Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Third Point (Loeb)
activist
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #29FADE淡出
Book持仓规模
$4.7B
long US listed only仅美股多头
Positions持仓数
41
98% resolved已解析
Top-10 concentration前十集中度
62%
% of book占组合%
Turnover换手
MED
29.9% 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 192
Hit rate胜率
30%
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: Communication Services (Equal-Weight) — added WBD, GOOGL, LYV (+23.7pp of book this quarter)核心倾向：通信服务（等权） — 本季度加仓 WBD、GOOGL、LYV（占组合 +23.7pp）
Communication Services (Equal-Weight)通信服务（等权）
+23.7pp
23.7% of book held占组合持有
· 3 names标的
· US Sectors (EW)
WBD
GOOGL
LYV
Financials (Equal-Weight)金融（等权）
+8.6pp
8.6% of book held占组合持有
· 3 names标的
· US Sectors (EW)
XYZ
COF
ARES
Industrials (Equal-Weight)工业（等权）
+8.3pp
8.3% of book held占组合持有
· 3 names标的
· US Sectors (EW)
NSC
TDG
UNP
Technology (Equal-Weight)信息技术（等权）
+8.0pp
8.0% of book held占组合持有
· 2 names标的
· US Sectors (EW)
KEYS
FLEX
Magnificent Seven七巨头
+7.8pp
16.8% of book held占组合持有
· 2 names标的
· AI & Technology
GOOGL
AI Software & PlatformsAI 软件与平台
+7.8pp
7.8% of book held占组合持有
· 1 names标的
· AI & Technology
GOOGL
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 -7% vs all-time对全期 -15%
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 | 16 | -15% | 44% | +4% |
| 2023-09-30 | 14 | -35% | 29% | -2% |
| 2023-12-31 | 7 | -7% | 43% | +4% |
| 2024-03-31 | 13 | -9% | 38% | -5% |
| 2024-06-30 | 13 | -6% | 38% | +0% |
| 2024-09-30 | 12 | -19% | 33% | +4% |
| 2024-12-31 | 12 | -29% | 8% | -1% |
| 2025-03-31 | 13 | -22% | 23% | +2% |
| 2025-06-30 | 23 | -22% | 26% | -8% |
| 2025-09-30 | 16 | -0% | 44% | +13% |
| 2025-12-31 | 18 | -19% | 17% | -19% |
| 2026-03-31 | 10 | -9% | 10% | -11% |
| 2026-06-30 | 25 | -5% | 32% | — |
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
Communication Services
28.7%
▲ +7.0pp
Industrials
16.4%
▼ -2.4pp
Technology
14.7%
▲ +6.4pp
Consumer Cyclical
13.4%
▼ -14.9pp
Financial
11.8%
▲ +8.7pp
Basic Materials
5.0%
▼ -4.6pp
Unclassified
4.3%
▲ +0.4pp
Healthcare
3.0%
▼ -3.2pp
Consumer Defensive
2.6%
▲ +2.6pp
Theme categories主题类别
US Sectors (EW) 34.6%
AI & Technology 16.8%
Financials 7.7%
Consumer Cyclical 4.5%
Artificial Intelligence 3.3%
Industrials & Defense 2.9%
Rotating into (QoQ)轮入（环比）
Financial +8.7pp
Communication Services +7.0pp
Technology +6.4pp
Rotating out of (QoQ)轮出（环比）
Consumer Cyclical -14.9pp
Basic Materials -4.6pp
Healthcare -3.2pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Communication Services 29% · Industrials 16% · Technology 15% |
| 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% |
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。40 positions shown项持仓 · resolved已解析 40/41 (98%) · 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 | WBD |
Warner Bros Discovery Inc | 11.4% | $533M | new | — | 1q | 75 · HIGH | Communication Services | Communication Services (Equal-Weight) | +1% |
