Susquehanna International Group2026-Q1
Susquehanna International Group 在 2026 年第一季的 13F 報告中，大幅加碼 SPY，增持金額高達 +$46.52B，權重從 8.91% 躍升至 13.87%，一舉成為投組最大部位。同時管理團隊對 TSLA、META、NVDA 等過去最重壓的科技成長股進行大規模減碼，資金轉向十分明確。
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| - | 本期前 50 大變動中無新增（new_buy）或完全出清（sold_out）之部位 | - | - |
本期所有重大部位變動均屬既有標的之加減碼，並未執行全新的建倉或完整的出清動作。
| Ticker | Action | Value Change | Weight Change (pts) |
|---|---|---|---|
| SPY | 加碼 | +$46.52B | +4.96pts |
| TSLA | 減碼 | -$8.50B | -1.08pts |
| META | 減碼 | -$6.88B | -0.86pts |
| MU | 加碼 | +$6.64B | +0.71pts |
| SNDK | 加碼 | +$5.41B | +0.61pts |
| QQQ | 加碼 | +$4.58B | +0.37pts |
| AAPL | 減碼 | -$4.48B | -0.57pts |
| MSFT | 加碼 | +$4.31B | +0.43pts |
| NVDA | 減碼 | -$4.21B | -0.59pts |
| GOOGL | 減碼 | -$3.38B | -0.43pts |
| USO | 加碼 | +$3.02B | +0.33pts |
| APP | 減碼 | -$2.89B | -0.35pts |
| TSM | 加碼 | +$2.87B | +0.29pts |
| PLTR | 減碼 | -$2.85B | -0.35pts |
| AMZN | 減碼 | -$2.61B | -0.34pts |
| HOOD | 減碼 | -$2.54B | -0.30pts |
| SMH | 加碼 | +$2.51B | +0.27pts |
| LITE | 加碼 | +$2.50B | +0.28pts |
| GLD | 加碼 | +$2.40B | +0.21pts |
| UNH | 減碼 | -$2.30B | -0.29pts |
| LLY | 減碼 | -$2.25B | -0.28pts |
| BKNG | 減碼 | -$2.16B | -0.26pts |
| XOM | 加碼 | +$2.00B | +0.22pts |
| BABA | 減碼 | -$1.99B | -0.24pts |
| AVGO | 減碼 | -$1.93B | -0.25pts |
| FSLR | 減碼 | -$1.81B | -0.22pts |
| XLE | 加碼 | +$1.77B | +0.19pts |
| CVNA | 減碼 | -$1.54B | -0.19pts |
| IGV | 加碼 | +$1.43B | +0.16pts |
| GOOG | 減碼 | -$1.39B | -0.19pts |
| HYG | 加碼 | +$1.29B | +0.14pts |
| XOP | 加碼 | +$1.25B | +0.14pts |
| CVX | 加碼 | +$1.21B | +0.14pts |
| COIN | 減碼 | -$1.17B | -0.15pts |
| WMT | 加碼 | +$1.16B | +0.12pts |
| GEV | 加碼 | +$1.14B | +0.12pts |
| WDC | 加碼 | +$1.14B | +0.13pts |
| EEM | 加碼 | +$1.14B | +0.12pts |
| VOO | 加碼 | +$1.14B | +0.13pts |
| COST | 減碼 | -$1.11B | -0.14pts |
| ASML | 加碼 | +$1.04B | +0.11pts |
| XLP | 加碼 | +$984.7M | +0.10pts |
| PEP | 減碼 | -$944.7M | -0.11pts |
| NFLX | 加碼 | +$938.2M | +0.08pts |
| LULU | 減碼 | -$936.5M | -0.11pts |
| AMAT | 加碼 | +$899.8M | +0.10pts |
| BRK-B | 減碼 | -$883.8M | -0.11pts |
| EWY | 加碼 | +$868.9M | +0.10pts |
| RDDT | 減碼 | -$805.2M | -0.10pts |
| NEM | 減碼 | -$786.5M | -0.10pts |
上述調整使投組權重變化劇烈，SPY、SNDK 及能源相關 ETF 的權重增幅最大；TSLA、META、AAPL 等個股的權重則顯著下滑，資金呈現明確的由個股轉向指數與商品的輪動。
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| 持股檔數 | 6848 | 6420 |
| 周轉率 | 0.306518 | 0.23345 |
| HHI 集中度指數 | 0.029071 | 0.019379 |
| 動能傾斜 (pts) | 0.014557 | 0.014007 |
| 變異係數 | 14.075168 | 11.109929 |
| 市值對應比率 | 0.631995 | 0.695789 |
| 資訊科技 | 40.27% | 36.53% |
| 非必需消費 | 15.09% | 17.85% |
| 通訊服務 | 10.84% | 12.45% |
| 金融 | 9.42% | 10.09% |
| 健康醫療 | 7.12% | 8.20% |
| 工業 | 6.91% | 5.94% |
| 能源 | 3.46% | 2.07% |
| 必需消費 | 3.08% | 3.18% |
| 原物料 | 2.16% | 2.15% |
| 公用事業 | 1.09% | 1.06% |
| 房地產 | 0.57% | 0.48% |
Susquehanna 本季的操作核心是：大舉加碼市場指數 ETF 及能源、半導體相關商品，同時全面減持先前累積的大量科技成長股部位。SPY 權重飆升至 13.87% 是最顯著的結構性變化，顯示該基金從主動選股轉向指數化佈局的策略意圖。周轉率由 0.233 增至 0.307，隱含本季進行了高頻率的動態調整，且 HHI 集中度大幅上升，代表資金顯著匯聚於少數重壓項目。