霍华德·马克斯

Howard Marks

Oaktree Capital信用/不良债务$189B

橡树资本联合创始人，以投资备忘录闻名。专注不良债务和信用投资，擅长在周期底部建仓。

持仓数量 Holdings

211

管理规模 AUM

$189B

做多 Long

175

做空/对冲 Short

组合收益 Portfolio Returns

组合收益率 Portfolio Returns

近1月 1M

-1.2%

近3月 3M

+3.9%

近6月 6M

-7.2%

近1年 1Y

+11.5%

近3年 3Y

+110.0%

近5年 5Y

+41.9%

加权回报 Weighted Return

+0.9%

胜率 Win Rate

61%

39W / 25L

盈亏比 P/L Ratio

2.6x

+1% / -0%

最大赢家 Best Pick

VIST

+7.5%

最大输家 Worst Pick

ALVO

-0.7%

Top5 集中度 Concentration

91%

组合收益说明 Portfolio Return Methodology: 收益涨幅基于假设虚拟净值计算。收益涨幅 = (最新虚拟净值 - X周期前虚拟净值) / X周期前虚拟净值 × 100%。组合虚拟净值 = 成份标的的虚拟持仓净值之和。成份标的虚拟持仓净值 = 成份标的持有份额 × 前复权收盘价格。加权回报率基于 SEC 13F 披露的加权平均成本价 vs 当前市价，按持仓占比加权。数据每个交易日盘后更新。组合调仓（季度 13F 披露）时重新计算份额。收益涨幅仅供参考，不代表对未来收益的预测与保证，也不构成任何投资建议。

