13F filer · reported 2026-Q2 · filed 2026-08-14 · Δ vs 2026-Q1 · US-listed long positions only 13F portfolio $3.7B · Positions 8 · Top 10 100.0% · Effective N 5.1 Filer13F 2026-Q2 | CIK1709323 | Reported quarter2026-Q2 | | Prior quarter2026-Q1 | Filed2026-08-14 | | Reported value$3.7B | Positions8 | | Regulatory AUM (ADV)$21.4B | Employees (ADV)21 | | Head office (ADV)SEATTLE, WA, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Paul Teng · 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): LI, LU, (NMN) (CHAIRMAN AND MANAGING MEMBER) · CHANG, GENE, JING (CHIEF OPERATING OFFICER) · LI, LI, NMN (CHIEF FINANCIAL OFFICER) · TENG, PAUL, LUNG-FEI (CHIEF COMPLIANCE OFFICER) Reported 2026-Q2 · filed 2026-08-14 · ADV 2026-03-31ⓘ Implied return1.14y vs SPY | Cumulative+38.7% | CAGR+33.2% | | vs SPY+11.3pp | Vol (ann.)19.1% | | Sharpe1.60 | Max drawdown−13.3% | | Beta0.97 | Avg coverage100% | | Quarters replayed4 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 15 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOGL | 21.4% | +67.8% | +11.99pp | | GOOG | 20.6% | +65.8% | +11.26pp | | PDD | 17.2% | −30.5% | −3.83pp | | EWBC | 9.3% | +26.7% | +2.57pp | | CROX | 1.4% | +41.1% | +1.09pp | | BAC · exited | 11.2% | +27.4% | +1.06pp | | SOC · exited | 0.3% | −82.3% | −0.84pp | | HRB · exited | 0.4% | +6.3% | +0.34pp | | AAPL | 0.9% | +36.2% | +0.30pp | | BRK.B | 13.9% | +1.4% | +0.28pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +24.3% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings8 of 8 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| GOOGL | 24.5% | $909M | +0.0% | | GOOG | 23.4% | $866M | +0.0% | | PDD | 22.2% | $821M | +133.5% | | BRK.B | 15.0% | $555M | +23.5% | | EWBC | 9.7% | $358M | +0.0% | | CROX | 2.9% | $107M | +0.0% | | TME | 1.5% | $55M | +0.0% | | AAPL | 0.9% | $32M | +0.0% |
Weights as filed for 2026-Q2 · Δ vs 2026-Q1ⓘ Sector split5 sectors | Sector | N | Weight |
|---|
| Communication Services | 3 | 49.4% | | Financials | 2 | 24.7% | | Industrials | 1 | 22.2% | | Materials | 1 | 2.9% | | Information Technology | 1 | 0.9% |
SIC-derived, not GICSⓘ Sector history8 of 34 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Communication Services | 39.9% | 37.6% | 39.1% | 35.1% | 32.8% | 37.6% | 43.9% | 46.7% | | Financials | 50.3% | 55.0% | 54.1% | 59.0% | 45.0% | 39.8% | 37.5% | 30.8% | | Industrials | 0.0% | 0.0% | 0.0% | 0.0% | 17.9% | 18.9% | 14.6% | 14.7% | | Energy | 3.6% | 4.3% | 3.8% | 4.8% | 3.4% | 2.9% | 1.7% | 3.0% | | Materials | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 2.3% | | Consumer Discretionary | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | | Information Technology | 6.2% | 3.0% | 2.9% | 1.1% | 0.8% | 0.9% | 0.8% | 0.9% | | Unclassified | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 95.6% |
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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