Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Duquesne Family Office (Druckenmiller)
macro_satellite
A
Reliability stable可靠性稳定
leaderboard rank榜单排名 #12WATCH观察
Book持仓规模
$5.2B
long US listed only仅美股多头
Positions持仓数
90
93% resolved已解析
Top-10 concentration前十集中度
54%
% of book占组合%
Turnover换手
MED
35.0% per quarter每季
Median excess中位超额
-3%
buys vs SPY, since filing买入相对SPY，自披露起 · n 426
Hit rate胜率
46%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Magnificent Seven — added AMZN, GOOGL, TSLA, META (+8.4pp of book this quarter)核心倾向：七巨头 — 本季度加仓 AMZN、GOOGL、TSLA、META（占组合 +8.4pp）
Magnificent Seven七巨头
+8.4pp
8.4% of book held占组合持有
· 4 names标的
· AI & Technology
AMZN
GOOGL
TSLA
META
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+6.7pp
6.7% of book held占组合持有
· 4 names标的
· US Sectors (EW)
AMZNTSLA
DHI
CVNA
Communication Services (Equal-Weight)通信服务（等权）
+5.6pp
5.6% of book held占组合持有
· 4 names标的
· US Sectors (EW)
GOOGL
FOXA
FOXMETA
ComputeCompute
+5.4pp
5.4% of book held占组合持有
· 1 names标的
· Artificial Intelligence
TSM
ComputeCompute
+5.4pp
5.4% of book held占组合持有
· 1 names标的
· Semiconductors
TSM
FoundriesFoundries
+5.4pp
5.4% of book held占组合持有
· 1 names标的
· Semiconductors
TSM
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: stable稳定 · 13 scored quarters已评分季度 · 38% positive为正 · recent-4 median近4季中位 -3% vs all-time对全期 -3%
Median excess by quarter各季度中位超额: ▄█▆▅▄▇▆▅▅▄▆▅ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 25 | -38% | 24% | -1% |
| 2023-09-30 | 20 | -13% | 45% | -1% |
| 2023-12-31 | 27 | +18% | 56% | +12% |
| 2024-03-31 | 43 | +7% | 58% | -2% |
| 2024-06-30 | 24 | -1% | 50% | +4% |
| 2024-09-30 | 35 | -7% | 43% | -5% |
| 2024-12-31 | 35 | +10% | 54% | -1% |
| 2025-03-31 | 21 | +5% | 52% | +0% |
| 2025-06-30 | 36 | -3% | 44% | +0% |
| 2025-09-30 | 38 | -4% | 45% | +0% |
| 2025-12-31 | 34 | -11% | 35% | -8% |
| 2026-03-31 | 32 | +8% | 59% | +9% |
| 2026-06-30 | 56 | -3% | 38% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Healthcare
28.3%
▼ -1.7pp
Unclassified
23.2%
▼ -10.3pp
Technology
21.4%
▲ +3.9pp
Communication Services
8.3%
▲ +3.3pp
Consumer Cyclical
7.7%
▲ +5.2pp
Industrials
5.4%
▲ +1.6pp
Basic Materials
2.6%
▼ -2.9pp
Financial
2.4%
▲ +1.4pp
Energy
0.4%
▼ -0.2pp
Real Estate
0.4%
▲ +0.4pp
Theme categories主题类别
AI & Technology 10.6%
US Sectors (EW) 8.8%
Semiconductors & Hardware 4.5%
Consumer Cyclical 4.1%
Artificial Intelligence 2.3%
Semiconductors 1.9%
Rotating into (QoQ)轮入（环比）
Consumer Cyclical +5.2pp
Technology +3.9pp
Communication Services +3.3pp
Rotating out of (QoQ)轮出（环比）
Basic Materials -2.9pp
Healthcare -1.7pp
Utilities -0.6pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Healthcare 28% · Unclassified 23% · Technology 21% |
| 2026-03-31 | Unclassified 33% · Healthcare 30% · Technology 18% |
| 2025-12-31 | Unclassified 32% · Healthcare 22% · Technology 17% |
| 2025-09-30 | Healthcare 26% · Unclassified 21% · Technology 21% |
| 2025-06-30 | Technology 27% · Healthcare 25% · Unclassified 20% |
| 2025-03-31 | Technology 26% · Healthcare 25% · Unclassified 20% |
| 2024-12-31 | Unclassified 23% · Healthcare 20% · Technology 20% |
