- 联储局独立性受质疑。美国总统特朗普采取强硬立场，试图迫使美联储在通胀仍然高企的情况下减 息。若投资者认为美联储因政治压力而无法有效控制通胀，美元或将受到冲击。 - 庞大财政赤字。美国政府开支持续超出税收。如果出现主权债务危机，或会导致美元显著转弱。 - 外国投资者需求下降。环球投资者一直乐于持有美元，鉴于美国企业实力强劲，以及美元作为全球主 要储备货币的地位。然而，特朗普政府在贸易及外交政策上的立场，削弱了外国投资者持有美国资产 (特别是美国国债)的意愿。 普徕仕多元资产部门资本市场策略师 Tim Murray 表示，美元自2025年初以来对其他主要货币显著下 跌，多个因素显示这趋势或会持续。这些因素包括： - 货币政策分歧。美联储最近开始降息，而其他主要央行已停止或接近完成降息周期。这意味着各国之 间的利率差距收窄，往往会降低市场对美元的需求。 鉴于美元可能进一步走弱，普徕仕认为投资者应考虑相应调整其投资组合。因此，普徕仕资产配置委员 会目前对非美国投资级别债券和新兴市场当地货币债券持偏高配置。 ...

No jobs report and a lack of economic data cloud the picture. But you can still make informed portfolio moves. ...

与其财务管理业务的投资目标一致，本公司定期评估对其投资持股作出适当调整的可能性，以期为其股 东带来稳定的风险调整回报。经评估以下各项后：其非上市基金现有投资组合的整体风险、潜在回报及 风险概况;潜在未来投资机会;及有机会透过提早退出而获取本集团于合伙企业的投资的大部分价值，董 事认为，出售事项乃本集团变现其投资及增强其现金状况的良机。出售事项产生的现金流入将为本公司 提供财务灵活性及资源，以便考虑及探索日后出现的其他投资机会。 智通财经APP讯，港通控股(00032)发布公告，于2025年9月30日(美国时间)，MWH(本公司的间接全资 附属公司)与Portfolio Advisors订立协议，内容有关以初始购买价1811.68万美元(相当于约1.41亿港元)(可 按下文所述予以调整)向Portfolio Advisors出售权益(MWH 于合伙企业Apollo Hybrid Value Overseas Partners II, L.P.的投资)。 ...

港通控股(00032)发布公告，于2025年9月30日(美国时间)，MWH(本公司的间接全资附属公司)与 Portfolio Advisors订立协议，内容有关以初始购买价1811.68万美元(相当于约1.41亿港元)(可按下文所述 予以调整)向Portfolio Advisors出售权益(MWH于合伙企业Apollo Hybrid Value Overseas Partners II,L.P.的 投资)。 与其财务管理业务的投资目标一致，本公司定期评估对其投资持股作出适当调整的可能性，以期为其股 东带来稳定的风险调整回报。经评估以下各项后：其非上市基金现有投资组合的整体风险、潜在回报及 风险概况;潜在未来投资机会;及有机会透过提早退出而获取本集团于合伙企业的投资的大部分价值，董 事认为，出售事项乃本集团变现其投资及增强其现金状况的良机。出售事项产生的现金流入将为本公司 提供财务灵活性及资源，以便考虑及探索日后出现的其他投资机会。 ...

Group 1 - Temasek will restructure its investment portfolio of SGD 434 billion (approximately USD 338 billion) starting April 1 next year, aiming to enhance the company's focus [1] - The restructuring will create three new entities: Temasek Global Investments, Temasek Singapore Portfolio Management, and Temasek Collaborative Investment Solutions, each managing different aspects of Temasek's investments [1] - Chia Song Hwee will be appointed as co-CEO starting October 1, working alongside CEO Dilhan Pillay to drive the next phase of growth for the company [1] Group 2 - Temasek is preparing for a "new global environment," emphasizing the need to sense changes timely and adjust its organizational structure to support business growth and returns [2] - As of March, 36% of Temasek's portfolio consists of global direct investments, 41% is from the Singapore-based portfolio company, and 23% is from partnerships, funds, and asset management companies [2]

Group 1 - The core viewpoint is that DoubleLine Capital, managed by "bond king" Jeffrey Gundlach, is concerned about the expanding federal budget deficit and increasing debt burden in the U.S. [1] - The company is avoiding the longest-term U.S. Treasury bonds and favoring shorter-term bonds that offer lower interest rate risk while still providing substantial returns [1] - This shift in investment strategy is shared by several investment firms, including PIMCO and TCW Group Inc., and has performed well this year due to increased government spending globally undermining confidence in long-term bonds [1] Group 2 - In May, the U.S. lost its highest credit rating from Moody's, further contributing to the concerns regarding long-term bonds [1]

