基本面成长Fundamental growth · famous

Viking Global Investors

维京环球

研究可用度中Medium research usability

13F-RS 研究可用度13F-RS research usability 74.5 覆盖coverage 75% · 置信confidence B

结论先行Answer first

前五大占21.8%，最值得继续核验的动作是退出候选APPLE INCTop five represent 21.8%; apparent exit candidate in APPLE INC is the clearest next diligence lead

最大可见非期权证券持仓为VISA INC（6.3%）；季度快照换手代理为30.6%，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 VISA INC (6.3%). The quarterly snapshot turnover proxy is 30.6%, 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 reductionTESLA INCCOM · CUSIP 88160R101股数 -78.0%；上季 2.59% → 本季 0.66%Shares -78.0%; prior 2.59% → current 0.66%减仓影响代理 ≈ 2.02 个百分点Sale-impact proxy ≈ 2.02 pp

最大退出候选Largest apparent exitAPPLE INCCOM · CUSIP 037833100本期同一换算后证券未见；上季权重 2.55%No comparable adjusted security this quarter; prior weight 2.55%减仓影响代理 ≈ 2.55 个百分点Sale-impact proxy ≈ 2.55 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

把退出候选APPLE 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 apparent exit candidate in APPLE 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$35.08bn前期 2026-03-31: $35.75bn（仅作规模对照）Prior 2026-03-31: $35.75bn (scale context only)

经济持仓数Economic positions90按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration21.8%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy30.6%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

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
2026-05-07	CARNIVAL CORPCUSIP 143658300 · 13,721,348 股shares	CARNIVAL CORP LTDCUSIP G2004J103权威比例基准 13,721,348 股；本季申报 14,299,953 股Primary-ratio baseline 13,721,348 shares; current filing 14,299,953 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

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
VIKING GLOBAL INVESTORS LP	CIK 0001103804	13F-HR	0001103804-26-000006	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
VISA INCCOM CL A · CUSIP 92826C839	—	$2.19bn	6.25%	6,393,604	1.0%
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$1.51bn	4.31%	3,168,097	-29.1%
AIR PRODUCTS AND CHEMICALS ICOM · CUSIP 009158106	—	$1.39bn	3.96%	4,740,351	15.5%
SHERWIN WILLIAMS COCOM · CUSIP 824348106	—	$1.33bn	3.80%	3,875,879	24.5%
FORTIVE CORPCOM · CUSIP 34959J108	—	$1.22bn	3.47%	19,934,762	-11.3%
META PLATFORMS INCCL A · CUSIP 30303M102	—	$1.05bn	3.00%	1,867,619	75.8%
SCHWAB CHARLES CORPCOM · CUSIP 808513105	—	$981.6m	2.80%	10,638,869	-27.4%
THERMO FISHER SCIENTIFIC INCCOM · CUSIP 883556102	—	$971.3m	2.77%	1,937,415	16.1%
JPMORGAN CHASE & COCOM · CUSIP 46625H100	—	$949.1m	2.71%	2,899,386	7.2%
LENNOX INTL INCCOM · CUSIP 526107107	—	$911.5m	2.60%	1,590,959	1.2%

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
FERRARI N VCOM · CUSIP N3167Y103	—	$816.9m	2.33%	2,204,309	—
MSCI INCCOM · CUSIP 55354G100	—	$650.0m	1.85%	1,160,687	—
UNION PAC CORPCOM · CUSIP 907818108	—	$556.9m	1.59%	2,047,332	—
DIGITAL RLTY TR INCCOM · CUSIP 253868103	—	$414.9m	1.18%	2,310,475	—
CVS HEALTH CORPCOM · CUSIP 126650100	—	$379.0m	1.08%	3,663,361	—
FEDEX FGHT HLDG CO INCCOMMON STOCK · CUSIP 314352105	—	$357.4m	1.02%	2,366,634	—
MORGAN STANLEYCOM NEW · CUSIP 617446448	—	$339.2m	0.97%	1,622,593	—
QUALCOMM INCCOM · CUSIP 747525103	—	$279.8m	0.80%	1,514,185	—
APTIV PLCCOM SHS · CUSIP G3265R107	—	$279.5m	0.80%	4,552,887	—
AVALONBAY CMNTYS INCCOM · CUSIP 053484101	—	$252.8m	0.72%	1,339,782	—

