13F filer · reported 2026-Q1 · filed 2026-05-08 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $25.5B · Positions 67 · Top 10 52.4% · Effective N 23.0 Filer13F 2026-Q1 | CIK1020066 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-08 | | Reported value$25.5B | Positions67 | | Regulatory AUM (ADV)$44.3B | Employees (ADV)182 | | Head office (ADV)ARLINGTON, VA, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Alexandra Fulk · Chief Compliance Officer, Senior 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): CHRISTIANSEN, BRIAN, ALAN (EXECUTIVE MANAGING DIRECTOR, SR. PORTFOLIO MANAGER, RESEARCH ANALYST) · GIORDANO, ANDREW, PHILLIP (EXECUTIVE MANAGING DIRECTOR, BUSINESS DEVELOPMENT AND CLIENT RELATIONS) · GOODMAN, JONATHAN, PAUL (GENERAL COUNSEL AND SECRETARY) · MCNAMARA, DANA, MARIE (EXECUTIVE MANAGING DIRECTOR, CHIEF ADMINISTRATIVE OFFICER) · NIMMO, STEPHEN, FREW (EXECUTIVE MANAGING DIRECTOR, BUSINESS DEVELOPMENT AND CLIENT RELATIONS) · RAAB, MICHAEL, FRANZ (EXECUTIVE MANAGING DIRECTOR, DIRECTOR OF RESEARCH, PORTFOLIO MANAGER, SR. RESEARCH ANALYST) · Ratcliffe, Ian, W (EXECUTIVE MANAGING DIRECTOR, EXECUTIVE MANAGING PARTNER) · SANDS, FRANK, MELVILLE (CHIEF EXECUTIVE OFFICER, CHIEF INVESTMENT OFFICER) · +4 more Reported 2026-Q1 · filed 2026-05-08 · ADV 2026-03-30ⓘ Implied return1.14y vs SPY | Cumulative+3.7% | CAGR+3.3% | | vs SPY−18.6pp | Vol (ann.)20.3% | | Sharpe0.26 | Max drawdown−22.3% | | Beta1.39 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 83 names | Ticker | Avg wt | Return | Contrib. |
|---|
| TSM | 7.0% | +81.5% | +4.31pp | | NVDA | 11.5% | +20.8% | +2.33pp | | ASML | 2.3% | +134.9% | +2.10pp | | GOOGL | 4.4% | +67.8% | +1.89pp | | NFLX | 3.5% | −33.9% | −1.34pp | | NET | 2.6% | +49.4% | +1.33pp | | FLUT | 1.2% | −65.7% | −1.27pp | | APP | 1.9% | −30.8% | −1.27pp | | SE | 2.0% | −36.6% | −1.03pp | | NOW | 1.7% | −27.6% | −1.01pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +2.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 67 · 58.2% of book | Holding | Weight | Value | Δ shares |
|---|
| NVDA | 12.4% | $3.2B | −9.8% | | TSM | 7.8% | $2.0B | −14.1% | | GOOGL | 5.8% | $1.5B | +3.8% | | AMZN | 5.5% | $1.4B | −9.7% | | SHOP | 4.2% | $1.1B | −6.0% | | NFLX | 3.6% | $905M | −6.1% | | SPOT | 3.4% | $870M | +22.1% | | ASML | 3.3% | $845M | −4.5% | | V | 3.3% | $837M | −10.3% | | MELI | 3.2% | $822M | −6.7% | | NET | 3.0% | $756M | −1.9% | | META | 2.9% | $732M | +1.9% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split8 sectors | Sector | N | Weight |
|---|
| Information Technology | 26 | 38.4% | | Communication Services | 6 | 17.7% | | Industrials | 13 | 15.1% | | Consumer Discretionary | 5 | 11.5% | | Financials | 6 | 9.3% | | Health Care | 6 | 4.6% | | Materials | 4 | 3.4% | | Unclassified | 1 | 0.0% |
SIC-derived, not GICS · 100% 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 |
|---|
| Information Technology | 39.4% | 39.4% | 40.4% | 38.1% | 40.2% | 41.7% | 39.0% | 38.4% | | Communication Services | 9.4% | 10.1% | 12.8% | 15.8% | 13.7% | 15.3% | 16.3% | 17.7% | | Industrials | 15.6% | 16.6% | 15.5% | 15.4% | 14.0% | 12.9% | 14.1% | 15.1% | | Consumer Discretionary | 12.2% | 12.3% | 12.6% | 12.7% | 11.5% | 11.2% | 12.5% | 11.5% | | Financials | 10.9% | 11.6% | 10.8% | 10.7% | 12.7% | 12.5% | 10.3% | 9.3% | | Health Care | 8.5% | 6.1% | 4.5% | 5.7% | 6.1% | 4.3% | 5.1% | 4.6% | | Materials | 3.9% | 3.8% | 3.1% | 1.0% | 1.3% | 1.7% | 2.6% | 3.4% | | Unclassified | 0.2% | 0.2% | 0.3% | 0.3% | 0.2% | 0.1% | 0.0% | 0.0% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Utilities | 0.0% | 0.0% | 0.0% | 0.3% | 0.4% | 0.3% | 0.0% | 0.0% | | Top-10 concentration | 47.8% | 46.2% | 47.5% | 47.0% | 49.1% | 47.2% | 48.5% | 52.4% |
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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