机构持仓 · SEC 原始申报 · 季度变化Institutional holdings · SEC filings · quarterly change
13F 分析13F Analysis
不是“抄作业榜单”。这里先解析申报实体、修订、期权与数据单位，再判断一份 13F 能解释多少管理人意图。
Not a copy-trading leaderboard. We resolve filing entities, amendments, options and value units before asking how much a 13F can reveal about manager intent.
报告期Report date2026-06-30
检查截至Checked through2026-08-16
本季研究结论Quarterly research conclusion
先读“谁在申报”，再读“买了什么”
Read who filed before reading what they bought
平台型 13F 规模巨大，却经常汇总指数、客户、托管或多管理人资产；大仓位不等于单一投委会的最佳想法。
Platform 13Fs are enormous but often aggregate index, client, custody or multi-manager assets; a large holding is not necessarily one committee's best idea.
集中型主动机构 的新增、显著增持和持仓延续更有解释力，但仍需结合估值、基本面、13D/G 和公司行动。
Concentrated active managers offer more interpretable entries, material adds and persistence, but valuation, fundamentals, 13D/G filings and corporate actions still matter.
量化与多策略机构 的期权、对冲和账外不可见敞口使净方向难以恢复，跨机构同向变化只能作为研究线索。
Quant and multi-strategy managers have options, hedges and invisible exposures that obscure net direction; shared moves are research leads only.
Independent brand parents
跨机构共识线索Cross-manager consensus leads
只统计可比的知名主动机构品牌母体；平台型机构被排除。共识可能是信息，也可能是拥挤。
Counts comparable notable active-manager brand parents; platform filings are excluded. Consensus can reflect information or crowding.
同向新增 / 增持Shared entries / adds
| 证券Security | 机构 / 策略数Managers / styles | 其中新建New positions | 部分机构Selected managers |
|---|---|---|---|
| AMAZON COM INCCOM · CUSIP 023135106 | 9 / 5 | 1 | Appaloosa, Baupost Group, Citadel Advisors, Coatue Management, D. E. Shaw +4 |
| SPACE EXPLORATION TECHN CORPCLASS A COM STK · CUSIP 84615Q103 | 8 / 4 | 8 | Appaloosa, Bridgewater Associates, Citadel Advisors, Coatue Management, D. E. Shaw +3 |
| ALPHABET INCCAP STK CL A · CUSIP 02079K305 | 6 / 5 | 1 | Berkshire Hathaway, Coatue Management, Duquesne Family Office, Renaissance Technologies, Soros Fund Management +1 |
| S&P GLOBAL INCCOM · CUSIP 78409V104 | 6 / 4 | 2 | Bridgewater Associates, Citadel Advisors, D. E. Shaw, Pershing Square, Renaissance Technologies +1 |
| ADVANCED MICRO DEVICES INCCOM · CUSIP 007903107 | 6 / 3 | 3 | Citadel Advisors, Coatue Management, Duquesne Family Office, Renaissance Technologies, Soros Fund Management +1 |
| SEAGATE TECHNOLOGY HLDNGS PLORD SHS · CUSIP G7997R103 | 6 / 3 | 2 | Citadel Advisors, D. E. Shaw, Duquesne Family Office, Lone Pine Capital, Renaissance Technologies +1 |
| CME GROUP INCCOM · CUSIP 12572Q105 | 6 / 3 | 2 | Baupost Group, Citadel Advisors, D. E. Shaw, Millennium Management, Renaissance Technologies +1 |
| CARVANA COCL A · CUSIP 146869102 | 6 / 3 | 1 | Citadel Advisors, Coatue Management, Duquesne Family Office, Lone Pine Capital, Renaissance Technologies +1 |
