13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $3.5B · Positions 3 · Top 10 100.0% · Effective N 1.4 Filer13F 2026-Q1 | CIK1510974 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$3.5B | Positions3 | | Regulatory AUM (ADV)$51.5B | Employees (ADV)498 | | Head office (ADV)CHICAGO, IL, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Daniel R. Stock · Partner & Co-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): ENNESSER, AMY, LEE (PRESIDENT) · FEINGOLD, CHAD, MORGAN (PARTNER & CHIEF OPERATING OFFICER) · JESTER, DAN, HAMILL (PRESIDENT) · LEMKAU, GREGG, ROBERT (CO-CHIEF EXECUTIVE OFFICER) · MICHEL, CINDY, ZEE (PARTNER & GLOBAL CHIEF COMPLIANCE OFFICER) · OLAFSON, GREGORY, GORDON (PRESIDENT) · ORR, SAN, WATTERSON (PRESIDENT) · SCHALTENBRAND, LAWRENCE, EDWARD (PARTNER & CO-CHIEF FINANCIAL OFFICER) · +6 more Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-03-30ⓘ Implied return1.14y vs SPY | Cumulative−16.1% | CAGR−14.2% | | vs SPY−36.1pp | Vol (ann.)1021.1% | | Sharpe0.85 | Max drawdown−93.0% | | Beta2.98 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution4 of 4 names | Ticker | Avg wt | Return | Contrib. |
|---|
| ALH | 55.5% | — | +12.64pp | | UA | 42.1% | +4.0% | −4.02pp | | EQPT | 2.4% | — | −0.56pp | | CBUS · exited | 0.0% | +24.1% | +0.00pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +8.1% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings3 of 3 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| ALH | 83.2% | $2.9B | +0.0% | | UA | 10.7% | $377M | +0.0% | | EQPT | 6.1% | $215M | new |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split2 sectors | Sector | N | Weight |
|---|
| Industrials | 2 | 89.3% | | Consumer Discretionary | 1 | 10.7% |
SIC-derived, not GICSⓘ Sector history8 of 52 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Industrials | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 90.2% | 89.3% | | Consumer Discretionary | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 9.8% | 10.7% | | Health Care | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Consumer Staples | 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% | | 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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