Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Polen Capital Management
quality_growth
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #28FADE淡出
Book持仓规模
$11.6B
long US listed only仅美股多头
Positions持仓数
219
94% resolved已解析
Top-10 concentration前十集中度
59%
% of book占组合%
Turnover换手
LOW
14.0% per quarter每季
Median excess中位超额
-13%
buys vs SPY, since filing买入相对SPY，自披露起 · n 691
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: Industrials (Equal-Weight) — added GE, GEV, HWM, EME, UAL (+6.0pp of book this quarter)核心倾向：工业（等权） — 本季度加仓 GE、GEV、HWM、EME、UAL（占组合 +6.0pp）
Industrials (Equal-Weight)工业（等权）
+6.0pp
6.9% of book held占组合持有
· 7 names标的
· US Sectors (EW)
GE
GEV
HWM
EME
UAL
Defense & Aerospace国防与航空航天
+3.3pp
3.3% of book held占组合持有
· 4 names标的
· Industrials & Defense
GEHWM
CW
MRCY
Power & Grid Buildout电力与电网
+2.8pp
2.9% of book held占组合持有
· 5 names标的
· Energy & Power
GEVEME
POWL
TLN
ComputeCompute
+2.1pp
2.1% of book held占组合持有
· 1 names标的
· Artificial Intelligence
TSM
ComputeCompute
+2.1pp
2.1% of book held占组合持有
· 1 names标的
· Semiconductors
TSM
FoundriesFoundries
+2.1pp
2.1% 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: improving走强 · 13 scored quarters已评分季度 · 0% positive为正 · recent-4 median近4季中位 -5% vs all-time对全期 -26%
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 | 13 | -83% | 23% | -9% |
| 2023-09-30 | 21 | -64% | 14% | +3% |
| 2023-12-31 | 28 | -41% | 14% | -4% |
| 2024-03-31 | 21 | -35% | 10% | -2% |
| 2024-06-30 | 22 | -39% | 23% | -4% |
| 2024-09-30 | 28 | -24% | 18% | -2% |
| 2024-12-31 | 33 | -29% | 18% | -2% |
| 2025-03-31 | 24 | -26% | 29% | -0% |
| 2025-06-30 | 129 | -22% | 40% | -3% |
| 2025-09-30 | 85 | -11% | 39% | -1% |
| 2025-12-31 | 76 | -5% | 41% | -10% |
| 2026-03-31 | 110 | -3% | 43% | -3% |
| 2026-06-30 | 101 | -6% | 31% | — |
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
Technology
41.1%
▼ -0.7pp
Financial
14.3%
▼ -2.7pp
Consumer Cyclical
11.8%
▲ +0.1pp
Healthcare
11.5%
▼ -3.0pp
Communication Services
8.8%
▲ +0.5pp
Industrials
8.4%
▲ +7.6pp
Real Estate
2.1%
▼ -1.4pp
Unclassified
1.7%
▼ -0.5pp
Energy
0.2%
▲ +0.1pp
Utilities
0.1%
▲ +0.1pp
Consumer Defensive
0.0%
▲ +0.0pp
Basic Materials
0.0%
▼ -0.0pp
Theme categories主题类别
AI & Technology 39.8%
US Sectors (EW) 19.0%
Financials 10.9%
Healthcare 6.9%
Industrials & Defense 3.4%
Energy & Power 2.9%
Rotating into (QoQ)轮入（环比）
Industrials +7.6pp
Communication Services +0.5pp
Energy +0.1pp
Rotating out of (QoQ)轮出（环比）
Healthcare -3.0pp
Financial -2.7pp
Real Estate -1.4pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Technology 41% · Financial 14% · Consumer Cyclical 12% |
| 2026-03-31 | Technology 42% · Financial 17% · Healthcare 15% |
| 2025-12-31 | Technology 42% · Healthcare 18% · Financial 16% |
| 2025-09-30 | Technology 45% · Financial 16% · Healthcare 15% |
| 2025-06-30 | Technology 37% · Financial 18% · Healthcare 18% |
| 2025-03-31 | Technology 33% · Financial 20% · Healthcare 20% |
| 2024-12-31 | Technology 38% · Healthcare 17% · Financial 15% |
| 2024-09-30 | Technology 39% · Healthcare 18% · Consumer Cyclical 16% |
| 2024-06-30 | Technology 33% · Consumer Cyclical 20% · Healthcare 18% |
| 2024-03-31 | Technology 34% · Consumer Cyclical 21% · Healthcare 19% |
| 2023-12-31 | Technology 39% · Consumer Cyclical 19% · Healthcare 15% |
| 2023-09-30 | Technology 34% · Consumer Cyclical 18% · Healthcare 18% |
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。206 positions shown项持仓 · resolved已解析 206/219 (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自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  LLY |
Eli Lilly & Co | 6.9% | $800M | trim | -27% | — | 70 · HIGH | Healthcare | GLP-1 & Obesity, Health Care (Equal-Weight) | +4% |
| 2 |  NVDA |
Nvidia Corporation | 6.9% | $796M | hold | -3% | — | 70 · MODERATE | Technology | Magnificent Seven, AI Infrastructure, AI Semiconductors | +1% |
| 3 |  MSFT |
Microsoft Corp | 6.7% | $783M | trim | -26% | — | 70 · MODERATE | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | +4% |
| 4 |  GOOG |
