CIK: 0001904893
申报总市值
US$142.3亿
申报季度: 2026-03-31 · 持股只数: 44
PineStone Asset Management Inc.在最新一期 13F 报告中披露了 44 项持股，申报期为 2026-03-31，总持股市值约为 US$142.3亿，季度换手率为 17.8%。
PineStone Asset Management Inc. 目前披露的持仓，Herfindahl 集中度指数为 0.060——换算下来相当于约 17 个等权重仓位，明显低于其实际披露的 44 只持仓。这一差距显示该机构的策略偏向集中在少数高信心仓位，而非广泛分散。
整体仓位大小差异较大（变异系数为 1.29），除少数重仓仓位外，还有许多规模较小的持仓。
近期操作偏向加仓既有的大仓位，而非大幅加仓新建仓的仓位（倾斜幅度为 2.9 个百分点）——这种模式较符合动量追涨的操作风格。
减仓 MSFT
-2.2% -US$3.6亿
减仓 HDB
-54.5% -US$2.1亿
加仓 CME
-0.7% US$5264.0万
加仓 TSM
-15.3% -US$1.1亿
减仓 GOOGL
-10.0% -US$3.1亿
加仓 AMZN
+41.9% US$6896.2万
PineStone本季主動降倉MSFT、GOOGL與金融HDB，兌現利潤後重仓切入半導體設備KLAC，在44隻標的底分散組合中嚴格執行紀律性調倉。TSM部位雖作減持處理，但完全由股價上漲被動抬升權重，機構不追高。
底層邏輯是資金從AI軟體/雲應用向硬件製造端做高低切換，賭計算力競賽的上游設備瓶頸尚未打滿；反向觀點認為雲端滲透率仍處早期，大幅削減科技權重將在主升浪中形成持續性踏空。
逆風策略評分拉滿（100分）疊加低周轉率，一旦科技巨頭業績超預期驅動趨勢行情，該基金將因「跌買漲賣」的機械調倉被動落後，流動性溢價一旦兌現將面臨嚴重的相對收益回撤。
本叙事由 AI 根据公开申报资料生成，仅描述过去活动，仅供参考，非投资建议。
| # | 代码 | 标的名称 | 资产子类别 | 占比 | 占比变动 | 持仓量变化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 12.56% | +0.76% | -15.34% | |
| 2 | GOOGL | Alphabet Inc-cl A | 股票-通信服务 | 10.46% | -0.72% | -9.96% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 7.46% | -1.35% | -2.23% | |
| 4 | MCO | Moody's CORP | 股票-金融 | 7.21% | -0.33% | -1.09% | |
| 5 | MA | Mastercard INC - A | 股票-金融 | 6.36% | +0.34% | +6.67% | |
| 6 | AZO | Autozone INC | 股票-周期性消费 | 6.10% | +0.42% | -4.58% | |
| 7 | CME | Cme Group INC | 股票-金融 | 5.39% | +0.95% | -0.72% | |
| 8 | TJX | Tjx Companies INC | 股票-周期性消费 | 4.39% | +0.35% | -7.52% | |
| 9 | SHW | Sherwin-williams Co/the | 股票-原材料 | 3.75% | +0.29% | -3.06% | |
| 10 | MSCI | Msci INC | 股票-金融 | 3.70% | +0.13% | -2.41% | |
| 11 | JNJ | Johnson & Johnson | 股票-医疗保健 | 3.07% | +0.41% | -13.49% | |
| 12 | MTD | Mettler-toledo International | 股票-医疗保健 | 2.86% | +0.06% | -0.09% | |
| 13 | PEP | Pepsico INC | 股票-非周期性消费 | 2.60% | +0.35% | -5.58% | |
| 14 | CARR | Carrier Global CORP | 股票-工业 | 2.60% | +0.25% | -8.12% | |
| 15 | OTIS | Otis Worldwide CORP | 股票-工业 | 2.43% | -0.11% | -3.98% | |
| 16 | AMZN | Amazon.com INC | 股票-周期性消费 | 2.22% | +0.69% | +41.87% | |
| 17 | GGG | Graco INC | 股票-工业 | 2.16% | +0.23% | -4.31% | |
| 18 | CPRT | Copart INC | 股票-工业 | 1.95% | -0.12% | -1.96% | |
