Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Viking Global (Halvorsen)
tiger_crossover
C
Reliability improving可靠性走强
leaderboard rank榜单排名 #30WATCH观察
Book持仓规模
$35.1B
long US listed only仅美股多头
Positions持仓数
90
91% resolved已解析
Top-10 concentration前十集中度
36%
% of book占组合%
Turnover换手
MED
31.7% per quarter每季
Median excess中位超额
-14%
buys vs SPY, since filing买入相对SPY，自披露起 · n 491
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: Materials (Equal-Weight) — added APD, SHW (+7.8pp of book this quarter)核心倾向：材料（等权） — 本季度加仓 APD、SHW（占组合 +7.8pp）
Materials (Equal-Weight)材料（等权）
+7.8pp
7.8% of book held占组合持有
· 2 names标的
· US Sectors (EW)
APD
SHW
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+7.7pp
12.4% of book held占组合持有
· 9 names标的
· US Sectors (EW)
AMZN
CVNA
CCL
HD
APTV
Health Care (Equal-Weight)医疗保健（等权）
+5.6pp
5.6% of book held占组合持有
· 3 names标的
· US Sectors (EW)
TMO
WAT
CVS
Magnificent Seven七巨头
+5.5pp
7.7% of book held占组合持有
· 4 names标的
· AI & Technology
METAAMZN
Housing Chain住房产业链
+4.8pp
7.4% of book held占组合持有
· 4 names标的
· Consumer Cyclical
SHWHD
TOL
Industrials (Equal-Weight)工业（等权）
+4.5pp
12.6% of book held占组合持有
· 6 names标的
· US Sectors (EW)
FDX
UNP
FDXF
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 -4% vs all-time对全期 -19%
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 | 36 | -50% | 33% | -5% |
| 2023-09-30 | 33 | -45% | 27% | +4% |
| 2023-12-31 | 36 | -38% | 22% | -1% |
| 2024-03-31 | 35 | -30% | 23% | -2% |
| 2024-06-30 | 46 | -14% | 41% | +1% |
| 2024-09-30 | 37 | -31% | 27% | -1% |
| 2024-12-31 | 46 | -33% | 30% | +0% |
| 2025-03-31 | 39 | -19% | 31% | -3% |
| 2025-06-30 | 42 | -13% | 24% | -6% |
| 2025-09-30 | 34 | -12% | 29% | -1% |
| 2025-12-31 | 30 | -7% | 40% | -8% |
| 2026-03-31 | 37 | +3% | 62% | +1% |
| 2026-06-30 | 40 | -2% | 40% | — |
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
Financial
19.5%
▼ -1.8pp
Industrials
15.5%
▼ -0.2pp
Healthcare
15.2%
▲ +1.2pp
Consumer Cyclical
13.2%
▼ -1.2pp
Communication Services
8.0%
▼ -3.0pp
Basic Materials
7.8%
▲ +1.6pp
Technology
7.6%
▼ -3.6pp
Unclassified
7.4%
▲ +4.0pp
Real Estate
5.4%
▲ +2.4pp
Consumer Defensive
0.5%
▲ +0.5pp
Theme categories主题类别
US Sectors (EW) 42.1%
AI & Technology 9.4%
Consumer Cyclical 9.3%
Financials 7.9%
Industrials & Defense 2.6%
Healthcare 1.1%
Rotating into (QoQ)轮入（环比）
Real Estate +2.4pp
Basic Materials +1.6pp
Healthcare +1.2pp
Rotating out of (QoQ)轮出（环比）
Technology -3.6pp
Communication Services -3.0pp
Financial -1.8pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Financial 20% · Industrials 16% · Healthcare 15% |
| 2026-03-31 | Financial 21% · Industrials 16% · Consumer Cyclical 14% |
| 2025-12-31 | Financial 22% · Consumer Cyclical 15% · Technology 13% |
| 2025-09-30 | Financial 25% · Consumer Cyclical 13% · Healthcare 13% |
| 2025-06-30 | Financial 25% · Consumer Cyclical 16% · Healthcare 15% |
| 2025-03-31 | Financial 28% · Healthcare 16% · Technology 13% |
| 2024-12-31 | Financial 28% · Technology 20% · Healthcare 14% |
| 2024-09-30 | Financial 24% · Technology 23% · Healthcare 13% |
