13F filer · reported 2026-Q1 · filed 2026-05-11 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $3.8B · Positions 33 · Top 10 70.8% · Effective N 16.1 Filer13F 2026-Q1 | CIK1556785 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-11 | | Reported value$3.8B | Positions33 |
Authorized signatory: Anne Jones · Principal, COO, CCO — 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 2026-05-11ⓘ Implied return1.14y vs SPY | Cumulative+6.9% | CAGR+6.0% | | vs SPY−15.8pp | Vol (ann.)16.4% | | Sharpe0.44 | Max drawdown−21.8% | | Beta0.77 | Avg coverage98% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 42 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CSGP · exited | 3.5% | −64.6% | −4.15pp | | GOOG | 5.3% | +65.8% | +2.89pp | | UNH | 7.0% | +29.6% | +2.02pp | | CRM | 4.6% | −15.1% | −1.81pp | | FISV | 1.6% | −62.4% | −1.35pp | | AMZN | 8.2% | +13.0% | +1.21pp | | EG | 10.3% | +10.3% | +1.15pp | | MEDP | 1.8% | +33.9% | +0.99pp | | TRU | 2.8% | −6.6% | +0.86pp | | ARES | 4.7% | −18.7% | −0.76pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +2.1% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 33 · 78.3% of book | Holding | Weight | Value | Δ shares |
|---|
| EG | 11.8% | $445M | −9.8% | | MSFT | 10.9% | $411M | −2.9% | | AMZN | 8.8% | $332M | −9.3% | | UNH | 6.5% | $247M | −15.7% | | RYAN | 5.9% | $223M | +42.7% | | TRU | 5.9% | $222M | +201.8% | | TDG | 5.7% | $214M | −23.4% | | GOOG | 5.1% | $194M | −27.4% | | V | 5.1% | $193M | −12.1% | | MA | 5.1% | $191M | −14.7% | | ARES | 4.9% | $185M | −0.3% | | MEDP | 2.6% | $98M | +329.3% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split9 sectors | Sector | N | Weight |
|---|
| Financials | 9 | 45.4% | | Information Technology | 6 | 16.3% | | Industrials | 6 | 13.8% | | Consumer Discretionary | 4 | 12.1% | | Communication Services | 1 | 5.1% | | Health Care | 2 | 3.7% | | Unclassified | 2 | 1.6% | | Real Estate | 2 | 1.6% | | Materials | 1 | 0.4% |
SIC-derived, not GICS · 98% 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 |
|---|
| Financials | 26.3% | 26.3% | 26.8% | 32.0% | 31.7% | 37.2% | 41.3% | 45.4% | | Information Technology | 29.1% | 28.0% | 28.6% | 22.7% | 24.0% | 23.8% | 20.3% | 16.3% | | Industrials | 6.2% | 7.4% | 8.4% | 11.2% | 10.6% | 10.3% | 11.9% | 13.8% | | Consumer Discretionary | 11.4% | 10.3% | 10.2% | 8.7% | 9.6% | 10.0% | 10.3% | 12.1% | | Communication Services | 9.5% | 9.8% | 7.2% | 5.5% | 5.6% | 4.9% | 5.4% | 5.1% | | Health Care | 1.0% | 1.0% | 1.3% | 1.9% | 3.7% | 4.2% | 1.8% | 3.7% | | Unclassified | 3.7% | 3.5% | 3.2% | 3.4% | 2.2% | 1.9% | 1.8% | 1.6% | | Real Estate | 12.8% | 13.7% | 13.9% | 14.4% | 12.2% | 7.5% | 7.0% | 1.6% | | Materials | 0.0% | 0.0% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% | | Consumer Staples | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Energy | 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 | 54.6% | 56.4% | 62.1% | 64.3% | 64.9% | 68.0% | 67.7% | 70.8% |
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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