主动管理平台Active-management platform · platform

T. Rowe Price

普信集团

研究可用度中Medium research usability

13F-RS 研究可用度13F-RS research usability 55.7 覆盖coverage 70% · 置信confidence B

结论先行Answer first

前五大占20.5%，最值得继续核验的动作是减持MICROSOFT CORPTop five represent 20.5%; reduction in MICROSOFT CORP is the clearest next diligence lead

最大可见非期权证券持仓为NVIDIA CORPORATION（6.7%）；季度快照换手代理为11.1%，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 NVIDIA CORPORATION (6.7%). The quarterly snapshot turnover proxy is 11.1%, 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 reductionAPPLE INCCOMM STK · CUSIP 037833100股数 -22.6%；上季 5.43% → 本季 4.20%Shares -22.6%; prior 5.43% → current 4.20%减仓影响代理 ≈ 1.23 个百分点Sale-impact proxy ≈ 1.23 pp

最大退出候选Largest apparent exit组合或关系申报使缺席含义不完整；10 项本季未见仅列为未分类缺席。Combination or notice scope makes absences incomplete; 10 current absences remain unclassified.

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MICROSOFT CORP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 MICROSOFT CORP as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.

可见总值Visible value$1.15tn前期 2026-03-31: $1.01tn（仅作规模对照）Prior 2026-03-31: $1.01tn (scale context only)

经济持仓数Economic positions3,270按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration20.5%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy11.1%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 date2026-08-14报告期report date 2026-06-30

阅读警告Reading warnings

本期或上期含组合申报、关系通知或其他范围歧义；部分减持仍按可见切片展示，但证券缺席不归类为退出，也不进入退出共识。The current or prior period contains a combination report, relationship notice or other scope ambiguity; visible-slice reductions may remain, but absences are not classified as exits or counted in exit consensus.
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.
原始表的value/share隐含价格显示沿用千美元口径；本站保留原值并乘1000标准化，数据完整性分已降权。Reported value/share implied prices indicate legacy thousand-dollar units. The site preserves raw values, applies a 1,000x normalization and reduces the filing-integrity score.
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.
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
2026-04-07	HOLOGIC INCCUSIP 436440101 · 353,877 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
2026-04-08	AIR LEASE CORPCUSIP 00912X302 · 96,746 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 sourceSumisho Air Lease 完成私有化；每股 65 美元现金，A 类普通股注销，不推断为管理人主动卖出Sumisho Air Lease completed the take-private for $65 cash per share; the Class A common stock was cancelled, so no manager-initiated sale is inferred
2026-04-09	SEALED AIR CORP NEWCUSIP 81211K100 · 153,123 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 sourceCD&R 完成收购；每股 42.15 美元现金，证券注销，不推断为管理人主动卖出CD&R completed the acquisition for $42.15 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-04-27	AMICUS THERAPEUTICSCUSIP 03152W109 · 339,363 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 sourceBioMarin 完成收购；每股 14.50 美元现金，证券注销，不推断为管理人主动卖出BioMarin completed the acquisition for $14.50 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-04-28	ARCELLX INCCUSIP 03940C100 · 2,301,832 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 sourceGilead 完成收购；每股 115 美元现金加一份 5 美元 CVR，证券注销，不推断为管理人主动卖出Gilead completed the acquisition for $115 cash plus one $5 CVR per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-05	TERNS PHARMACEUTICALS INCCUSIP 880881107 · 634,496 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
2026-05-07	COTERRA ENERGY INCCUSIP 127097103 · 1,127,440 股shares	DEVON ENERGY CORP NEWCUSIP 25179M103换股所得 789,208 股 + 原有继承证券 905,528 股 = 可比基准 1,694,736 股；本季申报 1,702,866 股Converted 789,208 shares + 905,528 pre-existing successor shares = 1,694,736 comparable baseline shares; current filing 1,702,866 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	TRI POINTE HOMES INCCUSIP 87265H109 · 106,145 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 sourceSumitomo Forestry 完成收购；每股 47 美元现金，证券注销，不推断为管理人主动卖出Sumitomo Forestry completed the acquisition for $47 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-05-14	APELLIS PHARMACEUTICALS INCCUSIP 03753U106 · 112,070 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
2026-05-18	SOLENO THERAPEUTICS INCCUSIP 834203309 · 1,025,937 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 sourceNeurocrine 完成收购；每股 53 美元现金，证券注销，不推断为管理人主动卖出Neurocrine completed the acquisition for $53 cash per share; the security was cancelled, so no manager-initiated sale is inferred
2026-06-10	MASIMO CORPCUSIP 574795100 · 45,830 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 · 170,016 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 · 349,732 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
2026-06-24	DUPONT DE NEMOURS INCCUSIP 26614N102 · 3,786,306 股shares	DUPONT DE NEMOURS INCCUSIP 26614N201权威比例基准 1,262,102 股；本季申报 1,275,087 股Primary-ratio baseline 1,262,102 shares; current filing 1,275,087 shares	核验来源Verification source1:3 反向拆股并更换 CUSIP1-for-3 reverse stock split and CUSIP change
2026-06-29	HONEYWELL INTL INCCUSIP 438516106 · 2,271,806 股shares	HONEYWELL AEROSPACE INCCUSIP 43849R105权威比例基准 1,135,903 股；本季申报 995,759 股Primary-ratio baseline 1,135,903 shares; current filing 995,759 shares HONEYWELL INTL INCCUSIP 438516205权威比例基准 1,135,903 股；本季申报 1,250,464 股Primary-ratio baseline 1,135,903 shares; current filing 1,250,464 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 · 78,122,264 股shares	MARQETA INCCUSIP 57142B203权威比例换算为 19,530,566 股；本季却申报 70,892,516 股，因口径冲突不计算变化Primary ratio implies 19,530,566 shares, while the current filing reports 70,892,516; 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
PRICE T ROWE ASSOCIATES INC /MD/	CIK 0000080255	13F-HR	0000080255-26-000519	2026-08-14	legacy_thousands_detected_from_implied_prices; ×1000
T. Rowe Price Investment Management, Inc.	CIK 0001897612	13F-HR	0001897612-26-000578	2026-08-14	legacy_thousands_detected_from_implied_prices; ×1000

