13F-RS-v1.0 · versioned research framework
13F-RS 衡量一份公开申报对解释管理人持仓意图的研究可用度。它不是未来收益预测、管理人能力排名或跟单建议。
13F-RS measures how usable a public filing is for interpreting manager intent. It is not a return forecast, manager-skill ranking or copy-trading recommendation.
先验收数据，再解释持仓Validate first, interpret second
Shares first · price neutral
同一换算后证券的股数下降超过 2% 才归为减持；市值下降可能只是价格下跌，权重上升也不代表机构加仓。
A comparable adjusted security is reduced only when shares fall by more than 2%. Market value can fall with price, while a rising weight does not prove buying.
减仓影响代理 = 上季可见权重 × max(0, −股数变化率)。清仓的代理等于上季权重；不单凭 100% 降幅把尾部小仓排第一。
sale-impact proxy = prior visible weight × max(0, −share change). An exit equals the prior weight, so a tiny tail is not ranked first merely because the decline is 100%.
拆股、分拆、迁册、ADS 转普通股和换股并购会制造“旧股清仓 + 新股建仓”的假象。只有找到权威来源与明确比例才跨证券键比较；若上季已持有继承证券，还要把原仓与换股所得相加。
Splits, spin-offs, redomiciliations, ADS exchanges and stock mergers can create a false old-security exit plus new-security entry. A bridge requires a primary source and explicit ratio, and any pre-existing successor stake is added to the converted baseline.
已完成现金或 CVR 结算且旧证券注销时，没有 13F 继承证券可比较。旧 CUSIP 从减持、退出候选和跨机构卖出共识中剔除，另进入公司事件账本。
Once a cash or CVR merger closes and the old security is cancelled, no 13F successor exists. The old CUSIP is excluded from reductions, apparent exits and cross-manager sell consensus and moved to the event ledger.
Summary Page 的 Included Managers 与 Cover Page 的 Other Reporting Managers 不是同一字段。任一可比申报人的集合跨季改变，当前聚合模型会暂停新增、增持、减持与退出分类。
Summary Page Included Managers and Cover Page Other Reporting Managers are different fields. If either set changes for a comparable filer, this aggregate model suppresses new, added, reduced and exit labels.
范围稳定的组合申报仍可比较两季都出现的同一证券股数；但 Column 7 与外部管理人可能使缺席含义不完整，因此未见证券单列为“未分类缺席”。
A stable combination report can compare shares for securities visible in both quarters. But Column 7 and external managers make absences incomplete, so missing securities remain “unclassified absences.”
只有申报范围可比、没有组合/关系或保密缺口且已排除已知公司事件，未见证券才进入退出候选；票据到期、退市及未知事件仍需继续核验。
An absence becomes an apparent exit only when filing scope is comparable, no combination/notice/confidential gap exists and known corporate events are cleared. Maturities, delistings and unknown events still require diligence.
| 生效日Effective | 上季证券Prior security | 本季可比证券 / 事件处置Current comparable security / event treatment | 证据Evidence |
|---|---|---|---|
| 2026-04-07 | HOLOGIC INCCUSIP 436440101 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 |
| 2026-04-20 | ASCENDIS PHARMA A/SCUSIP 04351P101 | ASCENDIS PHARMA A/SCUSIP K08588103 · ×1.000000 | 权威来源Primary 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 |
| 2026-04-27 | AMICUS THERAPEUTICSCUSIP 03152W109 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 |
| 2026-05-04 | THOMSON REUTERS CORPCUSIP 884903808 | THOMSON REUTERS CORPCUSIP 884903881 · ×0.984560 | 权威来源Primary 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 |
| 2026-05-05 | TERNS PHARMACEUTICALS INCCUSIP 880881107 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | DEVON ENERGY CORP NEWCUSIP 25179M103 · ×0.700000 | 权威来源Primary 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 |
| 2026-05-07 | CARNIVAL CORPCUSIP 143658300 | CARNIVAL CORP LTDCUSIP G2004J103 · ×1.000000 | 权威来源Primary 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 |
| 2026-05-14 | TRI POINTE HOMES INCCUSIP 87265H109 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 |
| 2026-06-24 | DUPONT DE NEMOURS INCCUSIP 26614N102 | DUPONT DE NEMOURS INCCUSIP 26614N201 · ×0.333333 | 权威来源Primary source1:3 反向拆股并更换 CUSIP1-for-3 reverse stock split and CUSIP change |
| 2026-06-25 | CLEARWATER ANALYTICS HLDGS ICUSIP 185123106 | 现金/CVR 结算；无 13F 继承证券；已从卖出与退出分类剔除Cash/CVR settlement; no 13F successor security; excluded from sale and exit classification | 权威来源Primary 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 |
| 2026-06-29 | HONEYWELL INTL INCCUSIP 438516106 | HONEYWELL AEROSPACE INCCUSIP 43849R105 · ×0.500000 HONEYWELL INTL INCCUSIP 438516205 · ×0.500000 | 权威来源Primary 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 | MARQETA INCCUSIP 57142B203 · ×0.250000季末报量口径冲突：本季不分类买卖Quarter-end quantity convention conflict: trade classification suppressed | 权威来源Primary 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 |
比例只用于恢复可比股数，不证明期间没有交易；现金/CVR事件没有继承证券，只负责消除假卖出。新公司行动必须先进入来源清单并重跑全部受影响机构。Ratios only restore comparable shares and do not prove an absence of intraperiod trading; cash/CVR events have no successor and only prevent false sale labels. New actions must enter the source ledger before all affected managers are rerun.
