1. 美国ETF创新产品：另类策略复杂度不断提升 上周美国共8只新发产品，另类策略的复杂度不断提升： 上周Rex 发行一只英伟达期权策略产品，在提供105~150%暴露的同时，通过covered call策略提供周度分红。 Simplify上周和Kayne Anderson合作发行一只能源和基建领域的信用债ETF，同时使用互换等工具来控制下行风险， 管理人认为该领域的债券能有效抵抗通胀。 上周四，First Trust发行一只配置型产品，通过旗下股票、债券、商品ETF来实现收益，股票产品主要为Covered Call 策略产品，约占60%，债券产品占35%、商品占5%。 罗素进一步发行其主动ETF，此次产品为国际股票、新兴市场股票产品。此外，Tidal的Return Stacked系列继续扩 充，该系列将股票、期货等不同策略进行混合，此次发行的产品将美国股票和黄金/比特币策略混合，每个策略都有 100%的头寸，因此产品实际有2倍杠杆；黄金/比特币策略中两类资产采用风险平价分配权重。 2. 美国ETF动态 2.1美国ETF资金：黄金ETF重新流入 上周美国股票ETF重新大幅流入超过100亿美元，其余各类资产ET ...

每季度的13F报告，都是投资者观察顶级资金动向的窗口。一季度，在关税风暴来临前，华尔街 大佬们做了哪些调整？ 从巴菲特"持币不买"的策略，到索罗斯的"抛小盘买大盘"，再到桥水的黄金配置，都显示出顶级 投资者都做了同一个操作——增强组合的防御性，而嗅觉灵敏的Ackman更是赶在关税前清仓了 耐克。 对科技股态度出现分化 ，巴菲特依然坚守苹果，索罗斯加仓英伟达、清仓超微电脑，桥水则减持 了谷歌、英伟达、Meta等。 对于中概股 ，曾豪言"买入一切中国资产"的对冲基金大佬David Tepper谨慎乐观，虽减持阿里， 但仍维持其第一大持仓的地位。 来源 | 华尔街见闻 桥水则果断加码，一季度新进京东持仓，增持阿里巴巴、百度。 巴 菲 特 ： 坚 守 苹 果 ， 清 仓 花 旗 ， 持 币 不 买 "股神"依然保持着他标志性的稳健风格。 本季最大变化是彻底清仓了花旗集团，同时减持了部分金融股，这或许反映了巴菲特对传统金融 业前景的谨慎态度。 据监管文件显示，伯克希尔出售了全部1464万股花旗集团股票，减持了4866万股美国银行股票 （减持比例超过7%），以及减持了30万股第一资本金融公司股票（约4%）。 不过，巴菲特 ...

Group 1 - BlackRock's total market value decreased by 3.6%, still favoring tech giants with top five holdings being Apple, Microsoft, Nvidia, Amazon, and Meta [1] - Hillhouse Capital's total market value grew nearly 23%, with nearly 20 new and increased positions in Chinese concept stocks; top ten holdings account for about 88%, with nine being Chinese stocks [1] - Berkshire Hathaway significantly reduced its bank stock holdings, completely exiting Citigroup, while maintaining its position in Apple and doubling its stake in a beer manufacturer [1] - Goldman Sachs substantially increased its holdings in the iShares Bitcoin Trust (IBIT) ETF by 28%, with a total value exceeding $1.4 billion, becoming the largest institutional investor in IBIT [1] - Ark Invest has reduced its Tesla holdings for three consecutive quarters but remains its largest position, actively investing in emerging technologies including AI and biotechnology [1] Group 2 - Alibaba reduced its stake in XPeng by 3.08 million shares, a decrease of 8.13%; it has previously reduced its holdings multiple times [2] - David Tepper increased his positions in Uber and Meta, while completely exiting AMD and reducing stakes in Alibaba and Microsoft; three of his top five holdings are Chinese stocks [2] - George Soros increased his holdings in the S&P 500 ETF while reducing his position in the Russell 2000 ETF; he is betting on electric utility stocks, AI, space communications, and mining [2] - Michael Burry nearly emptied his stock portfolio, retaining only Estée Lauder, while betting against Nvidia and Chinese stocks like Alibaba through options [2] - Bill Ackman heavily invested in Uber, making it his largest holding, while completely exiting 18.769 million shares of Nike before the "equal tariffs" [2]

