13F filer · reported 2026-Q1 · filed 2026-04-17 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $135M · Positions 7 · Top 10 100.0% · Effective N 4.9 Filer13F 2026-Q1 | CIK1953324 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-04-17 | | Reported value$135M | Positions7 |
Authorized signatory: David Jud · COO/CFO — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager. Reported 2026-Q1 · filed 2026-04-17ⓘ Implied return1.14y vs SPY | Cumulative+14.2% | CAGR+12.3% | | vs SPY−9.5pp | Vol (ann.)14.7% | | Sharpe0.87 | Max drawdown−14.1% | | Beta0.56 | Avg coverage91% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 13 names | Ticker | Avg wt | Return | Contrib. |
|---|
| MU · exited | 2.0% | +722.9% | +7.04pp | | AXP | 20.0% | +6.4% | +1.98pp | | BAC · exited | 4.7% | +27.4% | +1.63pp | | DJCO | 3.7% | +30.0% | +1.24pp | | GOOGL · exited | 0.4% | +67.8% | +0.58pp | | BABA · exited | 0.9% | −2.1% | +0.34pp | | MA | 16.0% | −2.6% | −0.23pp | | MCO | 8.4% | −1.8% | −0.19pp | | RACE | 8.8% | −6.3% | −0.19pp | | AMR · exited | 0.1% | +48.5% | +0.15pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +12.4% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings7 of 7 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| BRK.B | 34.6% | $47M | +0.0% | | BRK/A | 15.9% | $22M | +0.0% | | MA | 14.8% | $20M | +0.0% | | AXP | 14.5% | $20M | +0.0% | | MCO | 8.7% | $12M | +0.0% | | RACE | 7.4% | $10M | +0.0% | | DJCO | 4.1% | $6M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split4 sectors | Sector | N | Weight |
|---|
| Financials | 4 | 72.6% | | Unclassified | 1 | 15.9% | | Consumer Discretionary | 1 | 7.4% | | Communication Services | 1 | 4.1% |
SIC-derived, not GICS · 84% of weight classifiedⓘ Sector history8 of 15 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Financials | 67.3% | 69.1% | 72.0% | 72.2% | 71.7% | 72.6% | 74.4% | 72.6% | | Unclassified | 7.5% | 7.7% | 7.5% | 8.2% | 7.1% | 7.1% | 15.3% | 15.9% | | Consumer Discretionary | 9.3% | 9.8% | 8.6% | 8.0% | 8.1% | 9.1% | 6.5% | 7.4% | | Communication Services | 2.8% | 2.9% | 3.3% | 2.4% | 2.5% | 2.9% | 3.8% | 4.1% | | Information Technology | 10.0% | 7.3% | 5.9% | 5.9% | 8.0% | 4.2% | 0.0% | 0.0% | | Industrials | 1.3% | 1.8% | 1.4% | 2.1% | 1.7% | 2.7% | 0.0% | 0.0% | | Real Estate | 0.9% | 0.8% | 0.7% | 0.5% | 0.5% | 0.7% | 0.0% | 0.0% | | Energy | 0.9% | 0.7% | 0.6% | 0.6% | 0.5% | 0.7% | 0.0% | 0.0% | | Top-10 concentration | 96.7% | 97.2% | 97.3% | 98.0% | 98.1% | 97.4% | 100.0% | 100.0% |
SIC-derived, not GICS · 84% 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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