13F filer · reported 2026-Q1 · filed 2026-04-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $241M · Positions 4 · Top 10 100.0% · Effective N 2.5 Filer13F 2026-Q1 | CIK783412 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-04-15 | | Reported value$241M | Positions4 |
Authorized signatory: Erik Nakamura · 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. Reported 2026-Q1 · filed 2026-04-15ⓘ Implied return1.14y vs SPY | Cumulative+18.5% | CAGR+16.0% | | vs SPY−5.8pp | Vol (ann.)22.1% | | Sharpe0.79 | Max drawdown−19.3% | | Beta0.86 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution4 of 4 names | Ticker | Avg wt | Return | Contrib. |
|---|
| BAC | 40.0% | +27.4% | +11.07pp | | WFC | 46.7% | +8.3% | +3.83pp | | USB | 2.4% | +33.6% | +0.78pp | | BABA | 10.9% | −2.1% | −0.23pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +15.4% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings4 of 4 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| WFC | 46.7% | $112M | +0.0% | | BAC | 40.5% | $98M | +0.0% | | BABA | 10.2% | $24M | +0.0% | | USB | 2.6% | $6M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split2 sectors | Sector | N | Weight |
|---|
| Financials | 3 | 89.8% | | Industrials | 1 | 10.2% |
SIC-derived, not GICSⓘ Sector history8 of 50 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Financials | 92.3% | 88.8% | 92.1% | 88.0% | 90.6% | 86.7% | 89.7% | 89.8% | | Industrials | 7.7% | 11.2% | 7.9% | 12.0% | 9.4% | 13.3% | 10.3% | 10.2% | | 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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