Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Lone Pine Capital
tiger_crossover
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #22WATCH观察
Book持仓规模
$12.5B
long US listed only仅美股多头
Positions持仓数
36
94% resolved已解析
Top-10 concentration前十集中度
52%
% of book占组合%
Turnover换手
LOW
24.5% per quarter每季
Median excess中位超额
-11%
buys vs SPY, since filing买入相对SPY，自申报起 · n 118
Hit rate胜率
36%
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: Technology (Equal-Weight) — added APP, TER, GLW, CIEN (+15.6pp of book this quarter)核心倾向：信息技术（等权） — 本季度加仓 APP、TER、GLW、CIEN（占组合 +15.6pp）
Technology (Equal-Weight)信息技术（等权）
+15.6pp
15.8% of book held占组合持有
· 5 names标的
· US Sectors (EW)
APP
TER
GLW
CIEN
Power & Grid Buildout电力与电网
+12.1pp
12.1% of book held占组合持有
· 2 names标的
· Energy & Power
VST
TLN
Nuclear & SMR Power核电与小型模块化反应堆
+12.1pp
12.1% of book held占组合持有
· 2 names标的
· Energy & Power
VSTTLN
AI InfrastructureAI 基础设施
+11.0pp
11.2% of book held占组合持有
· 4 names标的
· AI & Technology
TERGLWCIEN
Utilities (Equal-Weight)公用事业（等权）
+7.4pp
7.4% of book held占组合持有
· 1 names标的
· US Sectors (EW)
VST
3D Printing3D Printing
+5.7pp
5.7% of book held占组合持有
· 1 names标的
· Industrial Automation
CRS
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——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，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 12 scored quarters已评分季度 · 25% positive为正 · recent-4 median近4季中位 -5% vs all-time对全期 -10%
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 | 5 | -32% | 40% | +3% |
| 2023-09-30 | 9 | +1% | 56% | +13% |
| 2023-12-31 | 6 | -42% | 17% | -0% |
| 2024-03-31 | 8 | +3% | 50% | -5% |
| 2024-06-30 | 8 | -16% | 25% | +10% |
| 2024-09-30 | 13 | -17% | 23% | +9% |
| 2024-12-31 | 7 | -3% | 43% | -4% |
| 2025-03-31 | 10 | -31% | 10% | +4% |
| 2025-06-30 | 5 | -21% | 20% | -1% |
| 2025-09-30 | 10 | -5% | 40% | -0% |
| 2025-12-31 | 16 | -5% | 38% | -11% |
| 2026-03-31 | 21 | +2% | 52% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Technology
22.5%
▼ -5.9pp
Financial
17.0%
▼ -5.1pp
Industrials
15.7%
▲ +10.1pp
Utilities
12.0%
▲ +2.3pp
Unclassified
11.2%
▲ +2.9pp
Healthcare
10.3%
▲ +4.0pp
Consumer Defensive
5.5%
▲ +2.4pp
Consumer Cyclical
4.7%
▼ -8.0pp
Communication Services
0.7%
▲ +0.6pp
Basic Materials
0.3%
▼ -3.2pp
Theme categories主题类别
AI & Technology 16.3%
Energy & Power 12.0%
US Sectors (EW) 7.6%
Artificial Intelligence 4.6%
Financials 3.8%
Semiconductors 2.9%
Rotating into (QoQ)轮入（环比）
Industrials +10.1pp
Healthcare +4.0pp
Consumer Defensive +2.4pp
Rotating out of (QoQ)轮出（环比）
Consumer Cyclical -8.0pp
Technology -5.9pp
Financial -5.1pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 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% |
| 2023-06-30 | Technology 33% · Consumer Cyclical 30% · Financial 14% |
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.截至申报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。34 positions shown项持仓 · resolved已解析 34/36 (94%) · 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自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | VST |
Vistra Corp | 7.4% | $930M | add | +19% | 2q | 80 · HIGH | Utilities | Power & Grid Buildout, Nuclear & SMR Power, Utilities (Equal-Weight) | +13% |
| 2 | CRS |
Carpenter Technology Corp | 5.7% | $717M | add | +38% | 2q | 79 · HIGH | Industrials | 3D Printing, Manufacturing | +35% |
| 3 |  LPLA |
Lpl Finl Hldgs Inc | 4.9% | $617M | hold | -1% | — | 68 · MODERATE | Financial | — | +9% |
| 4 | APP |
Applovin Corp | 4.7% | $583M | add | +88% | 1q | 72 · HIGH | Technology | AI Software & Platforms, AI Agents & Applications, Technology (Equal-Weight) | -16% |
| 5 | TLN |
Talen Energy Corp | 4.6% | $580M | add | +41% | 1q | 71 · HIGH | Utilities | Power & Grid Buildout, Nuclear & SMR Power | +7% |
| 6 | TER |
Teradyne Inc | 4.4% | $555M | new | — | 1q | 70 · MODERATE | Technology | AI Infrastructure, Robotics & Automation, Technology (Equal-Weight) | -2% |
| 7 |  CVNA |
Carvana Co | 4.4% | $552M | hold | -1% | — | 64 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -5% |
| 8 |  MDLN |
Medline Inc | 4.2% | $525M | hold | +1% | — | 63 · MODERATE | Healthcare | — | — |
| 9 | GLW |
Corning Inc | 4.0% | $506M | new | — | 1q | 67 · MODERATE | Technology | AI Infrastructure, Non-AI Tech & Hardware, Technology (Equal-Weight) | -20% |
| 10 |  CLH |
Clean Harbors Inc | 4.0% | $503M | add | +27% | 2q | 71 · HIGH | Industrials | Waste | +2% |
