13F filer · reported 2026-Q2 · filed 2026-07-15 · Δ vs 2026-Q1 · US-listed long positions only 13F portfolio $2.6B · Positions 28 · Top 10 90.7% · Effective N 9.7 Filer13F 2026-Q2 | CIK1484150 | Reported quarter2026-Q2 | | Prior quarter2026-Q1 | Filed2026-07-15 | | Reported value$2.6B | Positions28 | | Regulatory AUM (ADV)$9.3B | Employees (ADV)30 | | Head office (ADV)LONDON, United Kingdom | Structure (ADV)Corporation |
Authorized signatory: Mathew McNeill · 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): LINDSELL, MICHAEL, JAMES (DIRECTOR & SHAREHOLDER) · TRAIN, NICHOLAS, JOHN (DIRECTOR & SHAREHOLDER) · Bullock, James, Michael Rex (DIRECTOR & SHAREHOLDER) · Cameron, Jessica, Hermione (DIRECTOR & SHAREHOLDER) · LIM, MICHAEL, CHEONG YOUNG (DIRECTOR & SHAREHOLDER) · MCNEILL, MATHEW (CHIEF COMPLIANCE OFFICER) · SAUNDERS, JOCELYN, ARTHUR (CHIEF OPERATING OFFICER) · BARTLETT, JULIAN, ANTONY (NON EXECUTIVE DIRECTOR) · +3 more Reported 2026-Q2 · filed 2026-07-15 · ADV 2026-04-27ⓘ Implied return1.14y vs SPY | Cumulative+4.5% | CAGR+4.0% | | vs SPY−17.9pp | Vol (ann.)16.4% | | Sharpe0.32 | Max drawdown−17.1% | | Beta0.58 | Avg coverage96% | | Quarters replayed4 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 29 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOGL | 15.4% | +67.8% | +7.41pp | | INTU | 10.3% | −44.2% | −5.33pp | | TMO | 10.0% | +26.2% | +2.75pp | | FICO | 9.3% | −17.2% | −1.31pp | | DIS | 10.6% | −8.0% | −0.95pp | | PYPL | 6.8% | −11.5% | −0.92pp | | TKO | 15.7% | +5.0% | +0.63pp | | EBAY | 5.4% | +6.3% | +0.57pp | | KKR | 0.4% | −23.1% | +0.43pp | | MDLZ | 7.1% | +5.2% | +0.19pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +3.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 28 · 95.4% of book | Holding | Weight | Value | Δ shares |
|---|
| GOOGL | 17.5% | $460M | −24.5% | | TKO | 16.1% | $423M | −14.3% | | FICO | 10.3% | $270M | −9.3% | | TMO | 9.8% | $258M | −16.6% | | DIS | 9.5% | $251M | −18.7% | | INTU | 6.6% | $174M | −9.1% | | MDLZ | 5.6% | $148M | −28.0% | | PEP | 5.3% | $139M | −19.8% | | PYPL | 5.2% | $137M | −24.3% | | EBAY | 4.7% | $125M | −42.1% | | MANU | 2.4% | $63M | −12.2% | | KKR | 2.3% | $61M | new |
Weights as filed for 2026-Q2 · Δ vs 2026-Q1ⓘ Sector split9 sectors | Sector | N | Weight |
|---|
| Communication Services | 5 | 43.2% | | Information Technology | 4 | 17.0% | | Consumer Staples | 4 | 12.4% | | Health Care | 1 | 9.8% | | Financials | 6 | 7.9% | | Consumer Discretionary | 1 | 4.7% | | Unclassified | 2 | 4.6% | | Industrials | 3 | 0.2% | | Materials | 2 | 0.1% |
SIC-derived, not GICS · 95% 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 |
|---|
| Communication Services | 24.1% | 24.5% | 25.4% | 26.1% | 34.0% | 38.4% | 41.6% | 41.3% | | Information Technology | 28.8% | 25.9% | 24.9% | 25.0% | 22.1% | 18.5% | 19.6% | 18.7% | | Consumer Staples | 29.3% | 29.5% | 23.9% | 23.0% | 17.7% | 16.4% | 13.8% | 14.2% | | Health Care | 0.0% | 0.0% | 5.3% | 7.0% | 8.2% | 9.7% | 10.1% | 9.7% | | Financials | 6.6% | 8.4% | 9.5% | 7.9% | 8.2% | 7.7% | 6.7% | 6.4% | | Consumer Discretionary | 5.4% | 6.0% | 5.6% | 6.3% | 5.8% | 5.5% | 4.6% | 5.6% | | Unclassified | 5.5% | 5.4% | 5.1% | 4.4% | 3.8% | 3.4% | 3.3% | 3.9% | | Industrials | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | | Materials | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | | Top-10 concentration | 99.0% | 97.4% | 95.1% | 95.8% | 94.4% | 94.7% | 94.9% | 94.0% |
SIC-derived, not GICS · 96% 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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