13F 披露季度：2026Q1 | 对比基准：2025Q4 | 数据分流：纯做多(SH-only, 已剔除PUT/CALL虚增)
| 标的 | 发行人全称 | 增持/建仓额 |
|---|---|---|
| ▸ 大幅增持 (Top 10) | ||
| EXXON MOBIL | EXXON MOBIL CORP | +$2.0B+39.2% |
| HONEYWELL IN | HONEYWELL INTL INC | +$1.1B+53.4% |
| KROGER CO | KROGER CO | +$986M+850.5% |
| CONOCOPHILLI | CONOCOPHILLIPS | +$963M+68.4% |
| APOLLO GLOBA | APOLLO GLOBAL MGMT INC | +$922M+515.7% |
| LAM RESEARCH | LAM RESEARCH CORP | +$789M+45.6% |
| COSTCO WHOLE | COSTCO WHOLESALE CORPORATION | +$704M+96.6% |
| VALERO ENERG | VALERO ENERGY CORP | +$662M+71.7% |
| ABBOTT LABOR | ABBOTT LABORATORIES | +$658M+47.1% |
| CISCO SYS IN | CISCO SYS INC | +$640M+16.5% |
| ▸ 新建仓位 (Top 5) | ||
| ASTRAZENECA NEW | ASTRAZENECA PLC | 首次建仓市值 $3.5B |
| FORGENT POWENEW | FORGENT POWER SOLUTIONS INC | 首次建仓市值 $102M |
| VERSANT MEDINEW | VERSANT MEDIA GROUP INC | 首次建仓市值 $47M |
| SUNBELT RENTNEW | SUNBELT RENTALS HOLDINGS INC | 首次建仓市值 $47M |
| DR REDDYS LANEW | DR REDDYS LABS LTD | 首次建仓市值 $40M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| MICROSOFT CO | MICROSOFT CORP | $-5.1B-26.5% |
| NVIDIA CORPO | NVIDIA CORPORATION | $-1.2B-6.8% |
| BROADCOM INC | BROADCOM INC | $-1.2B-11.6% |
| ORACLE CORP | ORACLE CORP | $-1.1B-68.1% |
| MASTERCARD I | MASTERCARD INCORPORATED | $-864M-24.0% |
| ELI LILLY AM | ELI LILLY AMP CO | $-850M-17.1% |
| AMAZON COM I | AMAZON COM INC | $-826M-6.9% |
| ACCENTURE PL | ACCENTURE PLC IRELAND | $-811M-37.0% |
| APPLOVIN COR | APPLOVIN CORP | $-744M-60.2% |
| WALMART INC | WALMART INC | $-678M-16.5% |
| ▸ 已清仓 (Top 5) | ||
| ASTRAZENECA EXIT | ASTRAZENECA PLC | -100.0% |
| MATTEL INCEXIT | MATTEL INC | -100.0% |
| ODDITY TECH EXIT | ODDITY TECH LTD | -100.0% |
| CYBERARK SOFEXIT | CYBERARK SOFTWARE LTD | -100.0% |
| NEW GOLD INCEXIT | NEW GOLD INC CDA | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$9.4B），5个全新建仓（合计$3.7B）。增量资金集中涌入Industrials板块（6/15笔），代表标的：EXXON MOBIL CORP、HONEYWELL INTL INC。
防御性减仓显著：10个仓位减持（-$15.5B），5个完全清仓（-$2.1B），防御姿态明确。减仓高度集中于Technology板块（9/15笔），代表标的：MICROSOFT CORP、NVIDIA CORPORATION、BROADCOM INC。
板块轮动特征显著：Industrials +5.0%，Real Estate+0.6%；Technology -4.2%，Financials-0.8%。结构分化清晰。
TMT小幅降权(-4pp)，工业微增(+5pp)，被动再平衡为主