13F filer · reported 2026-Q2 · filed 2026-08-14 · Δ vs 2026-Q1 · US-listed long positions only 13F portfolio $34.4B · Positions 24 · Top 10 94.9% · Effective N 6.5 Filer13F 2026-Q2 | CIK1166559 | Reported quarter2026-Q2 | | Prior quarter2026-Q1 | Filed2026-08-14 | | Reported value$34.4B | Positions24 |
Authorized signatory: Michael Larson · Authorized Agent — 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+15.4% | CAGR+13.4% | | vs SPY−8.5pp | Vol (ann.)11.4% | | Sharpe1.17 | Max drawdown−8.0% | | Beta0.42 | Avg coverage100% | | Quarters replayed4 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 27 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CAT | 11.7% | +91.4% | +7.54pp | | CNI | 15.0% | +38.0% | +5.82pp | | MSFT · exited | 8.6% | −4.1% | −2.88pp | | DE | 5.2% | +32.2% | +1.84pp | | FDX | 2.0% | +74.3% | +1.23pp | | KOF | 1.7% | +33.1% | +0.55pp | | MSGS | 0.5% | +104.5% | +0.37pp | | CPNG | 0.6% | −42.8% | −0.36pp | | BRK.B | 26.5% | +1.4% | +0.30pp | | WST | 0.3% | +42.8% | +0.14pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +14.8% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 24 · 96.6% of book | Holding | Weight | Value | Δ shares |
|---|
| BRK.B | 21.4% | $7.4B | −13.8% | | CAT | 19.7% | $6.8B | +0.0% | | CNI | 18.0% | $6.2B | +0.0% | | WM | 17.3% | $6.0B | −3.3% | | DE | 6.6% | $2.3B | +0.0% | | ECL | 4.2% | $1.5B | +0.0% | | WMT | 2.8% | $950M | +0.0% | | FDX | 2.2% | $747M | +0.0% | | KOF | 1.9% | $660M | +0.0% | | HD | 1.0% | $353M | new | | WCN | 1.0% | $340M | +0.0% | | MSGS | 0.7% | $238M | +0.0% |
Weights as filed for 2026-Q2 · Δ vs 2026-Q1ⓘ Sector split7 sectors | Sector | N | Weight |
|---|
| Industrials | 9 | 65.5% | | Financials | 1 | 21.4% | | Consumer Staples | 5 | 5.4% | | Materials | 2 | 4.3% | | Consumer Discretionary | 3 | 1.8% | | Health Care | 3 | 1.0% | | Communication Services | 1 | 0.7% |
SIC-derived, not GICSⓘ Sector history8 of 52 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Industrials | 39.3% | 41.6% | 41.7% | 43.4% | 39.6% | 46.4% | 50.7% | 61.6% | | Financials | 21.0% | 22.6% | 21.2% | 21.9% | 24.5% | 29.9% | 27.6% | 25.8% | | Consumer Staples | 2.9% | 3.5% | 3.7% | 3.9% | 3.6% | 4.4% | 4.9% | 5.9% | | Materials | 2.6% | 3.0% | 3.0% | 3.2% | 3.0% | 4.0% | 3.9% | 4.4% | | Consumer Discretionary | 0.4% | 0.5% | 0.7% | 0.7% | 0.8% | 1.1% | 0.9% | 0.9% | | Health Care | 0.5% | 0.5% | 0.5% | 0.8% | 0.7% | 0.9% | 0.9% | 0.8% | | Communication Services | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.6% | | Information Technology | 32.7% | 27.6% | 28.5% | 25.6% | 27.3% | 13.0% | 10.5% | 0.0% | | Real Estate | 0.3% | 0.4% | 0.3% | 0.4% | 0.3% | 0.0% | 0.0% | 0.0% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Unclassified | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 97.0% | 96.3% | 96.1% | 95.8% | 96.2% | 95.7% | 95.7% | 96.5% |
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
|
