Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Third Point (Loeb)
activist
C
Reliability improving可靠性走强
leaderboard rank榜单排名 #29WATCH观察
Book持仓规模
$2.1B
long US listed only仅美股多头
Positions持仓数
33
97% resolved已解析
Top-10 concentration前十集中度
78%
% of book占组合%
Turnover换手
MED
28.5% per quarter每季
Median excess中位超额
-15%
buys vs SPY, since filing买入相对SPY，自申报起 · n 148
Hit rate胜率
37%
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 META, GOOGL (+4.9pp of book this quarter)核心倾向：七巨头 — 本季度加仓 META、GOOGL（占组合 +4.9pp）
Magnificent Seven七巨头
+4.9pp
25.9% of book held占组合持有
· 4 names标的
· AI & Technology
META
GOOGL
AI Software & PlatformsAI 软件与平台
+4.9pp
4.9% of book held占组合持有
· 2 names标的
· AI & Technology
METAGOOGL
Communication Services (Equal-Weight)通信服务（等权）
+4.9pp
8.3% of book held占组合持有
· 3 names标的
· US Sectors (EW)
METAGOOGL
Quantum Computing量子计算
+2.4pp
4.0% of book held占组合持有
· 2 names标的
· AI & Technology
GOOGL
AI InfrastructureAI 基础设施
+2.3pp
3.9% of book held占组合持有
· 4 names标的
· AI & Technology
KLAC
LRCX
AVGO
Technology (Equal-Weight)信息技术（等权）
+2.3pp
3.9% of book held占组合持有
· 4 names标的
· US Sectors (EW)
KLACLRCXAVGO
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 · 17% positive为正 · recent-4 median近4季中位 -4% vs all-time对全期 -21%
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 | 15 | -11% | 47% | +5% |
| 2023-09-30 | 11 | -26% | 36% | +3% |
| 2023-12-31 | 7 | -28% | 43% | -0% |
| 2024-03-31 | 13 | -28% | 38% | -5% |
| 2024-06-30 | 13 | -22% | 38% | -3% |
| 2024-09-30 | 9 | -9% | 44% | +18% |
| 2024-12-31 | 11 | -29% | 9% | +1% |
| 2025-03-31 | 13 | -23% | 31% | +2% |
| 2025-06-30 | 20 | -20% | 25% | -6% |
| 2025-09-30 | 13 | +8% | 62% | +12% |
| 2025-12-31 | 14 | -9% | 29% | -16% |
| 2026-03-31 | 9 | +0% | 56% | — |
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
Consumer Cyclical
28.3%
▲ +9.5pp
Communication Services
21.6%
▲ +13.7pp
Industrials
18.8%
▼ -0.2pp
Basic Materials
9.6%
▲ +5.1pp
Technology
8.3%
▼ -8.8pp
Healthcare
6.2%
▲ +3.4pp
Unclassified
3.9%
▲ +3.3pp
Financial
3.2%
▼ -10.1pp
Theme categories主题类别
AI & Technology 28.2%
US Sectors (EW) 16.9%
Consumer Cyclical 3.4%
Artificial Intelligence 2.0%
Industrials & Defense 1.4%
Financials 1.2%
Rotating into (QoQ)轮入（环比）
Communication Services +13.7pp
Consumer Cyclical +9.5pp
Basic Materials +5.1pp
Rotating out of (QoQ)轮出（环比）
Utilities -12.1pp
Financial -10.1pp
Technology -8.8pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Consumer Cyclical 28% · Communication Services 22% · Industrials 19% |
| 2025-12-31 | Industrials 19% · Consumer Cyclical 19% · Technology 17% |
| 2025-09-30 | Technology 16% · Consumer Cyclical 16% · Industrials 15% |
| 2025-06-30 | Financial 20% · Utilities 16% · Technology 14% |
| 2025-03-31 | Financial 19% · Utilities 17% · Unclassified 14% |
| 2024-12-31 | Financial 17% · Utilities 15% · Consumer Cyclical 13% |
| 2024-09-30 | Utilities 18% · Consumer Cyclical 16% · Financial 14% |
| 2024-06-30 | Technology 21% · Consumer Cyclical 19% · Communication Services 16% |
| 2024-03-31 | Consumer Cyclical 22% · Communication Services 18% · Utilities 16% |
| 2023-12-31 | Consumer Cyclical 19% · Utilities 18% · Unclassified 16% |
| 2023-09-30 | Consumer Cyclical 16% · Technology 16% · Utilities 16% |
| 2023-06-30 | Technology 23% · Unclassified 16% · Consumer Cyclical 15% |
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。32 positions shown项持仓 · resolved已解析 32/33 (97%) · 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 |  AMZN |
Amazon Com Inc | 19.4% | $404M | trim | -10% | — | 70 · HIGH | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -6% |
| 2 |  TDS |
Telephone & Data Sys Inc | 13.3% | $278M | hold | -1% | — | 69 · MODERATE | Communication Services | — | -17% |
| 3 |  CRH |
Crh Plc | 9.6% | $200M | trim | -27% | — | 68 · MODERATE | Basic Materials | Materials (Equal-Weight) | -4% |
| 4 |  SGI |
Somnigroup International Inc | 8.1% | $168M | trim | -33% | — | 67 · MODERATE | Consumer Cyclical | — | +12% |
| 5 |  CRS |
Carpenter Technology Corp | 5.9% | $122M | trim | -60% | — | 66 · MODERATE | Industrials | 3D Printing, Manufacturing | +35% |
| 6 |  MTZ |
Mastec Inc | 4.9% | $103M | trim | -65% | — | 64 · MODERATE | Industrials | — | -19% |
| 7 |  DHR |