| 11 |  MTZ |
Mastec Inc | 3.9% | $493M | new | — | 1q | 50 · MODERATE | Industrials | — | -19% |
| 12 |  TSM |
Taiwan Semiconductor Manufac | 3.7% | $470M | trim | -54% | — | 44 · LOW | Technology | Compute, Compute, Foundries | -1% |
| 13 |  BN |
Brookfield Corp | 3.6% | $454M | trim | -30% | — | 43 · LOW | Financial | — | — |
| 14 |  THC |
Tenet Healthcare Corp | 3.4% | $426M | add | +26% | 2q | 52 · MODERATE | Healthcare | — | -2% |
| 15 |  COF |
Capital One Finl Corp | 3.3% | $414M | hold | -1% | — | 41 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | +11% |
| 16 |  ENTG |
Entegris Inc | 2.9% | $365M | hold | +2% | — | 40 · LOW | Technology | Semiconductor Equipment (WFE) | +0% |
| 17 |  USFD |
Us Foods Hldg Corp | 2.8% | $350M | new | — | 1q | 44 · LOW | Consumer Defensive | Processing | +15% |
| 18 |  PFGC |
Performance Food Group Co | 2.7% | $341M | new | — | 1q | 42 · LOW | Consumer Defensive | Processing | +14% |
| 19 |  MCK |
Mckesson Corp | 2.7% | $339M | new | — | 1q | 52 · MODERATE | Healthcare | Health Care (Equal-Weight) | +9% |
| 20 | CIEN |
Ciena Corp | 2.5% | $314M | new | — | 1q | 40 · LOW | Technology | AI Infrastructure, Technology (Equal-Weight) | -32% |
| 21 |  WULF |
Terawulf Inc | 2.3% | $287M | new | — | 1q | 39 · LOW | Financial | AI Neoclouds & HPC Hosting | -16% |
| 22 |  HUT |
Hut 8 Corp | 2.3% | $285M | new | — | 1q | 38 · LOW | Financial | AI Neoclouds & HPC Hosting | -2% |
| 23 |  AGX |
Argan Inc | 1.7% | $214M | new | — | 1q | 17 · LOW | Industrials | — | -17% |
| 24 |  GOOGL |
Alphabet Inc | 0.4% | $54M | new | — | 1q | 26 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | -12% |
| 25 |  TDG |
Transdigm Group Inc | 0.3% | $41M | add | +86% | 2q | 30 · LOW | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | +4% |
| 26 |  VMC |
Vulcan Matls Co | 0.3% | $39M | trim | -91% | — | 19 · LOW | Basic Materials | Materials (Equal-Weight) | +5% |
| 27 |  SPOT |
Spotify Technology S A | 0.3% | $33M | add | +288% | 2q | 28 · LOW | Communication Services | Music | +12% |
| 28 |  MA |
Mastercard Incorporated | 0.2% | $29M | trim | -41% | — | 17 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | +10% |
| 29 |  APH |
Amphenol Corp | 0.2% | $28M | trim | -92% | — | 16 · LOW | Technology | AI Infrastructure, Non-AI Tech & Hardware, Technology (Equal-Weight) | +20% |
| 30 |  V |
Visa Inc | 0.2% | $28M | add | +510% | 2q | 26 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | +10% |
| 31 |  HLT |
Hilton Worldwide Hldgs Inc | 0.2% | $27M | add | +54% | 2q | 26 · LOW | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | +2% |
| 32 |  KKR |
Kkr & Co Inc | 0.1% | $17M | trim | -96% | — | 13 · LOW | Financial | Financials (Equal-Weight) | -0% |
| 33 |  BKNG |
Booking Holdings Inc | 0.1% | $10M | trim | -48% | — | 12 · LOW | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | +16% |
| 34 |  BSX |
Boston Scientific Corp | 0.1% | $7M | trim | -48% | — | 11 · LOW | Healthcare | Health Care (Equal-Weight) | -17% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，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 (21)
| VST add |
7.4% | +13% |
| CRS add |
5.7% | +35% |
| APP add |
4.7% | -16% |
| TLN add |
4.6% | +7% |
| TER new |
4.4% | -2% |
| GLW new |
4.0% | -20% |
| CLH add |
4.0% | +2% |
| MTZ new |
3.9% | -19% |
| THC add |
3.4% | -2% |
| USFD new |
2.8% | +15% |
| PFGC new |
2.7% | +14% |
| MCK new |
2.7% | +9% |
| CIEN new |
2.5% | -32% |
| WULF new |
2.3% | -16% |
| HUT new |
2.3% | -2% |
| AGX new |
1.7% | -17% |
| GOOGL new |
0.4% | -12% |
| TDG add |
0.3% | +4% |
| SPOT add |
0.3% | +12% |
| V add |
0.2% | +10% |
| HLT add |
0.2% | +2% |
Rotated out of轮出 (15)
| TSM trim |
-54% | -1% |
| BN trim |
-30% | — |
| VMC trim |
-91% | +5% |
| MA trim |
-41% | +10% |
| APH trim |
-92% | +20% |
| KKR trim |
-96% | -0% |
| BKNG trim |
-48% | +16% |
| BSX trim |
-48% | -17% |
 AFRM exit |
-100% | +14% |
 AMZN exit |
-100% | -6% |
 AVGO exit |
-100% | -11% |
 DASH exit |
-100% | +18% |
 MSFT exit |
-100% | -5% |
 PM exit |
-100% | +1% |
 WING exit |
-100% | +9% |
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，以申报日为锚，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, long-only US listed ≥$100M. 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——衡量申报日之后持仓的表现，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。