| 2024-06-30 | Technology 25% · Healthcare 15% · Consumer Cyclical 13% |
| 2024-03-31 | Healthcare 21% · Financial 19% · Technology 17% |
| 2023-12-31 | Healthcare 23% · Financial 19% · Industrials 18% |
| 2023-09-30 | Healthcare 24% · Technology 17% · 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。82 positions shown项持仓 · resolved已解析 82/90 (91%) · 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 |  V |
Visa Inc | 6.2% | $2.2B | hold | +1% | — | 70 · HIGH | Financial | Payments & Fintech, Financials (Equal-Weight) | +6% |
| 2 |  TSM |
Taiwan Semiconductor Manufac | 4.3% | $1.5B | trim | -29% | — | 70 · MODERATE | Technology | Compute, Compute, Foundries | -1% |
| 3 | APD |
Air Products And Chemicals I | 4.0% | $1.4B | add | +16% | 1q | 74 · HIGH | Basic Materials | Materials (Equal-Weight) | -2% |
| 4 | SHW |
Sherwin Williams Co | 3.8% | $1.3B | add | +24% | 1q | 74 · HIGH | Basic Materials | Housing Chain, Materials (Equal-Weight) | -6% |
| 5 |  FTV |
Fortive Corp | 3.5% | $1.2B | trim | -11% | — | 68 · MODERATE | Industrials | Industrials (Equal-Weight) | -9% |
| 6 | META |
Meta Platforms Inc | 3.0% | $1.1B | add | +76% | 2q | 78 · HIGH | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +19% |
| 7 |  SCHW |
Schwab Charles Corp | 2.8% | $982M | trim | -28% | — | 67 · MODERATE | Financial | Financials (Equal-Weight) | -2% |
| 8 | TMO |
Thermo Fisher Scientific Inc | 2.8% | $971M | add | +16% | 3q | 82 · HIGH | Healthcare | Health Care (Equal-Weight) | +6% |
| 9 |  JPM |
Jpmorgan Chase & Co | 2.7% | $949M | hold | +7% | — | 67 · MODERATE | Financial | Financials (Equal-Weight) | -1% |
| 10 |  LII |
Lennox Intl Inc | 2.6% | $912M | hold | +1% | — | 66 · MODERATE | Industrials | Housing Chain, Industrials (Equal-Weight) | -7% |
| 11 | AMZN |
Amazon Com Inc | 2.5% | $882M | add | +210% | 1q | 56 · MODERATE | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -1% |
| 12 | CVNA |
Carvana Co | 2.3% | $811M | add | +343% | 2q | 60 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +3% |
| 13 |  MCD |
Mcdonalds Corp | 2.2% | $765M | trim | -22% | — | 50 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -1% |
| 14 |  BBIO |
Bridgebio Pharma Inc | 2.1% | $741M | trim | -16% | — | 50 · MODERATE | Healthcare | — | -8% |
| 15 |  BA |
Boeing Co | 2.0% | $709M | hold | +2% | — | 49 · MODERATE | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -5% |
| 16 |  MAA |
Mid-Amer Apt Cmntys Inc | 2.0% | $701M | hold | +5% | — | 49 · MODERATE | Real Estate | Real Estate (Equal-Weight) | -2% |
| 17 |  DIS |
Disney Walt Co | 2.0% | $689M | trim | -46% | — | 48 · MODERATE | Communication Services | Communication Services (Equal-Weight) | +6% |
| 18 | FDX |
Fedex Corp | 1.9% | $674M | add | +11% | 2q | 58 · MODERATE | Industrials | Industrials (Equal-Weight) | -5% |
| 19 |  MSCI |
Msci Inc | 1.9% | $650M | new | — | 1q | 42 · LOW | Financial | Financials (Equal-Weight) | +1% |
| 20 |  ADPT |
Adaptive Biotechnologies Cor | 1.8% | $643M | hold | +0% | — | 47 · MODERATE | Healthcare | — | -1% |
| 21 | WAT |
