13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $2.7B · Positions 51 · Top 10 53.4% · Effective N 24.3 Filer13F 2026-Q1 | CIK1641864 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$2.7B | Positions51 | | Regulatory AUM (ADV)$2.7B | Employees (ADV)31 | | Head office (ADV)MONTREAL, Canada | Structure (ADV)Corporation |
Authorized signatory: Francois Campeau · 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): ROCHON, FRANCOIS (CEO) · BOUCHARD, JEAN-PHILIPPE (VP) · PELLERIN, STÉPHANIE (CHIEF OPERATING OFFICER) · SÉGUIN, MARCÉMILE (CHIEF COMPLIANCE OFFICER) · -0841 QUEBEC INC. (SHAREHOLDER) · MUSEE GIVERNY CAPITAL INC. (SHAREHOLDER) · HMS CORPORATION INC. (SHAREHOLDER) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-06-12ⓘ Implied return1.14y vs SPY | Cumulative+12.2% | CAGR+10.6% | | vs SPY−11.3pp | Vol (ann.)14.0% | | Sharpe0.79 | Max drawdown−11.5% | | Beta0.80 | Avg coverage93% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 60 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOG | 6.4% | +65.8% | +3.12pp | | FIVE | 4.5% | +76.5% | +2.56pp | | META | 7.5% | −26.9% | −2.39pp | | KEYS | 2.8% | +89.5% | +1.87pp | | FISV · exited | 1.2% | −62.4% | −1.83pp | | GOOGL | 3.6% | +67.8% | +1.81pp | | AME | 6.2% | +28.7% | +1.64pp | | KMX · exited | 1.1% | +3.5% | −1.46pp | | MEDP | 4.8% | +33.9% | +1.36pp | | ADP | 1.3% | −6.3% | +1.27pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +6.6% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 51 · 60.9% of book | Holding | Weight | Value | Δ shares |
|---|
| BRK.B | 6.6% | $181M | −25.2% | | GOOG | 6.5% | $178M | −2.9% | | META | 6.4% | $176M | −1.8% | | HEI/A | 5.7% | $156M | −2.1% | | SCHW | 5.3% | $144M | −3.1% | | FIVE | 5.2% | $141M | −3.2% | | AME | 4.8% | $131M | −37.5% | | MEDP | 4.5% | $123M | −2.7% | | V | 4.4% | $120M | −2.7% | | IBP | 3.9% | $107M | −22.3% | | PGR | 3.8% | $105M | −1.6% | | GOOGL | 3.7% | $100M | −3.6% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split7 sectors | Sector | N | Weight |
|---|
| Financials | 12 | 31.3% | | Communication Services | 4 | 18.5% | | Industrials | 10 | 17.0% | | Consumer Discretionary | 8 | 12.0% | | Information Technology | 7 | 8.5% | | Health Care | 3 | 6.4% | | Unclassified | 7 | 6.2% |
SIC-derived, not GICS · 94% of weight classifiedⓘ Sector history8 of 45 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Financials | 33.6% | 35.0% | 38.1% | 43.2% | 39.7% | 36.1% | 34.1% | 31.3% | | Communication Services | 14.7% | 13.9% | 14.8% | 13.4% | 15.5% | 17.0% | 19.4% | 18.5% | | Industrials | 15.1% | 15.9% | 14.1% | 13.7% | 13.6% | 15.2% | 15.3% | 17.0% | | Consumer Discretionary | 16.7% | 15.8% | 17.2% | 15.0% | 15.1% | 11.4% | 10.8% | 12.0% | | Information Technology | 7.1% | 7.2% | 5.9% | 5.2% | 5.9% | 6.5% | 6.7% | 8.5% | | Health Care | 5.4% | 4.4% | 3.2% | 3.1% | 3.2% | 7.0% | 6.9% | 6.4% | | Unclassified | 6.1% | 6.1% | 5.5% | 6.3% | 7.1% | 6.9% | 6.8% | 6.2% | | Materials | 1.2% | 1.5% | 1.2% | 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% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 54.0% | 55.0% | 54.3% | 56.4% | 56.0% | 57.6% | 58.7% | 53.4% |
SIC-derived, not GICS · 94% 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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