13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $963M · Positions 12 · Top 10 93.2% · Effective N 9.5 Filer13F 2026-Q1 | CIK1454502 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$963M | Positions12 |
Authorized signatory: David Schor · CCO of Triple Frond Partners, GP of Hawk Hill — 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+27.1% | CAGR+23.3% | | vs SPY+1.5pp | Vol (ann.)18.6% | | Sharpe1.23 | Max drawdown−17.6% | | Beta1.26 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 14 names | Ticker | Avg wt | Return | Contrib. |
|---|
| ASML | 13.1% | +134.9% | +12.52pp | | GOOG | 12.1% | +65.8% | +8.11pp | | LRCX · exited | 3.7% | +215.5% | +6.35pp | | ILMN | 3.8% | +115.5% | +4.46pp | | META | 7.4% | −26.9% | −2.46pp | | CHTR | 4.2% | −45.9% | −2.28pp | | TDG | 12.0% | −8.9% | −1.60pp | | MSFT | 17.6% | −4.1% | −1.55pp | | MA | 3.6% | −2.6% | +1.53pp | | AMZN | 11.5% | +13.0% | +1.44pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +26.4% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 12 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| ASML | 16.3% | $157M | +11.4% | | MSFT | 13.6% | $130M | +0.0% | | TDG | 12.8% | $123M | +2.6% | | GOOG | 10.5% | $101M | +0.0% | | AMZN | 10.4% | $100M | +0.0% | | MA | 9.1% | $88M | new | | META | 7.0% | $67M | +20.8% | | TRU | 5.9% | $57M | +48.4% | | ILMN | 3.9% | $38M | −18.1% | | LYV | 3.7% | $36M | −8.2% | | CHTR | 3.4% | $33M | +0.0% | | CCC | 3.4% | $32M | +12.7% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split6 sectors | Sector | N | Weight |
|---|
| Industrials | 3 | 35.0% | | Communication Services | 4 | 24.7% | | Information Technology | 2 | 16.9% | | Consumer Discretionary | 1 | 10.4% | | Financials | 1 | 9.1% | | Health Care | 1 | 3.9% |
SIC-derived, not GICSⓘ Sector history8 of 52 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Industrials | 14.2% | 21.1% | 16.9% | 24.3% | 19.9% | 23.9% | 31.1% | 35.0% | | Communication Services | 37.5% | 29.5% | 27.0% | 27.7% | 29.6% | 27.6% | 25.3% | 24.7% | | Information Technology | 18.6% | 14.0% | 20.0% | 30.3% | 33.8% | 31.6% | 26.9% | 16.9% | | Consumer Discretionary | 12.3% | 14.4% | 15.1% | 12.5% | 12.1% | 12.9% | 11.5% | 10.4% | | Financials | 17.5% | 21.0% | 21.1% | 5.1% | 4.6% | 0.0% | 0.0% | 9.1% | | Health Care | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.0% | 5.1% | 3.9% | | Real Estate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Unclassified | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 98.0% | 100.0% | 100.0% | 100.0% | 100.0% | 96.4% | 92.9% | 93.2% |
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
|