| 2024-09-30 | Technology 28% · Unclassified 22% · Healthcare 19% |
| 2024-06-30 | Technology 31% · Unclassified 15% · Healthcare 10% |
| 2024-03-31 | Technology 33% · Unclassified 26% · Industrials 12% |
| 2023-12-31 | Technology 44% · Industrials 11% · Healthcare 11% |
| 2023-09-30 | Technology 41% · Healthcare 13% · Communication Services 12% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。84 positions shown项持仓 · resolved已解析 84/90 (93%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  NTRA |
Natera Inc | 16.6% | $865M | hold | +4% | — | 70 · HIGH | Healthcare | Diagnostics | +6% |
| 2 |  INSM |
Insmed Inc | 5.7% | $296M | add | +140% | 1q | 75 · HIGH | Healthcare | — | +3% |
| 3 | TSM |
Taiwan Semiconductor Manufac | 5.4% | $282M | add | +19% | 1q | 74 · HIGH | Technology | Compute, Compute, Foundries | +0% |
| 4 |  EWZ |
Ishares Inc | 5.1% | $264M | hold | +0% | — | 69 · MODERATE | — | — | +13% |
| 5 | AMZN |
Amazon Com Inc | 4.6% | $239M | add | +307% | 1q | 73 · HIGH | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -1% |
| 6 |  STM |
Stmicroelectronics N V | 4.5% | $232M | add | +19% | 3q | 83 · HIGH | Technology | Non-AI Tech & Hardware | -3% |
| 7 |  RSP |
Invesco Exchange Traded Fd T | 3.7% | $191M | hold | +9% | — | 68 · MODERATE | — | — | -1% |
| 8 |  YPF |
Ypf Sociedad Anonima | 2.7% | $143M | hold | -3% | — | 67 · MODERATE | — | — | +13% |
| 9 |  CDW |
Cdw Corp | 2.7% | $140M | new | — | 1q | 72 · HIGH | Technology | Technology (Equal-Weight) | +11% |
| 10 | GOOGL |
Alphabet Inc | 2.3% | $120M | new | — | 1q | 81 · HIGH | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | +3% |
| 11 | FOXA |
Fox Corp | 2.2% | $115M | new | — | 1q | 56 · MODERATE | Communication Services | Communication Services (Equal-Weight) | -3% |
| 12 |  UAL |
United Airls Hldgs Inc | 2.1% | $108M | add | +203% | 1q | 55 · MODERATE | Industrials | Travel & Experiences, Industrials (Equal-Weight) | -13% |
| 13 |  SE |
Sea Ltd | 2.0% | $105M | hold | +0% | — | 50 · MODERATE | Communication Services | — | -9% |
| 14 |  IWM |
Ishares Tr | 1.9% | $99M | add | +318% | 1q | 55 · MODERATE | — | — | -4% |
| 15 |  SNDK |
Sandisk Corp | 1.5% | $79M | hold | -8% | — | 49 · MODERATE | Technology | Memory, HBM & Storage, Technology (Equal-Weight) | -3% |
| 16 |  RVMD |
Revolution Medicines Inc | 1.4% | $75M | add | +26% | 2q | 59 · MODERATE | Healthcare | — | +4% |
| 17 |  SPY |
State Str Spdr S&p 500 Etf T | 1.3% | $67M | hold | +0% | — | 48 · MODERATE | — | — | +0% |
| 18 |  BTDR |
Bitdeer Technologies Group | 1.2% | $65M | new | — | 1q | 43 · LOW | Technology | AI Neoclouds & HPC Hosting | +30% |
| 19 |  CRH |
Crh Plc | 1.1% | $59M | add | +47% | 1q | 52 · MODERATE | Basic Materials | Materials (Equal-Weight) | -7% |
| 20 |  DAL |
Delta Air Lines Inc | 1.1% | $56M | new | — | 1q | 42 · LOW | Industrials | Travel & Experiences, Industrials (Equal-Weight) | -9% |
| 21 | TSLA |
Tesla Inc | 1.0% | $53M | new | — | 1q | 42 · LOW | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | +7% |
| 22 |  FLR |
