13F filer · reported 2026-Q1 · filed 2026-05-14 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $11.2B · Positions 29 · Top 10 72.7% · Effective N 13.8 Filer13F 2026-Q1 | CIK1375534 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-14 | | Reported value$11.2B | Positions29 |
Authorized signatory: Alexander Marshall · General Counsel & 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): BLOOD, DAVID, WAYLAND (SENIOR PARTNER) · FERGUSON, MARK, (NMN) (PARTNER/CO-CHIEF INVESTMENT OFFICER) · GORE, ALBERT, ARNOLD (PARTNER/CHAIRMAN) · KUKRIKA, NICHOLAS, (NMN) (PARTNER) · NOGALES, MIGUEL, ROGER (PARTNER/CO-CHIEF INVESTMENT OFFICER) · BARBY, CLARA, DENISE (PARTNER, SENIOR PARTNER OF JUST CLIMATE) · GILMORE, ESTHER, MARGARET BRIDGET (PARTNER, GLOBAL HEAD OF CLIENT BUSINESS) · GIVEN, ANDREW, JOHN (PARTNER, CHIEF FINANCIAL OFFICER) · +5 more Reported 2026-Q1 · filed 2026-05-14ⓘ Implied return1.14y vs SPY | Cumulative+5.4% | CAGR+4.7% | | vs SPY−17.1pp | Vol (ann.)17.6% | | Sharpe0.35 | Max drawdown−22.7% | | Beta0.77 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 43 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOGL | 5.3% | +67.8% | +2.66pp | | AMZN | 6.0% | +13.0% | +1.82pp | | WST | 3.4% | +42.8% | +1.78pp | | MELI | 7.0% | −20.9% | −1.54pp | | CRM · exited | 2.0% | −15.1% | −1.33pp | | TRMB | 4.4% | −27.0% | −1.32pp | | ACN | 2.5% | −27.0% | −1.21pp | | EFX | 3.3% | −23.7% | −0.92pp | | TMO | 3.8% | +26.2% | +0.86pp | | NTNX | 2.5% | −1.7% | +0.76pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +1.6% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 29 · 79.3% of book | Holding | Weight | Value | Δ shares |
|---|
| MSFT | 14.8% | $1.7B | +8.3% | | DHR | 12.4% | $1.4B | −4.2% | | AMZN | 10.1% | $1.1B | +109.4% | | MELI | 7.1% | $791M | −0.2% | | GOOGL | 5.2% | $585M | −28.1% | | WST | 5.0% | $562M | +43.7% | | WDAY | 4.9% | $543M | +1.6% | | STE | 4.6% | $510M | +10.5% | | TRMB | 4.5% | $508M | +2.5% | | V | 4.1% | $458M | +24.9% | | TMO | 3.4% | $380M | −30.4% | | INTU | 3.2% | $356M | new |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split7 sectors | Sector | N | Weight |
|---|
| Information Technology | 10 | 32.6% | | Health Care | 5 | 28.3% | | Industrials | 4 | 11.1% | | Consumer Discretionary | 3 | 10.7% | | Financials | 4 | 10.3% | | Communication Services | 2 | 6.7% | | Unclassified | 1 | 0.3% |
SIC-derived, not GICS · 100% 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 |
|---|
| Information Technology | 39.4% | 38.2% | 36.2% | 35.7% | 38.0% | 40.1% | 38.6% | 32.6% | | Health Care | 24.9% | 27.1% | 27.1% | 27.2% | 25.6% | 28.4% | 28.7% | 28.3% | | Industrials | 10.3% | 9.4% | 7.7% | 11.3% | 12.8% | 12.4% | 9.5% | 11.1% | | Consumer Discretionary | 11.3% | 10.2% | 11.7% | 7.0% | 2.8% | 3.0% | 4.6% | 10.7% | | Financials | 5.6% | 7.4% | 9.1% | 10.4% | 12.0% | 10.6% | 10.1% | 10.3% | | Communication Services | 0.0% | 0.0% | 3.1% | 3.6% | 4.1% | 5.2% | 7.5% | 6.7% | | Unclassified | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.3% | | Real Estate | 6.9% | 7.7% | 4.8% | 2.7% | 2.8% | 0.0% | 0.0% | 0.0% | | Materials | 1.4% | 0.0% | 0.0% | 1.9% | 1.6% | 0.0% | 0.8% | 0.0% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 55.9% | 55.5% | 58.0% | 59.2% | 63.0% | 68.3% | 68.2% | 72.7% |
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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