13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $33.1B · Positions 326 · Top 10 41.5% · Effective N 31.2 Filer13F 2026-Q1 | CIK1017918 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$33.1B | Positions326 | | Regulatory AUM (ADV)$39.5B | Employees (ADV)221 | | Head office (ADV)NEW YORK, NY, United States | Structure (ADV)Corporation |
Authorized signatory: Jane Liang · 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): BARON, DAVID, ROBERT (DIRECTOR & CO-PRESIDENT) · BARON, MICHAEL, R. (DIRECTOR & CO-PRESIDENT) · BARON, RONALD, STEPHEN (FOUNDER & CEO) · BEASLEY, LOUIS, BARRETT (MANAGING DIRECTOR, CHIEF COMPLIANCE OFFICER) · BRONSTEIN, RICHARD (DIRECTOR) · GLER, ANITA, MARIE (DIRECTOR) · GREENBERG, CLIFFORD (SENIOR MANAGING DIRECTOR & CO-CIO) · PATALINO, PATRICK, MICHAEL (SENIOR MANAGING DIRECTOR, CHIEF OPERATING OFFICER) · +4 more Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-05-27ⓘ Implied return1.14y vs SPY | Cumulative+1.7% | CAGR+1.5% | | vs SPY−20.3pp | Vol (ann.)17.2% | | Sharpe0.17 | Max drawdown−16.9% | | Beta0.98 | Avg coverage98% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 385 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CSGP | 3.3% | −64.6% | −3.15pp | | FIGS | 1.9% | +106.2% | +1.29pp | | VRT | 0.8% | +108.2% | +0.68pp | | H | 2.6% | +25.9% | +0.66pp | | TSLA | 13.9% | +6.7% | +0.65pp | | IDXX | 3.1% | −13.7% | −0.46pp | | IT | 3.1% | −21.6% | −0.44pp | | SPOT | 1.8% | −23.0% | −0.40pp | | SCHW | 2.0% | +18.3% | +0.37pp | | IBKR | 0.8% | +51.1% | +0.36pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book −0.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 326 · 45.8% of book | Holding | Weight | Value | Δ shares |
|---|
| TSLA | 13.4% | $4.4B | +0.1% | | ACGL | 4.8% | $1.6B | −7.1% | | MSCI | 4.4% | $1.5B | −2.0% | | GWRE | 3.0% | $987M | +28.2% | | IT | 2.8% | $937M | +40.5% | | IDXX | 2.8% | $918M | −9.2% | | H | 2.8% | $912M | +3.9% | | FIGS | 2.7% | $886M | +0.0% | | FDS | 2.5% | $815M | +30.0% | | CHH | 2.4% | $796M | +4.1% | | RRR | 2.2% | $716M | +7.1% | | SCHW | 2.1% | $701M | +5.7% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split11 sectors | Sector | N | Weight |
|---|
| Consumer Discretionary | 30 | 29.2% | | Financials | 50 | 20.8% | | Information Technology | 71 | 18.5% | | Industrials | 39 | 8.2% | | Real Estate | 34 | 7.1% | | Health Care | 57 | 6.5% | | Communication Services | 18 | 6.5% | | Materials | 12 | 2.2% | | Unclassified | 11 | 0.8% | | Consumer Staples | 3 | 0.2% | | Energy | 1 | 0.1% |
SIC-derived, not GICS · 99% 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 |
|---|
| Consumer Discretionary | 19.6% | 21.2% | 25.4% | 21.6% | 22.4% | 25.7% | 28.1% | 29.2% | | Financials | 21.9% | 22.3% | 21.1% | 23.0% | 21.8% | 19.7% | 20.7% | 20.8% | | Information Technology | 17.9% | 17.6% | 17.3% | 17.5% | 18.5% | 18.5% | 18.1% | 18.5% | | Industrials | 8.8% | 8.3% | 7.2% | 7.8% | 8.4% | 8.4% | 7.7% | 8.2% | | Real Estate | 8.9% | 9.0% | 8.8% | 10.2% | 9.6% | 9.4% | 7.9% | 7.1% | | Health Care | 8.8% | 8.1% | 6.9% | 7.1% | 6.8% | 7.0% | 7.1% | 6.5% | | Communication Services | 6.5% | 6.4% | 6.8% | 6.9% | 7.5% | 6.6% | 6.1% | 6.5% | | Materials | 1.7% | 1.6% | 1.6% | 1.9% | 2.0% | 2.1% | 2.3% | 2.2% | | Unclassified | 5.5% | 5.1% | 4.5% | 3.7% | 3.0% | 2.4% | 1.9% | 0.8% | | Consumer Staples | 0.5% | 0.5% | 0.5% | 0.2% | 0.0% | 0.2% | 0.1% | 0.2% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 40.7% | 42.1% | 44.3% | 42.6% | 41.6% | 42.4% | 43.0% | 41.5% |
SIC-derived, not GICS · 99% 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
|