| 19 | ADI | Analog Devices INC | 股票-科技 | 1.84% | +0.35% | -6.84% | |
| 20 | SPGI | S&p Global INC | 股票-金融 | 1.59% | -0.42% | -13.77% | |
| 21 | HLT | Hilton Worldwide Holdings In | 股票-周期性消费 | 1.57% | +0.15% | -7.07% | |
| 22 | UNH | Unitedhealth Group INC | 股票-医疗保健 | 1.54% | -0.15% | -2.04% | |
| 23 | LOW | Lowe's Cos INC | 股票-周期性消费 | 1.44% | +0.05% | -6.51% | |
| 24 | KLAC | Kla CORP | 股票-科技 | 1.11% | +1.11% | NEW | |
| 25 | CL | Colgate-palmolive Co | 股票-非周期性消费 | 0.93% | +0.15% | -2.49% | |
| 26 | SUNB | Sunbelt Rentals Holdings INC | 股票-工业 | 0.67% | +0.67% | NEW | |
| 27 | HDB | Hdfc Bank Ltd-adr | 股票-金融 | 0.66% | -1.23% | -54.52% | |
| 28 | NKE | Nike INC -cl B | 股票-周期性消费 | 0.65% | -0.09% | -5.70% | |
| 29 | FDS | Factset Research Systems INC | 股票-金融 | 0.59% | -0.15% | -6.07% | |
| 30 | FSS | Federal Signal CORP | 股票-工业 | 0.02% | -0.11% | -87.50% | |
| 31 | HLI | Houlihan Lokey INC | 股票-金融 | 0.01% | -0.07% | -82.15% | |
| 32 | JBTM | Jbt Marel CORP | 股票-工业 | 0.01% | -0.07% | -84.50% | |
| 33 | HAYW | Hayward Holdings INC | 股票-其他 | 0.01% | -0.05% | -82.67% | |
| 34 | JKHY | Jack Henry & Associates INC | 股票-科技 | 0.01% | -0.06% | -85.71% | |
| 35 | MEDP | Medpace Holdings INC | 股票-医疗保健 | 0.01% | -0.08% | -89.31% | |
| 36 | IPAR | Interparfums INC | 股票-其他 | 0.01% | -0.05% | -87.64% | |
| 37 | DCI | Donaldson Co INC | 股票-工业 | 0.01% | -0.07% | -89.79% | |
| 38 | EXPO | Exponent INC | 股票-工业 | 0.01% | -0.05% | -87.82% | |
| 39 | FND | Floor & Decor Holdings Inc-a | 股票-周期性消费 | 0.01% | -0.04% | -83.72% | |
| 40 | WDFC | Wd-40 Co | 股票-原材料 | 0.01% | -0.04% | -87.99% | |
| 41 | WH | Wyndham Hotels & Resorts INC | 股票-周期性消费 | 0.01% | -0.06% | -91.61% | |
| 42 | TREX | Trex Company INC | 股票-工业 | 0.01% | -0.04% | -91.10% | |
| 43 | SSD | Simpson Manufacturing Co INC | 股票-原材料 | — | -0.05% | -92.92% | |
| 44 | POWI | Power Integrations INC | 股票-科技 | — | -0.02% | -89.25% |
Q3 2026表现
-1.9%
近4个季度表现
+6.3%
基于可获取价格的持仓（占申报价值的67%）计算
| 季度 | 持股只数 | 总市值 | 稳定性 | 主要持股 |
|---|---|---|---|---|
| 2026-03-31 | 44 | US$142.3亿 | 18 | |
| 2025-12-31 | 43 | US$160.9亿 | 14 | |
| 2025-09-30 | 43 | US$160.7亿 | 25 | |
