Capital Research Global Investors2026-Q1
Capital Research Global Investors 在 2026 年第一季的 13F 申報中大幅增持 META、AVGO 及新納入 CSCO 等標的，展現強勁調倉動能。值得注意的是，LLY 與 ORCL 出現「實際買進但持倉價值下滑」、AMAT 則出現「實際減碼但持倉價值上升」的價格與決策背離現象，反映市場波動劇烈。
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| CSCO | 新增買進 | $4.96B | 0.77% |
| CIEN | 新增買進 | $1.07B | 0.17% |
| COF | 全數出清 | $1.43B | 0.26% |
| LVS | 全數出清 | $1.06B | 0.20% |
新增部位以通訊設備類股最為積極，而全數出清則集中在金融與博弈類股，顯示基金正進行產業結構性調整。
| Ticker | Action | Value Change | Weight Change (pts) | 備註 |
|---|---|---|---|---|
| AVGO | 加碼 | +$6.02B | +0.05pts | |
| META | 加碼 | +$5.88B | +0.56pts | |
| PM | 加碼 | +$4.45B | +0.43pts | |
| AMZN | 加碼 | +$3.88B | -0.01pts | |
| RTX | 減碼 | -$3.87B | -1.01pts | |
| LLY | 加碼 | -$3.75B | -1.36pts | 加碼但股價大跌，實際價值下滑（非賣出） |
| LIN | 加碼 | +$3.64B | +0.43pts | |
| CNQ | 加碼 | +$3.06B | +0.33pts | |
| GOOG | 加碼 | +$2.74B | +0.16pts | |
| CARR | 加碼 | +$2.60B | +0.29pts | |
| NFLX | 加碼 | +$2.57B | +0.28pts | |
| UNH | 加碼 | +$2.56B | +0.34pts | |
| INTC | 加碼 | +$2.43B | +0.35pts | |
| TSM | 加碼 | +$2.40B | +0.34pts | |
| MDLZ | 加碼 | +$2.35B | +0.32pts | |
| CNP | 加碼 | +$2.32B | +0.33pts | |
| WFC | 加碼 | +$2.32B | +0.26pts | |
| SBUX | 加碼 | +$2.25B | +0.14pts | |
| GE | 加碼 | +$2.23B | +0.12pts | |
| RCL | 加碼 | +$2.15B | +0.17pts | |
| PGR | 加碼 | +$1.94B | +0.22pts | |
| XEL | 加碼 | +$1.90B | +0.29pts | |
| AIG | 減碼 | -$1.69B | -0.32pts | |
| XOM | 加碼 | +$1.69B | +0.15pts | |
| NVDA | 加碼 | +$1.67B | -0.69pts | |
| AMAT | 減碼 | +$1.66B | +0.01pts | 減碼但股價大漲，實際價值上升（非買進） |
| EXE | 減碼 | -$1.60B | -0.31pts | |
| VRTX | 加碼 | +$1.58B | +0.01pts | |
| PYPL | 減碼 | -$1.58B | -0.29pts | |
| UNP | 加碼 | +$1.56B | +0.17pts | |
| DHR | 加碼 | +$1.55B | +0.24pts | |
| JNJ | 加碼 | +$1.54B | +0.22pts | |
| WM | 加碼 | +$1.51B | +0.22pts | |
| GLW | 加碼 | +$1.49B | +0.19pts | |
| HD | 加碼 | +$1.43B | +0.11pts | |
| APO | 加碼 | +$1.32B | +0.16pts | |
| PNC | 加碼 | +$1.27B | +0.18pts | |
| WELL | 加碼 | +$1.23B | +0.19pts | |
| EOG | 加碼 | +$1.20B | +0.11pts | |
| KLAC | 加碼 | +$1.20B | +0.18pts | |
| AAPL | 加碼 | +$1.17B | -0.26pts | |
| ORCL | 加碼 | -$1.15B | -0.35pts | 加碼但股價大跌，實際價值下滑（非賣出） |
| APH | 加碼 | +$1.14B | +0.11pts | |
| KO | 加碼 | +$1.13B | +0.14pts | |
| SHOP | 加碼 | +$1.07B | +0.15pts | |
| TRP | 加碼 | +$1.04B | +0.11pts |
排除價格干擾後，實際資金動向顯示經理人積極加碼 META、AVGO 與 PM，同時削減 RTX 與 AIG 等持股的曝險。組合周轉率倍增至 0.321，為近年罕見的高周轉季度，印證了調倉力道的規模。
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| Holding Count | 459 | 434 |
| Turnover Ratio | 0.320861 | 0.180095 |
| HHI | 0.018433 | 0.021458 |
| Momentum Tilt (pts) | 0.33421 | 0.217712 |
| Coeff. of Variation | 2.734415 | 2.886529 |
| Mapped Value Ratio | 0.988007 | 0.986015 |
| Energy Weight | 4.91% | 4.74% |
| Materials Weight | 3.11% | 2.52% |
| Utilities Weight | 3.36% | 2.56% |
| Financials Weight | 9.42% | 9.97% |
| Health Care Weight | 12.35% | 13.49% |
| Industrials Weight | 11.06% | 11.28% |
| Real Estate Weight | 1.25% | 0.96% |
| Consumer Staples Weight | 4.40% | 3.54% |
| Comm. Services Weight | 9.37% | 8.81% |
| Consumer Disc. Weight | 11.66% | 12.17% |
| Info Tech Weight | 29.12% | 29.96% |
Capital Research 本季展現高度交易活躍度，新增 CSCO 與 CIEN 切入通訊基建，並大幅加碼 META、AVGO 等大型科技股。市場大幅波動造成 LLY、ORCL 及 AMAT 等持股出現交易方向與價值變化脫鉤的現象，閱讀 13F 時必須區分「實際決策」與「價格干擾」。整體而言，組合集中度下降（HHI 由 0.021 降至 0.018），動能傾斜度上升，顯示基金正採取更積極的因子配置策略。