Danaher Corp Del | 4.8% | $100M | trim | -12% | — | 63 · MODERATE | Healthcare | Health Care (Equal-Weight) | +24% |
| 8 |  TSM |
Taiwan Semiconductor Manufac | 4.5% | $93M | trim | -35% | — | 62 · MODERATE | Technology | Compute, Compute, Foundries | -1% |
| 9 |  APG |
Api Group Corp | 4.0% | $82M | trim | -32% | — | 61 · MODERATE | Industrials | — | -9% |
| 10 |  LYV |
Live Nation Entertainment In | 3.4% | $71M | trim | -73% | — | 60 · MODERATE | Communication Services | Travel & Experiences, Communication Services (Equal-Weight) | +7% |
| 11 | META |
Meta Platforms Inc | 2.5% | $51M | new | — | 1q | 49 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +5% |
| 12 | GOOGL |
Alphabet Inc | 2.4% | $50M | new | — | 1q | 48 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | -12% |
| 13 |  GLD |
Spdr Gold Tr | 2.0% | $41M | new | — | 1q | 27 · LOW | — | — | -12% |
| 14 |  HUT |
Hut 8 Corp | 2.0% | $41M | new | — | 1q | 27 · LOW | Financial | AI Neoclouds & HPC Hosting | -2% |
| 15 |  NVDA |
Nvidia Corporation | 1.6% | $33M | trim | -94% | — | 30 · LOW | Technology | Magnificent Seven, AI Infrastructure, AI Semiconductors | -10% |
| 16 |  TDG |
Transdigm Group Inc | 1.4% | $29M | new | — | 1q | 24 · LOW | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | +4% |
| 17 |  NSC |
Norfolk Southn Corp | 1.4% | $29M | trim | -90% | — | 28 · LOW | Industrials | Industrials (Equal-Weight) | +6% |
| 18 |  COF |
Capital One Finl Corp | 1.2% | $26M | trim | -87% | — | 26 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | +11% |
| 19 |  UNP |
Union Pac Corp | 1.2% | $24M | trim | -94% | — | 25 · LOW | Industrials | Industrials (Equal-Weight) | +10% |
| 20 |  SRTA |
Strata Critical Medical Inc | 1.0% | $21M | hold | +0% | — | 24 · LOW | Healthcare | — | — |
| 21 | KLAC |
Kla Corp | 0.8% | $16M | new | — | 1q | 18 · LOW | Technology | AI Infrastructure, Semiconductor Equipment (WFE), Technology (Equal-Weight) | +15% |
| 22 | LRCX |
Lam Research Corp | 0.8% | $16M | new | — | 1q | 17 · LOW | Technology | AI Infrastructure, Semiconductor Equipment (WFE), Technology (Equal-Weight) | +7% |
| 23 | AVGO |
Broadcom Inc | 0.7% | $15M | new | — | 1q | 16 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -11% |
| 24 |  SMH |
Vaneck Etf Trust | 0.7% | $15M | new | — | 1q | 16 · LOW | — | — | +0% |
| 25 |  SN |
Sharkninja Inc | 0.7% | $14M | trim | -89% | — | 19 · LOW | Consumer Cyclical | Household | +44% |
| 26 |  HTZWW |
Hertz Global Hldgs Inc | 0.4% | $9M | hold | +0% | — | 18 · LOW | — | — | — |
| 27 |  SPRY |
Ars Pharmaceuticals Inc | 0.4% | $8M | add | +80% | 2q | 27 · LOW | Healthcare | — | — |
| 28 |  AUR |
Aurora Innovation Inc | 0.2% | $4M | hold | +0% | — | 16 · LOW | Consumer Cyclical | Self-Driving, Next-Gen, AV & Mobility | — |
| 29 |  FLYX |
Flyexclusive Inc | 0.1% | $2M | hold | +0% | — | 14 · LOW | Industrials | — | — |
| 30 |  CTEV |
Claritev Corporation | 0.0% | $718960 | trim | -70% | — | 13 · LOW | Healthcare | — | — |
| 31 |  AUROW |
Aurora Innovation Inc | 0.0% | $365165 | hold | +0% | — | 12 · LOW | — | — | — |
| 32 |  FLYX-WS |
Flyexclusive Inc | 0.0% | $88200 | hold | +0% | — | 11 · LOW | — | — | — |
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 (10)
| META new |
2.5% | +5% |
| GOOGL new |
2.4% | -12% |
| GLD new |
2.0% | -12% |
| HUT new |
2.0% | -2% |
| TDG new |
1.4% | +4% |
| KLAC new |
0.8% | +15% |
| LRCX new |
0.8% | +7% |
| AVGO new |
0.7% | -11% |
| SMH new |
0.7% | +0% |
| SPRY add |
0.4% | — |
Rotated out of轮出 (25)
| AMZN trim |
-10% | -6% |
| CRH trim |
-27% | -4% |
| SGI trim |
-33% | +12% |
| CRS trim |
-60% | +35% |
| MTZ trim |
-65% | -19% |
| DHR trim |
-12% | +24% |
| TSM trim |
-35% | -1% |
| APG trim |
-32% | -9% |
| LYV trim |
-73% | +7% |
| NVDA trim |
-94% | -10% |
| NSC trim |
-90% | +6% |
| COF trim |
-87% | +11% |
| UNP trim |
-94% | +10% |
| SN trim |
-89% | +44% |
| CTEV trim |
-70% | — |
 BABA exit |
-100% | -9% |
 CASY exit |
-100% | +1% |
 CEG exit |
-100% | -6% |
 CMG exit |
-100% | +1% |
 CSGP exit |
-100% | -10% |
 CSX exit |
-100% | +10% |
 FIX exit |
-100% | -14% |
 KVUE exit |
-100% | +11% |
 LPLA exit |
-100% | +9% |
 MSFT exit |
-100% | -5% |
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。