Waters Corp | 1.8% | $623M | add | +32% | 2q | 56 · MODERATE | Healthcare | Health Care (Equal-Weight) | +0% |
| 22 | UNP |
Union Pac Corp | 1.6% | $557M | new | — | 1q | 41 · LOW | Industrials | Industrials (Equal-Weight) | -3% |
| 23 |  MSFT |
Microsoft Corp | 1.6% | $544M | trim | -37% | — | 46 · MODERATE | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | +7% |
| 24 |  SE |
Sea Ltd | 1.6% | $543M | add | +20% | 3q | 61 · MODERATE | Communication Services | — | -7% |
| 25 |  CPT |
Camden Ppty Tr | 1.5% | $517M | hold | -4% | — | 45 · LOW | Real Estate | Real Estate (Equal-Weight) | -4% |
| 26 |  RRX |
Regal Rexnord Corporation | 1.4% | $501M | trim | -33% | — | 44 · LOW | Industrials | Automation | -7% |
| 27 |  BMRN |
Biomarin Pharmaceutical Inc | 1.2% | $436M | hold | +8% | — | 44 · LOW | Healthcare | — | -0% |
| 28 |  IBKR |
Interactive Brokers Group In | 1.2% | $420M | add | +246% | 2q | 54 · MODERATE | Financial | Financials (Equal-Weight) | -1% |
| 29 |  DLR |
Digital Rlty Tr Inc | 1.2% | $415M | new | — | 1q | 48 · MODERATE | Real Estate | Real Estate (Equal-Weight) | -4% |
| 30 | CCL |
Carnival Corp Ltd | 1.2% | $409M | new | — | 1q | 38 · LOW | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | -17% |
| 31 |  GM |
General Mtrs Co | 1.1% | $386M | trim | -46% | — | 32 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +3% |
| 32 |  AON |
Aon Plc | 1.1% | $382M | hold | +6% | — | 32 · LOW | Financial | Insurance & Brokers, Financials (Equal-Weight) | -12% |
| 33 | CVS |
Cvs Health Corp | 1.1% | $379M | new | — | 1q | 26 · LOW | Healthcare | Managed Care & Insurers, Health Care (Equal-Weight) | +3% |
| 34 | FDXF |
Fedex Fght Hldg Co Inc | 1.0% | $357M | new | — | 1q | 26 · LOW | Industrials | Industrials (Equal-Weight) | -10% |
| 35 |  ICE |
Intercontinental Exchange In | 1.0% | $342M | trim | -43% | — | 30 · LOW | Financial | Financials (Equal-Weight) | +4% |
| 36 |  MS |
Morgan Stanley | 1.0% | $339M | new | — | 1q | 26 · LOW | Financial | Financials (Equal-Weight) | -0% |
| 37 | HD |
Home Depot Inc | 0.9% | $325M | add | +83% | 2q | 40 · LOW | Consumer Cyclical | Housing Chain, Retail, Consumer Discretionary (Equal-Weight) | -6% |
| 38 |  TIC |
Tic Solutions Inc | 0.8% | $290M | hold | +0% | — | 29 · LOW | Industrials | — | — |
| 39 |  QCOM |
Qualcomm Inc | 0.8% | $280M | new | — | 1q | 34 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | +13% |
| 40 | APTV |
Aptiv Plc | 0.8% | $279M | new | — | 1q | 34 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -8% |
| 41 |  RDDT |
Reddit Inc | 0.8% | $272M | trim | -39% | — | 28 · LOW | Communication Services | Networks, Advertising, Niche | +0% |
| 42 |  HAS |
Hasbro Inc | 0.7% | $257M | trim | -17% | — | 28 · LOW | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | -2% |
| 43 |  AVB |
Avalonbay Cmntys Inc | 0.7% | $253M | new | — | 1q | 22 · LOW | Real Estate | Real Estate (Equal-Weight) | — |
| 44 |  DKS |
Dicks Sporting Goods Inc | 0.7% | $251M | trim | -12% | — | 27 · LOW | Consumer Cyclical | Retail | -29% |
| 45 |  SNOW |
