13F filer · reported 2026-Q2 · filed 2026-08-14 · Δ vs 2026-Q1 · US-listed long positions only 13F portfolio $3.8B · Positions 51 · Top 10 66.5% · Effective N 16.0 Filer13F 2026-Q2 | CIK949509 | Reported quarter2026-Q2 | | Prior quarter2026-Q1 | Filed2026-08-14 | | Reported value$3.8B | Positions51 |
Authorized signatory: Andy Hottovy · Managing Director — 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-Q2 · filed 2026-08-14ⓘ Implied return1.14y vs SPY | Cumulative+45.2% | CAGR+38.7% | | vs SPY+16.8pp | Vol (ann.)20.3% | | Sharpe1.72 | Max drawdown−11.6% | | Beta1.00 | Avg coverage81% | | Quarters replayed4 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 78 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GTX | 9.4% | +102.7% | +10.01pp | | AU | 8.4% | +130.8% | +9.44pp | | NOK · exited | 2.4% | +139.5% | +4.16pp | | STKL · exited | 2.7% | — | −4.15pp | | CRDO · exited | 0.4% | +102.2% | +2.97pp | | B | 3.1% | +80.7% | +2.35pp | | VNOM | 5.2% | +21.0% | +1.85pp | | CBL · exited | 2.1% | +84.5% | +1.73pp | | EXE | 15.7% | +3.2% | +1.71pp | | SHAZ | 0.3% | — | +1.64pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +36.7% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 51 · 71.7% of book | Holding | Weight | Value | Δ shares |
|---|
| TRMD | 13.9% | $524M | −14.7% | | EXE | 12.6% | $478M | +0.0% | | GTX | 7.3% | $275M | −48.0% | | AU | 6.8% | $257M | −1.4% | | INDV | 6.7% | $251M | −12.3% | | TDS | 5.2% | $196M | +23.1% | | VNOM | 4.3% | $161M | +0.0% | | CORZ | 3.4% | $128M | −46.6% | | TLN | 3.4% | $127M | +0.0% | | B | 3.1% | $118M | +22.1% | | ITUB | 2.6% | $98M | −1.7% | | LBTYA | 2.6% | $97M | +0.0% |
Weights as filed for 2026-Q2 · Δ vs 2026-Q1ⓘ Sector split12 sectors | Sector | N | Weight |
|---|
| Unclassified | 12 | 19.9% | | Energy | 4 | 18.2% | | Materials | 7 | 14.3% | | Communication Services | 7 | 11.7% | | Health Care | 4 | 8.6% | | Financials | 3 | 7.3% | | Consumer Discretionary | 1 | 7.3% | | Utilities | 2 | 4.5% | | Industrials | 4 | 4.3% | | Real Estate | 2 | 1.9% | | Information Technology | 4 | 1.7% | | Consumer Staples | 1 | 0.4% |
SIC-derived, not GICS · 80% of weight classifiedⓘ Sector history8 of 53 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Energy | 14.7% | 16.4% | 21.6% | 21.2% | 20.2% | 19.2% | 19.3% | 21.6% | | Unclassified | 54.2% | 46.7% | 42.1% | 36.0% | 36.3% | 24.1% | 22.6% | 21.5% | | Materials | 11.1% | 9.5% | 8.4% | 12.1% | 13.4% | 13.4% | 15.1% | 13.8% | | Communication Services | 2.1% | 3.5% | 3.7% | 3.6% | 3.8% | 9.0% | 8.2% | 9.4% | | Financials | 3.0% | 2.9% | 1.2% | 1.9% | 2.2% | 6.8% | 8.2% | 7.1% | | Health Care | 0.4% | 0.4% | 0.3% | 0.2% | 1.1% | 1.2% | 1.5% | 6.2% | | Consumer Discretionary | 9.4% | 9.8% | 11.9% | 11.2% | 9.9% | 9.2% | 6.6% | 6.2% | | Utilities | 0.5% | 2.9% | 2.6% | 3.2% | 2.7% | 4.5% | 4.5% | 4.6% | | Information Technology | 0.6% | 2.5% | 2.9% | 5.4% | 4.2% | 4.2% | 5.1% | 4.2% | | Real Estate | 3.1% | 3.2% | 3.6% | 4.1% | 4.2% | 3.8% | 3.6% | 3.1% | | Industrials | 0.7% | 2.1% | 1.7% | 1.2% | 1.8% | 4.2% | 5.3% | 1.9% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.5% | 0.0% | 0.4% | | Top-10 concentration | 73.7% | 64.3% | 65.3% | 65.2% | 68.7% | 62.3% | 60.3% | 65.0% |
SIC-derived, not GICS · 78% 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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