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
AMAZON COM INCCOM · CUSIP 023135106	—	$882.1m	2.51%	3,700,862	209.6%
META PLATFORMS INCCL A · CUSIP 30303M102	—	$1.05bn	3.00%	1,867,619	75.8%
SHERWIN WILLIAMS COCOM · CUSIP 824348106	—	$1.33bn	3.80%	3,875,879	24.5%
INTERACTIVE BROKERS GROUP INCOM CL A · CUSIP 45841N107	—	$420.5m	1.20%	4,830,748	246.5%
WATERS CORPCOM · CUSIP 941848103	—	$623.4m	1.78%	1,662,140	32.3%
AIR PRODUCTS AND CHEMICALS ICOM · CUSIP 009158106	—	$1.39bn	3.96%	4,740,351	15.5%
JPMORGAN CHASE & COCOM · CUSIP 46625H100	—	$949.1m	2.71%	2,899,386	7.2%
THERMO FISHER SCIENTIFIC INCCOM · CUSIP 883556102	—	$971.3m	2.77%	1,937,415	16.1%
HOME DEPOT INCCOM · CUSIP 437076102	—	$324.7m	0.93%	920,595	82.6%
SEA LTDSPONSORD ADS · CUSIP 81141R100	—	$543.3m	1.55%	5,669,877	19.7%

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
TESLA INCCOM · CUSIP 88160R101	—	$230.4m	0.66%	547,816	-78.0%
DISNEY WALT COCOM · CUSIP 254687106	—	$689.0m	1.96%	7,158,406	-46.2%
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$1.51bn	4.31%	3,168,097	-29.1%
SCHWAB CHARLES CORPCOM · CUSIP 808513105	—	$981.6m	2.80%	10,638,869	-27.4%
INTERCONTINENTAL EXCHANGE INCOM · CUSIP 45866F104	—	$341.9m	0.97%	2,777,138	-42.6%
ATI INCCOM · CUSIP 01741R102	—	$227.4m	0.65%	1,153,880	-65.4%
MICROSOFT CORPCOM · CUSIP 594918104	—	$544.1m	1.55%	1,458,618	-36.8%
GENERAL MTRS COCOM · CUSIP 37045V100	—	$385.8m	1.10%	5,005,833	-45.5%
CHUBB LIMITEDCOM · CUSIP H1467J104	—	$128.6m	0.37%	377,312	-70.9%
MEDLINE INCCOM CL A · CUSIP 58507V107	—	$190.9m	0.54%	4,841,080	-57.7%

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
APPLE INCCOM · CUSIP 037833100	—	$911.9m	2.55%	3,593,057	-100.0%
CSX CORPCOM · CUSIP 126408103	—	$766.7m	2.15%	18,678,052	-100.0%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$689.0m	1.93%	2,395,865	-100.0%
PNC FINL SVCS GROUP INCCOM · CUSIP 693475105	—	$629.9m	1.76%	3,027,092	-100.0%
T-MOBILE US INCCOM · CUSIP 872590104	—	$623.2m	1.74%	2,967,374	-100.0%
HCA HEALTHCARE INCCOM · CUSIP 40412C101	—	$508.8m	1.42%	1,075,133	-100.0%
CELESTICA INCCOM · CUSIP 15101Q207	—	$466.2m	1.30%	1,654,989	-100.0%
PROGRESSIVE CORPCOM · CUSIP 743315103	—	$320.5m	0.90%	1,616,559	-100.0%
AMERICAN INTL GROUP INCCOM NEW · CUSIP 026874784	—	$317.6m	0.89%	4,221,223	-100.0%
API GROUP CORPCOM STK · CUSIP 00187Y100	—	$236.5m	0.66%	5,837,000	-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	6.6 / 10	66%
高确信度可识别性Conviction identifiability	10.3 / 15	69%
延续性 / 换手Persistence / turnover	8.2 / 10	82%
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	4.0 / 5	80%

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.