Summary Included Manager 或 Cover Other Reporting Manager 的范围跨季改变；本季新增、增持、减持与退出均不分类。Summary Included Manager or Cover Other Reporting Manager scope changed across quarters; new, added, reduced and exit labels are all suppressed.
被动 / 指数平台Passive / index platform · platform
Vanguard
先锋领航
公开持仓Public holdings
13F-RS 研究可用度13F-RS research usability
49.8
覆盖coverage 63% · 置信confidence C
结论先行Answer first
可见持仓仍可阅读，但申报范围变化，本季不分类买卖Visible holdings remain readable, but filing scope changed and trades are not classified
最大可见非期权证券持仓为NVIDIA CORPORATION（5.9%）。Summary Included Manager 为1→0，Cover 外部报告管理人为0→0；换手、延续和方向性变化均暂停解释。
The largest visible non-option security is NVIDIA CORPORATION (5.9%). Summary Included Managers changed from 1 to 0, while Cover Page external reporting managers changed from 0 to 0; turnover, persistence and directional changes are not interpreted.
下一步Next diligence
先核对纳入管理人和申报图变化，恢复同口径持仓切片后再讨论增减持。
First reconcile included managers and the filer graph, then restore a like-for-like holdings slice before discussing buys or sells.
CUSIP bridge · terminal event
公司行动换算与事件退出Corporate-action adjustments and event exits
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 · 26,404,001 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 · 11,636,739 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 · 16,254,407 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 · 30,621,694 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 · 5,215,952 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 · 5,761,012 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 · 92,892,700 股shares | DEVON ENERGY CORP NEWCUSIP 25179M103换股所得 65,024,890 股 + 原有继承证券 81,228,585 股 = 可比基准 146,253,475 股；本季申报 144,805,843 股Converted 65,024,890 shares + 81,228,585 pre-existing successor shares = 146,253,475 comparable baseline shares; current filing 144,805,843 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 · 8,983,260 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 · 10,960,265 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 · 3,033,974 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 · 4,427,856 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 |
| 2026-06-25 | CLEARWATER ANALYTICS HLDGS ICUSIP 185123106 · 33,862,868 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 · 1,425 股shares | ASCENDIS PHARMA A/SCUSIP K08588103权威比例基准 1,425 股；本季申报 117,311 股Primary-ratio baseline 1,425 shares; current filing 117,311 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 |
| 2026-05-04 | THOMSON REUTERS CORPCUSIP 884903808 · 5,827,018 股shares | THOMSON REUTERS CORPCUSIP 884903881权威比例基准 5,737,049 股；本季申报 5,820,287 股Primary-ratio baseline 5,737,049 shares; current filing 5,820,287 shares | 核验来源Verification source资本返还后按 0.984560:1 合股并更换 CUSIP0.984560-for-1 share consolidation after a return of capital, with a CUSIP change |
| 2026-05-07 | CARNIVAL CORPCUSIP 143658300 · 140,255,296 股shares | CARNIVAL CORP LTDCUSIP G2004J103权威比例基准 140,255,296 股；本季申报 158,729,876 股Primary-ratio baseline 140,255,296 shares; current filing 158,729,876 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 |
| 2026-06-24 | DUPONT DE NEMOURS INCCUSIP 26614N102 · 50,226,174 股shares | DUPONT DE NEMOURS INCCUSIP 26614N201权威比例基准 16,742,058 股；本季申报 16,821,588 股Primary-ratio baseline 16,742,058 shares; current filing 16,821,588 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 · 63,415,430 股shares | HONEYWELL AEROSPACE INCCUSIP 43849R105权威比例基准 31,707,715 股；本季申报 31,528,902 股Primary-ratio baseline 31,707,715 shares; current filing 31,528,902 shares HONEYWELL INTL INCCUSIP 438516205权威比例基准 31,707,715 股；本季申报 31,862,659 股Primary-ratio baseline 31,707,715 shares; current filing 31,862,659 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 · 36,634,780 股shares | MARQETA INCCUSIP 57142B203权威比例换算为 9,158,695 股；本季却申报 37,488,584 股，因口径冲突不计算变化Primary ratio implies 9,158,695 shares, while the current filing reports 37,488,584; 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 |
|---|---|---|---|---|---|
| VANGUARD GROUP INC | CIK 0000102909 | 13F-NT | 0000102909-26-002714 | 2026-08-13 | 关系通知；继续追踪 Other ManagerRelationship notice; follow Other Manager |
| VANGUARD FIDUCIARY TRUST CO | CIK 0000933478 | 13F-HR | 0000933478-26-000015 | 2026-08-13 | usd_consistent_with_implied_prices |