Alphabet Inc | 6.6% | $765M | trim | -26% | — | 70 · MODERATE | Communication Services | Communication Services (Equal-Weight) | -7% |
| 5 |  AVGO |
Broadcom Inc | 6.4% | $740M | trim | -27% | — | 69 · MODERATE | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -16% |
| 6 |  AMZN |
Amazon Com Inc | 5.8% | $670M | trim | -28% | — | 69 · MODERATE | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -7% |
| 7 |  V |
Visa Inc | 5.3% | $619M | trim | -26% | — | 69 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +3% |
| 8 |  MA |
Mastercard Incorporated | 5.0% | $587M | trim | -26% | — | 69 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +2% |
| 9 |  NOW |
Servicenow Inc | 4.6% | $533M | trim | -26% | — | 69 · MODERATE | Technology | AI Software & Platforms, Non-AI Software, AI Agents & Applications | +22% |
| 10 |  ORCL |
Oracle Corp | 4.5% | $524M | trim | -29% | — | 68 · MODERATE | Technology | AI Software & Platforms, Technology (Equal-Weight) | +1% |
| 11 |  SHOP |
Shopify Inc | 4.5% | $523M | trim | -27% | — | 53 · MODERATE | Technology | H-SaaS, E-Commerce, H-SaaS | +4% |
| 12 |  MSCI |
Msci Inc | 3.2% | $376M | trim | -28% | — | 53 · MODERATE | Financial | Financials (Equal-Weight) | -2% |
| 13 |  LRCX |
Lam Research Corp | 3.2% | $372M | trim | -18% | — | 53 · MODERATE | Technology | AI Infrastructure, Semiconductor Equipment (WFE), Technology (Equal-Weight) | -13% |
| 14 |  SBUX |
Starbucks Corp | 3.1% | $363M | trim | -30% | — | 53 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -4% |
| 15 |  IDXX |
Idexx Labs Inc | 2.4% | $280M | trim | -24% | — | 53 · MODERATE | Healthcare | Health Care (Equal-Weight) | -12% |
| 16 | GE |
Ge Aerospace | 2.2% | $258M | new | — | 1q | 58 · MODERATE | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -14% |
| 17 |  CSGP |
Costar Group Inc | 2.1% | $248M | trim | -30% | — | 52 · MODERATE | Real Estate | Real Estate (Equal-Weight) | +7% |
| 18 | TSM |
Taiwan Semiconductor Manufac | 2.1% | $239M | add | +187% | 1q | 57 · MODERATE | Technology | Compute, Compute, Foundries | +2% |
| 19 |  ABNB |
Airbnb Inc | 2.0% | $236M | trim | -27% | — | 52 · MODERATE | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | +14% |
| 20 | GEV |
Ge Vernova Inc | 2.0% | $231M | new | — | 1q | 47 · MODERATE | Industrials | Power & Grid Buildout, Data-Center Power & Cooling, Nuclear & SMR Power | -13% |
| 21 |  META |
Meta Platforms Inc | 1.6% | $186M | trim | -31% | — | 52 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +15% |
| 22 |  ISRG |
Intuitive Surgical Inc | 1.5% | $178M | trim | -26% | — | 51 · MODERATE | Healthcare | Robotics & Automation, Health Care (Equal-Weight) | +4% |
| 23 |  ATI |
Ati Inc | 1.4% | $161M | new | — | 1q | 46 · MODERATE | Industrials | Manufacturing | -5% |
| 24 | HWM |
Howmet Aerospace Inc | 1.1% | $123M | new | — | 1q | 46 · MODERATE | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -20% |
| 25 | EME |
Emcor Group Inc | 0.7% | $86M | new | — | 1q | 46 · MODERATE | Industrials | Power & Grid Buildout, Industrials (Equal-Weight) | -7% |
| 26 |  IWF |
Ishares Tr | 0.7% | $76M | add | +51% | 1q | 56 · MODERATE | — | — | -1% |
| 27 |  ROL |
Rollins Inc | 0.6% | $66M | trim | -27% | — | 51 · MODERATE | Consumer Cyclical | Industrials (Equal-Weight) | -7% |
| 28 |  AON |
Aon Plc | 0.5% | $54M | trim | -88% | — | 40 · LOW | Financial | Insurance & Brokers, Financials (Equal-Weight) | -14% |
| 29 |  MELI |
Mercadolibre Inc | 0.4% | $44M | trim | -25% | — | 40 · LOW | Technology | E-Commerce, Marketplaces | +2% |
| 30 |  UBER |
Uber Technologies Inc | 0.3% | $41M | trim | -80% | — | 40 · LOW | Technology | Industrials (Equal-Weight) | +2% |
| 31 |  SPOT |
Spotify Technology S A | 0.3% | $37M | trim | -24% | — | 40 · LOW | Communication Services | Music | +18% |
| 32 |  ZTS |
Zoetis Inc | 0.2% | $23M | trim | -92% | — | 40 · LOW | Healthcare | Health Care (Equal-Weight) | -2% |
| 33 |  ACN |
Accenture Plc Ireland | 0.2% | $19M | trim | -89% | — | 40 · LOW | Technology | Technology (Equal-Weight) | +16% |
| 34 |  ACWI |
