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
最大可见普通证券持仓为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 holding 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.
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.
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
前十大可见普通证券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
| 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% |
| MICROSOFT CORPCOM · CUSIP 594918104 | — | $265.6m | 1.09% | 711,896 | -34.4% |
| MARVELL TECHNOLOGY INCCOM · CUSIP 573874104 | — | $54.0m | 0.22% | 181,176 | -90.7% |
| ALPHABET INCCAP STK CL A · CUSIP 02079K305 | — | $472.5m | 1.94% | 1,322,176 | -33.8% |
| ARISTA NETWORKS INCCOM SHS · CUSIP 040413205 | — | $43.2m | 0.18% | 254,275 | -80.9% |
| BROADCOM INCCOM · CUSIP 11135F101 | — | $497.8m | 2.04% | 1,317,923 | -28.2% |
| META PLATFORMS INCCL A · CUSIP 30303M102 | — | $62.0m | 0.25% | 110,083 | -62.3% |
退出仓位Exited 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 |
|---|---|---|---|---|---|
| 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
| 维度Dimension | 得分Score | 相对满分Relative to max | 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.