13F filer · reported 2026-Q1 · filed 2026-05-12 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $10.1B · Positions 774 · Top 10 9.0% · Effective N 290.7 Filer13F 2026-Q1 | CIK906304 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-12 | | Reported value$10.1B | Positions774 | | Regulatory AUM (ADV)$12.4B | Employees (ADV)89 | | Head office (ADV)NEW YORK, NY, United States | Structure (ADV)Limited Partnership |
Authorized signatory: John E. Denneen · General Counsel — 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): CARAMAZZA, PIERRE, CAMILLE (MEMBER OF BOARD OF MANAGERS) · CLARK, CHRISTOPHER, DEWITT (MEMBER OF BOARD OF MANAGERS, PRESIDENT AND CHIEF EXECUTIVE OFFICER, AND LIMITED PARTNER) · DENNEEN, JOHN, EDWARD (MEMBER OF BOARD OF MANAGERS, GENERAL COUNSEL, SECRETARY & CHIEF LEGAL AND CHIEF COMPLIANCE OFFICER, AND LIMITED PARTNER) · NICHOLLS, MATTHEW (MEMBER OF BOARD OF MANAGERS) · OH, SEOK, SELENE (MEMBER OF BOARD OF MANAGERS) · OSHITA, LINDSEY (MEMBER OF BOARD OF MANAGERS) · FRANKLIN RESOURCES, INC. (LEGG MASON, INC. SOLE SHAREHOLDER) · LEGG MASON ROYCE HOLDINGS, LLC (LIMITED PARTNER) · +2 more Reported 2026-Q1 · filed 2026-05-12 · ADV 2026-02-02ⓘ Implied return1.15y vs SPY | Cumulative+35.6% | CAGR+30.3% | | vs SPY+8.9pp | Vol (ann.)21.5% | | Sharpe1.35 | Max drawdown−10.8% | | Beta1.30 | Avg coverage97% | | Quarters replayed3 | |
2025-06-30 → 2026-08-24 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 886 names | Ticker | Avg wt | Return | Contrib. |
|---|
| MKSI | 1.0% | +154.1% | +1.19pp | | FORM | 0.5% | +269.4% | +1.09pp | | COHU | 0.5% | +153.1% | +0.67pp | | ACA | 1.3% | +47.8% | +0.64pp | | ONTO | 0.5% | +161.2% | +0.62pp | | PACS | 0.3% | +275.3% | +0.62pp | | AAOI | 0.2% | +342.2% | +0.60pp | | SII | 0.6% | +111.2% | +0.58pp | | UCTT | 0.4% | +208.8% | +0.57pp | | ICHR | 0.3% | +218.3% | +0.56pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 1 position-period excluded where the symbol's tape crosses an instrument/quote boundary inside the sub-period (post-bankruptcy relisting, ticker reuse or a quote-regime snap): two different securities under one symbol have no return between them, so no contribution is attributed there. 2025-08-25 → 2026-08-25 · book +24.9% · SPY +20.2% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 774 · 10.5% of book | Holding | Weight | Value | Δ shares |
|---|
| ACA | 1.3% | $133M | +1.4% | | KWR | 1.0% | $102M | +9.0% | | JBTM | 1.0% | $101M | +18.2% | | ESE | 0.9% | $96M | −5.7% | | MKSI | 0.9% | $93M | −34.5% | | AGO | 0.8% | $80M | −0.1% | | ESAB | 0.8% | $79M | −9.4% | | SEIC | 0.8% | $78M | +9.9% | | IGIC | 0.8% | $78M | +2.3% | | UFPI | 0.7% | $76M | +2.2% | | LCII | 0.7% | $75M | −6.6% | | IPAR | 0.7% | $75M | +20.5% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split12 sectors | Sector | N | Weight |
|---|
| Industrials | 160 | 25.9% | | Information Technology | 127 | 18.6% | | Financials | 121 | 14.2% | | Consumer Discretionary | 112 | 13.5% | | Materials | 51 | 8.3% | | Health Care | 94 | 7.9% | | Energy | 32 | 3.9% | | Unclassified | 28 | 3.4% | | Communication Services | 24 | 1.4% | | Real Estate | 6 | 1.4% | | Consumer Staples | 13 | 1.1% | | Utilities | 6 | 0.4% |
SIC-derived, not GICS · 97% 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 | 22.5% | 23.2% | 22.7% | 22.7% | 24.1% | 25.5% | 25.5% | 25.9% | | Information Technology | 20.4% | 18.7% | 19.4% | 18.0% | 18.7% | 18.4% | 18.3% | 18.6% | | Financials | 11.9% | 12.7% | 13.4% | 15.0% | 15.0% | 14.6% | 14.8% | 14.2% | | Consumer Discretionary | 11.6% | 12.2% | 12.5% | 12.5% | 12.5% | 13.8% | 13.0% | 13.5% | | Materials | 9.1% | 9.2% | 8.4% | 8.0% | 7.9% | 8.0% | 8.4% | 8.3% | | Health Care | 6.8% | 7.2% | 7.1% | 7.8% | 7.8% | 7.4% | 8.4% | 7.9% | | Energy | 2.9% | 3.1% | 3.4% | 3.5% | 3.2% | 3.1% | 3.4% | 3.9% | | Unclassified | 9.3% | 8.2% | 7.8% | 7.8% | 6.6% | 5.2% | 4.0% | 3.4% | | Communication Services | 2.1% | 1.9% | 1.8% | 1.4% | 1.2% | 1.1% | 1.1% | 1.4% | | Real Estate | 2.1% | 2.4% | 2.2% | 2.0% | 1.9% | 1.9% | 1.5% | 1.4% | | Consumer Staples | 0.9% | 0.9% | 1.0% | 1.0% | 0.9% | 0.9% | 1.3% | 1.1% | | Utilities | 0.1% | 0.2% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | | Top-10 concentration | 9.5% | 9.3% | 9.2% | 9.2% | 9.1% | 8.9% | 9.5% | 9.0% |
SIC-derived, not GICS · 97% 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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