宏观系统化Systematic macro · famous

Bridgewater Associates

桥水基金

研究可用度中Medium research usability

13F-RS 研究可用度13F-RS research usability 62.3 覆盖coverage 75% · 置信confidence B

结论先行Answer first

前五大占32.7%，最值得继续核验的动作是增持STATE STR SPDR S&P 500 ETF TTop five represent 32.7%; increase in STATE STR SPDR S&P 500 ETF T is the clearest next diligence lead

最大可见非期权证券持仓为STATE STR SPDR S&P 500 ETF T（16.3%）；季度快照换手代理为31.2%，前十大延续率为100.0%。该机构归入“系统化宏观”，13F只能解释公开的美国可报告证券多头。

The largest visible non-option security is STATE STR SPDR S&P 500 ETF T (16.3%). The quarterly snapshot turnover proxy is 31.2%, and top-ten persistence is 100.0%. The manager is classified as Systematic macro; 13F covers only visible reportable U.S. long securities.

最重要的可比减持Most material comparable reductionAMAZON COM INCCOM · CUSIP 023135106股数 -53.9%；上季 4.08% → 本季 1.98%Shares -53.9%; prior 4.08% → current 1.98%减仓影响代理 ≈ 2.20 个百分点Sale-impact proxy ≈ 2.20 pp

最大退出候选Largest apparent exitCISCO SYS INCCOM · CUSIP 17275R102本期同一换算后证券未见；上季权重 0.28%No comparable adjusted security this quarter; prior weight 0.28%减仓影响代理 ≈ 0.28 个百分点Sale-impact proxy ≈ 0.28 pp

按上季可见权重 × 股数降幅排序；完整非期权证券变化见下方。Ranked by prior visible weight × share decline; the full non-option security changes appear below.

下一步Next diligence

把增持STATE STR SPDR S&P 500 ETF T作为研究线索，结合公司基本面、估值、催化剂及13D/G核验；不要直接跟单。

Treat the increase in STATE STR SPDR S&P 500 ETF T as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.

可见总值Visible value$24.38bn前期 2026-03-31: $22.40bn（仅作规模对照）Prior 2026-03-31: $22.40bn (scale context only)

经济持仓数Economic positions997按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration32.7%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy31.2%范围变化时不估算not estimated when scope changes

前十大延续Top-ten persistence100.0%范围变化时不估算not estimated when scope changes

最新申报日Latest filing date2026-08-14报告期report date 2026-06-30

阅读警告Reading warnings

季度比较已按权威来源处理拆股、分拆、迁册、换股或现金并购；公司行动造成的证券消失不计作管理人主动买卖。Quarterly comparisons use primary-source treatment for splits, spin-offs, redomiciliations, stock exchanges and cash mergers; security disappearance caused by the event is not counted as manager-initiated trading.
该快照在季末后45天才公开，不能视为机构当前仍持有的实时组合。This snapshot became public 45 days after quarter-end and is not evidence of the manager's current portfolio.
空头、掉期、外国证券或事件对冲腿可能不可见，不能把表内多头当成净敞口。Shorts, swaps, foreign securities or event hedges may be invisible; visible longs are not net exposure.

CUSIP bridge · terminal event

公司行动换算与事件退出Corporate-action adjustments and event exits

为什么要换算Why adjustments matter

下列旧证券没有被机械写成“清仓”。股票事件按权威比例恢复可比基线；现金/CVR并购没有 13F 继承证券，直接从卖出分类剔除。

These obsolete securities are not mechanically labeled as exits. Stock events use primary-source ratios to restore comparable baselines; cash/CVR mergers have no 13F successor and are excluded from sale classification.

