13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $3.0B · Positions 17 · Top 10 94.3% · Effective N 7.5 Filer13F 2026-Q1 | CIK1602189 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$3.0B | Positions17 | | Regulatory AUM (ADV)$37.0B | Employees (ADV)79 | | Head office (ADV)SAN FRANCISCO, CA, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Michael Dimitruk · General Counsel — 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): DIMITRUK, MICHAEL, PAUL (GENERAL COUNSEL AND CHIEF OPERATING OFFICER) · DINDAY, LUKE, ANDREW (CHIEF FINANCIAL OFFICER) · ROBERTSON, PAT, D. (PRESIDENT) · SCHNEIDER, ERIN, ELIZABETH (CHIEF COMPLIANCE OFFICER) · STAD, MARC (NMN) (CHIEF EXECUTIVE OFFICER) · DRAGONEER INTERCO HOLDINGS, LP (MEMBER) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-05-04ⓘ Implied return1.14y vs SPY | Cumulative−18.9% | CAGR−16.8% | | vs SPY−38.6pp | Vol (ann.)30.8% | | Sharpe−0.45 | Max drawdown−35.9% | | Beta1.58 | Avg coverage81% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 30 names | Ticker | Avg wt | Return | Contrib. |
|---|
| DUOL · exited | 5.5% | −56.0% | −9.05pp | | CPNG | 16.7% | −42.8% | −6.97pp | | NVDA | 17.6% | +20.8% | +4.52pp | | MELI · exited | 4.0% | −20.9% | −2.21pp | | FLUT · exited | 1.1% | −65.7% | −1.55pp | | FLNC · exited | 0.5% | +50.4% | +1.52pp | | INSP · exited | 0.7% | −35.0% | −1.48pp | | DDOG | 1.8% | +79.6% | +1.40pp | | PDD · exited | 4.1% | −30.5% | −1.22pp | | XYZ | 10.0% | +3.8% | −1.07pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book −20.2% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 17 · 98.2% of book | Holding | Weight | Value | Δ shares |
|---|
| NVDA | 21.7% | $650M | +40.8% | | CPNG | 17.5% | $526M | +29.1% | | META | 13.6% | $408M | new | | CVNA | 13.1% | $394M | +27.9% | | GLBE | 11.4% | $343M | −2.2% | | XYZ | 5.9% | $176M | −41.4% | | SAIL | 3.5% | $106M | +0.0% | | CHYM | 2.7% | $81M | −49.6% | | KLAR | 2.5% | $76M | −29.9% | | NU | 2.4% | $71M | +0.0% | | TTAN | 2.1% | $64M | +0.0% | | CCC | 1.8% | $55M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split5 sectors | Sector | N | Weight |
|---|
| Consumer Discretionary | 2 | 30.6% | | Information Technology | 6 | 30.3% | | Unclassified | 2 | 14.0% | | Communication Services | 1 | 13.6% | | Financials | 6 | 11.5% |
SIC-derived, not GICS · 86% of weight classifiedⓘ Sector history8 of 46 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Consumer Discretionary | 13.4% | 13.2% | 11.0% | 11.9% | 12.8% | 16.2% | 20.1% | 30.6% | | Information Technology | 48.1% | 44.6% | 45.0% | 42.4% | 37.7% | 30.7% | 24.7% | 30.3% | | Unclassified | 19.1% | 23.3% | 19.6% | 14.3% | 13.1% | 24.3% | 23.4% | 14.0% | | Communication Services | 0.4% | 0.3% | 0.3% | 0.0% | 0.0% | 0.2% | 0.0% | 13.6% | | Financials | 12.3% | 9.9% | 11.8% | 15.0% | 22.6% | 17.8% | 14.4% | 11.5% | | Industrials | 6.7% | 8.8% | 9.4% | 12.0% | 7.6% | 10.7% | 11.6% | 0.0% | | Health Care | 0.1% | 0.0% | 2.8% | 4.3% | 6.2% | 0.0% | 0.5% | 0.0% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.3% | 0.0% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Materials | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 68.6% | 78.8% | 77.0% | 79.6% | 83.9% | 80.3% | 76.3% | 94.3% |
SIC-derived, not GICS · 86% 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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