13F filer · reported 2026-Q1 · filed 2026-04-24 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $30.8B · Positions 158 · Top 10 35.7% · Effective N 42.6 Filer13F 2026-Q1 | CIK1027796 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-04-24 | | Reported value$30.8B | Positions158 |
Authorized signatory: Steven Coffey · Chief Legal Risk Officer & 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. Reported 2026-Q1 · filed 2026-04-24ⓘ Implied return1.14y vs SPY | Cumulative+24.7% | CAGR+21.4% | | vs SPY−0.5pp | Vol (ann.)16.4% | | Sharpe1.27 | Max drawdown−11.6% | | Beta0.84 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 170 names | Ticker | Avg wt | Return | Contrib. |
|---|
| MGA | 6.3% | +62.6% | +3.51pp | | HUM | 3.2% | +28.3% | +2.05pp | | NOK | 1.5% | +139.5% | +1.57pp | | C | 3.6% | +41.1% | +1.40pp | | BMY | 2.9% | +46.6% | +1.23pp | | CVS | 3.6% | +33.8% | +1.12pp | | DOW | 2.3% | +35.6% | +1.07pp | | NOV | 2.1% | +58.9% | +1.07pp | | UBS | 3.0% | +37.1% | +1.01pp | | DOX | 2.4% | −28.1% | −0.89pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +19.4% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 158 · 41.0% of book | Holding | Weight | Value | Δ shares |
|---|
| MGA | 6.4% | $2.0B | −13.0% | | CTSH | 4.0% | $1.2B | +14.9% | | TSN | 3.6% | $1.1B | +12.1% | | BAX | 3.5% | $1.1B | −7.9% | | BMY | 3.4% | $1.0B | −4.7% | | CVS | 3.2% | $989M | −11.6% | | HUM | 3.1% | $949M | +34.3% | | C | 3.0% | $927M | −23.0% | | SWKS | 2.8% | $863M | +27.6% | | COF | 2.7% | $836M | −8.8% | | DOX | 2.7% | $828M | +5.4% | | DG | 2.7% | $819M | −35.4% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split12 sectors | Sector | N | Weight |
|---|
| Financials | 38 | 28.4% | | Information Technology | 21 | 17.6% | | Consumer Discretionary | 23 | 15.1% | | Health Care | 20 | 14.8% | | Industrials | 22 | 6.8% | | Materials | 10 | 6.7% | | Consumer Staples | 5 | 6.7% | | Energy | 5 | 1.8% | | Unclassified | 5 | 0.8% | | Communication Services | 4 | 0.7% | | Real Estate | 4 | 0.5% | | Utilities | 1 | 0.0% |
SIC-derived, not GICS · 99% 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 |
|---|
| Financials | 33.5% | 31.1% | 32.3% | 29.7% | 31.4% | 32.9% | 31.5% | 28.4% | | Information Technology | 14.0% | 14.4% | 14.8% | 15.1% | 15.5% | 15.5% | 17.0% | 17.6% | | Consumer Discretionary | 13.3% | 13.5% | 13.9% | 12.6% | 13.5% | 15.3% | 14.2% | 15.1% | | Health Care | 13.7% | 14.3% | 13.9% | 17.1% | 15.4% | 16.0% | 15.4% | 14.8% | | Industrials | 6.0% | 6.6% | 6.4% | 6.4% | 5.9% | 6.3% | 6.5% | 6.8% | | Materials | 6.5% | 6.2% | 5.6% | 5.6% | 4.4% | 4.2% | 5.4% | 6.7% | | Consumer Staples | 3.5% | 5.3% | 5.5% | 7.1% | 7.1% | 6.5% | 7.3% | 6.7% | | Energy | 1.4% | 1.2% | 1.1% | 1.3% | 1.3% | 1.4% | 1.4% | 1.8% | | Unclassified | 1.0% | 0.9% | 0.9% | 0.9% | 1.5% | 1.0% | 0.5% | 0.8% | | Communication Services | 3.3% | 3.2% | 3.3% | 3.6% | 3.5% | 0.4% | 0.3% | 0.7% | | Real Estate | 0.5% | 0.6% | 0.6% | 0.6% | 0.5% | 0.6% | 0.4% | 0.5% | | Utilities | 3.3% | 2.7% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 35.4% | 34.8% | 36.4% | 38.9% | 38.8% | 39.2% | 39.4% | 35.7% |
SIC-derived, not GICS · 99% 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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