13F filer · reported 2026-Q1 · filed 2026-05-07 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $21.8B · Positions 112 · Top 10 47.3% · Effective N 30.6 Filer13F 2026-Q1 | CIK1036325 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-07 | | Reported value$21.8B | Positions112 | | Regulatory AUM (ADV)$30.1B | Employees (ADV)121 | | Head office (ADV)TUCSON, AZ, United States | Structure (ADV)Limited Partnership |
Authorized signatory: Michaela McLoughry · 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): DAVIS, ANDREW, ADAMS (LIMITED PARTNER) · DAVIS, CHRISTOPHER, CULLOM (LIMITED PARTNER) · COHEN, LISA, J (VICE PRESIDENT, CHIEF LEGAL OFFICER) · EICH, KENNETH, CHARLES (CHIEF OPERATING OFFICER) · MCLOUGHRY, MICHAELA (CHIEF COMPLIANCE OFFICER) · TYC, GARY, PAUL (VICE PRESIDENT, CHIEF FINANCIAL OFFICER) · WIESE, RUSSELL, OTIS (CHIEF MARKETING OFFICER) · DAVIS INVESTMENTS, LLC (GENERAL PARTNER) · +1 more Reported 2026-Q1 · filed 2026-05-07 · ADV 2026-03-19ⓘ Implied return1.14y vs SPY | Cumulative+18.6% | CAGR+16.1% | | vs SPY−5.7pp | Vol (ann.)19.0% | | Sharpe0.89 | Max drawdown−13.5% | | Beta0.91 | Avg coverage96% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 118 names | Ticker | Avg wt | Return | Contrib. |
|---|
| AMAT | 4.1% | +204.3% | +5.74pp | | CTRA | 4.2% | — | −4.58pp | | VTRS | 4.4% | +57.5% | +2.39pp | | TECK | 2.6% | +107.1% | +2.21pp | | GOOGL | 4.0% | +67.8% | +2.10pp | | META | 5.8% | −26.9% | −1.91pp | | USB | 5.3% | +33.6% | +1.73pp | | CVS | 4.5% | +33.8% | +1.44pp | | TXN | 2.5% | +31.6% | +0.90pp | | MGM | 4.4% | +14.9% | +0.68pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +14.7% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 112 · 53.6% of book | Holding | Weight | Value | Δ shares |
|---|
| COF | 7.2% | $1.6B | −0.9% | | CTRA | 6.0% | $1.3B | +14.1% | | USB | 5.3% | $1.2B | +0.9% | | VTRS | 4.9% | $1.1B | +0.0% | | META | 4.5% | $984M | −1.9% | | MGM | 4.1% | $899M | −9.4% | | GOOGL | 4.1% | $890M | −0.8% | | CVS | 4.0% | $879M | −4.1% | | TSN | 3.9% | $839M | +2.1% | | MKL | 3.4% | $734M | −7.6% | | AMZN | 3.3% | $713M | −0.1% | | BRK/A | 3.0% | $663M | −2.1% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split11 sectors | Sector | N | Weight |
|---|
| Financials | 26 | 31.5% | | Health Care | 4 | 12.2% | | Unclassified | 7 | 11.1% | | Communication Services | 5 | 10.1% | | Consumer Discretionary | 6 | 9.2% | | Information Technology | 14 | 7.9% | | Consumer Staples | 3 | 6.1% | | Materials | 4 | 5.8% | | Industrials | 5 | 3.4% | | Real Estate | 37 | 1.5% | | Energy | 1 | 1.1% |
SIC-derived, not GICS · 89% 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 |
|---|
| Financials | 38.5% | 36.8% | 35.4% | 35.8% | 35.7% | 33.1% | 33.2% | 31.5% | | Health Care | 7.2% | 8.4% | 11.6% | 12.4% | 11.0% | 11.5% | 12.4% | 12.2% | | Unclassified | 8.6% | 8.5% | 8.7% | 9.5% | 7.8% | 8.8% | 9.3% | 11.1% | | Communication Services | 13.1% | 12.2% | 12.5% | 10.9% | 12.1% | 11.8% | 11.4% | 10.1% | | Consumer Discretionary | 11.1% | 9.7% | 10.0% | 9.8% | 10.8% | 9.6% | 9.7% | 9.2% | | Information Technology | 12.4% | 10.9% | 9.6% | 9.2% | 10.1% | 11.8% | 10.4% | 7.9% | | Consumer Staples | 1.6% | 1.6% | 1.5% | 2.2% | 3.2% | 3.2% | 4.6% | 6.1% | | Materials | 5.5% | 5.5% | 4.5% | 4.0% | 3.8% | 4.0% | 3.8% | 5.8% | | Industrials | 1.3% | 3.0% | 3.2% | 3.4% | 3.1% | 3.5% | 3.0% | 3.4% | | Real Estate | 0.5% | 2.6% | 2.2% | 2.0% | 1.7% | 1.9% | 1.5% | 1.5% | | Energy | 0.3% | 0.8% | 0.8% | 0.8% | 0.8% | 0.8% | 0.8% | 1.1% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 55.8% | 52.5% | 53.4% | 51.1% | 52.1% | 50.4% | 50.3% | 47.3% |
SIC-derived, not GICS · 89% 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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