13F filer · reported 2026-Q1 · filed 2026-05-13 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $9.0B · Positions 24 · Top 10 68.7% · Effective N 15.5 Filer13F 2026-Q1 | CIK1581811 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-13 | | Reported value$9.0B | Positions24 | | Regulatory AUM (ADV)$19.1B | Employees (ADV)36 | | Head office (ADV)LONDON, United Kingdom | Structure (ADV)Limited Liability Partnership |
Authorized signatory: Philip Niel · General Counsel and 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): ARMITAGE, JOHN, CHRISTOPHER (MEMBER/CHIEF INVESTMENT OFFICER) · BLUMBERG, JEFFREY, JAMES (CHIEF EXECUTIVE OFFICER/MEMBER) · BOLLINGER, WILLIAM, GUEST (MEMBER) · Ballard, Nicholas, Michael (FINANCE DIRECTOR) · COOK, SIMON, HERON FITZROY (CHIEF OPERATING OFFICER/MEMBER) · KANZA, RAPHAEL (CHAIRMAN OF ECL/MEMBER) · NIEL, PHILIP, CHARLES DOMNIN (GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER/MEMBER) · EGERTON CAPITAL LIMITED (CORPORATE MEMBER) Reported 2026-Q1 · filed 2026-05-13 · ADV 2026-05-21ⓘ Implied return1.14y vs SPY | Cumulative+10.3% | CAGR+8.9% | | vs SPY−12.9pp | Vol (ann.)15.2% | | Sharpe0.64 | Max drawdown−14.5% | | Beta0.93 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 40 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CRS | 5.1% | +102.4% | +3.95pp | | STX · exited | 1.9% | +438.3% | +3.23pp | | MSFT · exited | 5.7% | −4.1% | −2.77pp | | BSX · exited | 3.0% | −52.6% | −2.35pp | | IBKR | 4.7% | +51.1% | +2.23pp | | GOOG | 5.5% | +65.8% | +2.03pp | | APH | 4.6% | +44.5% | +1.51pp | | V | 11.5% | +6.7% | +1.32pp | | FLUT · exited | 1.4% | −65.7% | −1.27pp | | NVDA | 2.1% | +20.8% | +1.17pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +7.0% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 24 · 76.3% of book | Holding | Weight | Value | Δ shares |
|---|
| V | 13.8% | $1.2B | +25.7% | | GOOG | 11.0% | $992M | +220.7% | | MCO | 7.5% | $674M | +99.9% | | LIN | 5.9% | $530M | new | | CRS | 5.8% | $525M | −14.3% | | AMZN | 5.5% | $492M | −59.9% | | VMC | 5.3% | $482M | +84.3% | | NVDA | 5.2% | $467M | new | | IBKR | 4.7% | $421M | −9.6% | | APH | 4.0% | $363M | −22.6% | | CME | 3.9% | $349M | +0.3% | | UBER | 3.7% | $335M | +73.5% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split9 sectors | Sector | N | Weight |
|---|
| Financials | 7 | 34.6% | | Materials | 5 | 21.1% | | Communication Services | 2 | 11.9% | | Information Technology | 2 | 9.2% | | Industrials | 3 | 7.3% | | Energy | 2 | 6.7% | | Consumer Discretionary | 1 | 5.5% | | Health Care | 1 | 2.2% | | Real Estate | 1 | 1.5% |
SIC-derived, not GICS · 100% of weight classifiedⓘ Sector history8 of 51 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Financials | 32.2% | 36.9% | 42.0% | 45.9% | 41.6% | 36.7% | 35.9% | 34.6% | | Materials | 3.0% | 5.2% | 5.1% | 9.0% | 9.7% | 8.9% | 11.4% | 21.1% | | Communication Services | 12.8% | 11.4% | 8.7% | 7.9% | 5.9% | 4.2% | 4.7% | 11.9% | | Information Technology | 10.3% | 13.2% | 14.2% | 12.7% | 19.9% | 22.6% | 16.8% | 9.2% | | Industrials | 18.7% | 15.9% | 12.1% | 6.8% | 12.3% | 10.4% | 7.1% | 7.3% | | Energy | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.7% | | Consumer Discretionary | 13.6% | 10.1% | 8.6% | 10.1% | 8.7% | 10.7% | 17.5% | 5.5% | | Health Care | 5.8% | 6.0% | 6.6% | 4.7% | 1.8% | 5.5% | 5.6% | 2.2% | | Real Estate | 0.0% | 0.0% | 0.4% | 1.0% | 0.0% | 0.9% | 1.0% | 1.5% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Unclassified | 1.6% | 1.2% | 2.2% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 61.2% | 58.7% | 58.5% | 59.8% | 59.8% | 65.8% | 71.1% | 68.7% |
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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