13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $1.9B · Positions 29 · Top 10 88.0% · Effective N 8.4 Filer13F 2026-Q1 | CIK915191 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$1.9B | Positions29 |
Authorized signatory: Peter Clarke · Vice President and Chief Operating Officer of Fairfax — 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-Q1 · filed 2026-05-15ⓘ Implied return1.14y vs SPY | Cumulative+12.5% | CAGR+10.9% | | vs SPY−11.0pp | Vol (ann.)32.3% | | Sharpe0.49 | Max drawdown−26.1% | | Beta1.06 | Avg coverage95% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 34 names | Ticker | Avg wt | Return | Contrib. |
|---|
| ORLA | 27.6% | — | −17.77pp | | BB | 7.5% | +113.8% | +10.56pp | | OXY · exited | 8.3% | +35.9% | +6.15pp | | CVS | 10.8% | +33.8% | +3.98pp | | HP | 1.8% | +135.5% | +1.58pp | | ATS | 3.7% | −28.3% | −1.25pp | | TSM | 1.5% | +81.5% | +1.00pp | | CLF | 8.3% | +8.0% | +0.84pp | | BNS | 1.3% | +58.7% | +0.70pp | | MRK | 1.0% | +79.1% | +0.66pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +8.1% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 29 · 91.8% of book | Holding | Weight | Value | Δ shares |
|---|
| ORLA | 25.8% | $502M | +0.0% | | UAA | 13.1% | $254M | +2.5% | | CVS | 10.0% | $195M | +0.0% | | KW | 7.4% | $144M | +0.0% | | UA | 6.5% | $127M | +132.6% | | CLF | 6.5% | $126M | +0.0% | | KHC | 6.1% | $118M | +2.9% | | BB | 5.8% | $113M | +0.0% | | ATS | 3.6% | $69M | +0.0% | | TAP | 3.2% | $62M | +7.5% | | HP | 2.2% | $42M | +0.0% | | TSM | 1.6% | $32M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split11 sectors | Sector | N | Weight |
|---|
| Materials | 2 | 32.3% | | Consumer Discretionary | 8 | 22.6% | | Health Care | 4 | 13.5% | | Consumer Staples | 2 | 9.3% | | Information Technology | 3 | 7.5% | | Unclassified | 2 | 7.5% | | Industrials | 3 | 3.7% | | Energy | 1 | 2.2% | | Financials | 1 | 1.3% | | Real Estate | 1 | 0.1% | | Communication Services | 2 | 0.1% |
SIC-derived, not GICS · 93% 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 |
|---|
| Materials | 18.2% | 20.7% | 23.7% | 35.3% | 36.1% | 38.6% | 29.8% | 32.3% | | Consumer Discretionary | 5.2% | 8.2% | 5.1% | 3.5% | 3.6% | 3.2% | 14.1% | 22.6% | | Health Care | 3.8% | 4.1% | 10.7% | 12.4% | 12.2% | 12.4% | 13.0% | 13.5% | | Consumer Staples | 0.0% | 2.4% | 10.9% | 9.5% | 9.9% | 9.5% | 9.0% | 9.3% | | Information Technology | 13.1% | 14.7% | 13.7% | 11.3% | 11.2% | 9.6% | 7.7% | 7.5% | | Unclassified | 15.6% | 13.5% | 8.6% | 6.3% | 7.1% | 7.1% | 8.0% | 7.5% | | Industrials | 1.9% | 0.3% | 4.9% | 3.3% | 4.2% | 3.1% | 3.4% | 3.7% | | Energy | 33.8% | 29.8% | 20.7% | 17.2% | 14.4% | 15.1% | 13.6% | 2.2% | | Financials | 3.2% | 1.7% | 1.5% | 1.0% | 1.2% | 1.2% | 1.3% | 1.3% | | Real Estate | 0.2% | 0.3% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.1% | | Communication Services | 4.8% | 4.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | | Utilities | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 87.3% | 90.5% | 89.4% | 92.0% | 90.7% | 90.0% | 86.9% | 88.0% |
SIC-derived, not GICS · 93% 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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