13F filer · reported 2026-Q1 · filed 2026-05-14 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $1.4B · Positions 49 · Top 10 54.6% · Effective N 24.4 Filer13F 2026-Q1 | CIK883965 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-14 | | Reported value$1.4B | Positions49 |
Authorized signatory: Bradley P. Hinton · Executive Vice President — 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 2026-05-14ⓘ Implied return1.14y vs SPY | Cumulative+4.6% | CAGR+4.0% | | vs SPY−17.8pp | Vol (ann.)13.9% | | Sharpe0.35 | Max drawdown−15.0% | | Beta0.72 | Avg coverage97% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 55 names | Ticker | Avg wt | Return | Contrib. |
|---|
| GOOG | 6.3% | +65.8% | +3.17pp | | CSGP | 2.5% | −64.6% | −2.49pp | | IEX | 3.8% | +41.1% | +1.37pp | | META | 4.4% | −26.9% | −1.35pp | | TMO | 4.3% | +26.2% | +1.08pp | | ADI | 2.2% | +49.9% | +0.98pp | | LBRDK | 2.0% | −43.4% | −0.91pp | | KMX · exited | 0.7% | +3.5% | −0.85pp | | EFX | 2.8% | −23.7% | −0.78pp | | ACN | 2.4% | −27.0% | −0.74pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +1.9% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 49 · 61.3% of book | Holding | Weight | Value | Δ shares |
|---|
| BRK.B | 9.3% | $134M | −2.8% | | GOOG | 6.5% | $94M | −6.1% | | DHR | 6.3% | $91M | −7.0% | | V | 5.6% | $80M | −1.9% | | MA | 5.1% | $73M | −5.7% | | AON | 4.8% | $69M | −2.2% | | MSFT | 4.4% | $63M | +16.1% | | META | 4.2% | $60M | −2.8% | | TMO | 4.2% | $59M | −10.3% | | VMC | 4.1% | $58M | +1.9% | | IEX | 3.5% | $50M | −32.5% | | AMZN | 3.2% | $46M | +0.0% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split9 sectors | Sector | N | Weight |
|---|
| Financials | 7 | 27.4% | | Health Care | 6 | 16.3% | | Communication Services | 7 | 15.4% | | Information Technology | 11 | 15.2% | | Industrials | 9 | 10.3% | | Materials | 4 | 6.8% | | Consumer Discretionary | 3 | 4.3% | | Unclassified | 1 | 2.8% | | Real Estate | 1 | 1.5% |
SIC-derived, not GICS · 97% 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 | 26.6% | 27.8% | 28.9% | 27.1% | 24.9% | 24.4% | 27.3% | 27.4% | | Health Care | 11.0% | 11.3% | 12.2% | 14.4% | 14.8% | 16.2% | 17.3% | 16.3% | | Communication Services | 16.6% | 17.2% | 17.3% | 15.3% | 16.9% | 16.7% | 14.8% | 15.4% | | Information Technology | 17.2% | 17.0% | 13.9% | 16.3% | 16.1% | 15.9% | 15.6% | 15.2% | | Industrials | 8.5% | 9.5% | 9.6% | 8.8% | 8.9% | 9.0% | 9.7% | 10.3% | | Materials | 5.3% | 5.1% | 5.2% | 4.9% | 5.8% | 6.0% | 6.1% | 6.8% | | Consumer Discretionary | 6.9% | 6.4% | 7.1% | 6.6% | 5.9% | 5.1% | 3.8% | 4.3% | | Unclassified | 4.3% | 2.2% | 2.3% | 2.5% | 3.3% | 3.2% | 2.4% | 2.8% | | Real Estate | 3.4% | 3.3% | 3.3% | 3.8% | 3.3% | 3.3% | 2.9% | 1.5% | | Consumer Staples | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.0% | | Energy | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 46.5% | 46.0% | 48.2% | 47.7% | 47.3% | 49.5% | 54.7% | 54.6% |
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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