13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $9.5B · Positions 29 · Top 10 76.7% · Effective N 8.6 Filer13F 2026-Q1 | CIK1503174 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$9.5B | Positions29 | | Regulatory AUM (ADV)$13.9B | Employees (ADV)32 | | Head office (ADV)NEW YORK, NY, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: David Zales · General Counsel and 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): KUSSACK, STEPHEN, BENJAMIN (CHIEF FINANCIAL OFFICER) · SARMA, KARTHIK, RAMAKRISHNA (MANAGING PARTNER) · ZALES, DAVID, B (CHIEF COMPLIANCE OFFICER/GENERAL COUNSEL) · SRS INVESTMENT MANAGEMENT, LP (MEMBER) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-06-30ⓘ Implied return1.14y vs SPY | Cumulative+4.7% | CAGR+4.1% | | vs SPY−17.7pp | Vol (ann.)47.5% | | Sharpe0.34 | Max drawdown−49.7% | | Beta1.43 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 42 names | Ticker | Avg wt | Return | Contrib. |
|---|
| NFLX | 17.2% | −33.9% | −6.94pp | | AMD | 2.7% | +182.1% | +4.53pp | | CRDO | 1.0% | +102.2% | +3.47pp | | PLNT | 4.8% | −49.6% | −2.77pp | | CAR | 27.4% | −5.7% | −2.07pp | | RBLX | 2.2% | −67.3% | −2.03pp | | MDB | 1.9% | +96.7% | +1.97pp | | TWLO | 1.8% | +111.8% | +1.79pp | | TPR | 6.8% | +32.3% | +1.78pp | | META | 5.2% | −26.9% | −1.68pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +6.2% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 29 · 82.2% of book | Holding | Weight | Value | Δ shares |
|---|
| CAR | 26.9% | $2.5B | +0.0% | | NFLX | 15.4% | $1.5B | +0.0% | | TPR | 7.5% | $713M | +0.1% | | NVDA | 4.6% | $436M | −24.2% | | META | 4.4% | $412M | −3.2% | | BURL | 4.0% | $376M | +0.3% | | RBLX | 3.9% | $373M | +124.7% | | PLNT | 3.8% | $363M | +0.2% | | AMD | 3.1% | $293M | −11.8% | | CLS | 3.0% | $286M | +0.2% | | UAL | 2.8% | $268M | +0.3% | | TWLO | 2.7% | $260M | +14.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split7 sectors | Sector | N | Weight |
|---|
| Industrials | 5 | 30.7% | | Communication Services | 5 | 25.2% | | Information Technology | 9 | 23.3% | | Consumer Discretionary | 6 | 18.3% | | Financials | 2 | 1.7% | | Unclassified | 1 | 0.4% | | Health Care | 1 | 0.3% |
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 |
|---|
| Industrials | 33.3% | 32.7% | 29.2% | 27.5% | 37.8% | 38.3% | 29.4% | 30.7% | | Communication Services | 35.3% | 39.5% | 42.5% | 38.8% | 35.7% | 32.5% | 26.9% | 25.2% | | Information Technology | 25.6% | 19.0% | 19.5% | 16.9% | 14.3% | 16.5% | 23.3% | 23.3% | | Consumer Discretionary | 3.3% | 4.7% | 5.7% | 8.5% | 8.5% | 10.9% | 17.2% | 18.3% | | Financials | 2.1% | 3.6% | 2.5% | 5.4% | 0.6% | 0.6% | 1.9% | 1.7% | | Unclassified | 0.3% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.4% | 0.4% | | Health Care | 0.1% | 0.0% | 0.0% | 2.7% | 3.1% | 1.2% | 0.8% | 0.3% | | Materials | 0.0% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Real Estate | 0.0% | 0.4% | 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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 92.0% | 92.4% | 92.1% | 86.0% | 87.8% | 88.0% | 76.8% | 76.7% |
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
|
