13F filer · reported 2026-Q1 · filed 2026-05-18 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $3.9B · Positions 26 · Top 10 93.9% · Effective N 7.2 Filer13F 2026-Q1 | CIK2045724 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-18 | | Reported value$3.9B | Positions26 | | Regulatory AUM (ADV)$9.3B | Employees (ADV)8 | | Head office (ADV)SAN FRANCISCO, CA, United States | Structure (ADV)Limited Partnership |
Authorized signatory: Christopher Zellner · 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. Owners & officers (ADV Schedule A): ASCHENBRENNER, LEOPOLD, NMN (CHIEF INVESTMENT OFFICER; LIMITED PARTNER) · SHULMAN, CARL, MATTHEW (DIRECTOR OF RESEARCH; LIMITED PARTNER) · GROSS-WHITAKER, NICHOLAS, STEWART (CHIEF OPERATING OFFICER; LIMITED PARTNER) · DEGRACA, PATRICK, LESLIE (CHIEF FINANCIAL OFFICER) · SUMME, KIMBERLY, ANNE (CHIEF COMPLIANCE OFFICER) · SITUATIONAL AWARENESS LLC (GENERAL PARTNER) Reported 2026-Q1 · filed 2026-05-18 · ADV 2026-06-11ⓘ Implied return1.14y vs SPY | Cumulative+119.1% | CAGR+98.8% | | vs SPY+77.0pp | Vol (ann.)71.8% | | Sharpe1.32 | Max drawdown−49.4% | | Beta3.26 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 38 names | Ticker | Avg wt | Return | Contrib. |
|---|
| SNDK | 9.3% | +3342.0% | +47.78pp | | BE | 14.7% | +315.0% | +28.52pp | | CRWV | 15.5% | −6.5% | −18.04pp | | LITE · exited | 3.0% | +626.3% | +13.73pp | | IREN | 11.3% | +95.4% | +9.67pp | | APLD | 7.4% | +69.5% | +5.30pp | | AVGO · exited | 3.0% | +26.2% | +4.85pp | | TSEM · exited | 1.0% | +306.7% | +3.02pp | | VST · exited | 5.4% | −28.1% | −2.66pp | | GLXY · exited | 1.1% | — | −2.50pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +101.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 26 · 95.7% of book | Holding | Weight | Value | Δ shares |
|---|
| BE | 22.8% | $879M | −35.6% | | SNDK | 18.8% | $724M | +8.2% | | CRWV | 14.4% | $556M | +17.7% | | IREN | 10.4% | $401M | +34.5% | | CORZ | 10.1% | $389M | −9.6% | | APLD | 8.3% | $320M | +18.9% | | RIOT | 3.7% | $142M | +86.5% | | CLSK | 2.7% | $104M | +648.4% | | SEI | 1.6% | $62M | −40.8% | | TE | 1.1% | $44M | new | | BITFARMS LTD | 1.0% | $39M | +188.2% | | BTDR | 0.8% | $30M | +92.4% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split5 sectors | Sector | N | Weight |
|---|
| Information Technology | 12 | 67.0% | | Financials | 7 | 28.4% | | Industrials | 4 | 3.0% | | Unclassified | 2 | 1.3% | | Energy | 1 | 0.3% |
SIC-derived, not GICS · 99% of weight classifiedⓘ Sector history6 of 6 quarters | Sector | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
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| Information Technology | 34.1% | 47.0% | 35.9% | 34.7% | 63.7% | 67.0% | | Financials | 0.0% | 9.8% | 20.9% | 40.1% | 27.7% | 28.4% | | Industrials | 20.3% | 0.0% | 0.0% | 2.0% | 3.0% | 3.0% | | Unclassified | 0.0% | 0.0% | 0.0% | 9.0% | 0.4% | 1.3% | | Energy | 0.0% | 9.7% | 11.4% | 3.0% | 3.9% | 0.3% | | Utilities | 42.6% | 23.5% | 31.8% | 11.2% | 0.0% | 0.0% | | Consumer Discretionary | 3.0% | 10.1% | 0.0% | 0.0% | 0.0% | 0.0% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 0.0% | | Top-10 concentration | 100.0% | 96.3% | 100.0% | 90.2% | 88.0% | 93.9% |
SIC-derived, not GICS · 99% 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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