13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $271M · Positions 5 · Top 10 100.0% · Effective N 4.1 Filer13F 2026-Q1 | CIK1631664 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$271M | Positions5 |
Authorized signatory: Norbert Lou · Managing Member of the General Partner — 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): LOU, NORBERT, HSIN-YEU (LIMITED PARTNER) · CHOW, FRANCIS, PEI-CHI (CHIEF OPERATING OFFICER AND CHIEF COMPLIANCE OFFICER) · PUNCH CARD GP LLC (GENERAL PARTNER) · GOTHAM ADVISERS LLC (LIMITED PARTNER) Reported 2026-Q1 · filed 2026-05-15ⓘ Implied return1.14y vs SPY | Cumulative+0.7% | CAGR+0.6% | | vs SPY−21.3pp | Vol (ann.)21.6% | | Sharpe0.14 | Max drawdown−22.1% | | Beta0.75 | Avg coverage65% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution6 of 6 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CROX | 27.3% | +41.1% | +11.81pp | | PDD | 24.9% | −30.5% | −8.67pp | | PYPL | 19.1% | −11.5% | −2.42pp | | FISV · exited | 0.6% | −62.4% | −1.11pp | | SGOV | 28.0% | +3.8% | +1.04pp | | SWBI · exited | 0.1% | +79.1% | +0.17pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +0.8% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings5 of 5 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| BRK/A | 38.5% | $104M | +0.0% | | CROX | 18.2% | $49M | +0.0% | | SGOV | 17.1% | $46M | −18.7% | | PDD | 15.7% | $42M | +0.0% | | PYPL | 10.5% | $28M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split4 sectors | Sector | N | Weight |
|---|
| Unclassified | 2 | 55.6% | | Materials | 1 | 18.2% | | Industrials | 1 | 15.7% | | Financials | 1 | 10.5% |
SIC-derived, not GICS · 44% of weight classifiedⓘ Sector history8 of 46 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Unclassified | 80.5% | 89.6% | 93.9% | 80.4% | 52.5% | 51.6% | 55.3% | 55.6% | | Materials | 0.0% | 0.0% | 0.0% | 0.0% | 17.4% | 16.4% | 16.9% | 18.2% | | Industrials | 3.6% | 3.3% | 6.1% | 19.6% | 14.5% | 17.0% | 15.6% | 15.7% | | Financials | 0.0% | 0.0% | 0.0% | 0.0% | 15.6% | 15.0% | 12.2% | 10.5% | | Information Technology | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Consumer Discretionary | 16.0% | 7.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Utilities | 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 · 44% 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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