Core Viewpoint - Nomura's first-quarter holdings report for the period ending March 31, 2025, shows a significant decrease in total market value, dropping from $74.1 billion to $53.6 billion, a decline of approximately 28% [1][2]. Holdings Summary - Total market value of Nomura's holdings is $53.6 billion, down from $74.1 billion [1][2]. - The fund added 377 new stocks, increased holdings in 487 stocks, reduced holdings in 750 stocks, and completely sold out of 799 stocks [1][2]. - The top ten holdings account for 35.01% of the total market value [1][2]. Top Holdings - The largest holding is Coinbase bonds (DEBT-COIN) with a market value of approximately $4.095 billion, representing 7.65% of the portfolio, showing a substantial increase of 879.53% in shares held [3][5]. - The second largest holding is Meta call options with a market value of about $2.995 billion, accounting for 5.59% of the portfolio, with a decrease of 35.53% in shares held [3][5]. - The third largest holding is iShares Russell 2000 put options with a market value of approximately $2.371 billion, representing 4.43% of the portfolio, with an increase of 98.99% in shares held [3][5]. - Other notable holdings include Nvidia call options, SPDR S&P 500 put options, and Tesla [3][4]. Changes in Holdings - The top five purchases by percentage change include Coinbase bonds, iShares Russell 2000 put options, SPDR S&P 500 call options, Nike, and Electronic Arts put options [5][7]. - The top five sales by percentage change include Tesla put options, Nvidia put options, Tesla call options, Tesla, and Invesco QQQ Trust put options [6][7].

Core Insights - Blackstone's total market value of holdings reached $24.1 billion for Q1 2025, up from $22.0 billion in the previous quarter, representing a 9% increase [1][2] - The investment portfolio included 47 new stocks, 36 stocks were increased, 25 stocks were reduced, and 39 stocks were completely sold out [1][2] - The top ten holdings accounted for 68.8% of the total market value [1][2] Holdings Overview - The largest holding is Cheniere Energy Partners (CQP.US) with approximately 102 million shares valued at about $6.759 billion, making up 28.07% of the portfolio, unchanged from the previous quarter [2][3] - Corebridge Financial Inc. (CRBG.US) is the second-largest holding with around 61.96 million shares valued at approximately $1.956 billion, also unchanged [2][3] - Williams (WMB.US) ranks third with about 20.08 million shares valued at approximately $1.200 billion, reflecting a 5.94% increase in holdings [3][4] Sector Focus - The portfolio shows a strong inclination towards energy stocks, with significant positions in companies like Targa Resources (TRGP.US), Energy Transfer Equity LP (ET.US), and MPLX LP (MPLX.US) [3][4] - The top five purchases included SPDR S&P 500 ETF put options, CoreWeave (CRWV.US), Kinder Morgan (KMI.US), Hess Midstream (HESM.US), and Enbridge (ENB.US) [4][5] - The top five sales included Expand Energy, First Industrial Realty (FR.US), Western Midstream (WES.US), Energy Transfer (ET.US), and NextEra Energy (NEE.US) [5][6]

贝莱德Q1持仓：仍偏爱科技巨头 重仓苹果、微软、英伟达 金十数据5月16日讯，贝莱德13F报告显示，一季度持仓总市值为4.76万亿美元，环比下降3.6%。前十大 重仓股中，大型科技公司仍占多数。苹果仍位列第一，持仓占比为5.32%。其次是微软、英伟达、亚马 逊和Meta。从持仓比例变化来看，前五大买入标的为SPDR标普500ET、伯克希尔哈撒韦-B、Visa、艾 伯维、礼来。前五大卖出标的包括迈威尔科技、Adobe、The Trade Desk、Deckers Outdoor、伊顿。 订阅13F持仓变动 +订阅 ...

Core Insights - Morgan Stanley's first quarter 13F filing shows a total market value of $1.37 trillion, up from $1.34 trillion in the previous quarter, indicating a growth of 6.05% in inflows [1][2] - The fund added 605 new stocks, increased holdings in 2,772 stocks, reduced holdings in 3,431 stocks, and completely sold out of 691 stocks, with the top ten holdings accounting for 22.67% of the total market value [1][2] Holdings Overview - The top five holdings include Microsoft (MSFT) with 142 million shares valued at approximately $53.31 billion, Nvidia (NVDA) with 421 million shares valued at about $45.64 billion, Apple (AAPL) with 199 million shares valued at around $44.15 billion, Amazon (AMZN) with 200 million shares valued at approximately $38.10 billion, and Meta (META) with 58 million shares valued at about $33.54 billion [3][4][5] - The top ten holdings also feature SPDR S&P 500 ETF (SPY), Mastercard (MA), Google (GOOG), Broadcom (AVGO), and Vanguard S&P 500 ETF (VOO) [4][5] Trading Activity - The top five purchases by percentage change in the portfolio include Visa (V), Walmart (WMT), Johnson & Johnson (JNJ), Philip Morris (PM), and Meta [6][7] - The top five sales by largest value include Tesla put options, SPDR S&P 500 ETF put options, Taiwan Semiconductor (TSM), SPDR Gold Shares ETF put options, and Honeywell (HON) [6][7]

