13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $14.1B · Positions 60 · Top 10 70.5% · Effective N 13.2 Filer13F 2026-Q1 | CIK1425851 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$14.1B | Positions60 |
Authorized signatory: Joyce Kalleekal · Chief Financial 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 2026-05-15ⓘ Implied return1.14y vs SPY | Cumulative−17.8% | CAGR−15.8% | | vs SPY−37.7pp | Vol (ann.)31.0% | | Sharpe−0.39 | Max drawdown−40.5% | | Beta0.81 | Avg coverage65% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 79 names | Ticker | Avg wt | Return | Contrib. |
|---|
| EA | 19.2% | — | −22.16pp | | WBD | 10.6% | +136.9% | +3.68pp | | ECHO | 1.4% | — | −1.99pp | | UNH | 2.4% | +29.6% | +1.74pp | | SGRY | 2.7% | −38.6% | −1.68pp | | TECK | 2.6% | +107.1% | +1.50pp | | NSC | 9.1% | +25.4% | +1.39pp | | KVUE | 7.3% | −8.6% | +1.25pp | | BA | 12.8% | −6.9% | −1.25pp | | LBRDK | 2.6% | −43.4% | −0.89pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book −17.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 60 · 75.3% of book | Holding | Weight | Value | Δ shares |
|---|
| EA | 18.6% | $2.6B | +17.0% | | BA | 10.0% | $1.4B | +7.0% | | WBD | 9.8% | $1.4B | +9.1% | | CAR | 7.3% | $1.0B | +127.3% | | NSC | 6.6% | $924M | +6.7% | | KVUE | 6.4% | $896M | −8.3% | | MASI | 4.0% | $565M | new | | SPY | 2.7% | $377M | +5700.0% | | CORZ | 2.6% | $372M | −3.0% | | TECK | 2.6% | $360M | +7.1% | | HOLX | 2.4% | $340M | +5.9% | | ACLX | 2.3% | $330M | new |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split10 sectors | Sector | N | Weight |
|---|
| Industrials | 7 | 25.4% | | Unclassified | 16 | 20.5% | | Information Technology | 5 | 19.5% | | Communication Services | 9 | 15.2% | | Materials | 2 | 8.9% | | Financials | 8 | 6.0% | | Health Care | 6 | 1.6% | | Consumer Discretionary | 3 | 1.6% | | Utilities | 2 | 1.2% | | Real Estate | 2 | 0.0% |
SIC-derived, not GICS · 80% 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 |
|---|
| Industrials | 12.1% | 9.1% | 9.9% | 11.4% | 11.5% | 17.8% | 20.2% | 25.4% | | Unclassified | 77.1% | 83.3% | 84.8% | 79.7% | 70.9% | 49.0% | 34.7% | 20.5% | | Information Technology | 6.4% | 3.8% | 0.9% | 0.1% | 0.0% | 8.7% | 16.2% | 19.5% | | Communication Services | 0.1% | 0.6% | 1.8% | 1.9% | 3.7% | 8.3% | 11.7% | 15.2% | | Materials | 0.7% | 0.6% | 0.7% | 4.3% | 2.3% | 4.8% | 9.3% | 8.9% | | Financials | 0.7% | 0.0% | 0.0% | 0.0% | 4.9% | 5.6% | 4.9% | 6.0% | | Health Care | 1.4% | 1.1% | 1.1% | 1.5% | 4.4% | 4.0% | 1.2% | 1.6% | | Consumer Discretionary | 1.5% | 1.5% | 0.7% | 1.0% | 1.5% | 1.1% | 1.0% | 1.6% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.6% | 0.7% | 1.2% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Consumer Staples | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 79.3% | 77.4% | 79.3% | 72.0% | 63.6% | 66.0% | 76.7% | 70.5% |
SIC-derived, not GICS · 80% 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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