Ishares Tr | 0.2% | $19M | trim | -61% | — | 40 · LOW | — | — | — |
| 35 |  SNPS |
Synopsys Inc | 0.2% | $18M | trim | -94% | — | 40 · LOW | Technology | Technology (Equal-Weight) | +0% |
| 36 |  DOCN |
Digitalocean Hldgs Inc | 0.1% | $16M | hold | +5% | — | 39 · LOW | Technology | PaaS | -4% |
| 37 |  WULF |
Terawulf Inc | 0.1% | $14M | add | +429% | 2q | 49 · MODERATE | Financial | AI Neoclouds & HPC Hosting | -17% |
| 38 |  CECO |
Ceco Environmental Corp | 0.1% | $13M | hold | -4% | — | 39 · LOW | Industrials | Air Quality | +12% |
| 39 |  BE |
Bloom Energy Corp | 0.1% | $12M | trim | -39% | — | 39 · LOW | Utilities | Hydrogen | +22% |
| 40 |  BELFB |
Bel Fuse Inc | 0.1% | $11M | trim | -24% | — | 38 · LOW | Technology | — | -16% |
| 41 |  GOOGL |
Alphabet Inc | 0.1% | $10M | hold | -1% | — | 38 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | -6% |
| 42 |  LASR |
Nlight Inc | 0.1% | $9M | add | +49% | 5q | 58 · MODERATE | Technology | — | — |
| 43 |  FROG |
Jfrog Ltd | 0.1% | $8M | add | +360% | 3q | 53 · MODERATE | Technology | DevOps, DevOps | +2% |
| 44 | POWL |
Powell Inds Inc | 0.1% | $8M | add | +67% | 1q | 43 · LOW | Industrials | Power & Grid Buildout, Data-Center Power & Cooling | -18% |
| 45 |  AGX |
Argan Inc | 0.1% | $8M | trim | -43% | — | 38 · LOW | Industrials | — | -32% |
| 46 |  MOD |
Modine Mfg Co | 0.1% | $8M | hold | +1% | — | 38 · LOW | Technology | Data Centers | -4% |
| 47 |  YOU |
Clear Secure Inc | 0.1% | $7M | hold | -10% | — | 37 · LOW | Technology | Identity | -23% |
| 48 |  BKD |
Brookdale Sr Living Inc | 0.1% | $7M | hold | +7% | — | 37 · LOW | Healthcare | Senior Living | -14% |
| 49 |  BWXT |
Bwx Technologies Inc | 0.1% | $7M | hold | -3% | — | 37 · LOW | Industrials | Power & Grid Buildout, Nuclear & SMR Power | -12% |
| 50 |  CCJ |
Cameco Corp | 0.1% | $7M | add | +241% | 1q | 42 · LOW | Energy | Uranium & Nuclear Fuel | +2% |
| 51 |  VSEC |
Vse Corp | 0.1% | $7M | trim | -29% | — | 37 · LOW | Industrials | — | -11% |
| 52 |  SPHR |
Sphere Entertainment Co | 0.1% | $7M | trim | -20% | — | 37 · LOW | Communication Services | — | -9% |
| 53 |  SEI |
Solaris Energy Infras Inc | 0.1% | $6M | hold | -4% | — | 37 · LOW | Energy | — | -5% |
| 54 |  AMPX |
Amprius Technologies Inc | 0.1% | $6M | add | +10% | 2q | 47 · MODERATE | Industrials | — | — |
| 55 |  AEHR |
Aehr Test Sys | 0.1% | $6M | trim | -17% | — | 36 · LOW | Technology | — | -13% |
| 56 |  VUG |
Vanguard Index Fds | 0.1% | $6M | add | +357% | 1q | 41 · LOW | — | — | -0% |
| 57 |  DLO |
Dlocal Ltd | 0.1% | $6M | hold | -1% | — | 36 · LOW | Technology | Payments | -2% |
| 58 |  REAL |
The Realreal Inc | 0.1% | $6M | add | +124% | 4q | 56 · MODERATE | Consumer Cyclical | Secondhand, Luxury, Secondhand | -22% |
| 59 |  TWST |
Twist Bioscience Corp | 0.1% | $6M | add | +130% | 2q | 46 · MODERATE | Healthcare | Genomics | +29% |
| 60 |  VICR |
Vicor Corp | 0.1% | $6M | hold | +7% | — | 36 · LOW | Industrials | — | -20% |
| 61 |  IESC |
Ies Holdings Inc | 0.1% | $5M | trim | -39% | — | 36 · LOW | Industrials | — | -8% |
| 62 |  GH |
Guardant Health Inc | 0.0% | $5M | hold | -1% | — | 35 · LOW | Healthcare | Oncology, Diagnostics, Genomics | +6% |
| 63 |  LPTH |
Lightpath Technologies Inc | 0.0% | $5M | add | +298% | 2q | 45 · LOW | Technology | — | — |
| 64 |  PL |
Planet Labs Pbc | 0.0% | $5M | trim | -30% | — | 35 · LOW | Industrials | Space Economy | -28% |
| 65 |  VPG |
Vishay Precision Group Inc | 0.0% | $5M | add | +35% | 2q | 45 · LOW | Technology | — | -34% |
| 66 |  NFLX |
Netflix Inc. | 0.0% | $5M | trim | -18% | — | 35 · LOW | Communication Services | Communication Services (Equal-Weight) | +11% |
| 67 |  RXT |
Rackspace Technology Inc | 0.0% | $5M | new | — | 1q | 30 · LOW | Technology | Multi Cloud | -36% |
| 68 |  FTK |
Flotek Industries Inc | 0.0% | $5M | add | +607% | 2q | 45 · LOW | Energy | — | -2% |
| 69 |  SAP |
Sap Se | 0.0% | $4M | trim | -57% | — | 35 · LOW | Technology | Data, Enterprise, Enterprise | +8% |
| 70 |  CRS |