Core Viewpoint - Berkshire Hathaway's latest 13F filing reveals that Warren Buffett has maintained his position in Apple, holding 300 million shares valued at approximately $66.6 billion, which constitutes 25.76% of the total portfolio [1] Group 1: Berkshire Hathaway's Holdings - In Q1 2025, Buffett sold approximately 48.66 million shares of Bank of America, dropping its ranking to fourth place behind Coca-Cola [2] - Citigroup was completely liquidated, marking the end of a brief holding period that began in mid-2022 [2] - Berkshire has not disclosed one or more holdings in the latest filing, indicating potential new investments, similar to its previous stealth acquisition of Chubb Insurance [2] - Other investment activities included purchases of Sirius XM, Occidental Petroleum, and Verisign, while slightly reducing holdings in DaVita [2] - Significant increases were made in Pool Corp and Constellation Brands, along with additional investments in Domino's Pizza and aerospace manufacturer HEICO [2] Group 2: Buffett's Future Plans - Buffett discussed his decision to step back due to age, stating that he only began to feel old around 90, but he remains in good health [3] - He plans to continue coming to the office daily and will assist when necessary, indicating he is not fully retiring [3] Group 3: Other Investors' Activities - The portfolio managed by Charlie Munger's Daily Journal Corp saw a reduction in holdings of four stocks, including Alibaba, which was cut from 300,000 shares to 195,000 shares [3] - In contrast to Buffett's strategy, investors like Duan Yongping and Li Lu have significantly reduced their Apple holdings, with Duan's portfolio showing a 65% decrease in Apple shares [4]

Group 1 - Michael Burry's hedge fund, Scion Asset Management, has significantly reduced its stock holdings, retaining only Estee Lauder while selling off major positions in Chinese tech stocks like Alibaba and Baidu [1][2] - In Q1 2025, Burry sold 100% of his shares in Alibaba (150,000 shares) and Baidu (125,000 shares), resulting in a 16.42% and 13.61% decrease in his portfolio respectively [1][2] - Burry has initiated a position in put options for Nvidia and other Chinese tech companies, indicating a potential hedge against long positions not reported in the 13F filing [2] Group 2 - Estee Lauder is the only stock that Burry has increased his position in, doubling his holdings to 200,000 shares, valued at $13.2 million, which now represents 6.63% of his portfolio [3][4] - As of the end of Q1 2025, Burry's portfolio is concentrated in defensive consumer goods, primarily through his investment in Estee Lauder [4]

Group 1 - Michael Burry's hedge fund Scion has nearly liquidated all stock holdings by the end of the first quarter, retaining only a small long position in Estée Lauder [1] - The fund has bet against Nvidia and Chinese stocks through the options market, with Nvidia put options being the largest position at 900,000 shares valued at approximately $97.54 million [1] - Alibaba put options represent the second largest position with 200,000 shares valued at about $26.44 million [1] Group 2 - The adjustments in Burry's investment portfolio reflect a response to increased market uncertainty [1] - Nvidia experienced a decline of 26.87% in the first quarter, while Alibaba saw an increase of 55% [1]

Core Insights - Stanley Druckenmiller's Duquesne Family Office made significant adjustments to its investment portfolio in Q1 2025, including complete liquidation of 37 stocks and substantial reductions in major tech holdings [1][6] - The portfolio is now heavily concentrated in healthcare and technology sectors, with notable new investments in companies like DocuSign and TSMC [1][4][7] Summary by Category Portfolio Adjustments - Duquesne Family Office completely liquidated 37 stocks, including significant positions in Skechers USA Inc and SLM Corp, which negatively impacted the portfolio by 1.94% and 1.87% respectively [5] - Major tech stocks such as Google, Amazon, and Tesla saw reduced holdings, indicating a strategic shift away from these companies [6] New Investments - The firm added 12 new stocks to its portfolio, with the largest new position being in DocuSign Inc, acquiring 1.0747 million shares valued at $87.48 million, representing 2.86% of the portfolio [3] - Other significant new investments include CCC Intelligent Solutions Holdings Inc and EQT Corp, with respective acquisitions valued at $50.52 million and $45.92 million [3] Increased Holdings - Teva Pharmaceutical Industries Ltd and TSMC were highlighted as key increased holdings, with TSMC's shares increasing by 456.93% to a total value of $99.4 million [4] - Natera Inc remains the largest holding at 15.72%, followed by Teva and Coupang Inc at 7.47% and 6.67% respectively [4] Sector Focus - The investment portfolio is concentrated in nine sectors, with healthcare and technology being the dominant areas [1][7]