加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里.卡尔瓦西纳在报告中指出，"杰 克逊霍尔会议后，小盘股终于突破盘整"，其观点聚焦鲍威尔在会议上的演讲。她表示，受投资者仓位 调整以及部分资金从大型科技股流出的推动，小盘股板块短期内可能迎来上涨。 不过，卡尔瓦西纳强调，长期来看(相较于大盘股)她仍维持"中性"立场。"小盘股可能再次面临'短期跑 赢后行情迅速终结'的风险，尤其是若那些为9月降息'打开大门'的经济担忧最终成为现实，"她写道。 美银的霍尔则表示，她正关注下周公布的非农就业报告，该数据将为9月降息提供进一步支撑;除此之 外，小盘股能否持续反弹，还取决于盈利表现、销售趋势及关税风险。霍尔同时警示，从历史数据来 看，10月往往是小盘股相对大盘股表现最差的月份。 信托金融公司(Truist Financial Corp.)联席首席投资官基思.勒纳上周五将美国小盘股评级从"吸引力较 低"上调至"中性"，理由包括估值优势、盈利趋势改善，以及技术面信号转向更积极。 尽管如此，过去一年标普600小盘股指数仍落后大盘股约13个百分点。勒纳指出，以三年滚动周期来 看，小盘股的跑输幅度已接 ...

Core Insights - The article discusses the adjustments made by top investors in response to market conditions, particularly before the tariff storm, highlighting a trend towards defensive positioning across various portfolios [1][6][11]. Group 1: Investor Strategies - Warren Buffett maintained a strong position in Apple, holding 300 million shares valued at approximately $66.6 billion, while completely liquidating his position in Citigroup and reducing stakes in other financial stocks [4][5]. - George Soros shifted to a defensive stance, increasing his holdings in the S&P 500 while completely selling off his position in the iShares Russell 2000 ETF, indicating a preference for large-cap stocks over small-cap stocks [7][9]. - Bridgewater Associates made significant changes, including a $300 million investment in gold ETFs, while reducing exposure to major tech stocks like Google and Nvidia, reflecting a cautious outlook on the tech sector [11][15]. Group 2: Specific Stock Movements - Bill Ackman preemptively sold all shares of Nike, anticipating that globalized companies would be adversely affected by new trade policies, while significantly increasing his stake in Uber to 30.3 million shares [16][19]. - David Tepper reduced his position in Alibaba by 22.06% but maintained a significant overall exposure to Chinese tech stocks, indicating a cautiously optimistic view on the Chinese market [20][23]. - Renaissance Technologies increased its stake in Robinhood by over 37%, suggesting a positive outlook on the cryptocurrency trading platform's future [25].

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].