13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $497M · Positions 23 · Top 10 77.3% · Effective N 13.2 Filer13F 2026-Q1 | CIK1569049 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$497M | Positions23 |
Authorized signatory: Theo J. Robins · 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): KACHER, GLEN, THOMAS (CHIEF INVESTMENT OFFICER / FOUNDER) · LYNCH, GEORGE, WILLIAM (CHIEF OPERATING OFFICER) · ROBINS, THEO, JEREMY (CHIEF COMPLIANCE OFFICER / GENERAL COUNSEL) · WENZELL, ROBERT, MICHAEL (CHIEF FINANCIAL OFFICER) · KACHER REVOCABLE TRUST (MEMBER) Reported 2026-Q1 · filed 2026-05-15ⓘ Implied return1.14y vs SPY | Cumulative+50.7% | CAGR+43.2% | | vs SPY+21.3pp | Vol (ann.)30.8% | | Sharpe1.33 | Max drawdown−21.1% | | Beta1.96 | Avg coverage96% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 40 names | Ticker | Avg wt | Return | Contrib. |
|---|
| AMD | 8.2% | +182.1% | +13.91pp | | TSM | 14.9% | +81.5% | +11.24pp | | FROG | 5.2% | +95.9% | +5.63pp | | ASML | 2.6% | +134.9% | +2.28pp | | CHYM | 7.8% | +18.3% | +2.23pp | | AVGO | 8.0% | +26.2% | +2.09pp | | NVDA | 9.9% | +20.8% | +2.03pp | | CLS · exited | 0.6% | +57.0% | +1.95pp | | RDDT · exited | 0.8% | −29.5% | −1.80pp | | GOOGL | 4.0% | +67.8% | +1.55pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +43.0% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 23 · 85.0% of book | Holding | Weight | Value | Δ shares |
|---|
| TSM | 15.5% | $77M | −15.2% | | NVDA | 9.5% | $47M | −19.9% | | AVGO | 9.3% | $46M | +4.2% | | AMD | 9.0% | $45M | −0.1% | | CHYM | 7.8% | $39M | −23.3% | | MKSI | 5.6% | $28M | +524.4% | | FROG | 5.4% | $27M | +24.5% | | AMZN | 5.2% | $26M | +79.6% | | GTLB | 5.1% | $25M | +10.4% | | BILL | 4.8% | $24M | −28.8% | | CPNG | 4.0% | $20M | new | | AMKR | 3.7% | $18M | +41.4% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split6 sectors | Sector | N | Weight |
|---|
| Information Technology | 17 | 75.8% | | Consumer Discretionary | 2 | 9.2% | | Financials | 1 | 7.8% | | Industrials | 1 | 2.9% | | Communication Services | 1 | 2.5% | | Unclassified | 1 | 1.8% |
SIC-derived, not GICS · 98% 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 |
|---|
| Information Technology | 86.9% | 85.8% | 79.4% | 78.3% | 75.4% | 71.2% | 63.6% | 75.8% | | Consumer Discretionary | 5.7% | 5.4% | 5.1% | 5.3% | 3.8% | 1.8% | 2.5% | 9.2% | | Financials | 0.0% | 0.0% | 0.0% | 0.0% | 4.9% | 5.1% | 10.5% | 7.8% | | Industrials | 0.1% | 0.2% | 4.0% | 1.5% | 6.5% | 8.3% | 1.8% | 2.9% | | Communication Services | 4.8% | 5.2% | 8.8% | 10.5% | 7.2% | 5.0% | 12.5% | 2.5% | | Unclassified | 2.6% | 3.4% | 2.7% | 4.1% | 2.0% | 6.0% | 5.6% | 1.8% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Health Care | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Utilities | 0.0% | 0.0% | 0.0% | 0.3% | 0.3% | 2.7% | 3.4% | 0.0% | | Materials | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 73.4% | 78.6% | 66.3% | 83.7% | 74.0% | 69.3% | 76.3% | 77.3% |
SIC-derived, not GICS · 98% 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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