| 2 |  AMZN |
Amazon Com Inc | 8.9% | $417M | hold | -10% | — | 69 · MODERATE | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -1% |
| 3 | GOOGL |
Alphabet Inc | 7.8% | $366M | add | +486% | 2q | 78 · HIGH | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | +3% |
| 4 |  CRH |
Crh Plc | 5.0% | $235M | add | +16% | 1q | 72 · HIGH | Basic Materials | Materials (Equal-Weight) | -7% |
| 5 |  TDS |
Telephone & Data Sys Inc | 5.0% | $232M | hold | -5% | — | 66 · MODERATE | Communication Services | — | +10% |
| 6 |  TSM |
Taiwan Semiconductor Manufac | 4.7% | $220M | add | +67% | 1q | 71 · HIGH | Technology | Compute, Compute, Foundries | -1% |
| 7 | LYV |
Live Nation Entertainment In | 4.5% | $208M | add | +144% | 1q | 70 · MODERATE | Communication Services | Travel & Experiences, Communication Services (Equal-Weight) | -6% |
| 8 | KEYS |
Keysight Technologies Inc | 4.4% | $205M | new | — | 1q | 69 · MODERATE | Technology | Technology (Equal-Weight) | -7% |
| 9 |  SGI |
Somnigroup International Inc | 4.3% | $202M | add | +13% | 1q | 68 · MODERATE | Consumer Cyclical | — | +7% |
| 10 | XYZ |
Block Inc | 4.2% | $194M | new | — | 1q | 67 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +1% |
| 11 | NSC |
Norfolk Southn Corp | 4.0% | $189M | add | +500% | 1q | 51 · MODERATE | Industrials | Industrials (Equal-Weight) | -3% |
| 12 | FLEX |
Flex Ltd | 3.6% | $167M | new | — | 1q | 50 · MODERATE | Technology | Technology (Equal-Weight) | -15% |
| 13 | COF |
Capital One Finl Corp | 3.5% | $166M | add | +489% | 1q | 50 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | -5% |
| 14 |  HUT |
Hut 8 Corp | 3.2% | $152M | add | +51% | 2q | 54 · MODERATE | Financial | AI Neoclouds & HPC Hosting | +5% |
| 15 |  CRS |
Carpenter Technology Corp | 2.8% | $133M | trim | -31% | — | 43 · LOW | Industrials | 3D Printing, Manufacturing | -21% |
| 16 |  APG |
Api Group Corp | 2.6% | $121M | add | +41% | 1q | 47 · MODERATE | Industrials | — | -15% |
| 17 |  MTZ |
Mastec Inc | 2.6% | $121M | hold | -9% | — | 41 · LOW | Industrials | — | -23% |
| 18 | TDG |
Transdigm Group Inc | 2.2% | $105M | add | +216% | 2q | 40 · LOW | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -9% |
| 19 |  DHR |
Danaher Corp Del | 2.2% | $103M | hold | +3% | — | 29 · LOW | Healthcare | Health Care (Equal-Weight) | +2% |
| 20 | UNP |
Union Pac Corp | 2.0% | $95M | add | +250% | 1q | 33 · LOW | Industrials | Industrials (Equal-Weight) | -3% |
| 21 |  TTMI |
Ttm Technologies Inc | 2.0% | $94M | new | — | 1q | 32 · LOW | Technology | — | -11% |
| 22 |  PFGC |
Performance Food Group Co | 1.6% | $75M | new | — | 1q | 22 · LOW | Consumer Defensive | Processing | -9% |
| 23 |  GOOGL 6.25 05-15-29 A |
Alphabet Inc | 1.4% | $66M | new | — | 1q | 21 · LOW | — | — | — |
| 24 |  SYY |