🏆 最赚钱持仓 Top Winners

🟢

VISTVISTA ENERGY SAB DE CVShare0.9%

avg$8.51→$76.55+746.8%$38.1M

2019-09-30(6.6年)减仓Energy

🟢

AUANGLOGOLD ASHANTIShare7.4%

avg$19.00→$98.60+321.0%$328.2M

2023-09-30(2.6年)减仓Basic Materials

🟢

TRMDTORMShare11.8%

avg$7.82→$32.91+228.8%$527.3M

2018-06-30(7.9年)减仓Energy

🟢

EXEExpand EnergyShare12.6%

avg$36.98→$96.93+190.2%$558.7M

2021-03-31(5.1年)减仓Energy

🟢

TFPMTRIPLE FLAG PRECIOUS METALSShare30.6%

avg$11.59→$32.69+163.6%$4.4B

2022-09-30(3.6年)持平Basic Materials

📉 做空/对冲仓位 Bearish / Hedge Positions

🔴

SMHVANECK SEMICONDUCTOR ETFPut—

$362.53$311.5MNotional

2025-12-31(4月)持平

🔴

SPYSPDR S&P 500 ETFPut—

$631.97$262.5MNotional

2021-09-30(4.6年)减仓

🔴

XMESPDR(R) S&P(R) METALS & MINING ETFPut—

$103.46$93.2MNotional

2023-12-31(2.3年)减仓

🔴

XLIINDUSTRIAL SELECT SECTOR SPDR FUNDPut—

$156.61$1.2BNotional

2024-12-31(1.3年)加仓

🔴

QQQINVESCO QQQ Put—

$558.28$1.5BNotional

2023-03-31(3.1年)减仓

🔴

XLEENERGY SELECT SECTOR SPDR FUNDPut—

$61.96$715.4MNotional

2025-09-30(7月)减仓

🔴

IWDISHARES RUSSELL 1000 VALUE ETFPut—

$209.42$589.0MNotional

2025-03-31(1.1年)加仓

🔴

NVDANVIDIAPut—

$165.17$559.5MNotional

2025-06-30(10月)加仓Technology

🔴

DLRDIGITAL REALTY TRUSTPut—

$175.18$154.7MNotional

2025-06-30(10月)加仓Real Estate

🔴

XOPSPDR(R) S&P(R) OIL & GAS EXPLORATION & PRODUCTION ETFPut—

$185.48$302.8MNotional

2025-09-30(7月)加仓

🔴

XLPCONSUMER STAPLES SELECT SECTOR SPDR FUNDPut—

$81.88$1.6BNotional

2025-09-30(7月)加仓

🔴

GDXVANECK GOLD MINERS ETFPut—

$85.79$1.2BNotional

2025-03-31(1.1年)加仓

🔴

MARMARRIOTTPut—

$319.31$46.5MNotional

2025-09-30(7月)加仓Consumer Cyclical

🔴

ORCLORACLEPut—

$138.80$97.5MNotional

2025-09-30(7月)加仓Technology

🔔 重要信号 Key Signals2025年第4季度

NEW

SMH Put$312MNEW

RIOT$93MNEW

KRSP$25MNEW

DKNG$23MNEW

INFY$20MNEW

SYNA$18MNEW

ONIT$18MNEW

OPTU$12MNEW

LYV$10MNEW

CALY$10MNEW

COGT$9MNEW

ITRI$9MNEW

HDB$8MNEW

DDOG$8MNEW

NTNX$8MNEW

GPRE$7MNEW

MSTR$6MNEW

MITK$5MNEW

PENN$5MNEW

FSK$4MNEW

AWK$3MNEW

F$3MNEW

WT$2MNEW

DBX$2MNEW

CAKE$2MNEW

CELC$2MNEW

VSH$1MNEW

SPOT$1MNEW

TYL$1MNEW

RNG$975KNEW

GLAD$739KNEW

KRSP/WS$320K-17%

QQQ-44%

IWD-31%

NVDA-35%

TRMD-46%

GTX-97%

INDV-12%

FTAI-36%

XME-16%

CBL-45%

CX-15%

RWAY-14%

LILAK-58%

VIST-11%

TEO-27%

TX-27%

INN-19%

JD-11%

AVAV-12%

CMS-37%

JAZZ-19%

COIN-11%

FLR-63%

MKSI-37%

UPST-10%

VERX-51%

SHAK-11%

TWO-80%

BBIO-66%

ALVO-21%

GRPN-70%

MTN-78%

BL-83%

NEE-72%

TCOM-56%

HLF-91%

PSN-30%

ASND-96%

GH-59%

PTONCLOSED

FVRRCLOSED

EVHCLOSED

AGCLOSED

SRPTCLOSED

IWMCLOSED

WPMCLOSED

TPICQCLOSED

XLVCLOSED

OXLCCLOSED

ACRCLOSED

ATUSCLOSED

JBSCLOSED

VRNTCLOSED

TGSCLOSED

FOURCLOSED

MTHCLOSED

WINGCLOSED

TVTXCLOSED

LICLOSED

FUBOCLOSED

MODGCLOSED

NVCRCLOSED

GESCLOSED

QTWOCLOSED

UBERCLOSED

ESPRCLOSED

WCLOSED

IRTC

持仓分布 Portfolio Allocation2025年第4季度

211持仓数 Holdings

TFPM26.2%

PSX14.6%

SU13.8%

LUV12.5%

EXE10.7%

TRMD10.1%

AU6.3%

GTX5.7%

管理规模 AUM

$189B

近1年 1Y Return

+11.5%

胜率 Win Rate

61%

Top5 集中度

91%

完整持仓 Full Holdings

#	方向	股票 Ticker	类型 Type	买入均价	当前价	收益率	占比 %	趋势 Trend	行业 Sector
1	🟢	TFPM TRIPLE FLAG PRECIOUS METALS	Share	$11.59	$32.69	+163.6%	30.6%	持平	Basic Materials