Core Insights - BlackRock reported a total market value of $4.76 trillion for its Q1 2025 holdings, down 3.6% from $4.94 trillion in the previous quarter [1][2] - The fund added 238 new stocks, increased holdings in 2006 stocks, reduced holdings in 2721 stocks, and completely sold out of 197 stocks [1][2] - The top ten holdings accounted for 25.39% of the total market value [1][2] Holdings Overview - The largest holding is Apple (AAPL.US) with 1.14 billion shares valued at approximately $253.27 billion, representing 5.32% of the portfolio, an increase of 1.49% from the previous quarter [3][7] - Microsoft (MSFT.US) is the second largest holding with 583 million shares valued at about $218.96 billion, making up 4.60% of the portfolio, up by 1.22% [3][7] - Nvidia (NVDA.US) ranks third with 1.90 billion shares valued at around $206.12 billion, accounting for 4.33% of the portfolio, an increase of 0.64% [4][7] - Amazon (AMZN.US) is fourth with 703 million shares valued at approximately $133.83 billion, representing 2.81% of the portfolio, up by 2.15% [5][7] - Meta (META.US) is fifth with 166 million shares valued at about $95.89 billion, making up 2.01% of the portfolio, an increase of 1.05% [6][7] Trading Activity - The top five purchases included SPDR S&P 500 ETF (SPY.US), Berkshire Hathaway-B (BRK.B.US), Visa (V.US), AbbVie (ABBV.US), and Eli Lilly (LLY.US) [7][9] - The top five sales included Marvell Technology (MRVL.US), Adobe (ADBE.US), The Trade Desk (TTD.US), Deckers Outdoor (DECK.US), and Eaton (ETN.US) [8][9]

Core Insights - Top investors are adjusting their portfolios defensively in response to market uncertainties, with notable strategies including cash holdings and sector rotations [1][4]. Group 1: Warren Buffett's Strategy - Buffett has maintained a strong position in Apple, holding 300 million shares valued at approximately $66.6 billion, which constitutes 25% of his portfolio [3]. - He completely liquidated his position in Citigroup, selling 14.64 million shares, and reduced his holdings in Bank of America by over 7% [3]. - Buffett's cautious approach reflects a broader skepticism towards traditional financial sectors amid market volatility [3][4]. Group 2: George Soros' Defensive Moves - Soros Fund Management has shifted to a defensive posture, completely selling its 752,000 shares in the iShares Russell 2000 ETF, impacting its portfolio by -3.41% [5]. - The fund significantly increased its holdings in the SPDR S&P 500 ETF by 165.93%, now holding 314,000 shares, indicating a preference for larger companies over small-cap stocks [5]. Group 3: Bridgewater's Investment Adjustments - Bridgewater Associates made substantial changes, including a $300 million investment in SPDR Gold ETF, marking it as their sixth-largest holding [6][7]. - The fund reduced its position in major tech stocks like Google and Nvidia by over 15% and 18%, respectively, while increasing its stake in Alibaba and JD.com [9][8]. Group 4: Bill Ackman's Preemptive Moves - Bill Ackman sold all 18.76 million shares of Nike before the announcement of tariffs, demonstrating a proactive approach to potential trade risks [10][11]. - Ackman increased his position in Uber by 30.3 million shares, making it his largest holding at 18.5% of his portfolio [11]. Group 5: David Tepper's Cautious Optimism - David Tepper reduced his Alibaba holdings by 22.06%, while still maintaining it as his largest position, reflecting a cautious optimism towards Chinese assets [12][15]. - Tepper also decreased his stakes in Microsoft and completely exited positions in AMD and FedEx, indicating a selective approach to technology investments [15]. Group 6: Renaissance Technologies' Focus on Cryptocurrency - Renaissance Technologies increased its stake in Robinhood Markets by over 37%, making it the fourth-largest position, signaling confidence in the cryptocurrency market [16].

Core Insights - Bridgewater Associates made significant changes to its portfolio in Q1 2023, notably increasing its stake in Alibaba and gold ETFs while reducing its holdings in major tech stocks like Nvidia [1][2][3] Group 1: Portfolio Adjustments - Bridgewater purchased over 5.4 million shares of Alibaba, investing $710 million, making it the largest position in its portfolio [2] - The fund also initiated a position in SPDR Gold ETF, acquiring over 1.1 million shares valued at approximately $319 million, representing 1.48% of its total holdings [2] - In the Chinese stock market, Bridgewater increased its holdings in Baidu by nearly 1.88 million shares and in Pinduoduo by around 500,000 shares, while also establishing a position in JD.com [3] Group 2: Major Sell-offs - Bridgewater significantly reduced its position in SPDR S&P 500 ETF by $2.74 billion, decreasing its weight from 22% to less than 9% of the total portfolio [3] - The fund also cut its holdings in Nvidia by 65,540 shares (18.74%), Google by 579,000 shares (15.99%), and Meta by 19,550 shares (31.47%) [3] - Additionally, Bridgewater almost completely exited its position in AppLovin, which had seen an 18% decline in Q1, and also sold off shares in several other companies including ON Semiconductor and Moderna [4] Group 3: Market Outlook - Bridgewater's founder, Ray Dalio, emphasized the importance of a well-thought-out investment strategy in light of the changing global economic landscape, driven by factors such as debt monetization and international power restructuring [5][6] - Dalio highlighted the critical question of whether the U.S. fiscal deficit can be reduced to 3% of GDP, which will influence the future of debt and currency value [5]