13F filer · reported 2026-Q1 · filed 2026-05-11 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $383M · Positions 13 · Top 10 99.1% · Effective N 5.3 Filer13F 2026-Q1 | CIK1766596 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-11 | | Reported value$383M | Positions13 |
Authorized signatory: Andreas Lechner · co-CEO — 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): VINALL, ROBERT, OLIVER (OWNER/CHIEF COMPLIANCE OFFICER/CO-CEO) · Lechner, Andreas, Walter (CO-CEO) Reported 2026-Q1 · filed 2026-05-11ⓘ Implied return1.14y vs SPY | Cumulative+12.7% | CAGR+11.0% | | vs SPY−10.8pp | Vol (ann.)30.1% | | Sharpe0.50 | Max drawdown−21.5% | | Beta1.54 | Avg coverage91% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 14 names | Ticker | Avg wt | Return | Contrib. |
|---|
| META | 21.8% | −26.9% | −6.81pp | | IBKR | 12.2% | +51.1% | +5.99pp | | CACC | 13.6% | +18.7% | +3.08pp | | HTHT | 6.4% | +42.2% | +2.04pp | | GOOGL | 2.1% | +67.8% | +0.93pp | | PDD · exited | 2.8% | −30.5% | −0.89pp | | YUMC | 4.9% | +10.3% | +0.47pp | | CVNA | 32.6% | −2.3% | +0.44pp | | MSFT | 1.8% | −4.1% | +0.31pp | | PAYC | 0.6% | −1.1% | +0.28pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +6.0% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 13 · 99.9% of book | Holding | Weight | Value | Δ shares |
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| CVNA | 31.1% | $119M | +24.4% | | META | 21.8% | $83M | +6.8% | | CACC | 13.8% | $53M | −4.8% | | IBKR | 13.4% | $51M | +0.7% | | HTHT | 7.3% | $28M | −7.5% | | YUMC | 5.4% | $21M | −5.1% | | MSFT | 2.5% | $9M | +119.3% | | GOOGL | 2.4% | $9M | +0.0% | | CRM | 0.8% | $3M | +41.3% | | DE | 0.7% | $3M | +0.0% | | PAYC | 0.7% | $3M | +72.6% | | MORN | 0.2% | $653,790 | new |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split5 sectors | Sector | N | Weight |
|---|
| Consumer Discretionary | 3 | 43.8% | | Financials | 3 | 27.3% | | Communication Services | 3 | 24.3% | | Information Technology | 3 | 3.9% | | Industrials | 1 | 0.7% |
SIC-derived, not GICS · 100% of weight classifiedⓘ Sector history8 of 30 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Consumer Discretionary | 25.4% | 37.2% | 33.6% | 36.3% | 40.0% | 38.6% | 41.4% | 43.8% | | Financials | 26.2% | 21.3% | 21.8% | 22.5% | 20.9% | 21.2% | 24.7% | 27.3% | | Communication Services | 22.2% | 17.7% | 18.8% | 18.2% | 20.6% | 20.2% | 23.3% | 24.3% | | Information Technology | 0.4% | 0.8% | 1.6% | 1.6% | 1.6% | 2.0% | 2.4% | 3.9% | | Industrials | 10.6% | 9.3% | 7.6% | 9.3% | 7.0% | 7.7% | 0.5% | 0.7% | | Unclassified | 15.2% | 13.7% | 16.5% | 12.2% | 9.9% | 10.2% | 7.6% | 0.0% | | Top-10 concentration | 100.0% | 99.6% | 99.6% | 99.5% | 99.0% | 98.6% | 99.0% | 99.1% |
SIC-derived, not GICS · 100% 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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