Fluor Corp | 1.0% | $51M | new | — | 1q | 31 · LOW | Industrials | — | +5% |
| 23 | DHI |
D R Horton Inc | 0.9% | $49M | new | — | 1q | 41 · LOW | Consumer Cyclical | Housing Chain, Consumer Discretionary (Equal-Weight) | -6% |
| 24 |  CPNG |
Coupang Inc | 0.9% | $46M | hold | +0% | — | 35 · LOW | Technology | E-Commerce, Grocery | -4% |
| 25 |  AMD |
Advanced Micro Devices Inc | 0.8% | $42M | new | — | 1q | 40 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -2% |
| 26 |  PANW |
Palo Alto Networks Inc | 0.8% | $40M | new | — | 1q | 40 · LOW | Technology | AI Software & Platforms, Cybersecurity, Technology (Equal-Weight) | -1% |
| 27 |  CLF |
Cleveland-Cliffs Inc New | 0.8% | $40M | add | +82% | 2q | 45 · LOW | Basic Materials | Industrial | +3% |
| 28 |  HUT |
Hut 8 Corp | 0.7% | $36M | new | — | 1q | 29 · LOW | Financial | AI Neoclouds & HPC Hosting | +9% |
| 29 |  CAI |
Caris Life Sciences Inc | 0.7% | $34M | hold | +0% | — | 33 · LOW | Financial | — | — |
| 30 |  ARGT |
Global X Fds | 0.6% | $30M | trim | -15% | — | 33 · LOW | — | — | — |
| 31 | FOX |
Fox Corp | 0.6% | $30M | new | — | 1q | 28 · LOW | Communication Services | Communication Services (Equal-Weight) | -3% |
| 32 |  WWD |
Woodward Inc | 0.6% | $29M | trim | -68% | — | 32 · LOW | Industrials | — | -7% |
| 33 | META |
Meta Platforms Inc | 0.5% | $28M | new | — | 1q | 37 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +15% |
| 34 |  NUVB |
Nuvation Bio Inc | 0.5% | $26M | hold | +0% | — | 31 · LOW | Healthcare | — | +8% |
| 35 |  PTGX |
Protagonist Therapeutics Inc | 0.5% | $26M | add | +31% | 1q | 36 · LOW | Healthcare | — | -5% |
| 36 |  ROKU |
Roku Inc | 0.5% | $25M | trim | -76% | — | 31 · LOW | Communication Services | Ads & Media, Video | -1% |
| 37 |  CVCO |
Cavco Inds Inc Del | 0.5% | $24M | new | — | 1q | 25 · LOW | Consumer Cyclical | — | -11% |
| 38 |  ADMA |
Adma Biologics Inc | 0.5% | $23M | add | +80% | 3q | 45 · LOW | Healthcare | — | -1% |
| 39 |  PURR |
Hyperliquid Strategies Inc | 0.4% | $23M | new | — | 1q | 24 · LOW | Financial | — | +82% |
| 40 |  RMBS |
Rambus Inc Del | 0.4% | $23M | new | — | 1q | 24 · LOW | Technology | Memory, Design Tools | -11% |
| 41 |  RYTM |
Rhythm Pharmaceuticals Inc | 0.4% | $23M | new | — | 1q | 23 · LOW | Healthcare | — | -11% |
| 42 |  SKY |
Champion Homes Inc | 0.4% | $22M | new | — | 1q | 23 · LOW | Consumer Cyclical | — | -10% |
| 43 |  DAKT |
Daktronics Inc | 0.4% | $22M | add | +100% | 1q | 32 · LOW | Technology | — | -11% |
| 44 |  PCT |
Purecycle Technologies Inc | 0.4% | $22M | add | +178% | 1q | 32 · LOW | Industrials | — | -8% |
| 45 |  SCCO |
Southern Copper Corp | 0.4% | $21M | hold | +1% | — | 27 · LOW | Energy | Materials, Industrial | +15% |
| 46 |  LIN |
Linde Plc | 0.4% | $21M | hold | +0% | — | 27 · LOW | Basic Materials | Materials (Equal-Weight) | -1% |
| 47 |  ENTG |
Entegris Inc | 0.4% | $21M | new | — | 1q | 32 · LOW | Technology | Semiconductor Equipment (WFE) | -19% |
| 48 |  TEVA |
Teva Pharmaceutical Inds Ltd | 0.4% | $21M | trim | -74% | — | 27 · LOW | — | — | +1% |
