事件驱动 / 集中Event-driven / concentrated · famous

Third Point

第三点

研究可用度中Medium research usability

13F-RS 研究可用度13F-RS research usability 69.8 覆盖coverage 75% · 置信confidence B

结论先行Answer first

前五大占38.4%，最值得继续核验的动作是新建WARNER BROS DISCOVERY INCTop five represent 38.4%; new position in WARNER BROS DISCOVERY INC is the clearest next diligence lead

最大可见非期权证券持仓为WARNER BROS DISCOVERY INC（11.4%）；季度快照换手代理为45.1%，前十大延续率为66.8%。该机构归入“事件驱动/集中”，13F只能解释公开的美国可报告证券多头。

The largest visible non-option security is WARNER BROS DISCOVERY INC (11.4%). The quarterly snapshot turnover proxy is 45.1%, and top-ten persistence is 66.8%. The manager is classified as Event-driven/concentrated; 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 -9.8%；上季 19.40% → 本季 8.91%Shares -9.8%; prior 19.40% → current 8.91%减仓影响代理 ≈ 1.90 个百分点Sale-impact proxy ≈ 1.90 pp

最大退出候选Largest apparent exitMETA PLATFORMS INCCL A · CUSIP 30303M102本期同一换算后证券未见；上季权重 2.47%No comparable adjusted security this quarter; prior weight 2.47%减仓影响代理 ≈ 2.47 个百分点Sale-impact proxy ≈ 2.47 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

把新建WARNER BROS DISCOVERY 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 new position in WARNER BROS DISCOVERY 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$4.68bn前期 2026-03-31: $2.08bn（仅作规模对照）Prior 2026-03-31: $2.08bn (scale context only)

经济持仓数Economic positions43按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration38.4%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy45.1%范围变化时不估算not estimated when scope changes

前十大延续Top-ten persistence66.8%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

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
Third Point LLC	CIK 0001040273	13F-HR	0001040273-26-000003	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
WARNER BROS DISCOVERY INCCOM SER A · CUSIP 934423104	—	$533.2m	11.39%	20,000,000	—
AMAZON COM INCCOM · CUSIP 023135106	—	$417.1m	8.91%	1,750,000	-9.8%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$366.3m	7.83%	1,025,000	485.7%
CRH PLCORD · CUSIP G25508105	—	$234.9m	5.02%	2,195,000	15.5%
TELEPHONE & DATA SYS INCCOM NEW · CUSIP 879433829	—	$232.2m	4.96%	6,275,000	-4.9%
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$219.7m	4.69%	460,000	67.3%
LIVE NATION ENTERTAINMENT INCOM · CUSIP 538034109	—	$207.8m	4.44%	1,135,000	144.1%
KEYSIGHT TECHNOLOGIES INCCOM · CUSIP 49338L103	—	$204.8m	4.38%	585,000	—
SOMNIGROUP INTERNATIONAL INCCOM · CUSIP 88023U101	—	$201.5m	4.31%	2,570,769	13.2%
BLOCK INCCL A · CUSIP 852234103	—	$194.5m	4.16%	2,558,943	—

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
WARNER BROS DISCOVERY INCCOM SER A · CUSIP 934423104	—	$533.2m	11.39%	20,000,000	—
KEYSIGHT TECHNOLOGIES INCCOM · CUSIP 49338L103	—	$204.8m	4.38%	585,000	—
BLOCK INCCL A · CUSIP 852234103	—	$194.5m	4.16%	2,558,943	—
FLEX LTDORD · CUSIP Y2573F102	—	$166.9m	3.57%	1,030,000	—
TTM TECHNOLOGIES INCCOM · CUSIP 87305R109	—	$94.4m	2.02%	505,000	—
PERFORMANCE FOOD GROUP COCOM · CUSIP 71377A103	—	$75.5m	1.61%	675,000	—
ALPHABET INCDEP SHS RP1/20 A · CUSIP 02079K404	—	$66.2m	1.41%	1,300,000	—
SYSCO CORPCOM · CUSIP 871829107	—	$48.2m	1.03%	580,000	—
ARES MANAGEMENT CORPORATIONCL A COM STK · CUSIP 03990B101	—	$41.7m	0.89%	375,000	—
SPACE EXPLORATION TECHN CORPCLASS A COM STK · CUSIP 84615Q103	—	$30.8m	0.66%	180,415	—

