 47.2% | | Consumer Discretionary | 4 | 33.5% | | Communication Services | 2 | 12.3% | | Financials | 1 | 3.4% | | Unclassified | 1 | 3.4% | | Health Care | 1 | 0.1% |
SIC-derived, not GICS · 97% of weight classifiedⓘ Sector history8 of 52 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Industrials | 40.2% | 46.1% | 44.5% | 47.0% | 45.2% | 41.6% | 38.4% | 39.6% | | Consumer Discretionary | 31.6% | 29.8% | 29.9% | 32.3% | 34.6% | 36.1% | 38.0% | 37.0% | | Communication Services | 13.5% | 11.2% | 11.7% | 9.9% | 10.9% | 13.1% | 14.4% | 15.6% | | Financials | 3.7% | 3.4% | 3.6% | 4.3% | 4.4% | 4.6% | 4.2% | 4.5% | | Unclassified | 5.1% | 4.8% | 4.4% | 4.4% | 2.9% | 2.7% | 2.7% | 3.1% | | Health Care | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% | 0.2% | 0.6% | 0.1% | | Utilities | 5.7% | 4.6% | 5.6% | 2.0% | 1.8% | 1.7% | 1.8% | 0.0% | | Information Technology | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Materials | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 97.0% | 97.8% | 98.7% | 98.8% | 99.0% | 99.2% | 99.4% | 100.0% |
SIC-derived, not GICS · 97% of the latest book classified · share of the filed book, per quarterⓘ Basis & disclosures - As filed · positions and weights exactly as the 13F states them · nothing imputed · absent “—”
- 13F is US-listed long only · filed up to 45 days after quarter-end · a LOWER bound on what this filer manages, never a total — shorts, options, cash, bonds and non-US listings are outside it
- As filed — the holdings and weights are the 13F itself; no return engine produced them
- Implied returns are a replication, not a track record · the filed book valued daily and rebalanced to each new filing · no fees, no timing, and nothing a 13F does not carry
- Not investment advice · no recommendation, forecast or offer · past ≠ future · this is a filer's public record, not a solicitation
- SEC Form 13F · SEC Form ADV · licensed end-of-day prices · spzco.com/methodology
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