2	🟢	PSX PHILLIPS 66	Share	$120.15	$171.72	+46.0%	17.1%	加仓	Energy
3	🟢	SU SUNCOR ENERGY	Share	$33.27	$64.32	+91.5%	16.1%	持平	Energy
4	🟢	LUV SOUTHWEST AIRLINES	Share	$27.69	$41.50	+42.3%	14.5%	加仓	Industrials
5	🟢	EXE Expand Energy	Share	$36.98	$96.93	+190.2%	12.6%	减仓	Energy
6	🟢	TRMD TORM	Share	$7.82	$32.91	+228.8%	11.8%	减仓	Energy
7	🟢	AU ANGLOGOLD ASHANTI	Share	$19.00	$98.60	+321.0%	7.4%	减仓	Basic Materials
8	🟢	GTX GARRETT MOTION	Share	$7.92	$26.95	+114.1%	6.7%	减仓	Consumer Cyclical
9	🟢	INDV INDIVIOR	Share	$20.72	$40.61	+41.4%	5.7%	减仓	Healthcare
10	🟢	VNOM VIPER ENERGY PARTNERS LP	Share	$38.08	$47.69	+26.3%	5.5%	加仓	Energy
11	🟢	PINS PINTEREST	Share	$22.57	$21.16	-17.2%	5.0%	持平	Communication Services
12	🟢	TDS TELEPHONE & DATA SYSTEMS	Share	$38.53	$45.52	+6.4%	3.4%	加仓	Communication Services
13	🟢	HPE HEWLETT PACKARD ENTERPRISE	Share	$16.37	$30.37	+32.5%	3.1%	加仓	Technology
14	🟢	B BARRICK GOLD CORP	Share	$20.11	$41.58	+84.7%	2.9%	加仓	Industrials
15	🟢	UNIT UNITI GROUP	Share	$6.45	$11.33	+16.4%	2.9%	加仓	Real Estate
16	🟢	TLN Talen	Share	$274.19	$409.99	+10.5%	2.8%	加仓	Utilities
17	🟢	NOK NOKIA	Share	$4.91	$13.19	+62.5%	2.7%	加仓	Technology
18	🟢	CORZ CORE SCIENTIFIC INC	Share	$15.39	$24.63	+2.7%	2.7%	加仓	Technology
19	🟢	FTAI FTAI AVIATION	Share	$93.19	$285.56	+146.8%	2.3%	加仓	Industrials
20	🟢	ITUB ITAU UNIBANCO HOLDING SA	Share	$5.89	$8.45	+33.1%	2.2%	加仓	Financial Services
21	🟢	LBTYA LIBERTY GLOBAL	Share	$16.29	$12.29	-28.2%	2.1%	加仓	Communication Services
22	🟢	HYG ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF	Share	$78.32	$80.16	+0.8%	2.1%	加仓	-
23	🟢	CBL CBL & ASSOCIATES PROPERTIES	Share	$30.19	$44.14	+23.1%	2.1%	减仓	Real Estate
24	🟢	ETSY ETSY	Share	$66.65	$64.97	-20.7%	1.9%	加仓	Consumer Cyclical
25	🟢	TAC TRANSALTA	Share	$11.20	$12.71	+5.2%	1.8%	加仓	Utilities
26	🟢	STKL SUNOPTA	Share	$10.71	$6.47	-39.3%	1.8%	持平	Consumer Defensive
27	🟢	NU NU HOLDINGS	Share	$13.87	$14.48	+0.5%	1.7%	加仓	Financial Services
28	🟢	FCX FREEPORT-MCMORAN	Share	$38.30	$60.89	+36.0%	1.6%	减仓	Basic Materials
29	🟢	KRC KILROY REALTY	Share	$61.24	$28.25	-53.9%	1.6%	持平	Real Estate
30	🟢	RIOT RIOT PLATFORMS	Share	—	$23.70	—	1.5%	持平	Technology
31	🟢	CX CEMEX SAB DE CV	Share	$4.44	$10.71	+125.0%	1.5%	减仓	Basic Materials
32	🟢	JBLU JETBLUE	Share	—	$5.04	—	1.5%	加仓	Industrials
33	🟢	RWAY RUNWAY GROWTH FINANCE	Share	$12.88	$6.82	-46.9%	1.4%	减仓	Financial Services
34	🟢	BLCO BAUSCH & LOMB	Share	$12.66	$15.26	+24.2%	1.3%	加仓	Healthcare
35	🟢	PEP PEPSICO	Share	$142.61	$155.96	+5.2%	1.3%	加仓	Consumer Defensive
36	🟢	GRAB GRAB HOLDINGS	Share	$4.76	$3.77	-25.2%	1.3%	加仓	Financial Services
37	🟢	XP XP	Share	$17.89	$17.73	+1.7%	1.2%	加仓	Financial Services
38	🟢	BILL BILL HOLDINGS	Share	$46.83	$37.07	-14.9%	1.1%	加仓	Technology
39	🟢	SDRL SEADRILL	Share	$36.38	$48.32	+19.8%	1.1%	加仓	Energy
40	🟢	SATS ECHOSTAR	Share	—	$125.75	—	1.0%	加仓	Technology
41	🟢	LILAK LIBERTY LATIN AMERICA	Share	$6.68	$8.68	+17.4%	1.0%	加仓	Communication Services
42	🟢	CABO CABLE ONE	Share	—	$94.83	—	1.0%	加仓	Communication Services
43	🟢	ECVT ECOVYST	Share	$8.74	$12.86	+33.3%	0.9%	加仓	Basic Materials
44	🟢	AD Array Digital Infrastructure	Share	$58.34	$45.85	-22.1%	0.9%	加仓	Communication Services
