13F filer · reported 2026-Q1 · filed 2026-05-06 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $129M · Positions 29 · Top 10 71.9% · Effective N 12.6 Filer13F 2026-Q1 | CIK1911378 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-06 | | Reported value$129M | Positions29 |
Authorized signatory: John Huber · Managing Member — 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 2026-05-06ⓘ Implied return2.89y vs SPY | Cumulative+91.3% | CAGR+25.2% | | vs SPY+1.4pp | Vol (ann.)16.0% | | Sharpe1.49 | Max drawdown−19.7% | | Beta0.78 | Avg coverage100% | | Quarters replayed2 | |
2023-10-02 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 37 names | Ticker | Avg wt | Return | Contrib. |
|---|
| MCS | 4.3% | +91.5% | +5.83pp | | PBI | 6.1% | +42.9% | +5.40pp | | TEAM | 1.0% | +0.6% | +3.76pp | | FND | 4.9% | −38.4% | −3.35pp | | GOOGL · exited | 2.7% | +67.8% | +3.15pp | | CPRT | 5.4% | −31.0% | −2.77pp | | CNK | 4.2% | +39.6% | +2.53pp | | BSM | 4.8% | +31.6% | +1.55pp | | NRP | 18.7% | +3.9% | +1.18pp | | GS · exited | 1.8% | +42.9% | +1.08pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +21.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 29 · 78.0% of book | Holding | Weight | Value | Δ shares |
|---|
| NRP | 19.7% | $25M | +0.5% | | PBI | 9.5% | $12M | +8.6% | | FCNCA | 9.2% | $12M | −32.1% | | MCS | 6.7% | $9M | −0.1% | | BSM | 6.7% | $9M | −9.3% | | CNK | 5.1% | $7M | −15.3% | | CRC | 4.6% | $6M | −6.8% | | DIS | 3.6% | $5M | +257.0% | | V | 3.6% | $5M | +29.6% | | GFR | 3.3% | $4M | −2.4% | | NFLX | 3.1% | $4M | new | | FND | 3.1% | $4M | new |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split7 sectors | Sector | N | Weight |
|---|
| Energy | 5 | 35.1% | | Communication Services | 4 | 18.5% | | Financials | 5 | 18.2% | | Information Technology | 5 | 15.4% | | Real Estate | 4 | 5.0% | | Consumer Discretionary | 3 | 4.2% | | Industrials | 3 | 3.6% |
SIC-derived, not GICS · 100% of weight classifiedⓘ Sector history8 of 10 quarters | Sector | 2022-Q2 | 2022-Q3 | 2022-Q4 | 2023-Q1 | 2023-Q2 | 2023-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Energy | 0.0% | 0.0% | 0.0% | 0.9% | 0.7% | 18.7% | 33.0% | 35.1% | | Communication Services | 16.2% | 13.5% | 13.0% | 12.0% | 10.8% | 8.7% | 16.4% | 18.5% | | Financials | 28.1% | 31.9% | 35.5% | 29.8% | 28.0% | 31.0% | 27.8% | 18.2% | | Information Technology | 12.5% | 11.2% | 11.6% | 13.2% | 12.7% | 8.3% | 10.2% | 15.4% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.3% | 5.0% | | Consumer Discretionary | 21.9% | 26.2% | 22.6% | 26.7% | 30.7% | 16.8% | 1.0% | 4.2% | | Industrials | 17.2% | 17.2% | 17.3% | 17.4% | 17.1% | 16.4% | 5.3% | 3.6% | | Unclassified | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 86.6% | 86.6% | 91.6% | 92.5% | 91.1% | 88.9% | 77.9% | 71.9% |
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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