13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $2.8B · Positions 11 · Top 10 99.4% · Effective N 6.0 Filer13F 2026-Q1 | CIK1543170 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$2.8B | Positions11 | | Regulatory AUM (ADV)$5.2B | Employees (ADV)9 | | Head office (ADV)NEW YORK, NY, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Keith Cozza · 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): STEIN, BENJAMIN, FORESTER (MANAGING MEMBER) · STERNBERG, ZACHARY, SAMUEL (MANAGING MEMBER) · COZZA, KEITH, ROBERT (CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER AND PRESIDENT) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-03-31ⓘ Implied return1.14y vs SPY | Cumulative+9.5% | CAGR+8.3% | | vs SPY−13.5pp | Vol (ann.)39.8% | | Sharpe0.40 | Max drawdown−35.9% | | Beta1.76 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 10 names | Ticker | Avg wt | Return | Contrib. |
|---|
| APP | 31.3% | −30.8% | −9.31pp | | CPAY | 6.3% | +25.9% | +3.66pp | | CIGI | 7.2% | −35.9% | −2.33pp | | W | 7.2% | +30.4% | +1.48pp | | CNM | 3.6% | −31.5% | −1.47pp | | CMPR | 3.2% | +39.9% | +1.12pp | | CVNA | 30.9% | −2.3% | +0.97pp | | GXO | 5.4% | −16.3% | −0.96pp | | DKNG | 4.2% | −44.5% | −0.36pp | | QXO | 0.5% | −32.5% | −0.19pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book −7.4% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings11 of 11 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| CVNA | 26.2% | $734M | +2.6% | | APP | 25.4% | $712M | −0.5% | | CIGI | 9.6% | $268M | +93.0% | | CPAY | 9.1% | $256M | +6.0% | | DKNG | 7.4% | $209M | +129.6% | | W | 7.0% | $196M | −11.1% | | GXO | 6.0% | $169M | +0.0% | | CNM | 3.8% | $106M | +0.0% | | CMPR | 3.2% | $89M | −16.6% | | SRAD | 1.6% | $46M | new | | QXO | 0.6% | $16M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split6 sectors | Sector | N | Weight |
|---|
| Consumer Discretionary | 4 | 37.5% | | Communication Services | 3 | 36.1% | | Real Estate | 1 | 9.6% | | Financials | 1 | 9.1% | | Industrials | 1 | 6.0% | | Unclassified | 1 | 1.6% |
SIC-derived, not GICS · 98% of weight classifiedⓘ Sector history8 of 46 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Consumer Discretionary | 55.2% | 55.9% | 45.5% | 49.5% | 56.6% | 45.3% | 40.1% | 37.5% | | Communication Services | 31.6% | 31.3% | 42.8% | 33.7% | 30.6% | 41.8% | 42.2% | 36.1% | | Real Estate | 9.6% | 9.7% | 6.5% | 8.2% | 6.3% | 5.3% | 5.5% | 9.6% | | Financials | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.2% | 7.2% | 9.1% | | Industrials | 3.0% | 2.3% | 3.4% | 8.6% | 6.5% | 4.4% | 5.0% | 6.0% | | Unclassified | 0.6% | 0.9% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | | Top-10 concentration | 100.0% | 100.0% | 99.6% | 100.0% | 100.0% | 100.0% | 100.0% | 99.4% |
SIC-derived, not GICS · 98% 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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