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) | ||
| TORM PLC | TORM PLC | +$148M+28.0% |
| SUNOPTA INC | SUNOPTA INC | +$55M+70.2% |
| AMERICAN WAT | AMERICAN WATER CAPITAL CORP | +$52M+1534.7% |
| CORE SCIENTI | CORE SCIENTIFIC INC | +$42M+27.6% |
| COINBASE GLO | COINBASE GLOBAL INC | +$41M+384.0% |
| ENPHASE ENER | ENPHASE ENERGY INC | +$40M+368.5% |
| BENTLEY SYST | BENTLEY SYSTEMS INC | +$38M+604.2% |
| TELEPHONE AN | TELEPHONE AND DATA SYSTEMS INC | +$29M+19.5% |
| UNITY SOFTWA | UNITY SOFTWARE INC | +$26M+297.7% |
| OKTA INC | OKTA INC | +$19M+68.1% |
| ▸ 新建仓位 (Top 5) | ||
| INVESCO QQQ NEW | INVESCO QQQ TRUST SERIES 1 | 首次建仓市值 $329M |
| STATE STREETNEW | STATE STREET SPDR S&P OIL & GAS EXP | 首次建仓市值 $182M |
| PETROLEO BRANEW | PETROLEO BRASILEIRO SA - PETROBRAS | 首次建仓市值 $126M |
| CREDO TECHNONEW | CREDO TECHNOLOGY GROUP HOLDING LTD | 首次建仓市值 $51M |
| YPF SANEW | YPF SA | 首次建仓市值 $41M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| TALEN ENERGY | TALEN ENERGY CORP | $-83M-35.1% |
| VIPER ENERGY | VIPER ENERGY INC | $-65M-26.6% |
| CEMEX SAB DE | CEMEX SAB DE CV | $-34M-52.1% |
| GARRETT MOTI | GARRETT MOTION INC | $-33M-11.0% |
| NOKIA OYJ | NOKIA OYJ | $-31M-25.8% |
| GRUPO AEROME | GRUPO AEROMEXICO SAB DE CV | $-27M-33.0% |
| ALARM COM HO | ALARM COM HOLDINGS INC | $-26M-96.6% |
| BARRICK MINI | BARRICK MINING CORP | $-22M-17.4% |
| KILROY REALT | KILROY REALTY CORP | $-17M-24.5% |
| MGP INGREDIE | MGP INGREDIENTS INC | $-16M-73.2% |
| ▸ 已清仓 (Top 5) | ||
| VANECK SEMICEXIT | VANECK SEMICONDUCTOR ETF | -100.0% |
| STATE STREETEXIT | STATE STREET CORP | -100.0% |
| INDIVIOR PHAEXIT | INDIVIOR PHARMACEUTICALS INC | -100.0% |
| FTAI AVIATIOEXIT | FTAI AVIATION LTD | -100.0% |
| ORACLE CORPEXIT | ORACLE CORP | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$491M），5个全新建仓（合计$729M）。增量资金集中涌入ETF板块（2/15笔），板块集中度显著。
防御性减仓显著：10个仓位减持（-$1.4B），5个完全清仓（-$1.0B），防御姿态明确。减仓高度集中于ETF板块（2/15笔），
板块轮动特征显著：Convertible Bonds+4.1%，Consumer +1.0%；Mining -0.8%，Healthcare-3.3%。结构分化清晰。
行业配置整体稳定，AUM-11%，核心仓位无明显偏移