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) | ||
| CRESCENT ENE | CRESCENT ENERGY COMPANY | +$162M+72.3% |
| AMERICAN WTR | AMERICAN WTR CAP CORP | +$34M+4084.9% |
| BLACKSTONE M | BLACKSTONE MORTGAGE TRUST IN | +$6M+135.1% |
| COHERUS ONCO | COHERUS ONCOLOGY INC | +$819K+19.3% |
| PPL CAP FDG | PPL CAP FDG INC | +$800K+6.7% |
| WEC ENERGY G | WEC ENERGY GROUP INC | +$588K+6.3% |
| WESTERN DIGI | WESTERN DIGITAL CORP | +$464K+56.2% |
| MICROCHIP TE | MICROCHIP TECHNOLOGY INC. | +$443K+187.8% |
| ADVANCED ENE | ADVANCED ENERGY INDS | +$287K+46.5% |
| JAZZ INVESTM | JAZZ INVESTMENTS I LTD | +$124K+6.4% |
| ▸ 新建仓位 (Top 5) | ||
| BLOCK INCNEW | BLOCK INC | 首次建仓市值 $32M |
| OXFORD LANE NEW | OXFORD LANE CAP CORP | 首次建仓市值 $31M |
| LCI INDSNEW | LCI INDS | 首次建仓市值 $7M |
| JD.COM INCNEW | JD.COM INC | 首次建仓市值 $7M |
| CHEESECAKE FNEW | CHEESECAKE FACTORY INC | 首次建仓市值 $1M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| BRIGHTSPRING | BRIGHTSPRING HEALTH SVCS INC | $-538M-23.2% |
| NIQ GLOBAL I | NIQ GLOBAL INTELLIGENCE PLC | $-154M-31.0% |
| PARAMOUNT SK | PARAMOUNT SKYDANCE CORP | $-64M-56.3% |
| SEAGATE HDD | SEAGATE HDD CAYMAN | $-39M-95.4% |
| BRIDGEBIO PH | BRIDGEBIO PHARMA INC | $-30M-2.9% |
| HENRY SCHEIN | HENRY SCHEIN INC | $-29M-2.5% |
| KKR REAL EST | KKR REAL ESTATE FIN TR INC | $-22M-26.1% |
| BENTLEY SYS | BENTLEY SYS INC | $-19M-96.2% |
| BRIGHTVIEW H | BRIGHTVIEW HLDGS INC | $-19M-6.8% |
| UGI CORP NEW | UGI CORP NEW | $-17M-91.8% |
| ▸ 已清仓 (Top 5) | ||
| JETBLUE AIRWEXIT | JETBLUE AIRWAYS CORP | -100.0% |
| MADISON SQUAEXIT | MADISON SQUARE GRDN SPRT COR | -100.0% |
| DROPBOX INCEXIT | DROPBOX INC | -100.0% |
| CABLE ONE INEXIT | CABLE ONE INC | -100.0% |
| MARRIOTT VACEXIT | MARRIOTT VACATIONS WORLDWIDE | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$206M），5个全新建仓（合计$78M）。增量资金集中涌入Industrials板块（4/15笔），代表标的：CRESCENT ENERGY COMP、AMERICAN WTR CAP COR。
防御性减仓显著：10个仓位减持（-$1.1B），5个完全清仓（-$178M），防御姿态明确。减仓高度集中于Healthcare板块（3/15笔），代表标的：BRIGHTSPRING HEALTH 。
板块轮动特征显著：Healthcare+1.1%，Industrials +4.5%；Technology -1.2%，Other -1.0%。结构分化清晰。
Industrials+4pp，Communications-2pp。AUM-15%