| QUANTINUUM INCCL A COM · CUSIP 74768A104 | 5 / 4 | 5 | Citadel Advisors, D. E. Shaw, Elliott Investment Management, Soros Fund Management, Viking Global Investors |
| VISA INCCOM CL A · CUSIP 92826C839 | 5 / 4 | 2 | Bridgewater Associates, Citadel Advisors, Lone Pine Capital, Pershing Square, Tiger Global Management |
同向减持 / 退出Shared reductions / exits
| 证券Security | 机构 / 策略数Managers / styles | 其中退出Exits | 部分机构Selected managers |
|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100 | 8 / 4 | 0 | Bridgewater Associates, Citadel Advisors, Coatue Management, D. E. Shaw, Lone Pine Capital +3 |
| MICRON TECHNOLOGY INCCOM · CUSIP 595112103 | 7 / 4 | 1 | Appaloosa, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Duquesne Family Office +2 |
| SANDISK CORPCOM · CUSIP 80004C200 | 7 / 4 | 1 | Appaloosa, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Duquesne Family Office +2 |
| SPOTIFY TECHNOLOGY S ASHS · CUSIP L8681T102 | 7 / 2 | 1 | Citadel Advisors, Coatue Management, D. E. Shaw, Lone Pine Capital, Millennium Management +2 |
| BROADCOM INCCOM · CUSIP 11135F101 | 6 / 5 | 2 | Bridgewater Associates, D. E. Shaw, Duquesne Family Office, Millennium Management, Third Point +1 |
| META PLATFORMS INCCL A · CUSIP 30303M102 | 6 / 5 | 1 | Bridgewater Associates, Citadel Advisors, Coatue Management, Soros Fund Management, Third Point +1 |
| TWILIO INCCL A · CUSIP 90138F102 | 6 / 4 | 4 | Bridgewater Associates, Citadel Advisors, D. E. Shaw, Duquesne Family Office, Renaissance Technologies +1 |
| LAM RESEARCH CORPCOM NEW · CUSIP 512807306 | 6 / 4 | 1 | Appaloosa, Bridgewater Associates, Coatue Management, D. E. Shaw, Third Point +1 |
| MICROSOFT CORPCOM · CUSIP 594918104 | 6 / 4 | 1 | Appaloosa, Bridgewater Associates, D. E. Shaw, Renaissance Technologies, Tiger Global Management +1 |
| APELLIS PHARMACEUTICALS INCCOM · CUSIP 03753U106 | 6 / 3 | 6 | Bridgewater Associates, Citadel Advisors, D. E. Shaw, Millennium Management, Renaissance Technologies +1 |
12 managers
头部平台型机构Large investment platforms
| 机构Manager | 策略类型Style | RS 分数RS score | 覆盖 / 置信Coverage / confidence | 可见总值Visible value | 经济持仓数Economic positions | 前五集中度Top-five | 换手代理Turnover proxy |
|---|---|---|---|---|---|---|---|
| BlackRock贝莱德 | 被动 / 指数平台Passive / index platform | 62.5 | 70% / B | $6.73tn | 5,696 | 19.3% | 2.7% |
| State Street道富 | 被动 / 指数平台Passive / index platform | 63.2 | 70% / B | $3.37tn | 4,177 | 20.1% | 2.0% |
| JPMorgan摩根大通 | 综合金融平台Diversified financial platform | 53.9 | 70% / B | $1.81tn | 7,720 | 17.0% | 9.7% |
| Morgan Stanley摩根士丹利 | 综合金融平台Diversified financial platform | 57.8 | 70% / B | $1.89tn | 8,402 | 14.5% | 5.1% |
| Goldman Sachs高盛 | 综合金融平台Diversified financial platform | 50.2 | 70% / B | $1.15tn | 6,524 | 14.6% | 9.4% |
| Bank of America美国银行 | 综合金融平台Diversified financial platform | 50.5 | 70% / B | $1.55tn | 5,665 | 10.4% | 7.0% |