Carpenter Technology Corp | 0.0% | $4M | trim | -46% | — | 35 · LOW | Industrials | 3D Printing, Manufacturing | -25% |
| 71 |  SITM |
Sitime Corp | 0.0% | $4M | trim | -22% | — | 35 · LOW | Technology | — | +2% |
| 72 |  BFLY |
Butterfly Network Inc | 0.0% | $4M | add | +18% | 1q | 38 · LOW | Healthcare | — | -16% |
| 73 |  AXTI |
Axt Inc | 0.0% | $4M | hold | +7% | — | 33 · LOW | Technology | — | +0% |
| 74 |  TSLA |
Tesla Inc | 0.0% | $4M | add | +22% | 1q | 38 · LOW | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | +11% |
| 75 |  APLD |
Applied Digital Corp | 0.0% | $4M | new | — | 1q | 28 · LOW | — | AI Neoclouds & HPC Hosting | -20% |
| 76 |  VECO |
Veeco Instrs Inc Del | 0.0% | $4M | add | +302% | 2q | 43 · LOW | Technology | Semiconductor Equipment (WFE) | -23% |
| 77 |  BW |
Babcock & Wilcox Enterprises | 0.0% | $4M | hold | -8% | — | 33 · LOW | Industrials | — | -21% |
| 78 |  TME |
Tencent Music Entmt Group | 0.0% | $3M | hold | -1% | — | 33 · LOW | Communication Services | Music | -14% |
| 79 |  AIR |
Aar Corp | 0.0% | $3M | add | +45% | 2q | 43 · LOW | Industrials | — | -15% |
| 80 |  WTW |
Willis Towers Watson Plc Ltd | 0.0% | $3M | trim | -34% | — | 33 · LOW | Financial | Insurance & Brokers, Financials (Equal-Weight) | -6% |
| 81 |  TSHA |
Taysha Gene Therapies Inc | 0.0% | $3M | add | +53% | 3q | 48 · MODERATE | Healthcare | — | -15% |
| 82 |  LIND |
Lindblad Expeditions Hldgs I | 0.0% | $3M | add | +12% | 2q | 43 · LOW | Consumer Cyclical | — | -21% |
| 83 |  ATRO |
Astronics Corp | 0.0% | $3M | hold | -7% | — | 33 · LOW | Industrials | — | -1% |
| 84 |  LFUS |
Littelfuse Inc | 0.0% | $3M | add | +42% | 2q | 43 · LOW | Technology | — | -8% |
| 85 |  ASTE |
Astec Inds Inc | 0.0% | $3M | add | +27% | 5q | 53 · MODERATE | Industrials | — | -17% |
| 86 |  LTH |
Life Time Group Holdings Inc | 0.0% | $3M | add | +90% | 2q | 43 · LOW | Consumer Cyclical | — | -4% |
| 87 |  EVC |
Entravision Communications C | 0.0% | $3M | new | — | 1q | 28 · LOW | Communication Services | — | -25% |
| 88 |  SPY |
State Str Spdr S&p 500 Etf T | 0.0% | $3M | hold | +7% | — | 33 · LOW | — | — | +0% |
| 89 |  JOBY |
Joby Aviation Inc | 0.0% | $3M | add | +13% | 2q | 43 · LOW | Industrials | Air Travel, Next-Gen | -20% |
| 90 |  CDNL |
Cardinal Infrastructure Grou | 0.0% | $3M | new | — | 1q | 25 · LOW | Industrials | — | -43% |
| 91 |  SRRK |
Scholar Rock Hldg Corp | 0.0% | $3M | hold | +0% | — | 30 · LOW | Healthcare | GLP-1 & Obesity | +10% |
| 92 |  AAOI |
Applied Optoelectronics Inc | 0.0% | $3M | add | +29% | 2q | 40 · LOW | — | — | -19% |
| 93 |  PRLB |
Proto Labs Inc | 0.0% | $3M | hold | -7% | — | 30 · LOW | Industrials | 3D Printing | -6% |
| 94 |  OPY |
Oppenheimer Hldgs Inc | 0.0% | $3M | hold | -0% | — | 30 · LOW | — | — | — |
| 95 |  PLPC |
Preformed Line Prods Co | 0.0% | $3M | hold | -6% | — | 30 · LOW | Industrials | — | -2% |
| 96 |  FPS |
Forgent Power Solutions Inc | 0.0% | $3M | new | — | 1q | 25 · LOW | — | — | -18% |
| 97 |  PTGX |
Protagonist Therapeutics Inc | 0.0% | $3M | hold | -7% | — | 30 · LOW | Healthcare | — | +8% |
| 98 |  CALY |
Callaway Golf Co | 0.0% | $3M | add | +107% | 2q | 40 · LOW | Consumer Cyclical | — | -20% |
| 99 |  AZZ |
Azz Inc | 0.0% | $3M | add | +20% | 2q | 40 · LOW | Industrials | — | -9% |
| 100 |  PURR |
Hyperliquid Strategies Inc | 0.0% | $3M | add | +449% | 2q | 40 · LOW | Financial | — | +78% |
| 101 |  CAKE |
Cheesecake Factory Inc | 0.0% | $3M | add | +34% | 2q | 40 · LOW | Consumer Cyclical | — | -2% |
| 102 |  ROAD |
Construction Partners Inc | 0.0% | $3M | trim | -15% | — | 30 · LOW | Industrials | — | -7% |
| 103 |  WT |
Wisdomtree Inc | 0.0% | $3M | add | +37% | 2q | 40 · LOW | Financial | Tokenization | +8% |
| 104 |  FIVN |
Five9 Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Technology | — | +4% |
| 105 |  CVNA |
Carvana Co | 0.0% | $2M | add | +410% | 1q | 35 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +6% |
| 106 |  MIRM |
Mirum Pharmaceuticals Inc | 0.0% | $2M | hold | +2% | — | 30 · LOW | Healthcare | — | -4% |
| 107 |  PRAX |
