主动管理平台Active-management platform · platform

Capital Group

资本集团

研究可用度中Medium research usability

13F-RS 研究可用度13F-RS research usability 64.5 覆盖coverage 70% · 置信confidence B

结论先行Answer first

前五大占19.0%，最值得继续核验的动作是减持MICRON TECHNOLOGY INCTop five represent 19.0%; reduction in MICRON TECHNOLOGY INC is the clearest next diligence lead

最大可见非期权证券持仓为BROADCOM INC（5.8%）；季度快照换手代理为7.1%，前十大延续率为100.0%。该机构归入“主动管理平台”，13F只能解释公开的美国可报告证券多头。

The largest visible non-option security is BROADCOM INC (5.8%). The quarterly snapshot turnover proxy is 7.1%, and top-ten persistence is 100.0%. The manager is classified as Active management platform; 13F covers only visible reportable U.S. long securities.

最重要的可比减持Most material comparable reductionMICRON TECHNOLOGY INCCOM · CUSIP 595112103股数 -20.8%；上季 1.03% → 本季 2.46%Shares -20.8%; prior 1.03% → current 2.46%减仓影响代理 ≈ 0.21 个百分点Sale-impact proxy ≈ 0.21 pp

最大退出候选Largest apparent exitCAESARS ENTERTAINMENT INC NECOM · CUSIP 12769G100本期同一换算后证券未见；上季权重 0.02%No comparable adjusted security this quarter; prior weight 0.02%减仓影响代理 ≈ 0.02 个百分点Sale-impact proxy ≈ 0.02 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

把减持MICRON TECHNOLOGY INC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 reduction in MICRON TECHNOLOGY INC as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.

可见总值Visible value$2.05tn前期 2026-03-31: $1.80tn（仅作规模对照）Prior 2026-03-31: $1.80tn (scale context only)

经济持仓数Economic positions929按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration19.0%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy7.1%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 date2026-08-12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.
品牌视图合并多个SEC申报实体；总值可能受授权管理或重复归属影响。The brand view combines multiple SEC filers; delegated management or overlapping attribution may affect totals.
该快照在季末后43天才公开，不能视为机构当前仍持有的实时组合。This snapshot became public 43 days after quarter-end and is not evidence of the manager's current portfolio.
平台型申报汇总指数、客户或多管理人资产，前十大不等于单一投委会的最佳想法。Platform filings aggregate index, client or multi-manager assets; top holdings are not a single investment committee's best ideas.

