13F filer · reported 2026-Q1 · filed 2026-05-19 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $2.7B · Positions 39 · Top 10 55.9% · Effective N 22.2 Filer13F 2026-Q1 | CIK1484148 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-19 | | Reported value$2.7B | Positions39 |
Authorized signatory: Meaghan Einav · General Counsel — 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 2026-05-19ⓘ Implied return1.14y vs SPY | Cumulative+1.9% | CAGR+1.6% | | vs SPY−20.2pp | Vol (ann.)28.8% | | Sharpe0.20 | Max drawdown−20.7% | | Beta1.08 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 45 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CCOI | 3.9% | −76.0% | −4.28pp | | BFH | 6.8% | +71.4% | +3.98pp | | TFII | 5.0% | +54.1% | +2.24pp | | FND | 5.1% | −38.4% | −2.18pp | | CIGI | 5.4% | −35.9% | −1.96pp | | JELD | 1.6% | −63.1% | −1.89pp | | KMX · exited | 1.5% | +3.5% | −1.88pp | | FISV | 3.1% | −62.4% | −1.86pp | | ECPG | 1.8% | +139.5% | +1.80pp | | ATS | 5.9% | −28.3% | −1.38pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book −3.8% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 39 · 64.9% of book | Holding | Weight | Value | Δ shares |
|---|
| BFH | 6.8% | $182M | −4.7% | | CIGI | 6.5% | $175M | +100.9% | | CE | 6.3% | $168M | +18.1% | | FISV | 5.5% | $148M | +968.1% | | SUNB | 5.4% | $143M | new | | KNSL | 5.3% | $141M | +47.6% | | FND | 5.2% | $140M | +41.7% | | ATS | 5.2% | $138M | −13.2% | | WSC | 5.1% | $137M | +27.3% | | MIDD | 4.7% | $125M | −15.5% | | EEFT | 4.6% | $123M | +44.9% | | TFII | 4.4% | $118M | −21.3% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split9 sectors | Sector | N | Weight |
|---|
| Industrials | 13 | 35.5% | | Financials | 6 | 23.3% | | Consumer Discretionary | 5 | 12.0% | | Materials | 4 | 7.1% | | Real Estate | 2 | 6.6% | | Health Care | 3 | 6.2% | | Information Technology | 4 | 5.8% | | Communication Services | 1 | 3.1% | | Unclassified | 1 | 0.6% |
SIC-derived, not GICS · 99% of weight classifiedⓘ Sector history8 of 47 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Industrials | 22.9% | 27.7% | 29.2% | 30.0% | 32.7% | 36.4% | 38.1% | 35.5% | | Financials | 13.3% | 12.6% | 13.6% | 13.5% | 13.2% | 16.5% | 20.6% | 23.3% | | Consumer Discretionary | 24.5% | 23.0% | 21.7% | 21.7% | 22.3% | 18.4% | 15.3% | 12.0% | | Materials | 7.1% | 8.4% | 9.8% | 10.0% | 8.8% | 9.1% | 5.9% | 7.1% | | Real Estate | 4.5% | 4.8% | 4.5% | 4.4% | 4.7% | 3.8% | 5.3% | 6.6% | | Health Care | 3.3% | 3.2% | 2.3% | 3.2% | 0.1% | 2.5% | 2.7% | 6.2% | | Information Technology | 11.4% | 10.5% | 10.2% | 8.7% | 7.8% | 4.8% | 6.1% | 5.8% | | Communication Services | 0.0% | 0.0% | 0.3% | 0.3% | 3.9% | 5.3% | 3.8% | 3.1% | | Unclassified | 13.1% | 9.8% | 8.4% | 8.1% | 6.5% | 3.2% | 2.3% | 0.6% | | Top-10 concentration | 49.7% | 52.0% | 52.9% | 54.1% | 55.8% | 54.0% | 58.7% | 55.9% |
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
|