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
NVIDIA CORPORATIONCOMM STK · CUSIP 67066G104	—	$77.37bn	6.72%	386,695,547	-0.7%
APPLE INCCOMM STK · CUSIP 037833100	—	$48.41bn	4.20%	167,313,804	-22.6%
ALPHABET INCCOMM STK · CUSIP 02079K305	—	$39.21bn	3.40%	109,707,690	22.8%
MICROSOFT CORPCOMM STK · CUSIP 594918104	—	$36.50bn	3.17%	97,855,318	-24.7%
BROADCOM INCCOMM STK · CUSIP 11135F101	—	$34.25bn	2.97%	90,676,486	-0.2%
AMAZON COM INCCOMM STK · CUSIP 023135106	—	$29.91bn	2.60%	125,492,332	-15.2%
ADVANCED MICRO DEVICES INCCOMM STK · CUSIP 007903107	—	$23.11bn	2.01%	39,774,349	9.5%
ALPHABET INCCOMM STK · CUSIP 02079K107	—	$22.66bn	1.97%	64,119,819	-5.5%
META PLATFORMS INCCOMM STK · CUSIP 30303M102	—	$19.98bn	1.74%	35,477,908	-11.0%
MICRON TECHNOLOGY INCCOMM STK · CUSIP 595112103	—	$17.63bn	1.53%	15,269,391	156.0%

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
SPACE EXPLORATION TECHN CORPCOMM STK · CUSIP 84615Q103	—	$1.83bn	0.16%	10,709,016	—
CEREBRAS SYSTEMS INCCOMM STK · CUSIP 15675D103	—	$527.2m	0.05%	2,385,543	—
BLACKBERRY LTDCOMM STK · CUSIP 09228F103	—	$416.2m	0.04%	32,898,018	—
ARXIS INCCOMM STK · CUSIP 04339D105	—	$380.1m	0.03%	8,238,704	—
ISHARES TRCOMM STK · CUSIP 464288521	—	$319.1m	0.03%	4,802,136	—
INNIO NVCOMM STK · CUSIP N52A8C105	—	$233.1m	0.02%	5,894,653	—
S&P GLOBAL INCCOMM STK · CUSIP 78409V112	—	$232.5m	0.02%	605,352	—
MADISON AIR SOLUTIONS CORPCOMM STK · CUSIP 55658T105	—	$212.0m	0.02%	5,436,487	—
FERVO ENERGY COCOMM STK · CUSIP 31556C106	—	$194.5m	0.02%	6,655,629	—
ALMONTY INDS INCCOMM STK · CUSIP 020398707	—	$178.3m	0.01%	10,768,515	—