45	🟢	VIST VISTA ENERGY SAB DE CV	Share	$8.51	$76.55	+746.8%	0.9%	减仓	Energy
46	🟢	SBLK STAR BULK CARRIERS	Share	$10.98	$22.00	+103.4%	0.8%	减仓	Industrials
47	🟢	YMM FULL TRUCK ALLIANCE CO	Share	$11.76	$8.30	-29.4%	0.8%	加仓	Technology
48	🟢	ABNB AIRBNB	Share	—	$139.88	—	0.8%	加仓	Consumer Cyclical
49	🟢	EQIX EQUINIX	Share	$890.00	$1087.96	+7.8%	0.8%	加仓	Real Estate
50	🟢	OR OSISKO GOLD ROYALTIES	Share	$27.26	$38.74	+20.6%	0.8%	加仓	Basic Materials
51	🟢	CCI CROWN CASTLE	Share	$102.17	$90.24	-19.4%	0.8%	持平	Real Estate
52	🟢	ST SENSATA TECHNOLOGIES HOLDING	Share	$39.37	$45.75	-15.7%	0.7%	加仓	Technology
53	🟢	ENPH ENPHASE ENERGY	Share	—	$35.64	—	0.7%	加仓	Technology
54	🟢	BZ KANZHUN	Share	$15.25	$13.34	-10.6%	0.7%	加仓	Industrials
55	🟢	CRC CALIFORNIA RESOURCES	Share	$50.08	$66.03	+26.9%	0.7%	减仓	Energy
56	🟢	BMRN BIOMARIN PHARMACEUTICAL	Share	—	$54.79	—	0.7%	加仓	Healthcare
57	🟢	AMPH AMPHASTAR PHARMACEUTICALS	Share	—	$19.22	—	0.7%	加仓	Healthcare
58	🟢	CNMD CONMED	Share	—	$33.49	—	0.6%	加仓	Healthcare
59	🟢	PEB PEBBLEBROOK HOTEL TRUST	Share	—	$12.49	—	0.6%	加仓	Real Estate
60	🟢	VAC MARRIOTT VACATIONS WORLDWIDE	Share	—	$64.72	—	0.6%	加仓	Consumer Cyclical
61	🟢	SE SEA	Share	—	$90.02	—	0.6%	加仓	Communication Services
62	🟢	TEO TELECOM ARGENTINA SA	Share	—	$11.12	—	0.6%	减仓	Communication Services
63	🟢	TDOC TELADOC HEALTH	Share	—	$5.14	—	0.6%	加仓	Healthcare
64	🟢	VALE VALE	Share	$12.81	$16.49	+9.7%	0.6%	减仓	Basic Materials
65	🟢	SNAP SNAP	Share	—	$4.02	—	0.6%	加仓	Communication Services
66	🟢	TX TERNIUM SA	Share	$38.17	$38.48	-1.8%	0.6%	减仓	Basic Materials
67	🟢	KRSP RICE ACQUISITION CORP 3	Share	$10.39	$10.31	-1.0%	0.6%	持平	Industrials
68	🟢	CBRL CRACKER BARREL OLD COUNTRY STORE	Share	—	$30.72	—	0.5%	加仓	Consumer Cyclical
69	🟢	OCSL OAKTREE SPECIALTY LENDING	Share	$20.25	$11.21	-45.3%	0.5%	持平	Financial Services
70	🟢	ARRY ARRAY TECHNOLOGIES	Share	—	$6.88	—	0.5%	加仓	Technology
71	🟢	NVST ENVISTA HOLDINGS	Share	—	$24.26	—	0.5%	加仓	Healthcare
72	🟢	OKTA OKTA	Share	—	$77.44	—	0.5%	加仓	Technology
73	🟢	ALRM ALARMCOM HOLDINGS	Share	—	$42.34	—	0.5%	加仓	Technology
74	🟢	FIVN FIVE9	Share	—	$14.77	—	0.5%	加仓	Technology
75	🟢	INFY INFOSYS	Share	$17.76	$13.25	-26.1%	0.4%	加仓	Technology
76	🟢	SPB SPECTRUM BRANDS HOLDINGS	Share	—	$73.65	—	0.4%	加仓	Consumer Defensive
77	🟢	DXCM DEXCOM	Share	—	$60.36	—	0.4%	加仓	Healthcare
78	🟢	XYZ Block	Share	—	$70.83	—	0.4%	加仓	Technology
79	🟢	ONIT Ocwen	Share	$41.44	$39.30	-10.5%	0.4%	加仓	Financial Services
80	🟢	DKNG DRAFTKINGS	Share	—	$23.92	—	0.4%	持平	Consumer Cyclical
81	🟢	MGPI MGP INGREDIENTS	Share	—	$18.41	—	0.4%	加仓	Consumer Defensive
82	🟢	INN SUMMIT HOTEL PROPERTIES	Share	—	$4.36	—	0.3%	加仓	Real Estate
83	🟢	SMRT SMARTRENT	Share	$3.93	$1.41	-59.8%	0.3%	持平	Consumer Cyclical
84	🟢	NBR NABORS INDUSTRIES	Share	—	$87.43	—	0.3%	加仓	Energy
85	🟢	DAY DAYFORCE INC	Share	—	$69.86	—	0.3%	加仓	Technology
86	🟢	JD JD.COM	Share	—	$30.69	—	0.3%	加仓	Consumer Cyclical
87	🟢	WGO WINNEBAGO INDUSTRIES	Share	—	$33.41	—	0.3%	加仓	Consumer Cyclical
88	🟢	SYNA SYNAPTICS	Share	—	$65.08	—	0.3%	持平	Technology
89	🟢	LIVN LIVANOVA	Share	—	$61.27	—	0.3%	加仓	Healthcare
90	🟢	PPL PPL	Share	—	$38.02	—	0.3%	加仓	Utilities
91	🟢	OPTU Optimum Communications	Share	$1.81	$1.31	-32.6%	0.3%	持平	Communication Services