| 49 |  U |
Unity Software Inc | 0.4% | $21M | hold | +0% | — | 27 · LOW | Technology | Gaming, Design, Software | -4% |
| 50 |  AEVA |
Aeva Technologies Inc | 0.4% | $21M | new | — | 1q | 30 · LOW | Technology | Machine Vision | -32% |
| 51 |  RIOT |
Riot Platforms Inc | 0.4% | $21M | new | — | 1q | 20 · LOW | Financial | AI Neoclouds & HPC Hosting | +12% |
| 52 |  Q |
Qnity Electronics Inc | 0.4% | $21M | hold | +0% | — | 24 · LOW | Technology | Technology (Equal-Weight) | -10% |
| 53 |  EQIX |
Equinix Inc | 0.4% | $19M | new | — | 1q | 18 · LOW | Real Estate | Real Estate (Equal-Weight) | -4% |
| 54 |  LRCX |
Lam Research Corp | 0.4% | $19M | new | — | 1q | 18 · LOW | Technology | AI Infrastructure, Semiconductor Equipment (WFE), Technology (Equal-Weight) | -16% |
| 55 |  DFTX |
Definium Therapeutics Inc | 0.3% | $17M | new | — | 1q | 18 · LOW | Healthcare | Therapeutics | -7% |
| 56 |  BLTE |
Belite Bio Inc Sponsored | 0.3% | $16M | hold | +0% | — | 22 · LOW | Healthcare | — | +8% |
| 57 |  TXG |
10x Genomics Inc | 0.3% | $15M | new | — | 1q | 17 · LOW | Healthcare | Diagnostics, Genomics | +21% |
| 58 |  WAB |
Wabtec | 0.3% | $15M | trim | -40% | — | 21 · LOW | Industrials | Industrials (Equal-Weight) | -5% |
| 59 |  LLY |
Eli Lilly & Co | 0.3% | $15M | new | — | 1q | 26 · LOW | Healthcare | GLP-1 & Obesity, Health Care (Equal-Weight) | -2% |
| 60 |  XENE |
Xenon Pharmaceuticals Inc | 0.3% | $14M | hold | +0% | — | 21 · LOW | Healthcare | — | — |
| 61 |  OLMA |
Olema Pharmaceuticals Inc | 0.2% | $12M | hold | +0% | — | 20 · LOW | Healthcare | — | +2% |
| 62 |  RGEN |
Repligen Corp | 0.2% | $11M | new | — | 1q | 15 · LOW | Healthcare | — | +1% |
| 63 |  RKT |
Rocket Cos Inc | 0.2% | $10M | new | — | 1q | 15 · LOW | Financial | — | -7% |
| 64 |  BIDU |
Baidu Inc | 0.2% | $10M | new | — | 1q | 14 · LOW | Technology | Models, Ads & Search | -9% |
| 65 |  ARM |
Arm Holdings Plc | 0.2% | $10M | trim | -74% | — | 19 · LOW | Technology | AI Infrastructure, AI Semiconductors | -12% |
| 66 | CVNA |
Carvana Co | 0.2% | $10M | new | — | 1q | 14 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -4% |
| 67 |  RDDT |
Reddit Inc | 0.2% | $10M | new | — | 1q | 24 · LOW | Communication Services | Networks, Advertising, Niche | -7% |
| 68 |  AA |
Alcoa Corp | 0.2% | $10M | trim | -88% | — | 19 · LOW | Basic Materials | Industrial | -4% |
| 69 |  TMO |
Thermo Fisher Scientific Inc | 0.2% | $10M | new | — | 1q | 22 · LOW | Healthcare | Health Care (Equal-Weight) | +6% |
| 70 |  DHR |
Danaher Corp Del | 0.2% | $10M | new | — | 1q | 22 · LOW | Healthcare | Health Care (Equal-Weight) | +2% |
| 71 |  FFIV |
F5 Inc | 0.2% | $9M | new | — | 1q | 12 · LOW | Technology | Technology (Equal-Weight) | +4% |
| 72 |  VIST |
Vista Energy S.a.b. De C.v. | 0.2% | $9M | hold | +0% | — | 15 · LOW | — | — | +18% |
| 73 |  SKE |
Skeena Res Ltd New | 0.1% | $8M | new | — | 1q | 10 · LOW | — | — | +1% |
| 74 |  GLUE |
Monte Rosa Therapeutics Inc | 0.1% | $7M | new | — | 1q | 10 · LOW | Healthcare | — | -8% |
| 75 |  RLAY |
