Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Lone Pine Capital
tiger_crossover
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #24FADE淡出
Book持仓规模
$16.4B
long US listed only仅美股多头
Positions持仓数
34
85% resolved已解析
Top-10 concentration前十集中度
54%
% of book占组合%
Turnover换手
MED
26.4% per quarter每季
Median excess中位超额
-11%
buys vs SPY, since filing买入相对SPY，自披露起 · n 141
Hit rate胜率
33%
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: Consumer Discretionary (Equal-Weight) — added HD, CVNA (+9.8pp of book this quarter)核心倾向：非必需消费（等权） — 本季度加仓 HD、CVNA（占组合 +9.8pp）
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+9.8pp
9.8% of book held占组合持有
· 2 names标的
· US Sectors (EW)
HD
CVNA
ProcessingProcessing
+7.1pp
7.1% of book held占组合持有
· 2 names标的
· Agriculture & FoodTech
PFGC
USFD
Housing Chain住房产业链
+5.6pp
5.6% of book held占组合持有
· 1 names标的
· Consumer Cyclical
HD
Retail零售
+5.6pp
5.6% of book held占组合持有
· 1 names标的
· Consumer Cyclical
HD
AI InfrastructureAI 基础设施
+5.3pp
14.0% of book held占组合持有
· 3 names标的
· AI & Technology
AMAT
Semiconductor Equipment (WFE)半导体设备（晶圆厂设备）
+5.3pp
5.3% of book held占组合持有
· 1 names标的
· Semiconductors
AMAT
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: improving走强 · 13 scored quarters已评分季度 · 8% positive为正 · recent-4 median近4季中位 -7% vs all-time对全期 -17%
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 | 6 | -57% | 33% | +1% |
| 2023-09-30 | 10 | -15% | 40% | +7% |
| 2023-12-31 | 6 | -45% | 33% | +0% |
| 2024-03-31 | 8 | +12% | 62% | -3% |
| 2024-06-30 | 8 | -17% | 38% | +9% |
| 2024-09-30 | 13 | -21% | 23% | +5% |
| 2024-12-31 | 7 | -12% | 43% | -2% |
| 2025-03-31 | 10 | -38% | 0% | +4% |
| 2025-06-30 | 6 | -25% | 17% | -3% |
| 2025-09-30 | 11 | -19% | 36% | +4% |
| 2025-12-31 | 18 | -8% | 39% | -14% |
| 2026-03-31 | 21 | -6% | 38% | -1% |
| 2026-06-30 | 17 | -6% | 29% | — |
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
Unclassified
26.7%
▲ +15.5pp
Technology
22.0%
▼ -0.5pp
Industrials
12.2%
▼ -3.5pp
Financial
10.7%
▼ -6.3pp
Consumer Cyclical
9.8%
▲ +5.2pp
Consumer Defensive
7.1%
▲ +1.6pp
Healthcare
5.3%
▼ -5.0pp
Basic Materials
4.9%
▲ +4.6pp
Communication Services
0.8%
▲ +0.1pp
Energy
0.4%
▲ +0.4pp
Theme categories主题类别
AI & Technology 17.8%
US Sectors (EW) 9.8%
Artificial Intelligence 8.4%
Consumer Cyclical 5.6%
Financials 0.3%
Industrials & Defense 0.2%
Rotating into (QoQ)轮入（环比）
Consumer Cyclical +5.2pp
Basic Materials +4.6pp
Consumer Defensive +1.6pp
Rotating out of (QoQ)轮出（环比）
Utilities -12.0pp
Financial -6.3pp
Healthcare -5.0pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Unclassified 27% · Technology 22% · Industrials 12% |
| 2026-03-31 | Technology 22% · Financial 17% · Industrials 16% |
| 2025-12-31 | Technology 28% · Financial 22% · Consumer Cyclical 13% |
| 2025-09-30 | Technology 25% · Consumer Cyclical 19% · Financial 18% |
| 2025-06-30 | Technology 24% · Consumer Cyclical 19% · Financial 17% |
| 2025-03-31 | Technology 30% · Consumer Cyclical 22% · Financial 17% |
| 2024-12-31 | Technology 29% · Financial 18% · Consumer Cyclical 12% |
| 2024-09-30 | Technology 29% · Consumer Cyclical 17% · Financial 15% |
| 2024-06-30 | Technology 28% · Financial 19% · Consumer Cyclical 14% |
| 2024-03-31 | Technology 36% · Financial 16% · Consumer Cyclical 15% |
| 2023-12-31 | Technology 33% · Consumer Cyclical 19% · Financial 19% |
| 2023-09-30 | Technology 32% · Consumer Cyclical 21% · Financial 16% |
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。29 positions shown项持仓 · resolved已解析 29/34 (85%) · 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 | HD |
Home Depot Inc | 5.6% | $918M | new | — | 1q | 75 · HIGH | Consumer Cyclical | Housing Chain, Retail, Consumer Discretionary (Equal-Weight) | -6% |
| 2 | AMAT |
Applied Matls Inc | 5.3% | $873M | new | — | 1q | 74 · HIGH | Technology | AI Infrastructure, Semiconductor Equipment (WFE), Technology (Equal-Weight) | -19% |
| 3 |  MDLN |
Medline Inc | 5.1% | $827M | add | +78% | 1q | 73 · HIGH | Healthcare | — | +0% |
| 4 |  LIN |
Linde Plc | 4.9% | $809M | new | — | 1q | 71 · HIGH | Basic Materials | Materials (Equal-Weight) | -0% |
| 5 |  TER |