生效日Effective	上季证券Prior security	可比证券 / 事件处置Comparable security / event treatment	证据Evidence
2026-04-07	HOLOGIC INCCUSIP 436440101 · 11,303 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceBlackstone 与 TPG 完成收购；每股 76 美元现金加一份最高 3 美元的 CVR，证券注销，不推断为管理人主动卖出Blackstone and TPG completed the acquisition for $76 cash plus one CVR worth up to $3 per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-07	COTERRA ENERGY INCCUSIP 127097103 · 83,369 股shares	DEVON ENERGY CORP NEWCUSIP 25179M103权威比例基准 58,358 股；本季申报 735,174 股Primary-ratio baseline 58,358 shares; current filing 735,174 shares	核验来源Verification sourceCoterra 与 Devon 完成全股票合并；每股 Coterra 换 0.70 股 Devon，先并入原有 Devon 基线再比较Coterra and Devon completed an all-stock merger; each Coterra share converted into 0.70 Devon shares, which are added to any existing Devon baseline before comparison
2026-05-14	APELLIS PHARMACEUTICALS INCCUSIP 03753U106 · 34,913 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceBiogen 完成收购；每股 41 美元现金加一份最高 4 美元的 CVR，证券注销，不推断为管理人主动卖出Biogen completed the acquisition for $41 cash plus one CVR worth up to $4 per share; the security was cancelled, so no manager-initiated sale is inferred
2026-06-10	MASIMO CORPCUSIP 574795100 · 1,899 股shares	现金/CVR 已结算；无 13F 继承证券。本项列入公司事件，不推断为主动卖出。Cash/CVR settled with no 13F successor security. This is recorded as a corporate event, not inferred as an active sale.	核验来源Verification sourceDanaher 完成收购；每股 180 美元现金，证券注销，不推断为管理人主动卖出Danaher completed the acquisition for $180 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-04	THOMSON REUTERS CORPCUSIP 884903808 · 159,909 股shares	THOMSON REUTERS CORPCUSIP 884903881权威比例基准 157,440 股；本季申报 41,160 股Primary-ratio baseline 157,440 shares; current filing 41,160 shares	核验来源Verification source资本返还后按 0.984560:1 合股并更换 CUSIP0.984560-for-1 share consolidation after a return of capital, with a CUSIP change
2026-06-30	MARQETA INCCUSIP 57142B104 · 61,267 股shares	MARQETA INCCUSIP 57142B203权威比例基准 15,317 股；本季申报 0 股Primary-ratio baseline 15,317 shares; current filing 0 shares	核验来源Verification source1:4 反向拆股在季末收盘生效；部分13F用新CUSIP但仍报拆股前数量，本季只桥接身份、不推断交易A 1-for-4 reverse split took effect at the quarter-end close; some 13Fs use the new CUSIP with pre-split quantities, so this quarter bridges identity without inferring trading

CIK · accession · accepted date

本季申报链Current filing chain

先展示 13F-NT 关系通知，再展示解析到的 13F-HR / HR-A。价值单位说明保留检测结果和归一化倍数。

Relationship notices appear before resolved 13F-HR / HR-A filings. Unit notes preserve the detection result and normalization multiplier.

法律申报人Legal filer	CIK	Form	Accession	申报日Filed	解析 / 单位说明Resolution / unit note
Bridgewater Associates, LP	CIK 0001350694	13F-HR	0001350694-26-000003	2026-08-14	usd_consistent_with_implied_prices

2026-03-31 → 2026-06-30

持仓与季度变化Holdings and quarterly change

前十大可见非期权证券Top visible non-option holdings 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
STATE STR SPDR S&P 500 ETF TTR UNIT · CUSIP 78462F103	—	$3.97bn	16.30%	5,320,308	21.9%
ISHARES TRCORE S&P500 ETF · CUSIP 464287200	—	$2.25bn	9.22%	3,002,286	12.1%
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$773.6m	3.17%	3,866,195	-17.6%
BROADCOM INCCOM · CUSIP 11135F101	—	$497.8m	2.04%	1,317,923	-28.2%
AMAZON COM INCCOM · CUSIP 023135106	—	$482.8m	1.98%	2,025,481	-53.9%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$472.5m	1.94%	1,322,176	-33.8%
LAM RESEARCH CORPCOM NEW · CUSIP 512807306	—	$406.6m	1.67%	938,224	-40.3%
VANGUARD INDEX FDSS&P 500 ETF SHS · CUSIP 922908363	—	$314.8m	1.29%	458,381	189.0%
ADVANCED MICRO DEVICES INCCOM · CUSIP 007903107	—	$312.9m	1.28%	538,632	-58.3%
ISHARES INCMSCI STH KOR ETF · CUSIP 464286772	—	$279.6m	1.15%	1,384,772	-21.6%

新建仓位New positions 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
EVERSOURCE ENERGYCOM · CUSIP 30040W108	—	$86.4m	0.35%	1,195,140	—
APPLOVIN CORPCOM CL A · CUSIP 03831W108	—	$75.5m	0.31%	146,602	—
CONSOLIDATED EDISON INCCOM · CUSIP 209115104	—	$69.0m	0.28%	623,641	—
NISOURCE INCCOM · CUSIP 65473P105	—	$67.0m	0.28%	1,410,001	—
SERVICENOW INCCOM · CUSIP 81762P102	—	$63.1m	0.26%	635,381	—
DUKE ENERGY CORP NEWCOM NEW · CUSIP 26441C204	—	$56.0m	0.23%	442,098	—
NUTANIX INCCL A · CUSIP 67059N108	—	$50.9m	0.21%	998,761	—
APA CORPORATIONCOM · CUSIP 03743Q108	—	$47.0m	0.19%	1,444,176	—
EXPAND ENERGY CORPORATIONCOM · CUSIP 165167735	—	$40.8m	0.17%	447,886	—
VULCAN MATLS COCOM · CUSIP 929160109	—	$32.1m	0.13%	108,687	—

