13F filer · reported 2026-Q1 · filed 2026-05-14 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $59.0B · Positions 420 · Top 10 28.1% · Effective N 57.6 Filer13F 2026-Q1 | CIK1325447 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-14 | | Reported value$59.0B | Positions420 | | Regulatory AUM (ADV)$136.5B | Employees (ADV)392 | | Head office (ADV)NEW YORK, NY, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: David O'Connor · 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): BRILLIANT, HEATHER, ELIZABETH (CHIEF OPERATING OFFICER) · CONSTANTINO, MICHAEL (CHIEF FINANCIAL OFFICER) · GELMAN, SETH, ADAM (CHIEF COMPLIANCE OFFICER) · MAHMUD, MEHDI, ASIF (PRESIDENT, CHIEF EXECUTIVE OFFICER) · O'CONNOR, DAVID, PAUL (GENERAL COUNSEL) · FIRST EAGLE HOLDINGS, INC. (MANAGING MEMBER AND PARENT COMPANY) Reported 2026-Q1 · filed 2026-05-14 · ADV 2026-05-22ⓘ Implied return1.14y vs SPY | Cumulative+33.9% | CAGR+29.1% | | vs SPY+7.3pp | Vol (ann.)16.1% | | Sharpe1.68 | Max drawdown−10.6% | | Beta0.77 | Avg coverage99% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 492 names | Ticker | Avg wt | Return | Contrib. |
|---|
| TSM | 2.9% | +81.5% | +2.02pp | | GOOG | 3.6% | +65.8% | +1.97pp | | WPM | 3.3% | +65.9% | +1.94pp | | IMO | 3.1% | +61.5% | +1.87pp | | NEM | 2.3% | +87.9% | +1.69pp | | B | 1.9% | +80.7% | +1.40pp | | META | 3.8% | −26.9% | −1.32pp | | ORCL | 3.2% | −37.3% | −1.27pp | | BNY | 2.1% | +56.6% | +1.11pp | | SLB | 2.1% | +54.6% | +1.04pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +26.6% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 420 · 32.4% of book | Holding | Weight | Value | Δ shares |
|---|
| GOOG | 3.6% | $2.1B | +0.5% | | BDX | 3.2% | $1.9B | +2.4% | | WPM | 3.1% | $1.9B | −8.0% | | IMO | 3.1% | $1.8B | −24.9% | | META | 3.1% | $1.8B | +1.4% | | HCA | 2.6% | $1.5B | −10.7% | | SLB | 2.5% | $1.5B | +2.4% | | FMX | 2.4% | $1.4B | +3.2% | | TSM | 2.2% | $1.3B | −34.3% | | FNV | 2.2% | $1.3B | +2.9% | | NEM | 2.2% | $1.3B | −12.4% | | WTW | 2.1% | $1.3B | +2.1% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split12 sectors | Sector | N | Weight |
|---|
| Materials | 55 | 18.5% | | Communication Services | 12 | 12.3% | | Information Technology | 59 | 11.7% | | Financials | 42 | 11.6% | | Health Care | 45 | 11.3% | | Energy | 19 | 10.6% | | Industrials | 89 | 7.7% | | Consumer Staples | 14 | 7.3% | | Real Estate | 19 | 4.9% | | Unclassified | 19 | 3.5% | | Consumer Discretionary | 38 | 0.4% | | Utilities | 9 | 0.2% |
SIC-derived, not GICS · 97% 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 | 11.3% | 11.8% | 11.3% | 14.3% | 16.6% | 19.0% | 19.2% | 18.5% | | Communication Services | 12.2% | 11.4% | 12.9% | 11.9% | 12.8% | 13.7% | 13.3% | 12.3% | | Information Technology | 14.6% | 14.1% | 13.9% | 11.3% | 14.2% | 14.6% | 13.5% | 11.7% | | Financials | 14.0% | 14.1% | 14.2% | 13.7% | 11.8% | 10.9% | 10.4% | 11.6% | | Health Care | 9.9% | 11.1% | 10.5% | 11.3% | 11.7% | 11.9% | 12.4% | 11.3% | | Energy | 10.8% | 10.0% | 9.1% | 9.3% | 8.7% | 8.5% | 8.6% | 10.6% | | Industrials | 8.5% | 8.6% | 8.6% | 7.8% | 7.5% | 7.5% | 7.5% | 7.7% | | Consumer Staples | 7.3% | 7.6% | 8.3% | 9.5% | 9.1% | 7.2% | 7.0% | 7.3% | | Real Estate | 4.0% | 4.3% | 4.3% | 3.9% | 3.4% | 3.1% | 4.0% | 4.9% | | Unclassified | 6.0% | 6.0% | 5.7% | 6.1% | 3.2% | 2.8% | 3.2% | 3.5% | | Consumer Discretionary | 1.0% | 0.9% | 1.0% | 0.8% | 0.8% | 0.7% | 0.8% | 0.4% | | Utilities | 0.4% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | | Top-10 concentration | 32.8% | 32.7% | 31.7% | 32.0% | 33.5% | 34.2% | 31.8% | 28.1% |
SIC-derived, not GICS · 97% 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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