Teradyne Inc | 4.4% | $722M | trim | -20% | — | 65 · MODERATE | Technology | AI Infrastructure, Robotics & Automation, Technology (Equal-Weight) | -24% |
| 6 |  GLW |
Corning Inc | 4.3% | $697M | trim | -27% | — | 64 · MODERATE | Technology | AI Infrastructure, Non-AI Tech & Hardware, Technology (Equal-Weight) | -15% |
| 7 | CVNA |
Carvana Co | 4.2% | $692M | add | +500% | 1q | 68 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +3% |
| 8 |  HUT |
Hut 8 Corp | 4.1% | $666M | hold | -5% | — | 62 · MODERATE | Financial | AI Neoclouds & HPC Hosting | +5% |
| 9 | PFGC |
Performance Food Group Co | 4.0% | $654M | add | +47% | 2q | 70 · HIGH | Consumer Defensive | Processing | -9% |
| 10 |  WULF |
Terawulf Inc | 3.6% | $596M | add | +21% | 2q | 69 · MODERATE | Financial | AI Neoclouds & HPC Hosting | -11% |
| 11 |  CRS |
Carpenter Technology Corp | 3.6% | $594M | trim | -47% | — | 43 · LOW | Industrials | 3D Printing, Manufacturing | -21% |
| 12 |  MTZ |
Mastec Inc | 3.4% | $560M | trim | -12% | — | 42 · LOW | Industrials | — | -23% |
| 13 |  APP |
Applovin Corp | 3.3% | $537M | trim | -29% | — | 40 · LOW | Technology | AI Software & Platforms, AI Agents & Applications, Technology (Equal-Weight) | +9% |
| 14 |  TTMI |
Ttm Technologies Inc | 3.1% | $512M | new | — | 1q | 44 · LOW | Technology | — | -11% |
| 15 |  STRL |
Sterling Infrastructure Inc | 3.1% | $512M | new | — | 1q | 44 · LOW | Industrials | — | -20% |
| 16 | USFD |
Us Foods Hldg Corp | 3.1% | $503M | add | +30% | 2q | 47 · MODERATE | Consumer Defensive | Processing | -10% |
| 17 |  LPLA |
Lpl Finl Hldgs Inc | 2.1% | $343M | trim | -40% | — | 26 · LOW | Financial | — | -5% |
| 18 |  AGX |
Argan Inc | 1.8% | $294M | hold | -6% | — | 24 · LOW | Industrials | — | -29% |
| 19 |  BTDR |
Bitdeer Technologies Group | 0.7% | $111M | new | — | 1q | 28 · LOW | Technology | AI Neoclouds & HPC Hosting | +26% |
| 20 |  SHAZ |
Sharonai Holdings Inc | 0.6% | $102M | new | — | 1q | 17 · LOW | Technology | — | -25% |
| 21 |  GOOGL |
Alphabet Inc | 0.5% | $77M | add | +15% | 2q | 31 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | +3% |
| 22 |  KGS |
Kodiak Gas Svcs Inc | 0.4% | $63M | new | — | 1q | 15 · LOW | Energy | — | -4% |
| 23 |  V |
Visa Inc | 0.3% | $57M | add | +79% | 3q | 33 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | +6% |
| 24 |  IBKR |
Interactive Brokers Group In | 0.3% | $50M | new | — | 1q | 12 · LOW | Financial | Financials (Equal-Weight) | -1% |
| 25 |  TSM |
Taiwan Semiconductor Manufac | 0.3% | $48M | trim | -93% | — | 16 · LOW | Technology | Compute, Compute, Foundries | -1% |
| 26 |  SE |
Sea Ltd | 0.3% | $47M | new | — | 1q | 20 · LOW | Communication Services | — | -7% |
| 27 |  MCK |
Mckesson Corp | 0.3% | $44M | trim | -85% | — | 14 · LOW | Healthcare | Health Care (Equal-Weight) | +8% |
| 28 |  TDG |
Transdigm Group Inc | 0.2% | $38M | trim | -20% | — | 12 · LOW | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -9% |
| 29 |  BN |
Brookfield Corp | 0.2% | $34M | trim | -93% | — | 11 · LOW | Financial | — | -10% |
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 (17)
| HD new |
5.6% | -6% |
| AMAT new |
5.3% | -19% |
| MDLN add |
5.1% | +0% |
| LIN new |
4.9% | -0% |
| CVNA add |
4.2% | +3% |
| PFGC add |
4.0% | -9% |
| WULF add |
3.6% | -11% |
| TTMI new |
3.1% | -11% |
| STRL new |
3.1% | -20% |
| USFD add |
3.1% | -10% |
| BTDR new |
0.7% | +26% |
| SHAZ new |
0.6% | -25% |
| GOOGL add |
0.5% | +3% |
| KGS new |
0.4% | -4% |
| V add |
0.3% | +6% |
| IBKR new |
0.3% | -1% |
| SE new |
0.3% | -7% |
Rotated out of轮出 (20)
| TER trim |
-20% | -24% |
| GLW trim |
-27% | -15% |
| CRS trim |
-47% | -21% |
| MTZ trim |
-12% | -23% |
| APP trim |
-29% | +9% |
| LPLA trim |
-40% | -5% |
| TSM trim |
-93% | -1% |
| MCK trim |
-85% | +8% |
| TDG trim |
-20% | -9% |
| BN trim |
-93% | -10% |
 APH exit |
-100% | -7% |
 BKNG exit |
-100% | -13% |
 BSX exit |
-100% | -11% |
 CIEN exit |
-100% | -27% |
 CLH exit |
-100% | +1% |
 COF exit |
-100% | -5% |
 ENTG exit |
-100% | -20% |
 HLT exit |
-100% | -3% |
 KKR exit |
-100% | -2% |
 MA exit |
-100% | +4% |
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。