Praxis Precision Medicines I | 0.0% | $2M | trim | -28% | — | 30 · LOW | Healthcare | — | — |
| 108 |  KN |
Knowles Corp | 0.0% | $2M | new | — | 1q | 25 · LOW | Technology | — | -8% |
| 109 |  VCTR |
Victory Cap Hldgs Inc Del | 0.0% | $2M | trim | -29% | — | 30 · LOW | Financial | — | +10% |
| 110 |  MEC |
Mayville Engr Co Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Industrials | — | — |
| 111 |  RKLB UQ |
Rocket Lab Corp | 0.0% | $2M | hold | -3% | — | 30 · LOW | — | — | — |
| 112 |  SE |
Sea Ltd | 0.0% | $2M | trim | -30% | — | 30 · LOW | Communication Services | — | -1% |
| 113 |  ADPT |
Adaptive Biotechnologies Cor | 0.0% | $2M | trim | -12% | — | 30 · LOW | Healthcare | — | -1% |
| 114 |  NOVT |
Novanta Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Technology | Robotics & Automation | -11% |
| 115 |  SMTC |
Semtech Corp | 0.0% | $2M | add | +104% | 2q | 40 · LOW | Technology | Edge Devices, Networking | +25% |
| 116 |  PENG |
Penguin Solutions Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Technology | — | -11% |
| 117 |  ACWX |
Ishares Tr | 0.0% | $2M | hold | +8% | — | 30 · LOW | — | — | +1% |
| 118 |  AKTS |
Aktis Oncology Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Healthcare | — | +3% |
| 119 |  BLLN |
Billiontoone Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | — | — | -30% |
| 120 |  PTCT |
Ptc Therapeutics Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Healthcare | — | -1% |
| 121 |  OUT |
Outfront Media Inc | 0.0% | $2M | add | +17% | 2q | 40 · LOW | Real Estate | — | -8% |
| 122 |  GHM |
Graham Corp | 0.0% | $2M | trim | -11% | — | 30 · LOW | Industrials | — | — |
| 123 |  TVTX |
Travere Therapeutics Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Healthcare | — | +22% |
| 124 |  ESTA |
Establishment Labs Hldgs Inc | 0.0% | $2M | hold | -7% | — | 30 · LOW | Healthcare | — | -24% |
| 125 |  WOLF |
Wolfspeed Inc | 0.0% | $2M | new | — | 1q | 25 · LOW | Technology | Next-Gen, Chips | -3% |
| 126 |  MAMA |
Mamas Creations Inc | 0.0% | $2M | add | +54% | 3q | 45 · LOW | Consumer Defensive | — | -17% |
| 127 |  ADEA |
Adeia Inc | 0.0% | $2M | new | — | 1q | 19 · LOW | Technology | — | -13% |
| 128 |  ERO |
Ero Copper Corp | 0.0% | $2M | trim | -11% | — | 24 · LOW | Basic Materials | Industrial | +23% |
| 129 |  RHLD |
Resolute Hldgs Mgmt Inc | 0.0% | $2M | trim | -16% | — | 24 · LOW | Industrials | — | +1% |
| 130 |  ETON |
Eton Pharmaceuticals Inc | 0.0% | $2M | add | +51% | 2q | 34 · LOW | Healthcare | — | +25% |
| 131 | CW |
Curtiss Wright Corp | 0.0% | $2M | add | +75% | 1q | 29 · LOW | Industrials | Defense & Aerospace | -26% |
| 132 |  RNG |
Ringcentral Inc | 0.0% | $2M | new | — | 1q | 19 · LOW | Technology | Collaboration, Enterprise | +16% |
| 133 |  ADBE |
Adobe Inc | 0.0% | $2M | trim | -36% | — | 24 · LOW | Technology | AI Software & Platforms, Non-AI Software, Technology (Equal-Weight) | +4% |
| 134 |  FTI |
Technipfmc Plc | 0.0% | $1M | trim | -35% | — | 24 · LOW | Energy | Oil Services | +10% |
| 135 |  CVLG |
Covenant Logistics Group Inc | 0.0% | $1M | new | — | 1q | 19 · LOW | Industrials | — | — |
| 136 |  KOD |
Kodiak Sciences Inc | 0.0% | $1M | trim | -14% | — | 24 · LOW | Healthcare | — | -18% |
| 137 |  AIRJ |
Airjoule Technologies Corp | 0.0% | $1M | new | — | 1q | 19 · LOW | Industrials | — | — |
| 138 |  VELO |
Velo3d Inc | 0.0% | $1M | add | +21% | 3q | 39 · LOW | Technology | — | — |
| 139 |  OPLN |
Openlane Inc | 0.0% | $1M | hold | -7% | — | 24 · LOW | Industrials | — | -11% |
| 140 |  BTDR |
Bitdeer Technologies Group | 0.0% | $1M | new | — | 1q | 19 · LOW | Technology | AI Neoclouds & HPC Hosting | +4% |
| 141 |  GRBK |
Green Brick Partners Inc | 0.0% | $1M | add | +16% | 3q | 39 · LOW | Consumer Cyclical | — | -4% |
| 142 |  VT |
Vanguard Intl Equity Index F | 0.0% | $1M | add | +17% | 1q | 29 · LOW | — | — | +1% |
| 143 |  SOFI |
Sofi Technologies Inc | 0.0% | $1M | trim | -36% | — | 24 · LOW | Financial | Payments & Fintech | -4% |
| 144 |  FN |
Fabrinet | 0.0% | $1M | hold | +8% | — | 24 · LOW | Technology | — | -27% |