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
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$366.3m	7.83%	1,025,000	485.7%
CRH PLCORD · CUSIP G25508105	—	$234.9m	5.02%	2,195,000	15.5%
SOMNIGROUP INTERNATIONAL INCCOM · CUSIP 88023U101	—	$201.5m	4.31%	2,570,769	13.2%
NORFOLK SOUTHN CORPCOM · CUSIP 655844108	—	$188.8m	4.03%	600,000	500.0%
DANAHER CORP DELCOM · CUSIP 235851102	—	$102.9m	2.20%	540,000	2.9%
CAPITAL ONE FINL CORPCOM · CUSIP 14040H105	—	$165.5m	3.54%	825,000	489.3%
API GROUP CORPCOM STK · CUSIP 00187Y100	—	$121.3m	2.59%	2,865,000	41.1%
HUT 8 CORPCOM · CUSIP 44812J104	—	$151.8m	3.24%	1,315,000	51.2%
LIVE NATION ENTERTAINMENT INCOM · CUSIP 538034109	—	$207.8m	4.44%	1,135,000	144.1%
UNION PAC CORPCOM · CUSIP 907818108	—	$95.2m	2.03%	350,000	250.0%

减持仓位Reduced positions 4

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	—	$417.1m	8.91%	1,750,000	-9.8%
CARPENTER TECHNOLOGY CORPCOM · CUSIP 144285103	—	$132.6m	2.83%	215,000	-30.6%
TELEPHONE & DATA SYS INCCOM NEW · CUSIP 879433829	—	$232.2m	4.96%	6,275,000	-4.9%
MASTEC INCCOM · CUSIP 576323109	—	$120.7m	2.58%	290,000	-9.4%

退出候选Apparent exits 9

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
META PLATFORMS INCCL A · CUSIP 30303M102	—	$51.5m	2.47%	90,000	-100.0%
SPDR GOLD TRGOLD SHS · CUSIP 78463V107	—	$40.9m	1.96%	95,000	-100.0%
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$33.1m	1.59%	190,000	-100.0%
KLA CORPCOM NEW · CUSIP 482480100	—	$16.2m	0.78%	11,000	-100.0%
LAM RESEARCH CORPCOM NEW · CUSIP 512807306	—	$16.0m	0.77%	75,000	-100.0%
BROADCOM INCCOM · CUSIP 11135F101	—	$15.5m	0.74%	50,000	-100.0%
VANECK ETF TRUSTSEMICONDUCTR ETF · CUSIP 92189F676	—	$15.3m	0.74%	40,000	-100.0%
SHARKNINJA INCCOM SHS · CUSIP G8068L108	—	$13.8m	0.66%	130,509	-100.0%
CLARITEV CORPORATIONCL A NEW · CUSIP 62548M209	—	$719.0k	0.04%	44,000	-100.0%

期权切片Options slice 1

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
STATE STR SPDR S&P 500 ETF TTR UNIT · CUSIP 78462F103	PUT	$28.8m	0.61%	40,000	—

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	7.5 / 15	50%
集中度信息密度Concentration signal	10.0 / 10	100%
高确信度可识别性Conviction identifiability	8.8 / 15	59%
延续性 / 换手Persistence / turnover	6.0 / 10	60%
申报时滞Filing lag	0.0 / 10	0%
不可见风险Opacity risk	8.2 / 10	82%
独立共识Independent consensus	4.3 / 5	86%

策略分类：事件驱动 / 集中。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Event-driven / concentrated. 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.