13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $4.1B · Positions 8 · Top 10 100.0% · Effective N 4.0 Filer13F 2026-Q1 | CIK1631014 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$4.1B | Positions8 | | Regulatory AUM (ADV)$5.7B | Employees (ADV)7 | | Head office (ADV)WEST PALM BEACH, FL, United States | Structure (ADV)Limited Partnership |
Authorized signatory: Shannon T. Cabot · Chief Compliance 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): MASSEY, MARK, THOMAS (FOUNDER & CHIEF INVESTMENT OFFICER) · CABOT, SHANNON, THERIAULT (CHIEF COMPLIANCE OFFICER) · BIG MOUND PARTNERS, LLC (GENERAL PARTNER) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-04-24ⓘ Implied return1.14y vs SPY | Cumulative+4.3% | CAGR+3.7% | | vs SPY−18.1pp | Vol (ann.)19.6% | | Sharpe0.28 | Max drawdown−19.4% | | Beta0.99 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution9 of 9 names | Ticker | Avg wt | Return | Contrib. |
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| AMZN | 33.6% | +13.0% | +5.60pp | | TDG | 25.1% | −8.9% | −2.48pp | | MSFT | 20.1% | −4.1% | −1.28pp | | GOOGL | 1.1% | +67.8% | +1.03pp | | HLT | 1.7% | +17.8% | +0.31pp | | V | 3.5% | +6.7% | +0.27pp | | MA | 6.2% | −2.6% | −0.13pp | | MCO | 8.6% | −1.8% | −0.02pp | | FICO · exited | 0.0% | −17.2% | +0.00pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +3.3% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings8 of 8 · 100.0% of book | Holding | Weight | Value | Δ shares |
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| AMZN | 38.2% | $1.6B | +3.5% | | TDG | 25.5% | $1.1B | −6.2% | | MSFT | 16.8% | $691M | −10.3% | | MCO | 9.1% | $376M | +5.8% | | MA | 6.3% | $261M | −3.5% | | V | 3.7% | $151M | −3.5% | | GOOGL | 0.3% | $12M | −74.4% | | HLT | 0.1% | $5M | −97.2% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split5 sectors | Sector | N | Weight |
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| Consumer Discretionary | 2 | 38.3% | | Industrials | 1 | 25.5% | | Financials | 3 | 19.1% | | Information Technology | 1 | 16.8% | | Communication Services | 1 | 0.3% |
SIC-derived, not GICSⓘ Sector history8 of 46 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
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| Consumer Discretionary | 16.4% | 19.8% | 23.9% | 21.2% | 27.8% | 32.9% | 36.2% | 38.3% | | Industrials | 28.2% | 29.5% | 25.7% | 27.3% | 27.2% | 23.5% | 25.3% | 25.5% | | Financials | 21.5% | 22.1% | 20.9% | 21.4% | 18.2% | 17.7% | 17.8% | 19.1% | | Information Technology | 18.9% | 17.7% | 16.2% | 19.5% | 23.4% | 24.4% | 19.7% | 16.8% | | Communication Services | 15.0% | 10.9% | 13.4% | 10.7% | 3.4% | 1.5% | 1.0% | 0.3% | | Unclassified | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
SIC-derived, not GICS · 100% 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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