13F filer · reported 2026-Q1 · filed 2026-05-11 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $9.6B · Positions 3 · Top 10 100.0% · Effective N 1.1 Filer13F 2026-Q1 | CIK1086477 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-11 | | Reported value$9.6B | Positions3 |
Authorized signatory: Aaron Rappaport · 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. Reported 2026-Q1 · filed 2026-05-11ⓘ Implied return1.14y vs SPY | Cumulative+31.4% | CAGR+27.0% | | vs SPY+5.1pp | Vol (ann.)21.3% | | Sharpe1.23 | Max drawdown−14.7% | | Beta0.43 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution3 of 3 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GD | 96.5% | +22.4% | +21.37pp | | ALG | 2.6% | −25.4% | −0.91pp | | PCT | 0.9% | −47.8% | −0.70pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +19.8% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings3 of 3 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| GD | 97.1% | $9.3B | −0.0% | | ALG | 2.3% | $224M | +0.0% | | PCT | 0.5% | $50M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split2 sectors | Sector | N | Weight |
|---|
| Industrials | 2 | 99.5% | | Materials | 1 | 0.5% |
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 |
|---|
| Industrials | 99.3% | 99.0% | 98.7% | 99.2% | 98.5% | 98.7% | 99.1% | 99.5% | | Materials | 0.7% | 1.0% | 1.3% | 0.8% | 1.5% | 1.3% | 0.9% | 0.5% | | Consumer Discretionary | 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 | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
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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