Snowflake Inc | 0.7% | $244M | new | — | 1q | 31 · LOW | Technology | AI Software & Platforms, Non-AI Software | +2% |
| 46 |  EQH |
Equitable Hldgs Inc | 0.7% | $237M | new | — | 1q | 31 · LOW | Financial | — | +5% |
| 47 |  TTWO |
Take-Two Interactive Softwar | 0.7% | $235M | new | — | 1q | 30 · LOW | Communication Services | Communication Services (Equal-Weight) | -6% |
| 48 |  TSLA |
Tesla Inc | 0.7% | $230M | trim | -78% | — | 25 · LOW | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | +7% |
| 49 |  ATI |
Ati Inc | 0.7% | $227M | trim | -65% | — | 24 · LOW | Industrials | Manufacturing | -17% |
| 50 |  ROIV |
Roivant Sciences Ltd | 0.6% | $222M | hold | -6% | — | 24 · LOW | Healthcare | — | +17% |
| 51 |  SPCX |
Space Exploration Techn Corp | 0.6% | $205M | new | — | 1q | 19 · LOW | — | Space Economy | +3% |
| 52 |  MANE |
Veradermics Inc | 0.6% | $192M | hold | -8% | — | 23 · LOW | Healthcare | — | — |
| 53 |  MDLN |
Medline Inc | 0.5% | $191M | trim | -58% | — | 23 · LOW | Healthcare | — | +0% |
| 54 |  BCE |
Bce Inc | 0.5% | $181M | new | — | 1q | 17 · LOW | — | — | +1% |
| 55 |  USFD |
Us Foods Hldg Corp | 0.5% | $177M | new | — | 1q | 17 · LOW | Consumer Defensive | Processing | -10% |
| 56 |  ORKA |
Oruka Therapeutics Inc | 0.4% | $143M | trim | -44% | — | 22 · LOW | Healthcare | — | -17% |
| 57 |  SION |
Sionna Therapeutics Inc | 0.4% | $141M | hold | +0% | — | 21 · LOW | Healthcare | — | +28% |
| 58 |  CB |
Chubb Limited | 0.4% | $129M | trim | -71% | — | 21 · LOW | Financial | Insurance & Brokers, Financials (Equal-Weight) | +2% |
| 59 |  BTSG |
Brightspring Health Svcs Inc | 0.3% | $113M | new | — | 1q | 15 · LOW | Healthcare | — | -2% |
| 60 |  INBX |
Inhibrx Biosciences Inc | 0.3% | $106M | trim | -22% | — | 20 · LOW | Healthcare | — | +32% |
| 61 |  NTRA |
Natera Inc | 0.3% | $106M | new | — | 1q | 15 · LOW | Healthcare | Diagnostics | +4% |
| 62 |  COF |
Capital One Finl Corp | 0.2% | $78M | trim | -76% | — | 19 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | -5% |
| 63 |  CRBG |
Corebridge Finl Inc | 0.2% | $77M | new | — | 1q | 14 · LOW | Financial | — | +6% |
| 64 |  SEDG |
Solaredge Technologies Inc | 0.2% | $64M | new | — | 1q | 13 · LOW | Technology | Energy, Solar | +16% |
| 65 |  DMRA |
Damora Therapeutics Inc | 0.2% | $60M | hold | +0% | — | 18 · LOW | Healthcare | — | -9% |
| 66 |  ORIC |
Oric Pharmaceuticals Inc | 0.2% | $56M | trim | -12% | — | 17 · LOW | Healthcare | — | -5% |
| 67 |  BRKR |
Bruker Corp | 0.1% | $54M | new | — | 1q | 12 · LOW | Healthcare | Research Tools | -6% |
| 68 |  LAB |
Standard Biotools Inc | 0.1% | $48M | hold | +0% | — | 16 · LOW | Healthcare | — | +2% |
| 69 |  DNA |
Ginkgo Bioworks Holdings Inc | 0.1% | $35M | hold | +0% | — | 16 · LOW | Healthcare | Alt Protein | -1% |
| 70 |  CME |
Cme Group Inc | 0.1% | $34M | new | — | 1q | 21 · LOW | Financial | Crypto & Digital Rails, Financials (Equal-Weight) | +4% |
| 71 |  TW |
Tradeweb Mkts Inc | 0.1% | $31M | new | — | 1q | 20 · LOW | Financial | Exchanges | — |
| 72 |  TRVI |
