13F filer · reported 2026-Q1 · filed 2026-05-14 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $208M · Positions 30 · Top 10 82.4% · Effective N 7.9 Filer13F 2026-Q1 | CIK1389403 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-14 | | Reported value$208M | Positions30 |
Authorized signatory: Francis S.M. Chou · CEO — 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 2026-05-14ⓘ Implied return1.14y vs SPY | Cumulative+28.0% | CAGR+24.1% | | vs SPY+2.3pp | Vol (ann.)15.9% | | Sharpe1.44 | Max drawdown−11.2% | | Beta0.85 | Avg coverage67% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 31 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOG | 14.7% | +65.8% | +7.87pp | | STLA | 8.4% | −46.6% | −4.88pp | | OXY | 11.7% | +35.9% | +4.44pp | | AAPL | 8.0% | +36.2% | +2.62pp | | C | 3.2% | +41.1% | +1.35pp | | SIRI | 8.4% | +26.7% | +1.16pp | | PYPL | 3.3% | −11.5% | +1.13pp | | GM | 2.6% | +52.0% | +1.12pp | | POOL | 1.9% | −40.9% | −1.07pp | | JEF | 2.0% | −14.4% | +1.03pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +17.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 30 · 87.2% of book | Holding | Weight | Value | Δ shares |
|---|
| BRK/A | 29.7% | $62M | +0.0% | | GOOG | 10.0% | $21M | +0.0% | | OXY | 9.8% | $20M | +0.0% | | SYF | 7.3% | $15M | +3.5% | | AAPL | 5.4% | $11M | +0.0% | | STLA | 4.8% | $10M | +0.0% | | SIRI | 4.5% | $9M | +0.0% | | ALLY | 4.3% | $9M | +0.0% | | PYPL | 3.6% | $8M | +308.3% | | JEF | 3.0% | $6M | +1258.3% | | BABA | 2.5% | $5M | +0.0% | | WFC | 2.3% | $5M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split9 sectors | Sector | N | Weight |
|---|
| Unclassified | 2 | 30.2% | | Financials | 12 | 27.2% | | Communication Services | 2 | 14.5% | | Energy | 2 | 10.1% | | Consumer Discretionary | 4 | 7.9% | | Information Technology | 3 | 5.9% | | Industrials | 2 | 2.7% | | Materials | 2 | 0.8% | | Consumer Staples | 1 | 0.8% |
SIC-derived, not GICS · 70% 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 |
|---|
| Unclassified | 41.0% | 41.6% | 41.4% | 38.5% | 34.7% | 31.8% | 32.6% | 30.2% | | Financials | 29.3% | 26.3% | 31.3% | 22.4% | 25.4% | 23.8% | 24.5% | 27.2% | | Communication Services | 12.4% | 10.7% | 11.2% | 15.9% | 16.8% | 17.5% | 15.3% | 14.5% | | Energy | 0.3% | 6.8% | 0.2% | 2.1% | 7.4% | 7.4% | 6.6% | 10.1% | | Consumer Discretionary | 9.5% | 7.2% | 7.2% | 12.2% | 7.3% | 9.8% | 11.1% | 7.9% | | Information Technology | 6.7% | 6.5% | 7.7% | 5.4% | 4.9% | 5.4% | 5.9% | 5.9% | | Industrials | 0.4% | 0.4% | 0.4% | 3.2% | 2.8% | 3.8% | 3.3% | 2.7% | | Materials | 0.5% | 0.5% | 0.6% | 0.4% | 0.6% | 0.6% | 0.6% | 0.8% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | | Health Care | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 87.0% | 84.0% | 89.7% | 86.0% | 85.0% | 85.6% | 87.2% | 82.3% |
SIC-derived, not GICS · 70% 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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