| 145 |  TWLO |
Twilio Inc | 0.0% | $1M | add | +106% | 1q | 29 · LOW | Technology | PaaS, CRM, Collaboration | +21% |
| 146 |  SPCX |
Space Exploration Techn Corp | 0.0% | $1M | new | — | 1q | 19 · LOW | — | Space Economy | +20% |
| 147 |  PRSU |
Pursuit Attractions And Hosp | 0.0% | $1M | new | — | 1q | 19 · LOW | Consumer Cyclical | — | -6% |
| 148 |  IBN |
Icici Bank Limited | 0.0% | $1M | trim | -68% | — | 24 · LOW | — | — | +0% |
| 149 |  OSCR |
Oscar Health Inc | 0.0% | $1M | new | — | 1q | 29 · LOW | Healthcare | Managed Care & Insurers | +13% |
| 150 |  AXSM |
Axsome Therapeutics Inc. | 0.0% | $1M | add | +111% | 2q | 34 · LOW | — | — | +5% |
| 151 |  URGN |
Urogen Pharma Ltd | 0.0% | $1M | new | — | 1q | 19 · LOW | Healthcare | — | +8% |
| 152 |  CATH |
Global X Fds | 0.0% | $1M | trim | -37% | — | 24 · LOW | — | — | — |
| 153 |  VOO |
Vanguard Index Fds | 0.0% | $1M | new | — | 1q | 19 · LOW | — | — | +0% |
| 154 |  RXO |
Rxo Inc | 0.0% | $1M | new | — | 1q | 19 · LOW | Industrials | — | -11% |
| 155 |  WYFI |
Whitefiber Inc | 0.0% | $1M | new | — | 1q | 19 · LOW | Technology | — | -27% |
| 156 |  WSC |
Willscot Hldgs Corp | 0.0% | $987849 | new | — | 1q | 29 · LOW | Industrials | — | -29% |
| 157 |  ADTN |
Adtran Holdings Inc | 0.0% | $977059 | hold | -7% | — | 24 · LOW | Technology | Telecom | -13% |
| 158 |  EMBJ |
Embraer S.a. | 0.0% | $937924 | add | +61% | 2q | 34 · LOW | Healthcare | — | +8% |
| 159 |  ASPI |
Asp Isotopes Inc | 0.0% | $930257 | add | +22% | 1q | 29 · LOW | Basic Materials | Uranium & Nuclear Fuel | -24% |
| 160 |  DNTH |
Dianthus Therapeutics Inc | 0.0% | $909781 | add | +127% | 2q | 34 · LOW | Healthcare | — | -3% |
| 161 |  AAPL |
Apple Inc | 0.0% | $836742 | trim | -29% | — | 24 · LOW | Technology | Magnificent Seven, Technology (Equal-Weight) | +9% |
| 162 |  LOCO |
El Pollo Loco Hldgs Inc | 0.0% | $787266 | add | +254% | 2q | 34 · LOW | Consumer Cyclical | — | -7% |
| 163 |  MTSI |
Macom Tech Solutions Hldgs I | 0.0% | $778998 | add | +93% | 2q | 34 · LOW | Technology | — | -11% |
| 164 |  APEI |
American Pub Ed Inc | 0.0% | $750243 | hold | -1% | — | 24 · LOW | Consumer Defensive | — | — |
| 165 |  AFRM |
Affirm Hldgs Inc | 0.0% | $730525 | add | +88% | 1q | 29 · LOW | Financial | Payments & Fintech | -5% |
| 166 | UAL |
United Airls Hldgs Inc | 0.0% | $717619 | new | — | 1q | 19 · LOW | Industrials | Travel & Experiences, Industrials (Equal-Weight) | -18% |
| 167 |  MITK |
Mitek Sys Inc | 0.0% | $714696 | add | +34% | 2q | 34 · LOW | Technology | Software, Identity, Gov & Defense | — |
| 168 |  XPO |
Xpo Inc | 0.0% | $697165 | new | — | 1q | 19 · LOW | Industrials | Trucking | -9% |
| 169 |  GKOS |
Glaukos Corp | 0.0% | $673364 | new | — | 1q | 19 · LOW | Healthcare | — | -1% |
| 170 |  SN |
Sharkninja Inc | 0.0% | $631311 | add | +66% | 2q | 34 · LOW | Consumer Cyclical | Household | -2% |
| 171 |  NXE |
Nexgen Energy Ltd | 0.0% | $588089 | trim | -47% | — | 24 · LOW | Energy | Uranium & Nuclear Fuel | -2% |
| 172 |  FORM |
Formfactor Inc | 0.0% | $574309 | new | — | 1q | 11 · LOW | Technology | Semiconductor Equipment (WFE) | -13% |
| 173 | TLN |
Talen Energy Corp | 0.0% | $566015 | add | +116% | 1q | 21 · LOW | Utilities | Power & Grid Buildout, Nuclear & SMR Power | -14% |
| 174 |  AEIS |
Advanced Energy Inds | 0.0% | $560424 | new | — | 1q | 11 · LOW | Technology | Semiconductor Equipment (WFE), Data-Center Power & Cooling | -24% |
| 175 |  VIST |
Vista Energy S.a.b. De C.v. | 0.0% | $541215 | add | +164% | 2q | 26 · LOW | — | — | +21% |
| 176 |  ARWR |
Arrowhead Pharmaceuticals In | 0.0% | $538944 | new | — | 1q | 11 · LOW | Healthcare | — | -7% |
| 177 |  ITRG |
Integra Res Corp | 0.0% | $535439 | new | — | 1q | 11 · LOW | — | — | +27% |
| 178 |  LSCC |
Lattice Semiconductor Corp | 0.0% | $531995 | new | — | 1q | 11 · LOW | Technology | Edge, Next-Gen, Machine Vision | -14% |
| 179 |  TDUP |
Thredup Inc | 0.0% | $515743 | new | — | 1q | 21 · LOW | Consumer Cyclical | Secondhand, Secondhand | — |