92	🟢	AVAV AEROVIRONMENT	Share	—	$174.37	—	0.3%	加仓	Industrials
93	🟢	CMS CMS ENERGY	Share	—	$77.21	—	0.3%	加仓	Utilities
94	🟢	TTEK TETRA TECH	Share	—	$29.76	—	0.3%	加仓	Industrials
95	🟢	HAE HAEMONETICS	Share	—	$54.93	—	0.3%	加仓	Healthcare
96	🟢	W WAYFAIR	Share	—	$66.00	—	0.2%	加仓	Consumer Cyclical
97	🟢	JAZZ JAZZ PHARMACEUTICALS	Share	—	$228.57	—	0.2%	加仓	Healthcare
98	🟢	WEC WEC ENERGY GROUP	Share	—	$113.94	—	0.2%	加仓	Utilities
99	🟢	LNTH LANTHEUS HOLDINGS	Share	—	$73.09	—	0.2%	加仓	Healthcare
100	🟢	ZD ZIFF DAVIS	Share	—	$42.26	—	0.2%	加仓	Communication Services
101	🟢	CALY BLACKROCK SHORT-TERM CALIFORNIA MUNI BOND ETF	Share	$0.00	$13.26	—	0.2%	持平	Consumer Cyclical
102	🟢	BXMT BLACKSTONE MORTGAGE TRUST	Share	—	$19.27	—	0.2%	加仓	Real Estate
103	🟢	BHC BAUSCH HEALTH COMPANIES	Share	$8.61	$5.03	-41.8%	0.2%	持平	Healthcare
104	🟢	BAND BANDWIDTH	Share	—	$17.24	—	0.2%	加仓	Technology
105	🟢	FLR FLUOR	Share	—	$43.78	—	0.2%	加仓	Industrials
106	🟢	PMT PENNYMAC MORTGAGE INVESTMENT TRUST	Share	—	$11.35	—	0.2%	加仓	Real Estate
107	🟢	COIN COINBASE GLOBAL	Share	—	$197.96	—	0.2%	加仓	Technology
108	🟢	RGEN REPLIGEN	Share	—	$125.76	—	0.2%	加仓	Healthcare
109	🟢	RDFN REDFIN	Share	—	—	—	0.2%	加仓	Real Estate
110	🟢	MGNI MAGNITE	Share	—	$11.57	—	0.2%	加仓	Communication Services
111	🟢	GLIBK GCI Liberty, Inc. Series C	Share	$34.85	$36.68	+1.6%	0.2%	加仓	Communication Services
112	🟢	LYV LIVE NATION ENTERTAINMENT	Share	—	$167.82	—	0.2%	持平	Communication Services
113	🟢	EXEEL EXPAND ENERGY CORP	Share	—	$97.19	—	0.2%	加仓	Energy
114	🟢	MSTR MICROSTRATEGY	Share	—	$186.82	—	0.2%	减仓	Technology
115	🟢	MX MAGNACHIP SEMICONDUCTOR	Share	—	$2.70	—	0.2%	持平	Technology
116	🟢	LCII LCI INDUSTRIES	Share	—	$120.07	—	0.2%	加仓	Consumer Cyclical
117	🟢	COGT COGENT BIOSCIENCES	Share	—	$35.21	—	0.1%	持平	Healthcare
118	🟢	ITRI ITRON	Share	—	$83.88	—	0.1%	持平	Technology
119	🟢	LILA LIBERTY LATIN AMERICA	Share	$7.32	$8.56	+6.7%	0.1%	加仓	Communication Services
120	🟢	U UNITY SOFTWARE	Share	—	$27.28	—	0.1%	加仓	Technology
121	🟢	FRPT FRESHPET	Share	—	$56.60	—	0.1%	加仓	Consumer Defensive
122	🟢	MKSI MKS INSTRUMENTS	Share	—	$293.77	—	0.1%	加仓	Technology
123	🟢	RWT REDWOOD TRUST	Share	—	$5.66	—	0.1%	加仓	Real Estate
124	🟢	NTNX NUTANIX	Share	—	$43.13	—	0.1%	加仓	Technology
125	🟢	DDOG DATADOG	Share	—	$140.53	—	0.1%	持平	Technology
126	🟢	GPRE GREEN PLAINS	Share	—	$16.53	—	0.1%	加仓	Basic Materials
127	🟢	UPST UPSTART	Share	—	$24.22	—	0.1%	持平	Financial Services
128	🟢	UPWK UPWORK	Share	—	$10.57	—	0.1%	加仓	Industrials
129	🟢	AFRM AFFIRM HOLDINGS	Share	—	$43.03	—	0.1%	加仓	Technology
130	🟢	BSY BENTLEY SYSTEMS	Share	—	$34.58	—	0.1%	加仓	Technology
131	🟢	NEO NEOGENOMICS	Share	—	$7.20	—	0.1%	减仓	Healthcare
132	🟢	VERX VERTEX	Share	—	$11.67	—	0.1%	加仓	Technology
133	🟢	CRNC CERENCE	Share	—	$5.96	—	0.1%	加仓	Technology
134	🟢	MITK MITEK SYSTEMS	Share	—	$13.22	—	0.1%	加仓	Technology
135	🟢	SHAK SHAKE SHACK	Share	—	$83.53	—	0.1%	减仓	Consumer Cyclical
136	🟢	BATL BATTALION OIL	Share	—	$3.85	—	0.1%	持平	Energy
137	🟢	SO SOUTHERN	Share	—	$96.94	—	0.1%	减仓	Utilities
138	🟢	PENN PENN ENTERTAINMENT	Share	—	$13.99	—	0.1%	持平	Consumer Cyclical
139	🟢	AWK AMERICAN WATER WORKS COMPANY	Share	—	$125.68	—	0.1%	持平	Utilities
