13F filer · reported 2026-Q2 · filed 2026-08-14 · Δ vs 2026-Q1 · US-listed long positions only 13F portfolio $4.4B · Positions 86 · Top 10 52.4% · Effective N 17.1 Filer13F 2026-Q2 | CIK1536411 | Reported quarter2026-Q2 | | Prior quarter2026-Q1 | Filed2026-08-14 | | Reported value$4.4B | Positions86 |
Authorized signatory: Sue Meng · 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. Reported 2026-Q2 · filed 2026-08-14ⓘ Implied return1.14y vs SPY | Cumulative+58.1% | CAGR+49.3% | | vs SPY+27.5pp | Vol (ann.)22.9% | | Sharpe1.88 | Max drawdown−13.9% | | Beta1.39 | Avg coverage95% | | Quarters replayed4 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 165 names | Ticker | Avg wt | Return | Contrib. |
|---|
| NTRA | 17.2% | +100.5% | +18.50pp | | TEVA | 4.8% | +102.3% | +6.67pp | | TSM | 5.5% | +81.5% | +4.09pp | | WWD | 3.5% | +38.8% | +2.55pp | | SNDK | 0.6% | +3342.0% | +2.46pp | | STM | 1.8% | +85.7% | +2.24pp | | BE · exited | 0.6% | +315.0% | +2.05pp | | CPNG | 2.9% | −42.8% | −2.00pp | | INTC · exited | 0.2% | +263.2% | +1.58pp | | ROKU | 1.9% | +67.2% | +1.57pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +50.7% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 86 · 57.5% of book | Holding | Weight | Value | Δ shares |
|---|
| NTRA | 19.9% | $865M | +4.0% | | TSM | 6.5% | $282M | +19.1% | | STM | 5.3% | $232M | +18.8% | | INSM | 3.5% | $152M | +23.4% | | YPF | 3.3% | $143M | −3.0% | | AMZN | 3.0% | $129M | +1082.5% | | TBBB | 2.8% | $121M | −6.7% | | GOOGL | 2.8% | $120M | new | | EWZ | 2.7% | $119M | +0.0% | | STX | 2.7% | $118M | +140.6% | | FOXA | 2.6% | $115M | new | | UAL | 2.5% | $108M | +202.8% |
Weights as filed for 2026-Q2 · Δ vs 2026-Q1ⓘ Sector split11 sectors | Sector | N | Weight |
|---|
| Health Care | 23 | 31.9% | | Information Technology | 18 | 24.2% | | Industrials | 7 | 9.0% | | Unclassified | 5 | 8.9% | | Communication Services | 5 | 6.9% | | Materials | 11 | 5.8% | | Consumer Discretionary | 5 | 5.2% | | Financials | 8 | 3.9% | | Energy | 2 | 3.5% | | Real Estate | 1 | 0.4% | | Consumer Staples | 1 | 0.2% |
SIC-derived, not GICS · 91% 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 |
|---|
| Health Care | 11.2% | 19.9% | 25.7% | 31.4% | 30.1% | 32.4% | 28.0% | 37.5% | | Information Technology | 38.5% | 29.6% | 21.7% | 24.9% | 24.6% | 17.8% | 15.2% | 21.8% | | Unclassified | 2.9% | 8.9% | 9.1% | 4.8% | 5.5% | 8.7% | 21.2% | 13.5% | | Materials | 4.5% | 4.8% | 1.9% | 2.6% | 5.5% | 4.2% | 6.5% | 7.8% | | Energy | 0.6% | 0.3% | 2.0% | 4.7% | 2.4% | 1.3% | 0.5% | 5.4% | | Industrials | 5.6% | 6.2% | 11.5% | 6.8% | 9.1% | 8.5% | 9.4% | 4.9% | | Consumer Discretionary | 9.6% | 12.1% | 9.2% | 10.4% | 7.4% | 12.0% | 11.7% | 3.6% | | Communication Services | 3.3% | 0.0% | 2.1% | 1.5% | 5.2% | 6.9% | 5.3% | 2.9% | | Financials | 2.2% | 7.0% | 8.5% | 4.9% | 5.7% | 5.9% | 2.1% | 2.1% | | Consumer Staples | 3.2% | 4.8% | 4.6% | 5.9% | 3.8% | 0.5% | 0.3% | 0.4% | | Utilities | 13.0% | 3.8% | 2.8% | 1.6% | 0.8% | 1.8% | 0.0% | 0.0% | | Real Estate | 5.5% | 2.6% | 1.0% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 62.9% | 64.8% | 56.0% | 61.4% | 52.6% | 55.7% | 55.4% | 59.2% |
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
|
