13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $23.7B · Positions 91 · Top 10 37.8% · Effective N 39.8 Filer13F 2026-Q1 | CIK1663865 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$23.7B | Positions91 |
Authorized signatory: Matt Gaarder · 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+26.4% | CAGR+22.8% | | vs SPY+0.9pp | Vol (ann.)21.3% | | Sharpe1.07 | Max drawdown−13.1% | | Beta1.12 | Avg coverage98% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 111 names | Ticker | Avg wt | Return | Contrib. |
|---|
| NBIS | 3.9% | +217.7% | +5.90pp | | QXO | 7.1% | −32.5% | −2.37pp | | MU · exited | 0.6% | +722.9% | +2.18pp | | CPAY | 6.2% | +25.9% | +2.08pp | | BRKR | 2.5% | +68.4% | +1.98pp | | ALNY | 2.8% | −48.0% | −1.60pp | | NEM | 2.3% | +87.9% | +1.52pp | | SE | 1.3% | −36.6% | −1.10pp | | XPO | 2.3% | +43.9% | +1.04pp | | IBKR | 2.3% | +51.1% | +0.93pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +18.8% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 91 · 42.9% of book | Holding | Weight | Value | Δ shares |
|---|
| CPAY | 6.6% | $1.6B | +7.2% | | QXO | 6.1% | $1.4B | −13.5% | | NBIS | 3.6% | $863M | +149.3% | | MSI | 3.4% | $811M | +45.7% | | PRAX | 3.4% | $797M | +97.0% | | EQT | 3.3% | $771M | +248.2% | | GOOGL | 3.0% | $723M | −5.7% | | GXO | 2.9% | $696M | +0.0% | | XPO | 2.8% | $663M | −6.7% | | BRKR | 2.7% | $648M | +20.3% | | WLK | 2.6% | $618M | +20.7% | | ITUB | 2.4% | $580M | −15.2% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split12 sectors | Sector | N | Weight |
|---|
| Health Care | 10 | 15.9% | | Materials | 13 | 13.6% | | Financials | 9 | 12.7% | | Industrials | 15 | 12.0% | | Consumer Discretionary | 9 | 9.2% | | Information Technology | 11 | 8.8% | | Energy | 7 | 7.3% | | Communication Services | 5 | 6.6% | | Unclassified | 4 | 5.6% | | Consumer Staples | 2 | 3.1% | | Utilities | 4 | 2.7% | | Real Estate | 2 | 2.4% |
SIC-derived, not GICS · 94% of weight classifiedⓘ Sector history8 of 41 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Health Care | 1.1% | 2.1% | 2.6% | 5.5% | 9.0% | 13.7% | 18.6% | 15.9% | | Materials | 7.3% | 6.0% | 6.0% | 9.7% | 10.0% | 13.1% | 14.6% | 13.6% | | Financials | 33.4% | 30.9% | 31.0% | 28.5% | 24.3% | 18.1% | 18.4% | 12.7% | | Industrials | 12.3% | 11.7% | 11.4% | 11.7% | 12.7% | 14.7% | 10.5% | 12.0% | | Consumer Discretionary | 3.0% | 12.0% | 12.4% | 11.5% | 12.4% | 9.7% | 9.6% | 9.2% | | Information Technology | 10.8% | 11.9% | 11.5% | 10.9% | 8.9% | 7.8% | 6.1% | 8.8% | | Energy | 10.3% | 7.0% | 3.0% | 3.3% | 3.1% | 1.5% | 2.5% | 7.3% | | Communication Services | 7.9% | 7.2% | 9.3% | 4.7% | 3.7% | 3.4% | 6.9% | 6.6% | | Unclassified | 2.3% | 2.0% | 4.6% | 4.2% | 6.2% | 10.5% | 5.8% | 5.6% | | Consumer Staples | 4.6% | 3.4% | 2.1% | 3.1% | 3.9% | 2.8% | 2.8% | 3.1% | | Utilities | 6.6% | 5.3% | 4.9% | 5.5% | 4.6% | 3.4% | 2.7% | 2.7% | | Real Estate | 0.4% | 0.7% | 1.2% | 1.3% | 1.2% | 1.2% | 1.3% | 2.4% | | Top-10 concentration | 45.7% | 49.5% | 49.1% | 44.4% | 46.3% | 41.5% | 37.8% | 37.8% |
SIC-derived, not GICS · 94% 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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