13F filer · reported 2026-Q1 · filed 2026-05-13 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $8.5B · Positions 86 · Top 10 80.3% · Effective N 13.3 Filer13F 2026-Q1 | CIK860643 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-13 | | Reported value$8.5B | Positions86 | | Regulatory AUM (ADV)$9.4B | Employees (ADV)47 | | Head office (ADV)LANCASTER, PA, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Vicki Supnik · Account Administrator — 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): RUSSO, THOMAS, ADRIAN (MANAGING MEMBER/CHAIRMAN) · QUINN, TIMOTHY, CHARLES (MEMBER/PORTFOLIO MANAGER) · RUSSO, CHRISTOPHER (MEMBER/ASSISTANT PORTFOLIO MANAGER) · GARDNER, JR., EUGENE, HERR (MEMBER/PORTFOLIO MANAGER) · Troupe, Rodger, Dale (CHIEF COMPLIANCE OFFICER/CHIEF ADMINISTRATIVE OFFICER) Reported 2026-Q1 · filed 2026-05-13 · ADV 2026-03-31ⓘ Implied return1.14y vs SPY | Cumulative+9.6% | CAGR+8.4% | | vs SPY−13.5pp | Vol (ann.)17.7% | | Sharpe0.54 | Max drawdown−12.8% | | Beta0.59 | Avg coverage65% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 61 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOG | 18.0% | +65.8% | +9.50pp | | NFLX | 9.4% | −33.9% | −3.70pp | | PM | 13.0% | +13.6% | +1.75pp | | UBER | 7.0% | −18.6% | −1.47pp | | SUNB | 2.8% | — | +1.24pp | | MLM | 7.2% | −11.5% | −0.92pp | | NSRGY | 9.3% | +10.0% | +0.88pp | | MA | 14.5% | −2.6% | −0.51pp | | DASH | 3.4% | −9.6% | −0.31pp | | XOM | 0.4% | +51.7% | +0.19pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +6.9% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 86 · 89.3% of book | Holding | Weight | Value | Δ shares |
|---|
| BRK/A | 12.3% | $1.0B | −1.9% | | GOOG | 11.3% | $961M | −14.8% | | MA | 9.1% | $777M | −1.9% | | PM | 9.0% | $761M | −2.0% | | HKHHF | 7.6% | $643M | −1.1% | | CFRHF | 7.0% | $594M | −1.6% | | NSRGY | 6.4% | $543M | −2.4% | | NFLX | 6.3% | $539M | +12.1% | | BRK.B | 6.3% | $532M | −1.3% | | MLM | 5.0% | $421M | −1.5% | | SUNB | 4.6% | $394M | new | | UBER | 4.4% | $372M | +0.6% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split11 sectors | Sector | N | Weight |
|---|
| Unclassified | 32 | 39.1% | | Communication Services | 5 | 18.5% | | Financials | 10 | 16.4% | | Consumer Staples | 10 | 9.4% | | Industrials | 10 | 9.3% | | Materials | 2 | 5.0% | | Consumer Discretionary | 5 | 1.8% | | Energy | 2 | 0.4% | | Health Care | 5 | 0.1% | | Information Technology | 3 | 0.0% | | Real Estate | 2 | 0.0% |
SIC-derived, not GICS · 61% 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 |
|---|
| Unclassified | 45.8% | 46.0% | 41.2% | 43.4% | 41.0% | 40.2% | 41.5% | 39.1% | | Communication Services | 18.9% | 16.9% | 19.7% | 15.9% | 18.3% | 19.6% | 19.2% | 18.5% | | Financials | 20.1% | 20.9% | 22.4% | 21.3% | 18.5% | 18.7% | 18.4% | 16.4% | | Consumer Staples | 6.6% | 7.5% | 7.8% | 9.6% | 9.9% | 8.6% | 8.6% | 9.4% | | Industrials | 3.0% | 3.1% | 3.0% | 3.9% | 5.1% | 5.2% | 4.8% | 9.3% | | Materials | 4.5% | 4.2% | 4.2% | 3.9% | 4.2% | 4.7% | 4.9% | 5.0% | | Consumer Discretionary | 0.8% | 1.0% | 1.3% | 1.7% | 2.6% | 2.7% | 2.3% | 1.8% | | Energy | 0.2% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | | Health Care | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | | Information Technology | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 79.6% | 79.3% | 80.3% | 80.9% | 80.6% | 80.3% | 80.9% | 80.3% |
SIC-derived, not GICS · 61% 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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