Trevi Therapeutics Inc | 0.1% | $29M | trim | -52% | — | 15 · LOW | Healthcare | — | -12% |
| 73 |  INFQ |
Infleqtion Inc | 0.1% | $27M | new | — | 1q | 10 · LOW | Technology | Quantum Computing | -5% |
| 74 |  ARTV |
Artiva Biotherapeutics Inc | 0.1% | $25M | new | — | 1q | 9 · LOW | Healthcare | — | -12% |
| 75 |  QNT |
Quantinuum Inc | 0.1% | $25M | new | — | 1q | 9 · LOW | — | Quantum Computing | -24% |
| 76 |  FRVO |
Fervo Energy Co | 0.1% | $22M | new | — | 1q | 8 · LOW | — | — | -13% |
| 77 |  ALT |
Altimmune Inc | 0.1% | $20M | new | — | 1q | 8 · LOW | Healthcare | GLP-1 & Obesity | +12% |
| 78 | TOL |
Toll Brothers Inc | 0.1% | $18M | new | — | 1q | 7 · LOW | Consumer Cyclical | Housing Chain | -7% |
| 79 |  XE |
X-Energy Inc | 0.0% | $13M | new | — | 1q | 7 · LOW | — | — | -26% |
| 80 |  AZUL |
Azul S A | 0.0% | $12M | new | — | 1q | 6 · LOW | — | — | -13% |
| 81 |  RLYB |
Rallybio Corp | 0.0% | $8M | hold | +0% | — | 11 · LOW | — | — | +1% |
| 82 |  PEPG |
Pepgen Inc | 0.0% | $6M | 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 (42)
| APD add |
4.0% | -2% |
| SHW add |
3.8% | -6% |
| META add |
3.0% | +19% |
| TMO add |
2.8% | +6% |
| AMZN add |
2.5% | -1% |
| CVNA add |
2.3% | +3% |
| FDX add |
1.9% | -5% |
| MSCI new |
1.9% | +1% |
| WAT add |
1.8% | +0% |
| UNP new |
1.6% | -3% |
| SE add |
1.6% | -7% |
| IBKR add |
1.2% | -1% |
| DLR new |
1.2% | -4% |
| CCL new |
1.2% | -17% |
| CVS new |
1.1% | +3% |
| FDXF new |
1.0% | -10% |
| MS new |
1.0% | -0% |
| HD add |
0.9% | -6% |
| QCOM new |
0.8% | +13% |
| APTV new |
0.8% | -8% |
| AVB new |
0.7% | — |
| SNOW new |
0.7% | +2% |
| EQH new |
0.7% | +5% |
| TTWO new |
0.7% | -6% |
| SPCX new |
0.6% | +3% |
| BCE new |
0.5% | +1% |
| USFD new |
0.5% | -10% |
| BTSG new |
0.3% | -2% |
| NTRA new |
0.3% | +4% |
| CRBG new |
0.2% | +6% |
| SEDG new |
0.2% | +16% |
| BRKR new |
0.1% | -6% |
| CME new |
0.1% | +4% |
| TW new |
0.1% | — |
| INFQ new |
0.1% | -5% |
| ARTV new |
0.1% | -12% |
| QNT new |
0.1% | -24% |
| FRVO new |
0.1% | -13% |
| ALT new |
0.1% | +12% |
| TOL new |
0.1% | -7% |
| XE new |
0.0% | -26% |
| AZUL new |
0.0% | -13% |
Rotated out of轮出 (32)
| TSM trim |
-29% | -1% |
| FTV trim |
-11% | -9% |
| SCHW trim |
-28% | -2% |
| MCD trim |
-22% | -1% |
| BBIO trim |
-16% | -8% |
| DIS trim |
-46% | +6% |
| MSFT trim |
-37% | +7% |
| RRX trim |
-33% | -7% |
| GM trim |
-46% | +3% |
| ICE trim |
-43% | +4% |
| RDDT trim |
-39% | +0% |
| HAS trim |
-17% | -2% |
| DKS trim |
-12% | -29% |
| TSLA trim |
-78% | +7% |
| ATI trim |
-65% | -17% |
| MDLN trim |
-58% | +0% |
| ORKA trim |
-44% | -17% |
| CB trim |
-71% | +2% |
| INBX trim |
-22% | +32% |
| COF trim |
-76% | -5% |
| ORIC trim |
-12% | -5% |
| TRVI trim |
-52% | -12% |
 AAPL exit |
-100% | +11% |
 AIG exit |
-100% | +0% |
 AJG exit |
-100% | -2% |
 APG exit |
-100% | -15% |
 CBOE exit |
-100% | -3% |
 CLS exit |
-100% | +3% |
 CRWV exit |
-100% | -20% |
 CSX exit |
-100% | -2% |
 EQPT exit |
-100% | -15% |
 EW 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。