13F-RS-v1.0
| 维度Dimension | 满分Max | 判断规则Decision rule |
|---|---|---|
| 申报完整性Filing integrityfiling_integrity | 15 | 申报行数、汇总值、修订语义与单位能否对上。X0202 也不机械假设美元：用非期权普通股的 value / shares 隐含价格做二次校验。Whether rows, summary value, amendment semantics and units reconcile. Even X0202 is checked with value-per-share implied prices on non-option common holdings. |
| 实体映射Entity mappingentity_mapping | 10 | 品牌、法律申报人、CIK、Other Manager 与母公司关系是否解析完整，并避免把 13F-NT 误称为保密申请。Whether brand, legal filer, CIK, Other Manager and parent relationships are resolved, without mislabeling 13F-NT as confidential treatment. |
| 策略适配度Strategy fitstrategy_fit | 15 | 13F 与策略的匹配程度。集中多头通常更可读；平台、宏观、量化和多策略的可见切片更窄。How well 13F matches the strategy. Concentrated long portfolios are usually more readable; platform, macro, quant and multi-strategy slices are narrower. |
| 集中度信息密度Concentration signalconcentration | 10 | 前十集中度和有效持仓数衡量信息密度；集中不等于高水平，也不等于低风险。Top-ten concentration and effective position count measure information density; concentration is neither skill nor low risk. |
| 高确信度可识别性Conviction identifiabilityconviction_proxy | 15 | 当前用单仓 ≥2% 作为有限代理；没有基准主动权重时，不把绝对大仓位直接解释成主动确信度。Currently uses positions at or above 2% as a limited proxy; without benchmark active weights, absolute size is not treated as active conviction. |
| 延续性 / 换手Persistence / turnoverpersistence | 10 | 用股数延续、前十大延续和同价漂移组合估算季度快照换手；不是已实现交易流水。Uses share persistence, top-ten persistence and a same-price drift portfolio to estimate snapshot turnover; it is not realized transaction history. |
| 申报时滞Filing lagfiling_lag | 10 | 以 EDGAR 实际受理日计算可获得时滞，而不是假设季末即可知道；10 日内满分，45 日降至零。Uses the actual EDGAR acceptance date rather than pretending quarter-end availability; full freshness inside 10 days, decaying to zero at 45 days. |
| 不可见风险Opacity riskopacity | 10 | 期权、修订、保密遗漏与策略特有的账外敞口越多，越难恢复净方向。期权股数是标的股数，不是合约数。Options, amendments, confidential omissions and strategy-specific invisible exposure make net direction harder to recover. Option shares are underlying shares, not contract counts. |
| 独立共识Independent consensusindependent_consensus | 5 | 按独立品牌母体与策略类型去重；同向变化提高研究优先级，也可能意味着拥挤风险。Deduplicates by independent brand parent and style; shared change raises research priority but can also signal crowding. |
RS = Σ(weightᵢ × ratioᵢ)
覆盖度与 A–D 数据置信等级单独展示，不藏进总分。关键字段缺失时，页面不做精确排名。所有公式变化都提升版本号；如无法重跑历史，则保留旧分数版本。
Coverage and A–D data confidence are displayed separately rather than hidden inside the total. Missing critical fields prevent precise ranking. Formula changes increment the version; old score versions remain if history cannot be rerun.
Living method · 2026-08-16
Vanguard 与 Pershing Square 说明：NT 是 Notice，不等于保密处理。必须逐个报告期独立重建 Other Manager 图，并从相邻两期已知品牌节点的并集出发；本季关系不能直接倒套上季。
Vanguard and Pershing Square show that NT is a notice, not confidential treatment. Rebuild the Other Manager graph independently for every report date, starting from the union of brand nodes known across adjacent quarters; never project the current graph backward.
部分申报仍表现为旧式“千美元”口径。保留原值与倍数，并用普通股 value / shares 的中位隐含价格检测；异常会降低完整性置信度。
Some filings still behave like legacy thousands. Preserve raw value and multiplier, then test median common-stock value / shares; anomalies reduce integrity confidence.
RESTATEMENT 替换原表，NEW HOLDINGS 追加遗漏行。原始申报与修订链应能重建时点视图；当前页采用截至 as_of 的有效结果，回测只能使用当时已公开的链条。
RESTATEMENT replaces the original table; NEW HOLDINGS appends omitted rows. Source filings and the amendment chain should support point-in-time reconstruction; this page uses the effective result as of as_of, while backtests may use only the chain then public.