| UBS瑞银 | 综合金融平台Diversified financial platform | 47.0 | 70% / B | $786.02bn | 10,407 | 10.1% | 10.1% |
| Northern Trust北方信托 | 综合金融平台Diversified financial platform | 61.0 | 70% / B | $859.79bn | 4,440 | 19.9% | 2.4% |
| Fidelity / FMR富达 / FMR | 主动管理平台Active-management platform | 65.8 | 70% / B | $2.30tn | 5,572 | 23.7% | 9.4% |
| Vanguard先锋领航 | 被动 / 指数平台Passive / index platform | 59.7 | 70% / B | $7.80tn | 5,014 | 19.9% | 1.8% |
| Capital Group资本集团 | 主动管理平台Active-management platform | 64.5 | 70% / B | $2.05tn | 929 | 19.0% | 7.2% |
| T. Rowe Price普信集团 | 主动管理平台Active-management platform | 55.7 | 70% / B | $1.15tn | 3,270 | 20.5% | 11.2% |
18 managers
知名主动、量化与事件型机构Notable active, quant and event-driven managers
| 机构Manager | 策略类型Style | RS 分数RS score | 覆盖 / 置信Coverage / confidence | 可见总值Visible value | 经济持仓数Economic positions | 前五集中度Top-five | 换手代理Turnover proxy |
|---|---|---|---|---|---|---|---|
| Berkshire Hathaway伯克希尔·哈撒韦 | 集中长期Concentrated long-term | 86.3 | 75% / B | $299.25bn | 29 | 68.7% | 5.9% |
| Bridgewater Associates桥水基金 | 宏观系统化Systematic macro | 62.3 | 75% / B | $24.38bn | 997 | 32.7% | 31.2% |
| Renaissance Technologies文艺复兴科技 | 量化多策略Quant multi-strategy | 47.1 | 75% / B | $72.62bn | 3,140 | 7.4% | 31.2% |
| Citadel Advisors城堡投资 | 量化多策略Quant multi-strategy | 46.6 | 75% / B | $875.10bn | 13,575 | 12.5% | 38.8% |
| Millennium Management千禧管理 | 量化多策略Quant multi-strategy | 48.7 | 75% / B | $276.29bn | 5,796 | 14.5% | 36.4% |
| D. E. Shaw德劭 | 量化多策略Quant multi-strategy | 52.0 | 75% / B | $210.20bn | 4,833 | 13.8% | 33.7% |
| Elliott Investment Management埃利奥特投资管理 | 事件驱动 / 集中Event-driven / concentrated | 70.0 | 75% / B | $22.67bn | 29 | 80.7% | 9.2% |
| Pershing Square潘兴广场 | 集中长期Concentrated long-term | 84.0 | 75% / B | $19.47bn | 14 | 57.9% | 22.4% |
| Tiger Global Management老虎环球 | 基本面成长Fundamental growth | 83.6 | 75% / B | $23.98bn | 46 | 44.0% | 14.8% |
| Coatue Management蔻图资本 | 基本面成长Fundamental growth | 80.9 | 75% / B | $48.63bn | 66 | 37.4% | 26.3% |
| Lone Pine Capital孤松资本 | 基本面成长Fundamental growth | 75.6 | 75% / B | $16.36bn | 34 | 31.0% | 48.3% |
| Viking Global Investors维京环球 | 基本面成长Fundamental growth | 74.4 | 75% / B | $35.08bn | 90 | 21.8% | 31.6% |
| Third Point第三点 | 事件驱动 / 集中Event-driven / concentrated | 69.9 | 75% / B | $4.68bn | 43 | 38.4% | 45.1% |
| Soros Fund Management索罗斯基金管理 | 宏观主观Discretionary macro | 59.9 | 75% / B | $8.14bn | 266 | 15.5% | 31.3% |
| Baupost Group包普斯特集团 | 集中长期Concentrated long-term | 84.2 | 75% / B | $5.42bn | 23 | 49.9% | 15.3% |
| Appaloosa阿帕卢萨 | 事件驱动 / 集中Event-driven / concentrated | 73.7 | 75% / B | $7.73bn | 27 | 57.7% | 21.1% |
| Duquesne Family Office杜肯家族办公室 | 宏观主观Discretionary macro | 65.0 | 75% / B | $5.21bn | 95 | 38.4% | 32.5% |
| Scion Asset Management赛恩资产管理 | 事件驱动 / 集中Event-driven / concentrated | — | — | — | — | — | — |