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
MICRON TECHNOLOGY INCCOMM STK · CUSIP 595112103	—	$17.63bn	1.53%	15,269,391	156.0%
ADVANCED MICRO DEVICES INCCOMM STK · CUSIP 007903107	—	$23.11bn	2.01%	39,774,349	9.5%
ALPHABET INCCOMM STK · CUSIP 02079K305	—	$39.21bn	3.40%	109,707,690	22.8%
LAM RESEARCH CORPCOMM STK · CUSIP 512807306	—	$10.66bn	0.93%	24,599,310	85.8%
APPLIED MATLS INCCOMM STK · CUSIP 038222105	—	$9.13bn	0.79%	12,631,410	108.2%
INTEL CORPCOMM STK · CUSIP 458140100	—	$7.48bn	0.65%	53,547,772	2.9%
MARVELL TECHNOLOGY INCCOMM STK · CUSIP 573874104	—	$4.12bn	0.36%	13,833,088	714.3%
SANDISK CORPCOMM STK · CUSIP 80004C200	—	$3.64bn	0.32%	1,599,211	38.4%
KLA CORPCOMM STK · CUSIP 482480100	—	$5.39bn	0.47%	17,866,208	906.7%
TAIWAN SEMICONDUCTOR MANUFACADR · CUSIP 874039100	—	$5.77bn	0.50%	12,078,873	36.2%

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
APPLE INCCOMM STK · CUSIP 037833100	—	$48.41bn	4.20%	167,313,804	-22.6%
MICROSOFT CORPCOMM STK · CUSIP 594918104	—	$36.50bn	3.17%	97,855,318	-24.7%
AMAZON COM INCCOMM STK · CUSIP 023135106	—	$29.91bn	2.60%	125,492,332	-15.2%
META PLATFORMS INCCOMM STK · CUSIP 30303M102	—	$19.98bn	1.74%	35,477,908	-11.0%
SERVICENOW INCCOMM STK · CUSIP 81762P102	—	$1.60bn	0.14%	16,066,335	-52.9%
KEYSIGHT TECHNOLOGIES INCCOMM STK · CUSIP 49338L103	—	$4.28bn	0.37%	12,236,693	-32.0%
VISA INCCOMM STK · CUSIP 92826C839	—	$13.32bn	1.16%	38,814,929	-11.1%
NETFLIX INC.COMM STK · CUSIP 64110L106	—	$6.71bn	0.58%	93,931,958	-11.9%
INTUITCOMM STK · CUSIP 461202103	—	$672.3m	0.06%	2,575,687	-52.3%
PTC INCCOMM STK · CUSIP 69370C100	—	$1.62bn	0.14%	14,216,315	-36.0%

本季未见｜不分类为退出Current absences | not classified as exits 10

组合、关系通知或保密口径使缺席含义不完整；这些证券不进入退出候选或跨机构卖出共识。Combination, notice or confidential scope makes absence incomplete; these securities do not enter apparent exits or cross-manager sell consensus.

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
STEVANATO GROUP S P ACOMM STK · CUSIP T9224W109	—	$44.3m	0.00%	3,224,908	—
SIBANYE STILLWATER LTDADR · CUSIP 82575P107	—	$40.4m	0.00%	3,278,887	—
CAMTEK LTDCOMM STK · CUSIP M20791105	—	$27.6m	0.00%	182,230	—
SUN CTRY AIRLS HLDGS INCCOMM STK · CUSIP 866683105	—	$26.3m	0.00%	1,589,834	—
WOLFSPEED INCCONV BND · CUSIP 977852AP7	—	$21.6m	0.00%	14,933,000	—
SOCIEDAD QUIMICA Y MINERA DEADR · CUSIP 833635105	—	$18.9m	0.00%	234,076	—
JD.COM INCCONV BND · CUSIP 47215PAJ5	—	$14.6m	0.00%	14,610,000	—
PAN AMERN SILVER CORPCOMM STK · CUSIP 697900108	—	$10.4m	0.00%	189,846	—
THERMON GROUP HLDGS INCCOMM STK · CUSIP 88362T103	—	$9.9m	0.00%	195,526	—
ISHARES INCCOMM STK · CUSIP 46434G855	—	$8.6m	0.00%	109,182	—

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	12.8 / 15	85%
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	5.2 / 10	52%
高确信度可识别性Conviction identifiability	4.1 / 15	27%
延续性 / 换手Persistence / turnover	9.3 / 10	93%
申报时滞Filing lag	0.0 / 10	0%
不可见风险Opacity risk	9.0 / 10	90%
独立共识Independent consensus	0.0 / 5	0%

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.