增持仓位Added positions 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
STATE STR SPDR S&P 500 ETF TTR UNIT · CUSIP 78462F103	—	$3.97bn	16.30%	5,320,308	21.9%
ISHARES TRCORE S&P500 ETF · CUSIP 464287200	—	$2.25bn	9.22%	3,002,286	12.1%
VANGUARD INDEX FDSS&P 500 ETF SHS · CUSIP 922908363	—	$314.8m	1.29%	458,381	189.0%
PG&E CORPCOM · CUSIP 69331C108	—	$99.8m	0.41%	5,931,314	24,078.8%
SHELL PLCSPON ADS · CUSIP 780259305	—	$118.3m	0.48%	1,526,163	388.9%
EDISON INTLCOM · CUSIP 281020107	—	$91.9m	0.38%	1,234,614	777.1%
PETROLEO BRASILEIRO S ASPONSORED ADR · CUSIP 71654V408	—	$105.4m	0.43%	6,524,553	466.9%
KLA CORPCOM NEW · CUSIP 482480100	—	$99.0m	0.41%	328,070	201.9%
MARATHON PETE CORPCOM · CUSIP 56585A102	—	$89.3m	0.37%	349,224	351.9%
EOG RES INCCOM · CUSIP 26875P101	—	$70.0m	0.29%	539,429	4,190.7%

减持仓位Reduced positions 10

用公司行动调整后的股数判断，按上季可见权重 × 股数降幅排序；报告权重变化不是交易量。Classified from corporate-action-adjusted shares and ranked by prior visible weight × share decline; reported weight change is not trading volume.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
AMAZON COM INCCOM · CUSIP 023135106	—	$482.8m	1.98%	2,025,481	-53.9%
MICRON TECHNOLOGY INCCOM · CUSIP 595112103	—	$134.7m	0.55%	116,666	-92.1%
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$16.5m	0.07%	34,525	-96.8%
GE VERNOVA INCCOM · CUSIP 36828A101	—	$144.2m	0.59%	122,768	-71.8%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$472.5m	1.94%	1,322,176	-33.8%
MARVELL TECHNOLOGY INCCOM · CUSIP 573874104	—	$54.0m	0.22%	181,176	-90.7%
BROADCOM INCCOM · CUSIP 11135F101	—	$497.8m	2.04%	1,317,923	-28.2%
ADVANCED MICRO DEVICES INCCOM · CUSIP 007903107	—	$312.9m	1.28%	538,632	-58.3%
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$773.6m	3.17%	3,866,195	-17.6%
MICROSOFT CORPCOM · CUSIP 594918104	—	$265.6m	1.09%	711,896	-34.4%

退出候选Apparent exits 10

仅表示排除已知公司事件后，本期未见同一可比证券；到期、退市及未知事件仍须核验。Only means the comparable security is absent after known event checks; maturities, delistings and unknown events still require review.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
CISCO SYS INCCOM · CUSIP 17275R102	—	$63.8m	0.28%	822,892	-100.0%
ASE TECHNOLOGY HLDG CO LTDSPONSORED ADS · CUSIP 00215W100	—	$33.6m	0.15%	1,547,859	-100.0%
COREWEAVE INCCOM CL A · CUSIP 21873S108	—	$28.2m	0.13%	364,025	-100.0%
PRIMORIS SVCS CORPCOM · CUSIP 74164F103	—	$19.5m	0.09%	136,170	-100.0%
BROOKFIELD CORPCL A LTD VT SH · CUSIP 11271J107	—	$19.3m	0.09%	477,453	-100.0%
APPLIED OPTOELECTRONICS INCCOM · CUSIP 03823U102	—	$18.9m	0.09%	223,935	-100.0%
PALANTIR TECHNOLOGIES INCCL A · CUSIP 69608A108	—	$18.8m	0.08%	128,186	-100.0%
NEBIUS GROUP N.V.SHS CLASS A · CUSIP N97284108	—	$16.3m	0.07%	157,064	-100.0%
SUN LIFE FINANCIAL INC.COM · CUSIP 866796105	—	$15.7m	0.07%	250,635	-100.0%
BRISTOL-MYERS SQUIBB COCOM · CUSIP 110122108	—	$14.7m	0.07%	241,689	-100.0%

期权切片Options slice 0

Put/Call 股数是标的股数；13F 没有执行价、到期日、权利金或净方向。Put/call shares are underlying shares; 13F omits strike, expiry, premium and net direction.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
无可展示记录No records to display

13F-RS-v1.0

评分拆解Score breakdown

完整方法Full methodology

维度Dimension	得分Score	比例Ratio
申报完整性Filing integrity	15.0 / 15	100%
实体映射Entity mapping	10.0 / 10	100%
策略适配度Strategy fit	5.2 / 15	35%
集中度信息密度Concentration signal	7.5 / 10	75%
高确信度可识别性Conviction identifiability	4.4 / 15	29%
延续性 / 换手Persistence / turnover	8.1 / 10	81%
申报时滞Filing lag	0.0 / 10	0%
不可见风险Opacity risk	8.0 / 10	80%
独立共识Independent consensus	4.1 / 5	82%

策略分类：宏观系统化。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Systematic macro. The score measures public-13F research usability, not future returns.

H（高确信度可识别性）当前以单仓≥2%为有限代理，尚未接入风格基准主动权重，因此该分项覆盖度只有50%。H (conviction identifiability) currently uses positions ≥2% as a limited proxy; style-benchmark active weights are not yet available, so this component has only 50% coverage.