13F filer · reported 2026-Q1 · filed 2026-05-07 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $43.8B · Positions 263 · Top 10 42.3% · Effective N 35.1 Filer13F 2026-Q1 | CIK1061186 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-07 | | Reported value$43.8B | Positions263 | | Regulatory AUM (ADV)$96.8B | Employees (ADV)102 | | Head office (ADV)LAGUNA BEACH, CA, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: David Joerger · 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): AYER, SANJAY (DIRECTOR/ELECTED MANAGER) · BLACK, PAUL, RUSSELL (CO-CHIEF EXECUTIVE OFFICER, DIRECTOR/ELECTED MANAGER) · PAYNE, SLOANE, WALLER (CHIEF OPERATIONS OFFICER, DIRECTOR/ELECTED MANAGER) · TRIGG, MIKE, BRADY (CO-CHIEF EXECUTIVE OFFICER, DIRECTOR/ELECTED MANAGER) · WINRICH, KURT, RANDAL (CHAIRMAN, DIRECTOR/ELECTED MANAGER) · JOERGER, DAVID, JOSEPH (CHIEF COMPLIANCE OFFICER) · KUO, DON, KUANGLUN (DEPUTY CHIEF OPERATING OFFICER, SECRETARY) · Kroehl, Victoria (CHIEF FINANCIAL OFFICER) · +2 more Reported 2026-Q1 · filed 2026-05-07 · ADV 2026-03-12ⓘ Implied return1.14y vs SPY | Cumulative+20.1% | CAGR+17.4% | | vs SPY−4.4pp | Vol (ann.)18.3% | | Sharpe0.97 | Max drawdown−12.3% | | Beta1.21 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 322 names | Ticker | Avg wt | Return | Contrib. |
|---|
| STX | 2.8% | +438.3% | +6.03pp | | WDC | 2.5% | +498.5% | +4.94pp | | TSM | 6.2% | +81.5% | +4.09pp | | ASML | 4.0% | +134.9% | +3.86pp | | SE | 7.6% | −36.6% | −3.68pp | | APP | 5.7% | −30.8% | −1.59pp | | ILMN | 1.2% | +115.5% | +1.45pp | | GLW | 1.7% | +130.3% | +1.29pp | | SPOT | 3.7% | −23.0% | −1.18pp | | CPNG | 1.8% | −42.8% | −1.10pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +18.3% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 263 · 47.9% of book | Holding | Weight | Value | Δ shares |
|---|
| TSM | 6.7% | $3.0B | −5.0% | | SE | 6.0% | $2.6B | +30.5% | | ASML | 4.4% | $1.9B | −19.4% | | APP | 4.2% | $1.9B | +5.2% | | PM | 4.1% | $1.8B | −0.2% | | WDC | 3.8% | $1.7B | −1.9% | | LIN | 3.7% | $1.6B | −1.2% | | STX | 3.6% | $1.6B | −15.7% | | IBN | 3.0% | $1.3B | −2.0% | | CP | 2.8% | $1.2B | −1.4% | | AMZN | 2.8% | $1.2B | +0.5% | | ACGL | 2.8% | $1.2B | −5.1% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split12 sectors | Sector | N | Weight |
|---|
| Information Technology | 48 | 23.5% | | Industrials | 57 | 21.3% | | Health Care | 42 | 13.7% | | Financials | 37 | 13.4% | | Communication Services | 8 | 7.0% | | Materials | 17 | 6.2% | | Consumer Staples | 3 | 4.5% | | Consumer Discretionary | 23 | 4.0% | | Unclassified | 10 | 3.4% | | Real Estate | 11 | 2.1% | | Energy | 6 | 0.8% | | Utilities | 1 | 0.1% |
SIC-derived, not GICS · 97% of weight classifiedⓘ Sector history8 of 53 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Information Technology | 15.7% | 13.9% | 17.6% | 15.0% | 14.8% | 17.9% | 21.2% | 23.5% | | Industrials | 25.9% | 25.0% | 23.8% | 23.4% | 24.2% | 24.9% | 23.6% | 21.3% | | Health Care | 10.2% | 9.6% | 9.7% | 10.6% | 6.5% | 5.5% | 8.8% | 13.7% | | Financials | 15.1% | 16.7% | 14.5% | 16.6% | 16.8% | 16.2% | 14.2% | 13.4% | | Communication Services | 4.9% | 6.5% | 9.6% | 9.5% | 10.5% | 12.5% | 9.8% | 7.0% | | Materials | 6.4% | 6.3% | 5.6% | 5.5% | 5.5% | 5.1% | 4.8% | 6.2% | | Consumer Staples | 0.3% | 1.0% | 1.1% | 0.7% | 5.1% | 3.8% | 3.6% | 4.5% | | Consumer Discretionary | 8.2% | 8.5% | 7.4% | 7.6% | 8.3% | 7.8% | 6.8% | 4.0% | | Unclassified | 12.8% | 11.9% | 9.8% | 10.3% | 7.6% | 5.6% | 5.1% | 3.4% | | Real Estate | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 1.7% | 2.1% | | Energy | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.4% | 0.4% | 0.8% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | | Top-10 concentration | 39.3% | 38.6% | 40.5% | 42.6% | 47.1% | 48.7% | 42.4% | 42.3% |
SIC-derived, not GICS · 97% 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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