13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $18.8B · Positions 159 · Top 10 36.3% · Effective N 45.4 Filer13F 2026-Q1 | CIK1592643 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$18.8B | Positions159 |
Authorized signatory: Jennifer Vinsonhaler · 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 2026-05-15ⓘ Implied return1.14y vs SPY | Cumulative+8.9% | CAGR+7.8% | | vs SPY−14.1pp | Vol (ann.)15.3% | | Sharpe0.57 | Max drawdown−11.3% | | Beta0.92 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 208 names | Ticker | Avg wt | Return | Contrib. |
|---|
| VIK | 4.3% | +53.6% | +1.96pp | | WAB | 3.6% | +52.6% | +1.66pp | | TSCO | 3.0% | −42.0% | −1.53pp | | TSM | 2.0% | +81.5% | +1.30pp | | SGI | 4.0% | −22.3% | −0.92pp | | CNM | 2.1% | −31.5% | −0.88pp | | BRO | 2.9% | −24.0% | −0.78pp | | LH | 2.7% | +22.2% | +0.77pp | | TRMB | 2.4% | −27.0% | −0.75pp | | ITT | 3.4% | +22.8% | +0.73pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +3.1% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 159 · 41.7% of book | Holding | Weight | Value | Δ shares |
|---|
| LYV | 4.3% | $815M | −4.3% | | VIK | 4.2% | $794M | −22.3% | | ITT | 4.0% | $746M | +8.0% | | WAB | 3.9% | $731M | −17.9% | | MKL | 3.9% | $723M | −11.7% | | SGI | 3.7% | $686M | −11.1% | | MLM | 3.2% | $608M | −3.2% | | TSCO | 3.2% | $602M | +6.0% | | LH | 3.1% | $580M | +3.0% | | BRO | 2.8% | $523M | −15.0% | | CRH | 2.7% | $511M | −28.3% | | SCI | 2.7% | $504M | −4.9% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split10 sectors | Sector | N | Weight |
|---|
| Industrials | 42 | 30.7% | | Consumer Discretionary | 16 | 15.2% | | Financials | 15 | 14.0% | | Information Technology | 43 | 13.3% | | Health Care | 15 | 9.6% | | Materials | 10 | 9.5% | | Communication Services | 9 | 6.6% | | Real Estate | 5 | 1.0% | | Unclassified | 3 | 0.1% | | Consumer Staples | 1 | 0.0% |
SIC-derived, not GICS · 100% of weight classifiedⓘ Sector history8 of 50 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Industrials | 21.2% | 24.3% | 26.6% | 26.9% | 25.3% | 23.6% | 25.3% | 30.7% | | Consumer Discretionary | 17.4% | 17.0% | 15.9% | 15.9% | 16.6% | 16.8% | 16.4% | 15.2% | | Financials | 11.9% | 9.7% | 9.2% | 11.3% | 11.7% | 12.9% | 15.7% | 14.0% | | Information Technology | 14.5% | 12.4% | 13.5% | 14.0% | 17.7% | 18.7% | 13.6% | 13.3% | | Health Care | 8.5% | 9.7% | 9.9% | 10.6% | 11.0% | 9.4% | 9.8% | 9.6% | | Materials | 14.0% | 13.4% | 11.9% | 11.4% | 9.7% | 10.8% | 10.0% | 9.5% | | Communication Services | 7.5% | 6.5% | 5.5% | 4.9% | 5.6% | 5.4% | 5.3% | 6.6% | | Real Estate | 0.8% | 2.9% | 2.8% | 2.3% | 1.5% | 2.0% | 2.2% | 1.0% | | Unclassified | 4.2% | 4.2% | 4.1% | 1.9% | 0.8% | 0.2% | 1.3% | 0.1% | | Consumer Staples | 0.0% | 0.0% | 0.5% | 0.8% | 0.1% | 0.1% | 0.3% | 0.0% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 39.6% | 37.7% | 36.1% | 34.7% | 34.5% | 34.5% | 36.8% | 36.3% |
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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