13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $1.7B · Positions 5 · Top 10 100.0% · Effective N 1.5 Filer13F 2026-Q1 | CIK1697591 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$1.7B | Positions5 |
Authorized signatory: CLIFFORD SOSIN · 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): KISS, SANDRALIN JOSEPHINE (EXEC VP, COO, FINOP, CCO) · MILLAHN, FLORENCE A (DIRECTOR OF OPERATIONS, ROSFP) · ZAGE, JEFFREY P (CEO, PRESIDENT, GP) · ZAGE, STEVEN MARTIN (VP, SEC) · MILSTEIN, BARRY MITCHELL (EVP) · FNS HOLDCO, INC (EQUITY OWNER) Reported 2026-Q1 · filed 2026-05-15ⓘ Implied return1.14y vs SPY | Cumulative+4.3% | CAGR+3.7% | | vs SPY−18.1pp | Vol (ann.)51.9% | | Sharpe0.33 | Max drawdown−37.5% | | Beta2.00 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution4 of 4 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CVNA | 82.4% | −2.3% | −2.04pp | | HGV | 11.1% | −3.5% | −0.26pp | | COF | 6.2% | +0.0% | +0.05pp | | SWIM | 0.3% | −14.5% | −0.01pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book −2.3% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings5 of 5 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| CVNA | 81.7% | $1.4B | −1.5% | | HGV | 11.7% | $205M | −1.5% | | COF | 6.0% | $105M | −1.5% | | CDLX | 0.3% | $5M | +0.0% | | SWIM | 0.3% | $5M | −1.5% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split4 sectors | Sector | N | Weight |
|---|
| Consumer Discretionary | 2 | 93.4% | | Financials | 1 | 6.0% | | Unclassified | 1 | 0.3% | | Materials | 1 | 0.3% |
SIC-derived, not GICS · 100% of weight classifiedⓘ Sector history8 of 34 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Consumer Discretionary | 86.0% | 89.8% | 90.3% | 91.1% | 92.3% | 92.8% | 93.4% | 93.4% | | Financials | 9.8% | 8.8% | 8.4% | 8.3% | 7.3% | 6.3% | 6.1% | 6.0% | | Unclassified | 4.1% | 1.4% | 1.4% | 0.7% | 0.4% | 0.6% | 0.3% | 0.3% | | Materials | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.3% | 0.3% | | Industrials | 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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