13F filer · reported 2026-Q1 · filed 2026-05-01 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $7.5B · Positions 76 · Top 10 47.2% · Effective N 27.9 Filer13F 2026-Q1 | CIK905567 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-01 | | Reported value$7.5B | Positions76 | | Regulatory AUM (ADV)$11.7B | Employees (ADV)19 | | Head office (ADV)AUSTIN, TX, United States | Structure (ADV)Limited Partnership |
Authorized signatory: KRISTA INFANTE · 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): Infante, Krista (CHIEF COMPLIANCE OFFICER) · MUNSON, CHRISTOPHER, SCOT (CHIEF FINANCIAL OFFICER) · ONEILL, JOHN, THOMAS (GENERAL COUNSEL) · PIERONI, MOLLY, MCFARLAND (PRESIDENT) · SUBOTKY, JASON, SCOTT (LIMITED PARTNER) · WILKINS, RUSSELL, GORDON (LIMITED PARTNER) · YACKTMAN, DONALD, ARTHUR (LIMITED PARTNER) · YACKTMAN, STEPHEN, ANDREW (LIMITED PARTNER) · +3 more Reported 2026-Q1 · filed 2026-05-01 · ADV 2026-03-26ⓘ Implied return1.14y vs SPY | Cumulative+27.6% | CAGR+23.8% | | vs SPY+1.9pp | Vol (ann.)9.3% | | Sharpe2.35 | Max drawdown−5.9% | | Beta0.33 | Avg coverage96% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 80 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CNQ | 10.2% | +72.8% | +6.49pp | | GOOG | 4.4% | +65.8% | +2.34pp | | WBD · exited | 0.8% | +136.9% | +1.87pp | | JNJ | 3.8% | +54.5% | +1.85pp | | EWY | 1.1% | +148.1% | +1.25pp | | FANG | 2.4% | +49.8% | +1.10pp | | STT | 1.7% | +66.2% | +1.04pp | | COP | 2.4% | +43.8% | +1.02pp | | SCHW | 5.5% | +18.3% | +1.00pp | | RS | 2.9% | +33.3% | +0.97pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +21.8% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 76 · 52.6% of book | Holding | Weight | Value | Δ shares |
|---|
| CNQ | 10.7% | $806M | −11.9% | | MSFT | 4.9% | $368M | +3.0% | | SCHW | 4.9% | $367M | −0.8% | | GOOG | 4.3% | $323M | −0.3% | | PEP | 4.2% | $315M | −0.0% | | JNJ | 4.1% | $305M | −0.3% | | FOX | 3.9% | $296M | −0.1% | | PG | 3.7% | $279M | +0.7% | | UHAL/B | 3.6% | $270M | +4.5% | | RS | 2.8% | $211M | +0.2% | | COP | 2.8% | $209M | +2.0% | | FANG | 2.6% | $199M | +0.7% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split11 sectors | Sector | N | Weight |
|---|
| Energy | 6 | 18.9% | | Consumer Staples | 11 | 17.1% | | Communication Services | 9 | 13.8% | | Financials | 17 | 13.5% | | Information Technology | 7 | 7.8% | | Materials | 6 | 6.3% | | Industrials | 7 | 5.9% | | Unclassified | 4 | 5.5% | | Health Care | 3 | 5.0% | | Consumer Discretionary | 5 | 4.7% | | Utilities | 1 | 1.5% |
SIC-derived, not GICS · 94% 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 |
|---|
| Energy | 18.2% | 17.0% | 18.2% | 18.2% | 15.6% | 15.4% | 15.0% | 18.9% | | Consumer Staples | 14.9% | 15.5% | 16.0% | 18.2% | 17.3% | 16.6% | 16.3% | 17.1% | | Communication Services | 16.1% | 14.2% | 15.5% | 15.4% | 16.0% | 17.6% | 17.3% | 13.8% | | Financials | 15.1% | 14.8% | 13.9% | 12.0% | 13.0% | 12.9% | 12.9% | 13.5% | | Information Technology | 11.8% | 11.5% | 11.3% | 10.0% | 11.7% | 11.0% | 10.7% | 7.8% | | Materials | 5.5% | 6.1% | 6.0% | 6.5% | 6.3% | 6.1% | 6.1% | 6.3% | | Industrials | 4.9% | 6.2% | 5.1% | 5.0% | 5.1% | 5.5% | 5.2% | 5.9% | | Unclassified | 5.5% | 5.2% | 5.4% | 5.2% | 4.9% | 4.3% | 5.9% | 5.5% | | Health Care | 2.4% | 2.7% | 2.9% | 3.4% | 3.1% | 3.7% | 4.0% | 5.0% | | Consumer Discretionary | 5.6% | 6.0% | 4.6% | 4.9% | 5.3% | 4.8% | 4.7% | 4.7% | | Utilities | 0.0% | 0.8% | 1.0% | 1.2% | 1.7% | 2.1% | 1.9% | 1.5% | | Top-10 concentration | 47.6% | 45.1% | 47.5% | 49.5% | 49.0% | 49.1% | 49.8% | 47.2% |
SIC-derived, not GICS · 94% 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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