Alliancebernstein L.P.2026-Q2
联博（AllianceBernstein）2026年第二季度13F申报显示，组合周转率从0.158881近乎翻倍至0.30234，主要驱动力为大幅加仓KLAC与BKNG，同时显著减持MSFT与AMZN。该机构持有3,317个头寸，信息技术占组合33.94%。
本季度主要持仓变动中未出现新建仓位（new_buy）或完全清仓（sold_out）——所有主动交易均为对既有持仓的加仓或减持。
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| — | — | — | — |
本季度所有主动交易均为加仓或减持既有头寸；基金未在最大变动中建立全新标的，也未完全清仓任何持仓。
| Ticker | Action | Value Change | Weight Change (pts) |
|---|---|---|---|
| KLAC | Add | +$10.49B | +3.48pts |
| BKNG | Add | +$7.35B | +2.44pts |
| MSFT | Trim | -$5.75B | -1.80pts |
| AMZN | Trim | -$4.29B | -1.33pts |
| NVDA | Trim | -$1.59B | -0.40pts |
| META | Trim | -$1.56B | -0.46pts |
| GOOG | Trim | +$340,643 | +0.00pts |
| AVGO | Trim | -$1.48B | -0.43pts |
| AAPL | Add | -$680.8M | -0.15pts —— 实际加仓买入，但美元价值因股价跌幅超过加仓股份价值而下降，并非卖出 |
| VUG | Add | +$1.14B | +0.38pts |
| V | Trim | -$1.05B | -0.30pts |
| LLY | Trim | -$838.9M | -0.24pts |
| RTX | Add | +$738.2M | +0.25pts |
| ABT | Trim | -$669.1M | -0.22pts |
| MU | Add | +$637.5M | +0.21pts |
| APP | Trim | -$629.0M | -0.20pts |
| TT | Add | +$619.9M | +0.20pts |
| XOM | Add | +$608.7M | +0.21pts |
| CELH | Trim | -$608.7M | -0.19pts |
| ETN | Add | +$593.6M | +0.21pts |
| PWR | Add | +$593.0M | +0.20pts |
| VGIT | Add | +$589.2M | +0.20pts |
| RDDT | Trim | -$558.6M | -0.17pts |
| AMD | Add | +$544.7M | +0.18pts |
| VEEV | Trim | -$536.8M | -0.16pts |
| QCOM | Trim | -$535.5M | -0.17pts |
| VGSH | Add | +$515.5M | +0.17pts |
| SYK | Trim | -$508.5M | -0.15pts |
| PGR | Trim | -$495.3M | -0.15pts |
| SHOP | Trim | -$491.8M | -0.15pts |
此次轮动将资金集中于半导体设备（KLAC）与旅游平台（BKNG），同时降低对最大型科技股的敞口。AAPL的负向价值变动与其"加仓"标签矛盾，原因为股价跌幅超过加仓股数的价值。
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| 持仓数量 | 3,317 | 3,228 |
| 周转率 | 0.30234 | 0.158881 |
| HHI（集中度） | 0.012854 | 0.014772 |
| 已映射价值比率 | 84.76% | 87.33% |
| 动能倾向（pts） | 0.015005 | 0.019398 |
| 变异系数 | 6.453543 | 6.833568 |
| 信息技术 | 33.94% | 33.11% |
| 医疗保健 | 11.76% | 13.40% |
| 非必需消费 | 11.66% | 10.27% |
| 通讯服务 | 10.85% | 11.91% |
| 金融 | 10.05% | 12.04% |
| 工业 | 9.57% | 8.47% |
| 必需消费 | 4.36% | 4.31% |
| 能源 | 2.67% | 1.83% |
| 原材料 | 1.96% | 1.75% |
| 房地产 | 1.60% | 1.59% |
| 公用事业 | 1.59% | 1.31% |
总结： 联博于2026年第二季度执行了高确信度轮动，周转率近乎翻倍至0.30234，将资金从成熟大型科技股转向半导体资本设备与消费旅游平台。组合在头寸层面更加分散（HHI降至0.012854），但信息技术权重微升至33.94%，反映KLAC的大幅加仓。医疗保健与金融板块降幅最大，分别减少1.64与1.99个百分点。同步建立短久期国债（VGIT、VGSH）与股票加仓头寸，显示杠铃式布局：进攻型股票轮动搭配防御型久期。