13F filer · reported 2026-Q1 · filed 2026-05-12 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $63.1B · Positions 81 · Top 10 51.7% · Effective N 22.9 Filer13F 2026-Q1 | CIK1697233 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-12 | | Reported value$63.1B | Positions81 |
Authorized signatory: Salvatore DiGangi · Global 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. Reported 2026-Q1 · filed 2026-05-12ⓘ Implied return1.14y vs SPY | Cumulative+9.6% | CAGR+8.4% | | vs SPY−13.5pp | Vol (ann.)11.1% | | Sharpe0.78 | Max drawdown−7.8% | | Beta−0.05 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 117 names | Ticker | Avg wt | Return | Contrib. |
|---|
| PM | 13.7% | +13.6% | +1.91pp | | PBR | 4.4% | +65.6% | +1.68pp | | CB | 5.8% | +24.4% | +1.27pp | | HDB | 2.3% | −34.2% | −1.08pp | | JNJ | 2.2% | +54.5% | +1.05pp | | XOM | 1.9% | +51.7% | +0.89pp | | KO | 2.6% | +32.7% | +0.84pp | | TSM | 0.8% | +81.5% | +0.67pp | | ENB | 6.3% | +9.5% | +0.56pp | | VZ | 3.4% | +18.9% | +0.56pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +9.7% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 81 · 57.1% of book | Holding | Weight | Value | Δ shares |
|---|
| PM | 13.1% | $8.3B | −9.1% | | ENB | 6.5% | $4.1B | −4.9% | | CB | 6.4% | $4.0B | −0.5% | | PBR | 5.7% | $3.6B | +27.5% | | T | 3.7% | $2.4B | −5.4% | | VZ | 3.6% | $2.3B | +4.2% | | CVX | 3.4% | $2.1B | +631.0% | | IBN | 3.2% | $2.0B | +3.7% | | AEP | 3.1% | $2.0B | −11.1% | | PGR | 2.9% | $1.8B | −12.4% | | JNJ | 2.8% | $1.8B | −5.6% | | BTI | 2.6% | $1.6B | −1.4% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split11 sectors | Sector | N | Weight |
|---|
| Energy | 14 | 25.3% | | Consumer Staples | 10 | 23.3% | | Financials | 17 | 21.2% | | Utilities | 14 | 13.5% | | Communication Services | 4 | 7.4% | | Health Care | 8 | 3.5% | | Unclassified | 6 | 3.2% | | Materials | 3 | 1.7% | | Industrials | 2 | 0.8% | | Information Technology | 2 | 0.1% | | Consumer Discretionary | 1 | 0.0% |
SIC-derived, not GICS · 97% of weight classifiedⓘ Sector history8 of 38 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Energy | 9.1% | 13.1% | 9.5% | 16.2% | 10.7% | 13.0% | 11.1% | 25.3% | | Consumer Staples | 13.3% | 18.3% | 13.2% | 16.5% | 23.3% | 23.4% | 25.7% | 23.3% | | Financials | 2.7% | 14.6% | 14.1% | 22.2% | 23.7% | 24.3% | 27.7% | 21.2% | | Utilities | 4.6% | 7.5% | 5.6% | 8.8% | 11.7% | 13.4% | 13.9% | 13.5% | | Communication Services | 14.1% | 17.3% | 23.2% | 13.7% | 13.2% | 10.5% | 6.5% | 7.4% | | Health Care | 6.8% | 10.0% | 8.2% | 4.9% | 1.1% | 2.2% | 3.4% | 3.5% | | Unclassified | 2.5% | 3.9% | 3.6% | 4.3% | 4.7% | 4.5% | 3.7% | 3.2% | | Materials | 1.8% | 1.9% | 0.6% | 1.2% | 2.5% | 2.7% | 3.9% | 1.7% | | Industrials | 4.9% | 3.3% | 1.9% | 4.7% | 2.5% | 2.1% | 0.9% | 0.8% | | Information Technology | 36.5% | 7.9% | 17.4% | 6.2% | 6.4% | 3.9% | 3.3% | 0.1% | | Consumer Discretionary | 3.4% | 2.2% | 2.6% | 1.1% | 0.4% | 0.0% | 0.0% | 0.0% | | Real Estate | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 59.6% | 49.9% | 51.1% | 50.4% | 46.9% | 50.5% | 51.3% | 51.7% |
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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