基本面成长Fundamental growth · famous

Tiger Global Management

老虎环球

研究可用度高High research usability

13F-RS 研究可用度13F-RS research usability 83.5 覆盖coverage 75% · 置信confidence B

结论先行Answer first

前五大占44.0%，最值得继续核验的动作是减持ALPHABET INCTop five represent 44.0%; reduction in ALPHABET INC is the clearest next diligence lead

最大可见非期权证券持仓为TAIWAN SEMICONDUCTOR MANUFAC（9.7%）；季度快照换手代理为14.8%，前十大延续率为100.0%。该机构归入“基本面成长”，13F只能解释公开的美国可报告证券多头。

The largest visible non-option security is TAIWAN SEMICONDUCTOR MANUFAC (9.7%). The quarterly snapshot turnover proxy is 14.8%, and top-ten persistence is 100.0%. The manager is classified as Fundamental growth; 13F covers only visible reportable U.S. long securities.

最重要的可比减持Most material comparable reductionALPHABET INCCAP STK CL A · CUSIP 02079K305股数 -45.4%；上季 13.38% → 本季 8.65%Shares -45.4%; prior 13.38% → current 8.65%减仓影响代理 ≈ 6.07 个百分点Sale-impact proxy ≈ 6.07 pp

最大退出候选Largest apparent exitAPPLOVIN CORPCOM CL A · CUSIP 03831W108本期同一换算后证券未见；上季权重 1.74%No comparable adjusted security this quarter; prior weight 1.74%减仓影响代理 ≈ 1.74 个百分点Sale-impact proxy ≈ 1.74 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ALPHABET 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 ALPHABET 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$23.98bn前期 2026-03-31: $22.85bn（仅作规模对照）Prior 2026-03-31: $22.85bn (scale context only)

经济持仓数Economic positions46按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration44.0%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy14.8%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

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
TIGER GLOBAL MANAGEMENT LLC	CIK 0001167483	13F-HR	0000919574-26-005427	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
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$2.33bn	9.72%	4,881,008	-12.3%
AMAZON COM INCCOM · CUSIP 023135106	—	$2.31bn	9.62%	9,683,558	-3.2%
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$2.24bn	9.34%	11,198,773	-6.8%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$2.07bn	8.65%	5,805,687	-45.4%
META PLATFORMS INCCL A · CUSIP 30303M102	—	$1.59bn	6.63%	2,823,180	-8.5%
LAM RESEARCH CORPCOM NEW · CUSIP 512807306	—	$1.37bn	5.72%	3,163,495	-18.9%
SEA LTDSPONSORD ADS · CUSIP 81141R100	—	$1.20bn	5.02%	12,559,152	-18.5%
APPLIED MATLS INCCOM · CUSIP 038222105	—	$1.18bn	4.92%	1,632,210	-1.5%
GE VERNOVA INCCOM · CUSIP 36828A101	—	$937.0m	3.91%	797,511	-18.0%
MICROSOFT CORPCOM · CUSIP 594918104	—	$845.6m	3.53%	2,266,913	-9.3%

新建仓位New positions 9

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
CEREBRAS SYSTEMS INCCOM CL A · CUSIP 15675D103	—	$662.8m	2.76%	2,999,000	—
ADVANCED MICRO DEVICES INCCOM · CUSIP 007903107	—	$392.0m	1.63%	674,727	—
SEAGATE TECHNOLOGY HLDNGS PLORD SHS · CUSIP G7997R103	—	$275.1m	1.15%	285,100	—
VISA INCCOM CL A · CUSIP 92826C839	—	$274.0m	1.14%	798,697	—
DANAHER CORP DELCOM · CUSIP 235851102	—	$86.9m	0.36%	456,000	—
SPACE EXPLORATION TECHN CORPCLASS A COM STK · CUSIP 84615Q103	—	$64.1m	0.27%	375,000	—
APPLIED DIGITAL CORPCOM NEW · CUSIP 038169207	—	$33.0m	0.14%	885,000	—
CIPHER DIGITAL INCCOM · CUSIP 17253J106	—	$22.7m	0.10%	927,000	—
CORE SCIENTIFIC INC NEWCOM · CUSIP 21874A106	—	$20.9m	0.09%	817,000	—