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
2026-05-05	TERNS PHARMACEUTICALS INCCUSIP 880881107 · 1,424,504 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 sourceMerck 完成要约收购及合并；每股 53 美元现金，证券注销，不推断为管理人主动卖出Merck completed the tender offer and merger for $53 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-06-10	MASIMO CORPCUSIP 574795100 · 359,058 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
2026-06-24	CENTESSA PHARMACEUTICALS PLCCUSIP 152309100 · 4,832,548 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 sourceLilly 完成收购；每股 38 美元现金加一份最高 9 美元的 CVR，ADS 注销，不推断为管理人主动卖出Lilly completed the acquisition for $38 cash plus one CVR worth up to $9 per share; the ADS was cancelled, so no manager-initiated sale is inferred
2026-06-25	CLEARWATER ANALYTICS HLDGS ICUSIP 185123106 · 1,260,099 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 sourcePermira 与 Warburg Pincus 牵头的投资者集团完成私有化；每股 24.55 美元现金，证券注销，不推断为管理人主动卖出A Permira- and Warburg Pincus-led investor group completed the take-private for $24.55 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-04-20	ASCENDIS PHARMA A/SCUSIP 04351P101 · 2,859,360 股shares	ASCENDIS PHARMA A/SCUSIP K08588103权威比例基准 2,859,360 股；本季申报 2,894,695 股Primary-ratio baseline 2,859,360 shares; current filing 2,894,695 shares	核验来源Verification sourceADS 按 1:1 强制转换为普通股并更换 CUSIPMandatory 1:1 ADS-to-ordinary-share exchange and CUSIP change
2026-05-07	CARNIVAL CORPCUSIP 143658300 · 3,408,957 股shares	CARNIVAL CORP LTDCUSIP G2004J103权威比例基准 3,408,957 股；本季申报 3,738,416 股Primary-ratio baseline 3,408,957 shares; current filing 3,738,416 shares	核验来源Verification source公司结构简化及迁册，旧股按 1:1 对应新 CUSIPCorporate simplification and redomiciliation, with old shares mapped 1:1 to the new CUSIP
2026-06-29	HONEYWELL INTL INCCUSIP 438516106 · 5,905,232 股shares	HONEYWELL AEROSPACE INCCUSIP 43849R105权威比例基准 2,952,616 股；本季申报 3,299,870 股Primary-ratio baseline 2,952,616 shares; current filing 3,299,870 shares HONEYWELL INTL INCCUSIP 438516205权威比例基准 2,952,616 股；本季申报 3,299,891 股Primary-ratio baseline 2,952,616 shares; current filing 3,299,891 shares	核验来源Verification source航天业务分拆，同时原公司 1:2 反向拆股并更换 CUSIPAerospace spin-off plus a 1-for-2 reverse split and CUSIP change for the remaining company
2026-06-30	MARQETA INCCUSIP 57142B104 · 6,129,375 股shares	MARQETA INCCUSIP 57142B203权威比例换算为 1,532,344 股；本季却申报 11,124,016 股，因口径冲突不计算变化Primary ratio implies 1,532,344 shares, while the current filing reports 11,124,016; no change is calculated because the conventions conflict季末报量口径冲突，本季只桥接身份、不分类买卖Quarter-end quantity convention conflict; identity bridged without trade classification	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
Capital Research Global Investors	CIK 0001422848	13F-HR	0001422848-26-000094	2026-08-12	usd_consistent_with_implied_prices
Capital World Investors	CIK 0001422849	13F-HR	0001422849-26-000113	2026-08-12	usd_consistent_with_implied_prices
Capital International Investors	CIK 0001562230	13F-HR	0001562230-26-000107	2026-08-12	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
BROADCOM INCCOM · CUSIP 11135F101	—	$119.68bn	5.85%	316,841,937	0.2%
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$80.99bn	3.96%	404,821,833	-3.8%
MICROSOFT CORPCOM · CUSIP 594918104	—	$75.97bn	3.71%	203,663,796	-4.2%
META PLATFORMS INCCL A · CUSIP 30303M102	—	$55.83bn	2.73%	99,109,014	10.4%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$55.79bn	2.73%	156,112,434	5.2%
AMAZON COM INCCOM · CUSIP 023135106	—	$53.61bn	2.62%	224,925,947	5.7%
PHILIP MORRIS INTL INCCOM · CUSIP 718172109	—	$52.41bn	2.56%	289,658,315	1.3%
ELI LILLY & COCOM · CUSIP 532457108	—	$50.99bn	2.49%	42,510,550	-8.3%
MICRON TECHNOLOGY INCCOM · CUSIP 595112103	—	$50.42bn	2.46%	43,681,247	-20.8%
ALPHABET INCCAP STK CL C · CUSIP 02079K107	—	$45.01bn	2.20%	127,385,517	-2.7%

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
ALPHABET INCDEP SHS RP1/20 A · CUSIP 02079K404	—	$3.83bn	0.19%	75,296,805	—
ALPHABET INCDEP SHS RP1/20 B · CUSIP 02079K602	—	$3.24bn	0.16%	64,421,571	—
SPACE EXPLORATION TECHN CORPCLASS A COM STK · CUSIP 84615Q103	—	$2.64bn	0.13%	15,453,293	—
COHERENT CORPCOM · CUSIP 19247G107	—	$1.42bn	0.07%	3,600,561	—
CEREBRAS SYSTEMS INCCOM CL A · CUSIP 15675D103	—	$1.06bn	0.05%	4,777,458	—
REVOLUTION MEDICINES INCCOM · CUSIP 76155X100	—	$750.7m	0.04%	4,008,244	—
WISE GROUP PLCORD SHS CLASS A · CUSIP G9723Y105	—	$713.0m	0.04%	59,429,305	—
INNIO NVORDINARY SHARES · CUSIP N52A8C105	—	$678.2m	0.03%	17,146,846	—
QUANTINUUM INCCL A COM · CUSIP 74768A104	—	$594.6m	0.03%	7,274,729	—
CMS ENERGY CORPCOM · CUSIP 125896100	—	$405.7m	0.02%	5,302,655	—

