13F filer · reported 2026-Q1 · filed 2026-05-14 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $2.7B · Positions 38 · Top 10 49.7% · Effective N 26.6 Filer13F 2026-Q1 | CIK1854794 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-14 | | Reported value$2.7B | Positions38 | | Regulatory AUM (ADV)$2.5B | Employees (ADV)10 | | Head office (ADV)BALTIMORE, MD, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Moira Donovan · 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): MCLEMORE, SAMANTHA, MARIE (MANAGER AND MEMBER) · MILLER, WILLIAM, HERBERT (MEMBER) · Donovan, Moira, Melloy (CHIEF COMPLIANCE OFFICER) · VACEK, CHRISTOPHER, J (CHIEF OPERATING OFFICER) Reported 2026-Q1 · filed 2026-05-14 · ADV 2026-03-27ⓘ Implied return1.14y vs SPY | Cumulative+32.5% | CAGR+28.0% | | vs SPY+6.1pp | Vol (ann.)19.7% | | Sharpe1.36 | Max drawdown−13.9% | | Beta1.21 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 45 names | Ticker | Avg wt | Return | Contrib. |
|---|
| RPRX | 5.4% | +71.4% | +3.57pp | | GOOGL | 6.0% | +67.8% | +3.31pp | | PGEN | 2.8% | +72.3% | +2.73pp | | ILMN | 2.5% | +115.5% | +2.48pp | | C | 5.7% | +41.1% | +2.15pp | | QXO | 5.1% | −32.5% | −1.79pp | | NCLH | 4.3% | −31.2% | −1.68pp | | PLAY | 1.1% | −59.6% | −1.49pp | | SDRL | 3.1% | +50.7% | +1.43pp | | BIIB | 2.8% | +55.6% | +1.28pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +20.6% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 38 · 57.0% of book | Holding | Weight | Value | Δ shares |
|---|
| RPRX | 6.5% | $175M | +9.3% | | C | 6.0% | $160M | +9.5% | | GOOGL | 5.7% | $154M | −8.2% | | AMZN | 5.1% | $136M | +16.3% | | QXO | 4.9% | $132M | +4.8% | | NVDA | 4.6% | $124M | +11.3% | | UNH | 4.4% | $118M | +18.7% | | ET | 4.4% | $118M | +15.5% | | PPLI | 4.0% | $108M | +13.7% | | NCLH | 4.0% | $108M | +8.3% | | SDRL | 3.7% | $98M | +4.8% | | META | 3.6% | $98M | +19.6% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split10 sectors | Sector | N | Weight |
|---|
| Financials | 9 | 21.7% | | Consumer Discretionary | 7 | 19.5% | | Health Care | 5 | 17.8% | | Information Technology | 4 | 12.1% | | Communication Services | 2 | 9.4% | | Energy | 3 | 6.2% | | Utilities | 1 | 4.4% | | Industrials | 2 | 3.9% | | Materials | 1 | 2.6% | | Unclassified | 4 | 2.4% |
SIC-derived, not GICS · 98% of weight classifiedⓘ Sector history8 of 18 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Financials | 20.7% | 17.3% | 16.8% | 15.3% | 19.7% | 20.1% | 20.6% | 21.7% | | Consumer Discretionary | 26.2% | 32.7% | 30.6% | 28.8% | 26.9% | 24.0% | 23.3% | 19.5% | | Health Care | 11.4% | 11.2% | 12.5% | 15.8% | 14.1% | 16.1% | 18.6% | 17.8% | | Information Technology | 8.0% | 8.0% | 7.1% | 7.6% | 8.7% | 9.0% | 9.2% | 12.1% | | Communication Services | 10.1% | 9.0% | 9.2% | 9.1% | 10.2% | 10.7% | 10.7% | 9.4% | | Energy | 6.2% | 4.8% | 6.9% | 4.7% | 5.0% | 4.2% | 4.2% | 6.2% | | Utilities | 4.6% | 4.2% | 4.6% | 5.7% | 3.3% | 3.4% | 3.4% | 4.4% | | Industrials | 8.8% | 9.4% | 8.6% | 7.7% | 7.0% | 8.0% | 5.2% | 3.9% | | Materials | 2.9% | 2.7% | 2.2% | 2.8% | 2.3% | 2.0% | 2.5% | 2.6% | | Unclassified | 1.1% | 0.6% | 1.5% | 2.4% | 2.7% | 2.5% | 2.4% | 2.4% | | Top-10 concentration | 47.6% | 45.8% | 45.4% | 46.7% | 47.7% | 48.0% | 49.2% | 49.7% |
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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