同一平台旗下多个申报实体不算多票；还要看策略类型是否独立，避免把同一数据源误当广泛共识。
Multiple filers under one platform are not multiple votes; style independence also matters so one source is not mistaken for broad consensus.
回测和判断只能使用 EDGAR accepted_at 之后的信息。季末日不是投资者可见日，45 天滞后会显著改变可交易性。
Backtests and decisions may use information only after EDGAR accepted_at. Quarter-end is not the public-availability date; the 45-day lag changes tradability.
13F 没有执行价、到期日、权利金或配套对冲。Put/Call 名义价值不能直接解释成看空/看多，也不能与股票总值机械相加。
13F omits strike, expiry, premium and paired hedges. Put/call notional value is not a direct bearish/bullish read and should not be mechanically added to stock exposure.
减持先按换算后的股数判定，再用上季可见权重乘股数降幅排序。报告权重变化单列展示，不能把它当作交易量。
Classify reductions from adjusted shares, then rank by prior visible weight times the share decline. Reported weight change is shown separately and is not trading volume.
现金/CVR结算从卖出集合剔除；换股并购用“原有继承证券 + 换股所得”建立上季可比基线。事件账本与持仓变化表分开，避免把证券注销当成主动交易。
Cash/CVR settlements leave the sale universe; stock mergers use pre-existing successor shares plus converted shares as the prior baseline. The event ledger stays separate from holdings changes so cancellation is not mistaken for active trading.
逐 CIK 比较 Summary Included Managers 和 Cover Other Reporting Managers，并拆解 Column 7 的管理人序号。范围改变时暂停全部方向分类；稳定组合申报只暂停缺席到退出的推断。
For each CIK, compare Summary Included Managers and Cover Other Reporting Managers and tokenize Column 7 manager sequences. A scope change suppresses all directional labels; a stable combination report suppresses only absence-to-exit inference.
Research foundations
谁要申报、报告证券、季度时点与 45 天期限的制度原文。Primary instructions for filers, reportable securities, quarter-end snapshots and the 45-day deadline.
字段、版本、修订和电子申报结构的技术合同。Technical contract for fields, versions, amendments and electronic filing structure.
SEC 工作人员对申报主体、可报告证券、期权、合并申报与保密处理等操作问题的说明。SEC staff guidance on filers, reportable securities, options, combination reports and confidential treatment.
SEC 结构化汇总数据适合批量研究；单笔核验仍回到 EDGAR accession 与原始 XML。SEC structured datasets support bulk research; filing-level verification still returns to the EDGAR accession and source XML.
审计指出历史上存在准确性、完整性与监督缺口，支持逐份做行数、金额、证券和修订验收。The audit documented historical accuracy, completeness and oversight gaps, supporting filing-by-filing row, value, security and amendment checks.
研究高确信度持仓与组合其余部分的差异；提示应关注主动权重，而非仅看绝对仓位。Studies high-conviction holdings versus the rest of the portfolio; motivates active weights rather than raw size alone.
用持仓披露检验对冲基金选股和组合特征，同时展示只看公开多头的局限。Uses holdings disclosure to study hedge-fund stock selection and portfolio traits, while illustrating limits of the visible long book.
研究保密持仓与延迟披露，说明公开 13F 可能系统性漏掉最敏感的想法。Studies confidential holdings and delayed disclosure, showing that public 13F can systematically omit sensitive ideas.
讨论强制披露的成本、行为反应与复制风险。Examines costs, behavioral responses and imitation risk from mandatory portfolio disclosure.
在大型银行控股公司样本中发现证券匹配、市场估值和修订报告可能存在显著差异，支持把 13F 当作需验收的数据而非无误真值。Finds material security-matching, valuation and amendment discrepancies in a sample of large bank holding companies, supporting validation rather than blind trust.
系统研究 restatement 及其信息含量，说明修订不能静默覆盖历史；研究与回测应区分当时可见申报和后来修订后的有效结果。Studies restatements and their information content, showing why research and backtests should distinguish the filing visible at the time from the later effective result.
用实际 EDGAR 申报日期研究时滞选择，发现前置交易和投票动机与延迟有关；支持用 accepted_at 而不是统一假设 45 天。Uses actual EDGAR filing dates to study delay choice and links delays to front-running and voting motives; supports accepted_at rather than a blanket 45-day assumption.
把伯克希尔长期持仓与质量、低风险和杠杆因子联系起来；不是简单复刻当季 13F。Links Berkshire's long record to quality, low-risk and leverage factors; it is not a recipe for copying one quarter's 13F.
展示机构共同持有结构可用于研究产业与治理问题，超越“谁买了哪只股票”。Shows that common institutional ownership supports industry and governance research beyond who bought which stock.