13F filer · reported 2026-Q2 · filed 2026-07-28 · Δ vs 2026-Q1 · US-listed long positions only 13F portfolio $8.7B · Positions 28 · Top 10 79.1% · Effective N 13.2 Filer13F 2026-Q2 | CIK846222 | Reported quarter2026-Q2 | | Prior quarter2026-Q1 | Filed2026-07-28 | | Reported value$8.7B | Positions28 |
Authorized signatory: Chris A. Wachenheim · President — 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 2026-07-28ⓘ Implied return1.14y vs SPY | Cumulative+33.0% | CAGR+28.4% | | vs SPY+6.5pp | Vol (ann.)29.4% | | Sharpe1.00 | Max drawdown−19.9% | | Beta0.98 | Avg coverage98% | | Quarters replayed4 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 34 names | Ticker | Avg wt | Return | Contrib. |
|---|
| LEN | 20.0% | −34.6% | −9.21pp | | BDX | 1.8% | +24.4% | +3.33pp | | ARW | 4.8% | +62.1% | +3.18pp | | ACN | 0.9% | −27.0% | +2.96pp | | AVT | 4.3% | +63.0% | +2.78pp | | C · exited | 2.6% | +41.1% | +1.77pp | | TOL | 14.7% | +6.5% | +1.59pp | | DHI | 10.1% | −12.0% | −1.41pp | | BAX | 3.6% | +8.3% | +1.30pp | | SLB | 2.5% | +54.6% | +1.29pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +11.6% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 28 · 86.5% of book | Holding | Weight | Value | Δ shares |
|---|
| LEN | 11.8% | $1.0B | +6.4% | | General Motors Co (GM) | 11.5% | $992M | +2.8% | | TOL | 10.7% | $928M | −0.3% | | BDX | 9.9% | $860M | new | | PHM | 8.6% | $749M | −0.7% | | DHI | 6.6% | $571M | +1.1% | | ICLR | 6.2% | $539M | +54.8% | | ACN | 4.9% | $421M | new | | OSK | 4.5% | $393M | +1.1% | | ARW | 4.3% | $376M | −6.9% | | AVT | 3.9% | $335M | −3.8% | | BAX | 3.5% | $305M | −0.2% |
Weights as filed for 2026-Q2 · Δ vs 2026-Q1ⓘ Sector split8 sectors | Sector | N | Weight |
|---|
| Industrials | 8 | 29.1% | | Consumer Discretionary | 5 | 26.8% | | Unclassified | 4 | 18.6% | | Health Care | 5 | 18.0% | | Information Technology | 2 | 5.4% | | Energy | 1 | 2.0% | | Financials | 2 | 0.0% | | Materials | 1 | 0.0% |
SIC-derived, not GICS · 81% 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 |
|---|
| Industrials | 27.0% | 31.3% | 31.1% | 29.5% | 28.8% | 36.2% | 34.1% | 34.9% | | Consumer Discretionary | 29.6% | 30.7% | 30.9% | 29.8% | 29.3% | 32.9% | 31.7% | 33.2% | | Unclassified | 15.1% | 13.3% | 19.4% | 18.4% | 17.9% | 22.7% | 21.6% | 21.0% | | Health Care | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.7% | 7.4% | 6.9% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.9% | 3.9% | | Financials | 14.3% | 12.5% | 17.7% | 18.9% | 20.6% | 0.2% | 0.1% | 0.0% | | Materials | 14.0% | 12.2% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | 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% | 3.3% | 3.3% | 2.4% | 2.2% | 0.0% | | Top-10 concentration | 89.6% | 93.1% | 94.1% | 93.0% | 93.2% | 90.0% | 86.7% | 84.3% |
SIC-derived, not GICS · 79% 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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