13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $1.3B · Positions 11 · Top 10 94.5% · Effective N 10.1 Filer13F 2026-Q1 | CIK1671657 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$1.3B | Positions11 | | Regulatory AUM (ADV)$1.4B | Employees (ADV)10 | | Head office (ADV)CHICAGO, IL, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Michael Harriett · CCO/CFO/COO — 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): DORSEY, PATRICK, WARFIELD (PORTFOLIO MANAGER, MANAGING MEMBER) · HARRIETT, MICHAEL, PATRICK (COO/CFO/CCO) · WHEAT THIN, LLC (DIRECT OWNER) · LAKEFRONT PATH, LLC (DIRECT OWNER) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-03-24ⓘ Implied return1.14y vs SPY | Cumulative+27.1% | CAGR+23.4% | | vs SPY+1.5pp | Vol (ann.)25.3% | | Sharpe0.96 | Max drawdown−13.0% | | Beta1.08 | Avg coverage99% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 14 names | Ticker | Avg wt | Return | Contrib. |
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| ASML | 15.2% | +134.9% | +14.84pp | | RPRX | 7.2% | +71.4% | +5.47pp | | GOOG · exited | 4.9% | +65.8% | +4.50pp | | META | 10.1% | −26.9% | −3.50pp | | AER | 13.6% | +23.4% | +3.18pp | | APP | 4.0% | −30.8% | −2.42pp | | SUNB | 4.6% | — | +2.15pp | | LYV | 4.8% | +9.7% | +2.06pp | | AZO · exited | 6.0% | −28.0% | −2.04pp | | ENOV · exited | 3.7% | −17.1% | −2.00pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +21.7% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings11 of 11 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| ASML | 14.8% | $185M | −27.1% | | AER | 12.3% | $154M | −7.5% | | SUNB | 11.4% | $144M | new | | APP | 10.0% | $126M | new | | DHR | 8.8% | $110M | −29.9% | | RPRX | 8.7% | $109M | +0.8% | | SPGI | 7.5% | $95M | new | | LYV | 7.4% | $93M | +0.8% | | META | 7.4% | $93M | +0.8% | | UBER | 6.2% | $78M | new | | BKNG | 5.5% | $69M | +0.8% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split6 sectors | Sector | N | Weight |
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| Industrials | 3 | 32.4% | | Communication Services | 3 | 24.8% | | Health Care | 2 | 17.5% | | Unclassified | 1 | 12.3% | | Financials | 1 | 7.5% | | Consumer Discretionary | 1 | 5.5% |
SIC-derived, not GICS · 88% of weight classifiedⓘ Sector history8 of 38 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Industrials | 7.0% | 7.3% | 5.3% | 5.0% | 10.1% | 15.1% | 17.9% | 32.4% | | Communication Services | 24.6% | 32.3% | 25.1% | 25.7% | 26.8% | 22.1% | 22.6% | 24.8% | | Health Care | 9.1% | 8.9% | 9.3% | 15.0% | 23.6% | 29.3% | 29.3% | 17.5% | | Unclassified | 29.5% | 22.5% | 23.9% | 20.1% | 18.2% | 13.7% | 15.2% | 12.3% | | Financials | 8.3% | 9.8% | 11.4% | 5.9% | 0.0% | 0.0% | 0.0% | 7.5% | | Consumer Discretionary | 10.7% | 10.0% | 12.4% | 23.0% | 21.4% | 19.8% | 15.0% | 5.5% | | Information Technology | 10.8% | 9.2% | 12.4% | 5.4% | 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% | | Top-10 concentration | 96.5% | 93.4% | 97.2% | 97.8% | 100.0% | 100.0% | 100.0% | 94.5% |
SIC-derived, not GICS · 88% 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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