140	🟢	TWO TWO HARBORS INVESTMENT	Share	—	$11.23	—	0.1%	减仓	Real Estate
141	🟢	HDB HDFC BANK	Share	$35.94	$24.90	-29.4%	0.1%	减仓	Financial Services
142	🟢	ALVO ALVOTECH	Share	$12.02	$3.29	-70.6%	0.1%	减仓	Healthcare
143	🟢	F FORD	Share	—	$12.17	—	0.1%	减仓	Consumer Cyclical
144	🟢	ALVOW ALVOTECH	Share	—	$0.31	—	0.1%	持平	Healthcare
145	🟢	POST POST HOLDINGS	Share	—	$103.74	—	0.1%	加仓	Consumer Defensive
146	🟢	BBIO BRIDGEBIO PHARMA	Share	—	$69.36	—	0.1%	减仓	Healthcare
147	🟢	ON ON SEMICONDUCTOR	Share	—	$55.66	—	0.0%	减仓	Technology
148	🟢	FSLY FASTLY	Share	—	$25.52	—	0.0%	加仓	Technology
149	🟢	WT WISDOMTREE	Share	—	$13.24	—	0.0%	持平	Financial Services
150	🟢	DBX DROPBOX	Share	—	$24.69	—	0.0%	持平	Technology
151	🟢	BL BLACKLINE	Share	—	$36.49	—	0.0%	减仓	Technology
152	🟢	NEE NEXTERA ENERGY	Share	—	$92.05	—	0.0%	减仓	Utilities
153	🟢	MTN VAIL RESORTS	Share	—	$124.03	—	0.0%	减仓	Consumer Cyclical
154	🟢	GRPN GROUPON	Share	—	$10.97	—	0.0%	减仓	Communication Services
155	🟢	DOCN DIGITALOCEAN	Share	—	$78.32	—	0.0%	减仓	Technology
156	🟢	FSK FS KKR CAPITAL	Share	$15.12	$9.95	-34.1%	0.0%	持平	Financial Services
157	🟢	CAKE CHEESECAKE FACTORY	Share	—	$54.37	—	0.0%	减仓	Consumer Cyclical
158	🟢	TYL TYLER TECHNOLOGIES	Share	—	$341.15	—	0.0%	加仓	Technology
159	🟢	RNG RINGCENTRAL	Share	—	$37.19	—	0.0%	持平	Technology
160	🟢	SPOT SPOTIFY TECHNOLOGY SA	Share	—	$425.25	—	0.0%	减仓	Communication Services
161	🟢	HLF HERBALIFE	Share	—	$16.44	—	0.0%	减仓	Consumer Defensive
162	🟢	CELC CELCUITY	Share	—	$112.63	—	0.0%	持平	Healthcare
163	🟢	VSH VISHAY INTERTECHNOLOGY	Share	—	$16.56	—	0.0%	持平	Technology
164	🟢	TCOM TRIPCOM GROUP	Share	—	$49.17	—	0.0%	持平	Consumer Cyclical
165	🟢	LYFT LYFT	Share	—	$14.23	—	0.0%	加仓	Technology
166	🟢	PSN PARSONS	Share	—	$52.21	—	0.0%	减仓	Industrials
167	🟢	ASND ASCENDIS PHARMA A	Share	—	$218.35	—	0.0%	减仓	Healthcare
168	🟢	BTAI BIOXCEL THERAPEUTICS	Share	$1.60	$1.21	-5.6%	0.0%	加仓	Healthcare
169	🟢	GH GUARDANT HEALTH	Share	—	$92.25	—	0.0%	减仓	Healthcare
170	🟢	KRSP/WS KRSP/WS	Share	—	—	—	0.0%	持平	-
171	🟢	PTON PELOTON INTERACTIVE	Share	—	$4.00	—	0.0%	减仓	Consumer Cyclical
172	🟢	GLAD GLADSTONE CAPITAL	Share	—	$17.17	—	0.0%	持平	Financial Services
173	🟢	TLN Talen	Call	—	$409.99	—	—	加仓	Utilities
174	🔴	SMH VANECK SEMICONDUCTOR ETF	Put	—	$362.53	—	—	持平	-
175	🟢	CORZ CORE SCIENTIFIC INC	Call	—	$24.63	—	—	持平	Technology
176	🔴	SPY SPDR S&P 500 ETF	Put	—	$631.97	—	—	减仓	-
177	🟢	IGV ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF	Call	—	$77.62	—	—	加仓	-
178	🔴	XME SPDR(R) S&P(R) METALS & MINING ETF	Put	—	$103.46	—	—	减仓	-
179	🔴	XLI INDUSTRIAL SELECT SECTOR SPDR FUND	Put	—	$156.61	—	—	加仓	-
180	🔴	QQQ INVESCO QQQ	Put	—	$558.28	—	—	减仓	-
181	🔴	XLE ENERGY SELECT SECTOR SPDR FUND	Put	—	$61.96	—	—	减仓	-
182	🔴	IWD ISHARES RUSSELL 1000 VALUE ETF	Put	—	$209.42	—	—	加仓	-
183	🔴	NVDA NVIDIA	Put	—	$165.17	—	—	加仓	Technology
184	🔴	DLR DIGITAL REALTY TRUST	Put	—	$175.18	—	—	加仓	Real Estate
185	🔴	XOP SPDR(R) S&P(R) OIL & GAS EXPLORATION & PRODUCTION ETF	Put	—	$185.48	—	—	加仓	-
186	🔴	XLP CONSUMER STAPLES SELECT SECTOR SPDR FUND	Put	—	$81.88	—	—	加仓	-
187	🔴	GDX VANECK GOLD MINERS ETF	Put	—	$85.79	—	—	加仓	-
188	🔴	MAR MARRIOTT	Put	—	$319.31	—	—	加仓	Consumer Cyclical
189	🔴	ORCL ORACLE	Put	—	$138.80	—	—	加仓	Technology

