Alliancebernstein L.P.2026-Q2
聯博（AllianceBernstein）2026年第二季13F申報顯示，投組週轉率自0.158881幾近翻倍至0.30234，主要驅動力為大幅加碼KLAC與BKNG，同時顯著減持MSFT與AMZN。該機構持有3,317個部位，資訊科技佔投組33.94%。
本季主要持股變動中未出現新建部位（new_buy）或完全出清（sold_out）——所有主動交易均為對既有持倉的加碼或減碼。
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| — | — | — | — |
本季所有主動交易均為加碼或減碼既有部位；基金未在最大變動中建立全新標的，亦未完全出清任何持倉。
| 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 —— 實際加碼買入，但美元價值因股價跌幅超過加碼股份價值而下降，並非賣出 |
| 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 |
此次輪動將資金集中於半導體設備（KLAC）與旅遊平台（BKNG），同時降低對最大型科技股的曝險。AAPL的負向價值變動與其「加碼」標籤矛盾，原因為股價跌幅超過加碼股數的價值。
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| 持股數量 | 3,317 | 3,228 |
| 週轉率 | 0.30234 | 0.158881 |
| HHI（集中度） | 0.012854 | 0.014772 |
| 已對應價值比率 | 84.76% | 87.33% |
| 動能傾向（pts） | 0.015005 | 0.019398 |
| 變異係數 | 6.453543 | 6.833568 |
| 資訊科技 | 33.94% | 33.11% |
| 醫療保健 | 11.76% | 13.40% |
| 非必需消費 | 11.66% | 10.27% |
| 通訊服務 | 10.85% | 11.91% |
| 金融 | 10.05% | 12.04% |
| 工業 | 9.57% | 8.47% |
| 必需消費 | 4.36% | 4.31% |
| 能源 | 2.67% | 1.83% |
| 原物料 | 1.96% | 1.75% |
| 不動產 | 1.60% | 1.59% |
| 公用事業 | 1.59% | 1.31% |
結論： 聯博於2026年第二季執行了高信念輪動，週轉率幾近翻倍至0.30234，將資金從成熟大型科技股轉向半導體資本設備與消費旅遊平台。投組在部位層面更加分散（HHI降至0.012854），但資訊科技權重微升至33.94%，反映KLAC的大幅加碼。醫療保健與金融板塊降幅最大，分別減少1.64與1.99個百分點。同步建立短天期公債（VGIT、VGSH）與股票加碼部位，顯示啞鈴式布局：進攻型股票輪動搭配防禦型存續期。