13F filer · reported 2026-Q1 · filed 2026-05-19 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $20.0B · Positions 19 · Top 10 99.2% · Effective N 4.6 Filer13F 2026-Q1 | CIK1759760 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-19 | | Reported value$20.0B | Positions19 | | Regulatory AUM (ADV)$25.5B | Employees (ADV)2 | | Head office (ADV)PALO ALTO, CA, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Eric Hu · 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): DUAN, YONG (OWNER) · Hu, Eric (CHIEF COMPLIANCE OFFICER) Reported 2026-Q1 · filed 2026-05-19 · ADV 2026-05-12ⓘ Implied return1.14y vs SPY | Cumulative+34.6% | CAGR+29.7% | | vs SPY+7.9pp | Vol (ann.)16.0% | | Sharpe1.72 | Max drawdown−10.8% | | Beta0.78 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 22 names | Ticker | Avg wt | Return | Contrib. |
|---|
| AAPL | 48.7% | +36.2% | +16.96pp | | PDD | 8.6% | −30.5% | −3.13pp | | NVDA | 7.1% | +20.8% | +2.43pp | | GOOG | 4.0% | +65.8% | +2.25pp | | OXY | 3.7% | +35.9% | +1.46pp | | BABA · exited | 1.8% | −2.1% | +0.74pp | | TSM | 0.8% | +81.5% | +0.50pp | | CRDO | 0.2% | +102.2% | +0.49pp | | UNH | 0.3% | +29.6% | +0.38pp | | TSLA | 2.5% | +6.7% | −0.16pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +22.1% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 19 · 99.8% of book | Holding | Weight | Value | Δ shares |
|---|
| AAPL | 36.7% | $7.3B | −10.5% | | BRK.B | 21.9% | $4.4B | +27.5% | | NVDA | 12.1% | $2.4B | +91.3% | | PDD | 10.1% | $2.0B | +71.2% | | TSLA | 6.3% | $1.3B | new | | GOOG | 5.3% | $1.1B | +99.7% | | OXY | 3.3% | $667M | −22.1% | | MSFT | 1.9% | $376M | +18.3% | | UNH | 0.8% | $163M | new | | DIS | 0.7% | $146M | +112.3% | | CRDO | 0.4% | $71M | +431.6% | | TSM | 0.3% | $51M | −87.7% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split6 sectors | Sector | N | Weight |
|---|
| Information Technology | 11 | 51.4% | | Financials | 3 | 22.8% | | Industrials | 1 | 10.1% | | Consumer Discretionary | 1 | 6.3% | | Communication Services | 2 | 6.0% | | Energy | 1 | 3.3% |
SIC-derived, not GICSⓘ Sector history8 of 30 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Information Technology | 81.0% | 74.3% | 70.5% | 65.2% | 65.5% | 62.7% | 62.8% | 51.4% | | Financials | 9.6% | 10.5% | 11.3% | 15.0% | 14.2% | 17.8% | 20.6% | 22.8% | | Industrials | 2.8% | 6.7% | 8.0% | 12.0% | 11.5% | 11.6% | 9.7% | 10.1% | | Consumer Discretionary | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.3% | | Communication Services | 6.0% | 5.6% | 5.5% | 2.0% | 3.8% | 3.6% | 3.8% | 6.0% | | Energy | 0.6% | 2.9% | 4.6% | 5.7% | 4.9% | 4.4% | 3.1% | 3.3% | | Health Care | 0.1% | 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% | 99.5% | 99.7% | 99.2% |
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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