期权持仓说明：期权市值为名义敞口（合约数 × 100 × 标的价格），非实际投入资金，不参与投资组合占比计算。 Options value shown is notional exposure (contracts × 100 × underlying price), not actual capital invested.

持仓变动 Portfolio Changes2025年第4季度

股票 Ticker	类型 Type	股数变动 Share Change	变动比例 Change %	当前市值 Value	占比 Weight
XLP	增仓 Added	+50K	+33.3%	$1.6B	-
QQQ	减仓 Reduced	-5K	-16.7%	$1.5B	-
GDX	增仓 Added	+25K	+21.7%	$1.2B	-
IWD	减仓 Reduced	-22K	-44.0%	$589.0M	-
NVDA	减仓 Reduced	-13K	-30.7%	$559.5M	-
TRMD	减仓 Reduced	-14.2M	-34.9%	$527.3M	11.8%
AU	减仓 Reduced	-337K	-8.1%	$328.2M	7.4%
SMH	建仓 New	+9K	New	$311.5M	-
XOP	减仓 Reduced	-16	-0.1%	$302.8M	-
GTX	减仓 Reduced	-14.8M	-46.4%	$298.0M	6.7%
SPY	增仓 Added	+550	+16.7%	$262.5M	-
INDV	减仓 Reduced	-250.7M	-97.2%	$255.1M	5.7%
TLN	增仓 Added	+80K	+31.5%	$236.6M	2.8%
SDRL	增仓 Added	+855K	+23.1%	$157.7M	1.1%
CORZ	增仓 Added	+3.9M	+87.2%	$150.7M	2.7%
B	减仓 Reduced	-327K	-9.9%	$129.6M	2.9%
OR	增仓 Added	+931K	+42.7%	$110.1M	0.8%
FTAI	减仓 Reduced	-68K	-11.6%	$101.8M	2.3%
ITUB	增仓 Added	+777K	+6.0%	$99.0M	2.2%
XME	减仓 Reduced	-5K	-35.7%	$93.2M	-
CBL	减仓 Reduced	-488K	-16.2%	$93.2M	2.1%
RIOT	建仓 New	+82.0M	New	$92.9M	1.5%
JBLU	增仓 Added	+22.3M	+32.6%	$89.0M	1.5%
NU	减仓 Reduced	-40K	-0.9%	$75.0M	1.7%
FCX	减仓 Reduced	-115K	-7.6%	$70.6M	1.6%
CX	减仓 Reduced	-4.7M	-45.0%	$66.1M	1.5%
RWAY	减仓 Reduced	-1.3M	-15.1%	$62.8M	1.4%
SATS	增仓 Added	+36.0M	-	$60.2M	1.0%
CABO	增仓 Added	+128K	+0.2%	$58.1M	1.0%
BLCO	增仓 Added	+137K	+4.2%	$57.8M	1.3%
GRAB	减仓 Reduced	-887K	-7.3%	$55.9M	1.3%
XP	增仓 Added	+1.3M	+63.3%	$54.4M	1.2%
ABNB	增仓 Added	+11.3M	+28.7%	$50.2M	0.8%
ETSY	增仓 Added	+10.8M	+27.6%	$44.9M	0.7%
ENPH	增仓 Added	+7.4M	+17.8%	$44.2M	0.7%
LILAK	减仓 Reduced	-921K	-13.8%	$42.9M	1.0%
ECVT	增仓 Added	+1.4M	+48.8%	$41.4M	0.9%
BMRN	增仓 Added	+22.4M	+113.6%	$40.5M	0.7%
AMPH	增仓 Added	+25.8M	+144.5%	$40.4M	0.7%
CNMD	减仓 Reduced	-189K	-0.5%	$38.7M	0.6%
VAC	增仓 Added	+4.5M	+12.7%	$38.5M	0.6%
PEB	增仓 Added	+13.5M	+51.7%	$38.4M	0.6%
VIST	减仓 Reduced	-1.1M	-57.5%	$38.1M	0.9%
YMM	减仓 Reduced	-278K	-7.3%	$37.8M	0.8%
SE	增仓 Added	+3.7M	+10.4%	$37.8M	0.6%
TDOC	减仓 Reduced	-2.2M	-5.3%	$36.7M	0.6%
SNAP	增仓 Added	+6.4M	+21.0%	$34.1M	0.6%
CBRL	增仓 Added	+8.3M	+33.6%	$32.2M	0.5%
BZ	减仓 Reduced	-120K	-7.3%	$31.0M	0.7%
ARRY	增仓 Added	+8.6M	+34.8%	$30.3M	0.5%
NVST	增仓 Added	+5.3M	+20.8%	$29.6M	0.5%
OKTA	增仓 Added	+11.4M	+67.5%	$27.8M	0.5%
FIVN	增仓 Added	+22.6M	+290.0%	$27.4M	0.5%
ALRM	增仓 Added	+2.4M	+9.9%	$27.3M	0.5%
TEO	减仓 Reduced	-282K	-10.7%	$27.3M	0.6%
VALE	减仓 Reduced	-10K	-0.5%	$26.4M	0.6%
SPB	增仓 Added	+11.3M	+69.5%	$26.1M	0.4%
DXCM	增仓 Added	+15.0M	+116.0%	$25.8M	0.4%
XYZ	增仓 Added	+12.8M	+95.6%	$25.4M	0.4%
TX	减仓 Reduced	-239K	-26.6%	$25.2M	0.6%
KRSP	建仓 New	+2.4M	New	$24.7M	0.6%
GLIBK	增仓 Added	+183K	+38.4%	$24.6M	0.2%
DKNG	建仓 New	+25.2M	New	$23.1M	0.4%
MGPI	增仓 Added	+6.0M	+34.4%	$22.5M	0.4%
INN	减仓 Reduced	-7.9M	-26.8%	$21.5M	0.3%
NBR	增仓 Added	+22.5M	+1401.1%	$19.6M	0.3%
INFY	建仓 New	+1.1M	New	$19.5M	0.4%
JD	减仓 Reduced	-4.6M	-19.3%	$19.3M	0.3%
DAY	增仓 Added	+10.0M	+106.3%	$19.2M	0.3%
WGO	增仓 Added	+15.3M	+312.0%	$19.1M	0.3%
SYNA	建仓 New	+17.3M	New	$18.3M	0.3%
ONIT	建仓 New	+391K	New	$17.9M	0.4%
LIVN	增仓 Added	+200K	+1.3%	$17.7M	0.3%
PPL	减仓 Reduced	-61K	-0.4%	$17.2M	0.3%
AVAV	减仓 Reduced	-2.0M	-11.3%	$17.1M	0.3%
TTEK	增仓 Added	+3.4M	+28.4%	$16.6M	0.3%
CMS	减仓 Reduced	-2.1M	-12.4%	$16.3M	0.3%
HAE	增仓 Added	+6.7M	+72.3%	$15.9M	0.3%
JAZZ	减仓 Reduced	-6.1M	-36.5%	$14.1M	0.2%
WEC	减仓 Reduced	-457K	-3.7%	$14.0M	0.2%
