13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $9.3B · Positions 11 · Top 10 94.9% · Effective N 7.4 Filer13F 2026-Q1 | CIK1599383 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$9.3B | Positions11 | | Regulatory AUM (ADV)$11.4B | Employees (ADV)8 | | Head office (ADV)HOUSTON, TX, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Christopher Smith · 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): AMIN, SNEHAL, RAJNIKANT (CEO) · SMITH, CHRISTOPHER (CCO, CFO, COO) · V3 HOLDINGS LLC (MEMBER) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-03-03ⓘ Implied return1.14y vs SPY | Cumulative+25.4% | CAGR+21.9% | | vs SPY+0.1pp | Vol (ann.)16.8% | | Sharpe1.27 | Max drawdown−18.9% | | Beta0.93 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 14 names | Ticker | Avg wt | Return | Contrib. |
|---|
| TSM | 8.6% | +81.5% | +5.87pp | | EXPE | 8.4% | +50.9% | +5.14pp | | GOOGL · exited | 4.6% | +67.8% | +3.78pp | | PRM | 5.8% | +61.4% | +2.90pp | | FNF | 11.7% | −16.7% | −2.43pp | | SGI | 8.0% | −22.3% | −1.88pp | | ASML · exited | 0.6% | +134.9% | +1.76pp | | SAP | 6.0% | −17.9% | −1.48pp | | NVDA | 6.3% | +20.8% | +1.31pp | | ROP | 15.0% | −22.8% | +1.23pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +16.2% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings11 of 11 · 100.0% of book | Holding | Weight | Value | Δ shares |
|---|
| ROP | 28.4% | $2.7B | +142.2% | | FNF | 10.4% | $969M | +6.1% | | AMZN | 8.8% | $824M | −3.8% | | EXPE | 8.5% | $793M | +46.0% | | TSM | 8.0% | $751M | −10.6% | | SGI | 6.5% | $608M | −11.8% | | TDG | 6.3% | $591M | −10.0% | | MCO | 6.2% | $581M | +19.1% | | NVDA | 6.1% | $567M | +0.0% | | PRM | 5.7% | $534M | +0.0% | | SAP | 5.1% | $473M | +12.7% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split5 sectors | Sector | N | Weight |
|---|
| Information Technology | 4 | 47.6% | | Consumer Discretionary | 3 | 23.8% | | Financials | 2 | 16.6% | | Industrials | 1 | 6.3% | | Materials | 1 | 5.7% |
SIC-derived, not GICSⓘ Sector history8 of 46 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Information Technology | 11.7% | 11.0% | 17.2% | 15.8% | 21.2% | 23.7% | 35.8% | 47.6% | | Consumer Discretionary | 24.2% | 27.9% | 22.6% | 28.4% | 28.3% | 29.4% | 26.3% | 23.8% | | Financials | 19.7% | 20.6% | 20.0% | 21.2% | 17.8% | 21.2% | 17.8% | 16.6% | | Industrials | 17.2% | 21.2% | 20.8% | 20.6% | 20.8% | 10.1% | 8.1% | 6.3% | | Materials | 2.2% | 3.9% | 4.0% | 3.3% | 4.2% | 6.1% | 6.5% | 5.7% | | Communication Services | 23.2% | 13.7% | 14.3% | 9.8% | 7.7% | 9.5% | 5.7% | 0.0% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Consumer Staples | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Unclassified | 1.7% | 1.7% | 1.1% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 97.1% | 97.5% | 94.8% | 91.8% | 91.6% | 94.1% | 88.1% | 94.9% |
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
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