| Vanguard Investments Australia, Ltd. | CIK 0001550100 | 13F-HR | 0001550100-26-000015 | 2026-08-13 | usd_consistent_with_implied_prices |
| VANGUARD PORTFOLIO MANAGEMENT LLC | CIK 0002100121 | 13F-HR | 0002100121-26-001018 | 2026-08-13 | usd_consistent_with_implied_prices |
| VANGUARD CAPITAL MANAGEMENT LLC | CIK 0002100119 | 13F-HR | 0002100119-26-001527 | 2026-08-13 | usd_consistent_with_implied_prices |
| VANGUARD MARKETING CORPORATION | CIK 0000217448 | 13F-HR | 0000217448-26-000023 | 2026-08-13 | sparse_rows_usd_consistent_with_implied_prices |
| Vanguard Personalized Indexing Management, LLC | CIK 0001767306 | 13F-HR | 0001104659-26-093984 | 2026-08-11 | usd_consistent_with_implied_prices |
| VANGUARD ASSET MANAGEMENT, Ltd | CIK 0001680208 | 13F-HR | 0001680208-26-000016 | 2026-08-13 | usd_consistent_with_implied_prices |
| Vanguard National Trust Co | CIK 0001984256 | 13F-HR | 0001984256-26-000011 | 2026-08-13 | usd_consistent_with_implied_prices |
| Vanguard Global Advisers, LLC | CIK 0001811242 | 13F-HR | 0001811242-26-000015 | 2026-08-13 | usd_consistent_with_implied_prices |
| VANGUARD ADVISERS INC | CIK 0000947529 | 13F-HR | 0000947529-26-000022 | 2026-08-13 | 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 |
|---|---|---|---|---|---|
| NVIDIA CORPORATIONCOM · CUSIP 67066G104 | — | $462.18bn | 5.92% | 2,309,847,332 | — |
| APPLE INCCOM · CUSIP 037833100 | — | $418.59bn | 5.37% | 1,446,608,468 | — |
| MICROSOFT CORPCOM · CUSIP 594918104 | — | $272.65bn | 3.50% | 730,932,405 | — |
| AMAZON COM INCCOM · CUSIP 023135106 | — | $204.68bn | 2.62% | 858,772,333 | — |
| ALPHABET INCCAP STK CL A · CUSIP 02079K305 | — | $194.33bn | 2.49% | 543,768,649 | — |
| BROADCOM INCCOM · CUSIP 11135F101 | — | $183.48bn | 2.35% | 485,729,491 | — |
| ALPHABET INCCAP STK CL C · CUSIP 02079K107 | — | $153.74bn | 1.97% | 435,122,905 | — |
| MICRON TECHNOLOGY INCCOM · CUSIP 595112103 | — | $127.19bn | 1.63% | 110,189,561 | — |
| META PLATFORMS INCCL A · CUSIP 30303M102 | — | $115.40bn | 1.48% | 204,862,022 | — |
| TESLA INCCOM · CUSIP 88160R101 | — | $110.77bn | 1.42% | 263,365,510 | — |
范围变化下的未分类差异Unclassified differences under a scope change 10
本季可见行展示本季值，仅上季可见行展示上季值；这些差异不归因于管理人交易。Rows visible this quarter show current values; prior-only rows show prior values. These differences are not attributed to manager trading.
| 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 CORPORATIONCOM · CUSIP 67066G104本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $462.18bn | 5.92% | 2,309,847,332 | — |
| APPLE INCCOM · CUSIP 037833100本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $418.59bn | 5.37% | 1,446,608,468 | — |
| MICROSOFT CORPCOM · CUSIP 594918104本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $272.65bn | 3.50% | 730,932,405 | — |
| AMAZON COM INCCOM · CUSIP 023135106本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $204.68bn | 2.62% | 858,772,333 | — |
| ALPHABET INCCAP STK CL A · CUSIP 02079K305本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $194.33bn | 2.49% | 543,768,649 | — |
| BROADCOM INCCOM · CUSIP 11135F101本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $183.48bn | 2.35% | 485,729,491 | — |
| ALPHABET INCCAP STK CL C · CUSIP 02079K107本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $153.74bn | 1.97% | 435,122,905 | — |
| MICRON TECHNOLOGY INCCOM · CUSIP 595112103本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $127.19bn | 1.63% | 110,189,561 | — |
| META PLATFORMS INCCL A · CUSIP 30303M102本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $115.40bn | 1.48% | 204,862,022 | — |
| TESLA INCCOM · CUSIP 88160R101本季可见；跨季差异不归因于交易Visible this quarter; cross-quarter difference not attributed to trading | — | $110.77bn | 1.42% | 263,365,510 | — |
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 | 8.5 / 10 | 85% | |
| 策略适配度Strategy fit | 4.5 / 15 | 30% | |
| 集中度信息密度Concentration signal | 4.9 / 10 | 49% | |
| 高确信度可识别性Conviction identifiability | 2.5 / 15 | 17% | |
| 延续性 / 换手Persistence / turnover | 0.0 / 10 | 0% | |
| 申报时滞Filing lag | 0.3 / 10 | 3% | |
| 不可见风险Opacity risk | 9.1 / 10 | 91% | |
| 独立共识Independent consensus | 5.0 / 5 | 100% |
策略分类：被动 / 指数平台。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Passive / index 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.