| 180 |  RBRK |
Rubrik Inc. | 0.0% | $497816 | new | — | 1q | 21 · LOW | — | Cybersecurity | +25% |
| 181 |  DSGX |
Descartes Sys Group Inc | 0.0% | $483759 | new | — | 1q | 11 · LOW | — | — | -1% |
| 182 |  EIKN |
Eikon Therapeutics Inc | 0.0% | $466433 | new | — | 1q | 11 · LOW | Healthcare | — | — |
| 183 |  BEN |
Franklin Resources Inc | 0.0% | $457795 | new | — | 1q | 11 · LOW | Financial | Crypto & Digital Rails, Financials (Equal-Weight) | -5% |
| 184 |  JAZZ |
Jazz Pharmaceuticals Plc | 0.0% | $447722 | new | — | 1q | 11 · LOW | Healthcare | Therapeutics | -6% |
| 185 |  NTRA |
Natera Inc | 0.0% | $441649 | add | +28% | 1q | 21 · LOW | Healthcare | Diagnostics | +18% |
| 186 |  SNDK |
Sandisk Corp | 0.0% | $438830 | trim | -57% | — | 16 · LOW | Technology | Memory, HBM & Storage, Technology (Equal-Weight) | +10% |
| 187 |  OOMA |
Ooma Inc | 0.0% | $404370 | new | — | 1q | 11 · LOW | Technology | — | — |
| 188 |  IOO |
Ishares Tr | 0.0% | $357330 | new | — | 1q | 21 · LOW | — | — | — |
| 189 | MRCY |
Mercury Sys Inc | 0.0% | $355246 | new | — | 1q | 11 · LOW | Industrials | Defense & Aerospace | -25% |
| 190 |  ALH |
Alliance Laundry Hldgs Inc | 0.0% | $329962 | new | — | 1q | 11 · LOW | Consumer Cyclical | — | -22% |
| 191 |  MLI |
Mueller Inds Inc | 0.0% | $317923 | add | +87% | 1q | 21 · LOW | Industrials | — | -6% |
| 192 |  ROIV |
Roivant Sciences Ltd | 0.0% | $306442 | new | — | 1q | 21 · LOW | Healthcare | — | +22% |
| 193 |  P |
Everpure Inc | 0.0% | $301608 | new | — | 1q | 21 · LOW | Technology | — | +17% |
| 194 |  BBIO |
Bridgebio Pharma Inc | 0.0% | $298069 | trim | -91% | — | 16 · LOW | Healthcare | — | -10% |
| 195 |  ABT |
Abbott Laboratories | 0.0% | $286379 | trim | -79% | — | 16 · LOW | Healthcare | Health Care (Equal-Weight) | -1% |
| 196 |  MLKN |
Millerknoll Inc | 0.0% | $255054 | trim | -53% | — | 16 · LOW | Industrials | — | -12% |
| 197 |  FREL |
Fidelity Covington Trust | 0.0% | $254099 | new | — | 1q | 11 · LOW | — | — | — |
| 198 |  HZO |
Marinemax Inc | 0.0% | $247185 | new | — | 1q | 11 · LOW | Consumer Cyclical | — | +45% |
| 199 |  AMD |
Advanced Micro Devices Inc | 0.0% | $242239 | new | — | 1q | 11 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -4% |
| 200 |  SANM |
Sanmina Corp | 0.0% | $224229 | new | — | 1q | 11 · LOW | Technology | — | +1% |
| 201 |  ETSY |
Etsy Inc | 0.0% | $223579 | new | — | 1q | 21 · LOW | Consumer Cyclical | E-Commerce, Marketplaces, Social | -15% |
| 202 |  W |
Wayfair Inc | 0.0% | $221993 | trim | -93% | — | 16 · LOW | Consumer Cyclical | Household | -8% |
| 203 |  AUR |
Aurora Innovation Inc | 0.0% | $221786 | new | — | 1q | 21 · LOW | Consumer Cyclical | Self-Driving, Next-Gen, AV & Mobility | -10% |
| 204 |  BLZE |
Backblaze Inc | 0.0% | $210430 | new | — | 1q | 11 · LOW | Technology | — | -36% |
| 205 |  LITE |
Lumentum Hldgs Inc | 0.0% | $208509 | new | — | 1q | 11 · LOW | Technology | AI Infrastructure, Technology (Equal-Weight) | -0% |
| 206 |  BSX |
Boston Scientific Corp | 0.0% | $202733 | trim | -99% | — | 16 · LOW | Healthcare | Health Care (Equal-Weight) | -7% |
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 (114)
| GE new |
2.2% | -14% |
| TSM add |
2.1% | +2% |
| GEV new |
2.0% | -13% |
| ATI new |
1.4% | -5% |
| HWM new |
1.1% | -20% |
| EME new |
0.7% | -7% |
| IWF add |
0.7% | -1% |
| WULF add |
0.1% | -17% |
| LASR add |
0.1% | — |
| FROG add |
0.1% | +2% |
| POWL add |
0.1% | -18% |
| CCJ add |
0.1% | +2% |
| AMPX add |
0.1% | — |
| VUG add |
0.1% | -0% |
| REAL add |
0.1% | -22% |
| TWST add |
0.1% | +29% |
| LPTH add |
0.0% | — |
| VPG add |
0.0% | -34% |
| RXT new |
0.0% | -36% |
| FTK add |
0.0% | -2% |
| BFLY add |
0.0% | -16% |
| TSLA add |
0.0% | +11% |
| APLD new |
0.0% | -20% |
| VECO add |
0.0% | -23% |
| AIR add |
0.0% | -15% |
| TSHA add |
0.0% | -15% |
| LIND add |
0.0% | -21% |
| LFUS add |
0.0% | -8% |
| ASTE add |
0.0% | -17% |
| LTH add |
0.0% | -4% |
| EVC new |
0.0% | -25% |
| JOBY add |
0.0% | -20% |
| CDNL new |
0.0% | -43% |
| AAOI add |
0.0% | -19% |