Relay Therapeutics Inc | 0.1% | $7M | new | — | 1q | 9 · LOW | Healthcare | — | -3% |
| 76 |  DBVT |
Dbv Technologies S A Sponsored | 0.1% | $6M | hold | +0% | — | 14 · LOW | — | — | -14% |
| 77 |  CCC |
Ccc Intelligent Solutions Hl | 0.1% | $6M | new | — | 1q | 19 · LOW | Technology | — | +0% |
| 78 |  UWMC |
Uwm Holdings Corporation | 0.1% | $6M | new | — | 1q | 8 · LOW | — | — | -13% |
| 79 |  NVTS |
Navitas Semiconductor Corp | 0.1% | $6M | new | — | 1q | 8 · LOW | Technology | Next-Gen, Chips | -16% |
| 80 |  SOLS |
Solstice Advanced Matls Inc | 0.1% | $6M | hold | +0% | — | 13 · LOW | Basic Materials | — | +1% |
| 81 |  BEAM |
Beam Therapeutics Inc | 0.1% | $5M | new | — | 1q | 7 · LOW | Healthcare | Next-Gen | -9% |
| 82 |  AUR |
Aurora Innovation Inc | 0.1% | $4M | new | — | 1q | 6 · LOW | Consumer Cyclical | Self-Driving, Next-Gen, AV & Mobility | -6% |
| 83 |  GGAL |
Grupo Financiero Galicia S.a | 0.1% | $3M | new | — | 1q | 16 · LOW | — | — | +3% |
| 84 |  WVE |
Wave Life Sciences Ltd | 0.0% | $1M | hold | +0% | — | 10 · LOW | Healthcare | — | -14% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (56)
| INSM add |
5.7% | +3% |
| TSM add |
5.4% | +0% |
| AMZN add |
4.6% | -1% |
| STM add |
4.5% | -3% |
| CDW new |
2.7% | +11% |
| GOOGL new |
2.3% | +3% |
| FOXA new |
2.2% | -3% |
| UAL add |
2.1% | -13% |
| IWM add |
1.9% | -4% |
| RVMD add |
1.4% | +4% |
| BTDR new |
1.2% | +30% |
| CRH add |
1.1% | -7% |
| DAL new |
1.1% | -9% |
| TSLA new |
1.0% | +7% |
| FLR new |
1.0% | +5% |
| DHI new |
0.9% | -6% |
| AMD new |
0.8% | -2% |
| PANW new |
0.8% | -1% |
| CLF add |
0.8% | +3% |
| HUT new |
0.7% | +9% |
| FOX new |
0.6% | -3% |
| META new |
0.5% | +15% |
| PTGX add |
0.5% | -5% |
| CVCO new |
0.5% | -11% |
| ADMA add |
0.5% | -1% |
| PURR new |
0.4% | +82% |
| RMBS new |
0.4% | -11% |
| RYTM new |
0.4% | -11% |
| SKY new |
0.4% | -10% |
| DAKT add |
0.4% | -11% |
| PCT add |
0.4% | -8% |
| ENTG new |
0.4% | -19% |
| AEVA new |
0.4% | -32% |
| RIOT new |
0.4% | +12% |
| EQIX new |
0.4% | -4% |
| LRCX new |
0.4% | -16% |
| DFTX new |
0.3% | -7% |
| TXG new |
0.3% | +21% |
| LLY new |
0.3% | -2% |
| RGEN new |
0.2% | +1% |
| RKT new |
0.2% | -7% |
| BIDU new |
0.2% | -9% |
| CVNA new |
0.2% | -4% |
| RDDT new |
0.2% | -7% |
| TMO new |
0.2% | +6% |
| DHR new |
0.2% | +2% |
| FFIV new |
0.2% | +4% |
| SKE new |
0.1% | +1% |
| GLUE new |
0.1% | -8% |
| RLAY new |
0.1% | -3% |
| CCC new |
0.1% | +0% |
| UWMC new |
0.1% | -13% |
| NVTS new |
0.1% | -16% |
| BEAM new |
0.1% | -9% |
| AUR new |
0.1% | -6% |
| GGAL new |
0.1% | +3% |
Rotated out of轮出 (17)
| ARGT trim |
-15% | — |
| WWD trim |
-68% | -7% |
| ROKU trim |
-76% | -1% |
| TEVA trim |
-74% | +1% |
| WAB trim |
-40% | -5% |
| ARM trim |
-74% | -12% |
| AA trim |
-88% | -4% |
 ALM exit |
-100% | -1% |
 AVGO exit |
-100% | -10% |
 BE exit |
-100% | +21% |
 CLS exit |
-100% | +5% |
 COHR exit |
-100% | -16% |
 FIGR exit |
-100% | +12% |
 GSG exit |
-100% | +14% |
 HUM exit |
-100% | +4% |
 INTC exit |
-100% | -3% |
 JBL exit |
-100% | -13% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。