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
KLA CORPCOM NEW · CUSIP 482480100	—	$27.31bn	1.33%	90,624,304	1,063.5%
WESTERN DIGITAL CORPCOM · CUSIP 958102105	—	$13.55bn	0.66%	21,218,369	39.7%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$55.79bn	2.73%	156,112,434	5.2%
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$26.95bn	1.32%	56,523,341	4.3%
CISCO SYS INCCOM · CUSIP 17275R102	—	$10.55bn	0.52%	89,852,023	40.5%
AMPHENOL CORPCL A · CUSIP 032095101	—	$13.22bn	0.65%	74,970,183	18.0%
CORNING INCCOM · CUSIP 219350105	—	$7.71bn	0.38%	30,180,920	29.7%
ASML HLDG NVN Y REGISTRY SHS · CUSIP N07059210	—	$12.52bn	0.61%	6,322,236	11.8%
AMAZON COM INCCOM · CUSIP 023135106	—	$53.61bn	2.62%	224,925,947	5.7%
EXXON MOBIL CORPCOM · CUSIP 30231G102	—	$8.75bn	0.43%	63,986,698	6.5%

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
MICRON TECHNOLOGY INCCOM · CUSIP 595112103	—	$50.42bn	2.46%	43,681,247	-20.8%
ELI LILLY & COCOM · CUSIP 532457108	—	$50.99bn	2.49%	42,510,550	-8.3%
MICROSOFT CORPCOM · CUSIP 594918104	—	$75.97bn	3.71%	203,663,796	-4.2%
MEDTRONIC PLCSHS · CUSIP G5960L103	—	$1.69bn	0.08%	21,634,384	-63.0%
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$80.99bn	3.96%	404,821,833	-3.8%
SALESFORCE INCCOM · CUSIP 79466L302	—	$4.48bn	0.22%	28,582,233	-33.6%
NORTHROP GRUMMAN CORPCOM · CUSIP 666807102	—	$5.80bn	0.28%	11,388,345	-25.1%
CATERPILLAR INCCOM · CUSIP 149123101	—	$7.14bn	0.35%	6,709,930	-34.2%
APPLIED MATLS INCCOM · CUSIP 038222105	—	$19.33bn	0.94%	26,741,020	-20.0%
AMGEN INCCOM · CUSIP 031162100	—	$13.40bn	0.66%	37,016,732	-14.6%

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
CAESARS ENTERTAINMENT INC NECOM · CUSIP 12769G100	—	$388.6m	0.02%	14,704,070	-100.0%
NEBIUS GROUP N.V.SHS CLASS A · CUSIP N97284108	—	$348.4m	0.02%	3,359,169	-100.0%
AXON ENTERPRISE INCCOM · CUSIP 05464C101	—	$331.9m	0.02%	781,518	-100.0%
GARTNER INCCOM · CUSIP 366651107	—	$320.3m	0.02%	2,022,839	-100.0%
TAKE-TWO INTERACTIVE SOFTWARCOM · CUSIP 874054109	—	$233.6m	0.01%	1,182,767	-100.0%
TRANSUNIONCOM · CUSIP 89400J107	—	$195.7m	0.01%	2,828,091	-100.0%
ALEXANDRIA REAL ESTATE EQ INCOM · CUSIP 015271109	—	$149.9m	0.01%	3,228,259	-100.0%
QIAGEN NVORD SHARES · CUSIP N72482156	—	$102.3m	0.01%	2,556,167	-100.0%
WOODWARD INCCOM · CUSIP 980745103	—	$98.9m	0.01%	276,386	-100.0%
ACUSHNET HLDGS CORPCOM · CUSIP 005098108	—	$94.4m	0.01%	1,010,000	-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	8.5 / 10	85%
策略适配度Strategy fit	6.8 / 15	45%
集中度信息密度Concentration signal	5.5 / 10	55%
高确信度可识别性Conviction identifiability	4.5 / 15	30%
延续性 / 换手Persistence / turnover	9.6 / 10	96%
申报时滞Filing lag	0.6 / 10	6%
不可见风险Opacity risk	9.0 / 10	90%
独立共识Independent consensus	5.0 / 5	100%

策略分类：主动管理平台。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Active-management platform. 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.