增持仓位Added positions 5

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
INTEL CORPCOM · CUSIP 458140100	—	$593.8m	2.48%	4,252,690	159.5%
CORPAY INCCOM SHS · CUSIP 219948106	—	$716.5m	2.99%	2,149,877	22.7%
BLOCK INCCL A · CUSIP 852234103	—	$347.8m	1.45%	4,576,007	14.4%
COUPANG INCCL A · CUSIP 22266T109	—	$633.4m	2.64%	36,467,972	5.4%
MERCADOLIBRE INCCOM · CUSIP 58733R102	—	$259.9m	1.08%	153,126	13.4%

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
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$2.07bn	8.65%	5,805,687	-45.4%
BROADCOM INCCOM · CUSIP 11135F101	—	$662.6m	2.76%	1,754,062	-51.1%
SEA LTDSPONSORD ADS · CUSIP 81141R100	—	$1.20bn	5.02%	12,559,152	-18.5%
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$2.33bn	9.72%	4,881,008	-12.3%
SPOTIFY TECHNOLOGY S ASHS · CUSIP L8681T102	—	$537.8m	2.24%	1,171,427	-25.9%
LAM RESEARCH CORPCOM NEW · CUSIP 512807306	—	$1.37bn	5.72%	3,163,495	-18.9%
GE VERNOVA INCCOM · CUSIP 36828A101	—	$937.0m	3.91%	797,511	-18.0%
META PLATFORMS INCCL A · CUSIP 30303M102	—	$1.59bn	6.63%	2,823,180	-8.5%
NVIDIA CORPORATIONCOM · CUSIP 67066G104	—	$2.24bn	9.34%	11,198,773	-6.8%
CHIME FINL INCCOM SHS CL A · CUSIP 16935C109	—	$108.2m	0.45%	5,284,045	-52.3%

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
APPLOVIN CORPCOM CL A · CUSIP 03831W108	—	$398.0m	1.74%	1,000,000	-100.0%
ZILLOW GROUP INCCL C CAP STK · CUSIP 98954M200	—	$304.9m	1.33%	7,368,957	-100.0%
NETFLIX INC.COM · CUSIP 64110L106	—	$234.5m	1.03%	2,439,000	-100.0%
ZSCALER INCCOM · CUSIP 98980G102	—	$221.6m	0.97%	1,579,766	-100.0%
PROCORE TECHNOLOGIES INCCOM · CUSIP 74275K108	—	$133.4m	0.58%	2,339,500	-100.0%
LUMENTUM HLDGS INCCOM · CUSIP 55024U109	—	$96.1m	0.42%	136,800	-100.0%
COSTAR GROUP INCCOM · CUSIP 22160N109	—	$60.5m	0.27%	1,500,000	-100.0%
ZILLOW GROUP INCCL A · CUSIP 98954M101	—	$42.4m	0.18%	1,023,733	-100.0%
ROBINHOOD VENTURES FD ICOM SHS · CUSIP 770701100	—	$10.6m	0.05%	400,000	-100.0%
PAYPAY CORPSPONSORED ADS · CUSIP 70450C101	—	$8.5m	0.04%	400,000	-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	10.0 / 10	100%
策略适配度Strategy fit	11.2 / 15	75%
集中度信息密度Concentration signal	10.0 / 10	100%
高确信度可识别性Conviction identifiability	14.1 / 15	94%
延续性 / 换手Persistence / turnover	9.1 / 10	91%
申报时滞Filing lag	0.0 / 10	0%
不可见风险Opacity risk	9.2 / 10	92%
独立共识Independent consensus	4.9 / 5	98%

策略分类：基本面成长。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Fundamental growth. 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.