| 标的 | 发行人全称 | 增持/建仓额 |
|---|---|---|
| ▸ 大幅增持 (Top 10) | ||
| WALMART INC | WALMART INC | +$2.6B+94.1% |
| BERKSHIRE HA | BERKSHIRE HATHAWAY INC DEL | +$2.3B+5876.5% |
| INVESCO EXCH | INVESCO EXCHANGE TRADED FD T | +$2.0B+1354.7% |
| MICRON TECHN | MICRON TECHNOLOGY INC | +$1.3B+46.0% |
| LAM RESEARCH | LAM RESEARCH CORP | +$1.3B+32.7% |
| APPLIED MATL | APPLIED MATLS INC | +$1.3B+61.7% |
| EXXON MOBIL | EXXON MOBIL CORP | +$1.1B+53.4% |
| JOHNSON & JO | JOHNSON & JOHNSON | +$1.0B+39.7% |
| CATERPILLAR | CATERPILLAR INC | +$991M+57.0% |
| BECTON DICKI | BECTON DICKINSON & CO | +$864M+117.5% |
| ▸ 新建仓位 (Top 5) | ||
| ASTRAZENECA NEW | ASTRAZENECA PLC | 首次建仓市值 $2.0B |
| SUNBELT RENTNEW | SUNBELT RENTALS HOLDINGS INC | 首次建仓市值 $658M |
| PINNACLE FINNEW | PINNACLE FINL PARTNERS INC | 首次建仓市值 $308M |
| FORGENT POWENEW | FORGENT POWER SOLUTIONS INC | 首次建仓市值 $180M |
| INDIVIOR PHANEW | INDIVIOR PHARMACEUTICALS INC | 首次建仓市值 $48M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| MICROSOFT CO | MICROSOFT CORP | $-6.2B-28.4% |
| META PLATFOR | META PLATFORMS INC | $-3.1B-25.7% |
| AMAZON COM I | AMAZON COM INC | $-1.9B-13.5% |
| NVIDIA CORPO | NVIDIA CORPORATION | $-1.8B-6.8% |
| BROADCOM INC | BROADCOM INC | $-1.7B-14.0% |
| APPLOVIN COR | APPLOVIN CORP | $-1.6B-49.2% |
| APPLE INC | APPLE INC | $-1.5B-7.4% |
| ORACLE CORP | ORACLE CORP | $-1.4B-98.2% |
| TESLA INC | TESLA INC | $-1.3B-17.5% |
| ALPHABET INC | ALPHABET INC | $-1.0B-7.2% |
| ▸ 已清仓 (Top 5) | ||
| ASTRAZENECA EXIT | ASTRAZENECA PLC | -100.0% |
| PINNACLE FINEXIT | PINNACLE FINL PARTNERS INC | -100.0% |
| DAYFORCE INCEXIT | DAYFORCE INC | -100.0% |
| COMERICA INCEXIT | COMERICA INC | -100.0% |
| GLOBAL X FDSEXIT | GLOBAL X FDS | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$14.7B），5个全新建仓（合计$3.2B）。增量资金集中涌入Healthcare板块（4/15笔），板块集中度显著。
防御性减仓显著：10个仓位减持（-$22.6B），5个完全清仓（-$1.1B），防御姿态明确。减仓高度集中于Technology板块（11/15笔），代表标的：MICROSOFT CORP、META PLATFORMS INC、AMAZON COM INC。
板块轮动特征显著：Industrials +4.1%，Consumer +1.8%；Technology -5.2%，Financials-0.9%。结构分化清晰。
TMT小幅降权(-5pp)，工业微增(+4pp)，被动再平衡为主