13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $8.6B · Positions 12 · Top 10 98.6% · Effective N 3.1 Filer13F 2026-Q1 | CIK921669 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$8.6B | Positions12 |
Authorized signatory: Jesse A. Lynn · Attorney-In-Fact — 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 2026-05-15ⓘ Implied return1.14y vs SPY | Cumulative+24.3% | CAGR+21.0% | | vs SPY−0.8pp | Vol (ann.)21.9% | | Sharpe0.99 | Max drawdown−13.2% | | Beta0.32 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 14 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CVI | 25.9% | +45.3% | +11.11pp | | UAN | 5.2% | +51.0% | +2.26pp | | IEP | 48.7% | +3.6% | +1.79pp | | IFF | 3.5% | +27.0% | +0.97pp | | SWX · exited | 3.4% | +16.1% | +0.72pp | | BHC · exited | 0.3% | −14.0% | −0.43pp | | MNRO | 0.8% | −22.8% | −0.39pp | | SD | 0.8% | +28.0% | +0.19pp | | JBLU | 1.8% | −9.1% | −0.17pp | | AEP | 1.7% | +8.5% | +0.14pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +16.3% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 12 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| IEP | 48.5% | $4.1B | +0.0% | | CVI | 28.0% | $2.4B | +1.1% | | UAN | 6.2% | $527M | +0.0% | | CTRI | 4.9% | $419M | +0.0% | | IFF | 3.6% | $310M | +0.0% | | ECHO | 1.9% | $164M | −58.1% | | AEP | 1.8% | $158M | +0.0% | | JBLU | 1.7% | $149M | +0.0% | | MNRO | 1.0% | $81M | +0.0% | | SD | 0.9% | $81M | +0.7% | | CZR | 0.8% | $64M | +0.0% | | BLCO | 0.7% | $56M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split7 sectors | Sector | N | Weight |
|---|
| Energy | 3 | 77.4% | | Materials | 2 | 9.8% | | Utilities | 2 | 6.7% | | Industrials | 2 | 2.7% | | Communication Services | 1 | 1.9% | | Consumer Discretionary | 1 | 0.8% | | Health Care | 1 | 0.7% |
SIC-derived, not GICSⓘ Sector history8 of 52 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Energy | 78.8% | 75.4% | 70.3% | 73.0% | 75.1% | 76.5% | 71.2% | 77.4% | | Materials | 6.0% | 6.6% | 8.4% | 8.0% | 8.2% | 7.3% | 8.5% | 9.8% | | Utilities | 8.6% | 10.1% | 11.3% | 9.5% | 10.5% | 9.2% | 11.6% | 6.7% | | Industrials | 1.0% | 1.2% | 1.9% | 2.2% | 1.8% | 2.1% | 3.0% | 2.7% | | Communication Services | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.6% | 4.3% | 1.9% | | Consumer Discretionary | 2.5% | 2.6% | 3.3% | 3.4% | 0.9% | 0.7% | 0.7% | 0.8% | | Health Care | 3.1% | 4.1% | 4.7% | 3.9% | 3.5% | 0.6% | 0.7% | 0.7% | | Information Technology | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Financials | 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% | | Unclassified | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 98.1% | 97.6% | 97.7% | 97.8% | 98.8% | 98.5% | 97.8% | 98.6% |
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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