ZD	增仓 Added	+5.9M	+75.8%	$13.3M	0.2%
LNTH	增仓 Added	+5.3M	+83.7%	$13.2M	0.2%
OPTU	建仓 New	+7.5M	New	$12.4M	0.3%
BAND	增仓 Added	+5.0M	+58.2%	$11.9M	0.2%
BXMT	增仓 Added	+5.1M	+72.9%	$11.9M	0.2%
RDFN	增仓 Added	+3.7M	+45.8%	$11.1M	0.2%
PMT	增仓 Added	+5.5M	+102.1%	$11.0M	0.2%
COIN	减仓 Reduced	-2.5M	-19.2%	$10.8M	0.2%
RGEN	增仓 Added	+1.0M	+11.4%	$10.8M	0.2%
FLR	减仓 Reduced	-1.1M	-10.5%	$10.7M	0.2%
MGNI	增仓 Added	+3.7M	+55.3%	$10.2M	0.2%
LYV	建仓 New	+9.7M	New	$10.2M	0.2%
LCII	增仓 Added	+3.5M	+55.0%	$9.8M	0.2%
CALY	建仓 New	+9.6M	New	$9.6M	0.2%
COGT	建仓 New	+7.7M	New	$9.0M	0.1%
ITRI	建仓 New	+8.7M	New	$8.8M	0.1%
U	增仓 Added	+5.3M	+142.0%	$8.8M	0.1%
FRPT	增仓 Added	+3.0M	+69.8%	$8.6M	0.1%
MKSI	减仓 Reduced	-10.4M	-62.6%	$8.0M	0.1%
HDB	建仓 New	+217K	New	$7.9M	0.1%
DDOG	建仓 New	+7.5M	New	$7.5M	0.1%
NTNX	建仓 New	+7.4M	New	$7.5M	0.1%
RWT	增仓 Added	+1.9M	+33.5%	$7.4M	0.1%
GPRE	建仓 New	+7.7M	New	$7.4M	0.1%
UPST	减仓 Reduced	-4.2M	-37.1%	$7.0M	0.1%
UPWK	增仓 Added	+2.4M	+51.5%	$6.9M	0.1%
BSY	增仓 Added	+4.8M	+256.8%	$6.3M	0.1%
NEO	增仓 Added	+3.2M	+80.6%	$6.3M	0.1%
LILA	减仓 Reduced	-7K	-0.9%	$6.2M	0.1%
VERX	减仓 Reduced	-743K	-10.3%	$6.2M	0.1%
MSTR	建仓 New	+7.1M	New	$6.1M	0.1%
AFRM	增仓 Added	+1.9M	+43.4%	$6.1M	0.1%
CRNC	增仓 Added	+2.5M	+62.6%	$6.0M	0.1%
SHAK	减仓 Reduced	-6.0M	-51.5%	$5.4M	0.1%
MITK	建仓 New	+5.4M	New	$5.3M	0.1%
PENN	建仓 New	+5.0M	New	$4.9M	0.1%
FSK	建仓 New	+265K	New	$3.9M	0.0%
AWK	建仓 New	+3.4M	New	$3.4M	0.1%
BATL	减仓 Reduced	-4K	-0.1%	$3.4M	0.1%
TWO	减仓 Reduced	-426K	-11.4%	$3.3M	0.1%
BILL	减仓 Reduced	-51K	-1.5%	$3.1M	0.1%
F	建仓 New	+2.9M	New	$3.0M	0.1%
BBIO	减仓 Reduced	-10.1M	-79.8%	$2.9M	0.1%
POST	增仓 Added	+1.4M	+103.8%	$2.9M	0.1%
FSLY	增仓 Added	+862K	+63.7%	$2.3M	0.0%
WT	建仓 New	+1.9M	New	$2.2M	0.0%
DBX	建仓 New	+2.2M	New	$2.2M	0.0%
ALVO	减仓 Reduced	-1.0M	-65.9%	$2.0M	0.1%
CAKE	建仓 New	+2.0M	New	$1.9M	0.0%
GRPN	减仓 Reduced	-508K	-21.3%	$1.9M	0.0%
MTN	减仓 Reduced	-4.3M	-70.1%	$1.8M	0.0%
DOCN	减仓 Reduced	-151K	-7.4%	$1.8M	0.0%
BL	减仓 Reduced	-6.3M	-77.7%	$1.8M	0.0%
NEE	减仓 Reduced	-6.3M	-82.9%	$1.6M	0.0%
CELC	建仓 New	+700K	New	$1.5M	0.0%
VSH	建仓 New	+1.7M	New	$1.5M	0.0%
SPOT	建仓 New	+1.3M	New	$1.5M	0.0%
TCOM	减仓 Reduced	-3.0M	-71.8%	$1.5M	0.0%
HLF	减仓 Reduced	-1.6M	-56.4%	$1.3M	0.0%
PSN	减仓 Reduced	-11.8M	-91.0%	$1.2M	0.0%
TYL	建仓 New	+1.0M	New	$1.0M	0.0%
ASND	减仓 Reduced	-300K	-30.0%	$994K	0.0%
RNG	建仓 New	+984K	New	$975K	0.0%
GLAD	建仓 New	+754K	New	$739K	0.0%
GH	减仓 Reduced	-13.3M	-96.0%	$600K	0.0%
PTON	减仓 Reduced	-795K	-58.7%	$553K	0.0%
KRSP/WS	建仓 New	+400K	New	$320K	0.0%
FVRR	清仓 Closed	-1.0M	Closed	-	-
EVH	清仓 Closed	-1.0M	Closed	-	-
AG	清仓 Closed	-18.1M	Closed	-	-
SRPT	清仓 Closed	-34.9M	Closed	-	-
IWM	清仓 Closed	-2K	Closed	-	-
WPM	清仓 Closed	-7K	Closed	-	-
TPICQ	清仓 Closed	-4.6M	Closed	-	-
XLV	清仓 Closed	-20K	Closed	-	-
OXLC	清仓 Closed	-1.0M	Closed	-	-
ACR	清仓 Closed	-391K	Closed	-	-
ATUS	清仓 Closed	-7.5M	Closed	-	-
JBS	清仓 Closed	-1.6M	Closed	-	-
VRNT	清仓 Closed	-4.6M	Closed	-	-
TGS	清仓 Closed	-57K	Closed	-	-
FOUR	清仓 Closed	-14.5M	Closed	-	-
MTH	清仓 Closed	-12.7M	Closed	-	-
WING	清仓 Closed	-500	Closed	-	-
TVTX	清仓 Closed	-9.2M	Closed	-	-
LI	清仓 Closed	-7.3M	Closed	-	-
FUBO	清仓 Closed	-4.5M	Closed	-	-
MODG	清仓 Closed	-4.4M	Closed	-	-
NVCR	清仓 Closed	-4.3M	Closed	-	-
GES	清仓 Closed	-3.6M	Closed	-	-
QTWO	清仓 Closed	-2.7M	Closed	-	-
UBER	清仓 Closed	-1.5M	Closed	-	-
ESPR	清仓 Closed	-2.1M	Closed	-	-
W	清仓 Closed	-900K	Closed	-	-
IRTC	清仓 Closed	-900K	Closed	-	-