| FPS new |
0.0% | -18% |
| CALY add |
0.0% | -20% |
| AZZ add |
0.0% | -9% |
| PURR add |
0.0% | +78% |
| CAKE add |
0.0% | -2% |
| WT add |
0.0% | +8% |
| FIVN new |
0.0% | +4% |
| CVNA add |
0.0% | +6% |
| KN new |
0.0% | -8% |
| MEC new |
0.0% | — |
| NOVT new |
0.0% | -11% |
| SMTC add |
0.0% | +25% |
| PENG new |
0.0% | -11% |
| AKTS new |
0.0% | +3% |
| BLLN new |
0.0% | -30% |
| PTCT new |
0.0% | -1% |
| OUT add |
0.0% | -8% |
| TVTX new |
0.0% | +22% |
| WOLF new |
0.0% | -3% |
| MAMA add |
0.0% | -17% |
| ADEA new |
0.0% | -13% |
| ETON add |
0.0% | +25% |
| CW add |
0.0% | -26% |
| RNG new |
0.0% | +16% |
| CVLG new |
0.0% | — |
| AIRJ new |
0.0% | — |
| VELO add |
0.0% | — |
| BTDR new |
0.0% | +4% |
| GRBK add |
0.0% | -4% |
| VT add |
0.0% | +1% |
| TWLO add |
0.0% | +21% |
| SPCX new |
0.0% | +20% |
| PRSU new |
0.0% | -6% |
| OSCR new |
0.0% | +13% |
| AXSM add |
0.0% | +5% |
| URGN new |
0.0% | +8% |
| VOO new |
0.0% | +0% |
| RXO new |
0.0% | -11% |
| WYFI new |
0.0% | -27% |
| WSC new |
0.0% | -29% |
| EMBJ add |
0.0% | +8% |
| ASPI add |
0.0% | -24% |
| DNTH add |
0.0% | -3% |
| LOCO add |
0.0% | -7% |
| MTSI add |
0.0% | -11% |
| AFRM add |
0.0% | -5% |
| UAL new |
0.0% | -18% |
| MITK add |
0.0% | — |
| XPO new |
0.0% | -9% |
| GKOS new |
0.0% | -1% |
| SN add |
0.0% | -2% |
| FORM new |
0.0% | -13% |
| TLN add |
0.0% | -14% |
| AEIS new |
0.0% | -24% |
| VIST add |
0.0% | +21% |
| ARWR new |
0.0% | -7% |
| ITRG new |
0.0% | +27% |
| LSCC new |
0.0% | -14% |
| TDUP new |
0.0% | — |
| RBRK new |
0.0% | +25% |
| DSGX new |
0.0% | -1% |
| EIKN new |
0.0% | — |
| BEN new |
0.0% | -5% |
| JAZZ new |
0.0% | -6% |
| NTRA add |
0.0% | +18% |
| OOMA new |
0.0% | — |
| IOO new |
0.0% | — |
| MRCY new |
0.0% | -25% |
| ALH new |
0.0% | -22% |
| MLI add |
0.0% | -6% |
| ROIV new |
0.0% | +22% |
| P new |
0.0% | +17% |
| FREL new |
0.0% | — |
| HZO new |
0.0% | +45% |
| AMD new |
0.0% | -4% |
| SANM new |
0.0% | +1% |
| ETSY new |
0.0% | -15% |
| AUR new |
0.0% | -10% |
| BLZE new |
0.0% | -36% |
| LITE new |
0.0% | -0% |
Rotated out of轮出 (72)
| LLY trim |
-27% | +4% |
| MSFT trim |
-26% | +4% |
| GOOG trim |
-26% | -7% |
| AVGO trim |
-27% | -16% |
| AMZN trim |
-28% | -7% |
| V trim |
-26% | +3% |
| MA trim |
-26% | +2% |
| NOW trim |
-26% | +22% |
| ORCL trim |
-29% | +1% |
| SHOP trim |
-27% | +4% |
| MSCI trim |
-28% | -2% |
| LRCX trim |
-18% | -13% |
| SBUX trim |
-30% | -4% |
| IDXX trim |
-24% | -12% |
| CSGP trim |
-30% | +7% |
| ABNB trim |
-27% | +14% |
| META trim |
-31% | +15% |
| ISRG trim |
-26% | +4% |
| ROL trim |
-27% | -7% |
| AON trim |
-88% | -14% |
| MELI trim |
-25% | +2% |
| UBER trim |
-80% | +2% |
| SPOT trim |
-24% | +18% |
| ZTS trim |
-92% | -2% |
| ACN trim |
-89% | +16% |
| ACWI trim |
-61% | — |
| SNPS trim |
-94% | +0% |
| BE trim |
-39% | +22% |
| BELFB trim |
-24% | -16% |
| AGX trim |
-43% | -32% |
| VSEC trim |
-29% | -11% |
| SPHR trim |
-20% | -9% |
| AEHR trim |
-17% | -13% |
| IESC trim |
-39% | -8% |
| PL trim |
-30% | -28% |
| NFLX trim |
-18% | +11% |
| SAP trim |
-57% | +8% |
| CRS trim |
-46% | -25% |
| SITM trim |
-22% | +2% |
| WTW trim |
-34% | -6% |
| ROAD trim |
-15% | -7% |
| PRAX trim |
-28% | — |
| VCTR trim |
-29% | +10% |
| SE trim |
-30% | -1% |
| ADPT trim |
-12% | -1% |
| GHM trim |
-11% | — |
| ERO trim |
-11% | +23% |
| RHLD trim |
-16% | +1% |
| ADBE trim |
-36% | +4% |
| FTI trim |
-35% | +10% |
| KOD trim |
-14% | -18% |
| SOFI trim |
-36% | -4% |
| IBN trim |
-68% | +0% |
| CATH trim |
-37% | — |
| AAPL trim |
-29% | +9% |
| NXE trim |
-47% | -2% |
| SNDK trim |
-57% | +10% |
| BBIO trim |
-91% | -10% |
| ABT trim |
-79% | -1% |
| MLKN trim |
-53% | -12% |
| W trim |
-93% | -8% |
| BSX trim |
-99% | -7% |
 AA exit |
-100% | +2% |
 ANIP exit |
-100% | -10% |
 ANNX exit |
-100% | -25% |
 ARLO exit |
-100% | -16% |
 AX exit |
-100% | -10% |
 BETR exit |
-100% | -24% |
 BIL exit |
-100% | +1% |
 BKSY exit |
-100% | -17% |
 CCO exit |
-100% | -1% |
 CELC 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。