Susquehanna International Group2026-Q1
Susquehanna在2026年第一季度大幅加仓标普500指数ETF(SPY)，增持金额与权重升幅均为全组合最大变动，同时集中减持了TSLA、META、NVDA等大型科技成长股，并显著增配半导体及能源板块。
新进与清仓仓位
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| — | — | — | — |
前50大持仓变动均为对现有头寸的增减操作，未出现在上一季度基础上全新的建仓或完全清仓标的。
增加与减持仓位
| Ticker | 方向 | 价值变动 | 权重变动 (百分点) |
|---|---|---|---|
| SPY | 增持 | +$46.52B | +4.96pts |
| MU | 增持 | +$6.64B | +0.71pts |
| SNDK | 增持 | +$5.41B | +0.61pts |
| QQQ | 增持 | +$4.58B | +0.37pts |
| USO | 增持 | +$3.02B | +0.33pts |
| MSFT | 增持 | +$4.31B | +0.43pts |
| TSM | 增持 | +$2.87B | +0.29pts |
| SMH | 增持 | +$2.51B | +0.27pts |
| LITE | 增持 | +$2.50B | +0.28pts |
| GLD | 增持 | +$2.40B | +0.21pts |
| XOM | 增持 | +$2.00B | +0.22pts |
| TSLA | 减持 | -$8.50B | -1.08pts |
| META | 减持 | -$6.88B | -0.86pts |
| NVDA | 减持 | -$4.21B | -0.59pts |
| AAPL | 减持 | -$4.48B | -0.57pts |
| GOOGL | 减持 | -$3.38B | -0.43pts |
| PLTR | 减持 | -$2.85B | -0.35pts |
| AMZN | 减持 | -$2.61B | -0.34pts |
| APP | 减持 | -$2.89B | -0.35pts |
| UNH | 减持 | -$2.30B | -0.29pts |
| LLY | 减持 | -$2.25B | -0.28pts |
增持方向高度集中于市场基准ETF与半导体周期股，减持则以已累积较大涨幅的大型科技和医疗成长股为主，板块轮动力度明显。
组合概览
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| Holding Count | 6848 | 6420 |
| Turnover Ratio | 0.3065 | 0.2335 |
| Concentration (HHI) | 0.0291 | 0.0194 |
| Information Technology | 40.27% | 36.53% |
| Consumer Discretionary | 15.09% | 17.85% |
| Communication Services | 10.84% | 12.45% |
| Financials | 9.42% | 10.09% |
| Health Care | 7.12% | 8.20% |
| Industrials | 6.91% | 5.94% |
| Energy | 3.46% | 2.07% |
| Consumer Staples | 3.08% | 3.18% |
| Materials | 2.16% | 2.15% |
| Utilities | 1.09% | 1.06% |
| Real Estate | 0.57% | 0.48% |
换手率从23.3%显著提升至30.7%，持仓数量增至6848只，信息科技权重净增3.74个百分点，完全抵消了通信服务与非必需消费品的权重收缩。
Bottom Line Susquehanna本季操作清晰呈现了"核心敞口稳守+战术板块轮动"的双轴策略。通过大幅增持SPY锁定市场综合贝塔，同时在半导体（MU、SNDK、SMH）和能源（USO、XOM）等高弹性板块积极布局，并对超额收益已高位兑现的科技龙头（TSLA、META、NVDA）执行了果断的大规模减持。高换手率与逾6800只的持仓规模，反映出该机构正以极高频率捕捉结构性机会，整体组合持续向信息科技倾斜。