Sysco Corp | 1.0% | $48M | new | — | 1q | 20 · LOW | Consumer Defensive | Consumer Staples (Equal-Weight) | +2% |
| 25 | ARES |
Ares Management Corporation | 0.9% | $42M | new | — | 1q | 19 · LOW | Financial | Financials (Equal-Weight) | -5% |
| 26 |  SPCX |
Space Exploration Techn Corp | 0.7% | $31M | new | — | 1q | 18 · LOW | — | Space Economy | +3% |
| 27 |  SPY |
State Str Spdr S&p 500 Etf T | 0.6% | $29M | new | — | 1q | 27 · LOW | — | — | +0% |
| 28 |  SRTA |
Strata Critical Medical Inc | 0.6% | $26M | hold | +0% | — | 21 · LOW | Healthcare | — | -11% |
| 29 |  GOOGL 6.25 05-15-29 B |
Alphabet Inc | 0.2% | $10M | new | — | 1q | 16 · LOW | — | — | — |
| 30 |  SPRY |
Ars Pharmaceuticals Inc | 0.2% | $8M | hold | +0% | — | 20 · LOW | Healthcare | — | -17% |
| 31 |  AUR |
Aurora Innovation Inc | 0.1% | $7M | hold | +0% | — | 19 · LOW | Consumer Cyclical | Self-Driving, Next-Gen, AV & Mobility | -7% |
| 32 |  HTZWW |
Hertz Global Hldgs Inc | 0.1% | $4M | hold | +0% | — | 18 · LOW | — | — | -9% |
| 33 |  FLYX |
Flyexclusive Inc | 0.0% | $2M | hold | +0% | — | 17 · LOW | Industrials | — | — |
| 34 |  BLCO |
Bausch Plus Lomb Corp | 0.0% | $1M | new | — | 1q | 11 · LOW | Healthcare | — | +5% |
| 35 |  CORZ |
Core Scientific Inc New | 0.0% | $1M | new | — | 1q | 21 · LOW | Technology | AI Neoclouds & HPC Hosting | -14% |
| 36 |  EROC |
Erock Inc | 0.0% | $1M | new | — | 1q | 11 · LOW | — | — | — |
| 37 |  APLD |
Applied Digital Corp | 0.0% | $820600 | new | — | 1q | 8 · LOW | — | AI Neoclouds & HPC Hosting | -20% |
| 38 |  AUROW |
Aurora Innovation Inc | 0.0% | $587384 | hold | +0% | — | 13 · LOW | — | — | — |
| 39 |  WOLF |
Wolfspeed Inc | 0.0% | $482500 | new | — | 1q | 8 · LOW | Technology | Next-Gen, Chips | -25% |
| 40 |  FLYX-WS |
Flyexclusive Inc | 0.0% | $77175 | 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 (28)
| WBD new |
11.4% | +1% |
| GOOGL add |
7.8% | +3% |
| CRH add |
5.0% | -7% |
| TSM add |
4.7% | -1% |
| LYV add |
4.5% | -6% |
| KEYS new |
4.4% | -7% |
| SGI add |
4.3% | +7% |
| XYZ new |
4.2% | +1% |
| NSC add |
4.0% | -3% |
| FLEX new |
3.6% | -15% |
| COF add |
3.5% | -5% |
| HUT add |
3.2% | +5% |
| APG add |
2.6% | -15% |
| TDG add |
2.2% | -9% |
| UNP add |
2.0% | -3% |
| TTMI new |
2.0% | -11% |
| PFGC new |
1.6% | -9% |
| GOOGL 6.25 05-15-29 A new |
1.4% | — |
| SYY new |
1.0% | +2% |
| ARES new |
0.9% | -5% |
| SPCX new |
0.7% | +3% |
| SPY new |
0.6% | +0% |
| GOOGL 6.25 05-15-29 B new |
0.2% | — |
| BLCO new |
0.0% | +5% |
| CORZ new |
0.0% | -14% |
| EROC new |
0.0% | — |
| APLD new |
0.0% | -20% |
| WOLF new |
0.0% | -25% |
Rotated out of轮出 (9)
| CRS trim |
-31% | -21% |
 AVGO exit |
-100% | -11% |
 GLD exit |
-100% | -2% |
 KLAC exit |
-100% | -16% |
 LRCX exit |
-100% | -19% |
 META exit |
-100% | +19% |
 NVDA exit |
-100% | -5% |
 SMH exit |
-100% | -7% |
 SN exit |
-100% | -10% |
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。