| 2025-06-30 | 44 | US$154.5亿 | 0 | |
| 2025-03-31 | 45 | US$132.5亿 | 0 | |
| 2024-12-31 | 45 | US$106.7亿 | 0 | |
| 2024-09-30 | 44 | US$103.6亿 | 0 | |
| 2024-06-30 | 43 | US$94.2亿 | 0 | |
| 2024-03-31 | 44 | US$62.9亿 | 0 | |
| 2023-12-31 | 44 | US$93.1亿 | 0 | |
| 2023-09-30 | 44 | US$69.3亿 | 0 | |
| 2023-06-30 | 28 | US$20.7亿 | 0 | |
| 2023-03-31 | 26 | US$37.6亿 | 0 | |
| 2022-12-31 | 27 | US$5.3亿 | 0 |
PineStone Asset Management Inc. 在 2026-03-31 最显著的持仓异动： 清仓: Oracle CORP (ORCL); 新建仓: Kla CORP (KLAC); 新建仓: Sunbelt Rentals Holdings INC (SUNB); 减仓: Microsoft CORP (MSFT) — 股数 -2.23%; 减仓: Hdfc Bank Ltd-adr (HDB) — 股数 -54.52%.
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | CME | Cme Group INC | +1% | -0.72% | 减仓 |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +0.8% | -15.34% | 减仓 |
| 3 | AMZN | Amazon.com INC | +0.7% | +41.87% | 加仓 |
| 4 | AZO | Autozone INC | +0.4% | -4.58% | 减仓 |
| 5 | JNJ | Johnson & Johnson | +0.4% | -13.49% | 减仓 |
| 6 | TJX | Tjx Companies INC | +0.4% | -7.52% | 减仓 |
| 7 | ADI | Analog Devices INC | +0.4% | -6.84% | 减仓 |
| 8 | PEP | Pepsico INC | +0.4% | -5.58% | 减仓 |
| 9 | MA | Mastercard INC - A | +0.3% | +6.67% | 加仓 |
| 10 | SHW | Sherwin-williams Co/the | +0.3% | -3.06% | 减仓 |
| 11 | CARR | Carrier Global CORP | +0.3% | -8.12% | 减仓 |
| 12 | GGG | Graco INC | +0.2% | -4.31% | 减仓 |
| 13 | CL | Colgate-palmolive Co | +0.2% | -2.49% | 减仓 |
| 14 | HLT | Hilton Worldwide Holdings In | +0.2% | -7.07% | 减仓 |
| 15 | MSCI | Msci INC | +0.1% | -2.41% | 减仓 |
| 16 | MTD | Mettler-toledo International | +0.1% | -0.09% | 减仓 |
| 17 | LOW | Lowe's Cos INC | +0.1% | -6.51% | 减仓 |
| 18 | POWI | Power Integrations INC | 0% | -89.25% | 减仓 |
| 19 | WDFC | Wd-40 Co | 0% | -87.99% | 减仓 |
| 20 | TREX | Trex Company INC | 0% | -91.10% | 减仓 |
| 21 | FND | Floor & Decor Holdings Inc-a | 0% | -83.72% | 减仓 |
| 22 | EXPO | Exponent INC | -0.1% | -87.82% | 减仓 |
| 23 | IPAR | Interparfums INC | -0.1% | -87.64% | 减仓 |
| 24 | HAYW | Hayward Holdings INC | -0.1% | -82.67% | 减仓 |
| 25 | SSD | Simpson Manufacturing Co INC | -0.1% | -92.92% | 减仓 |
| 26 | WH | Wyndham Hotels & Resorts INC | -0.1% | -91.61% | 减仓 |
| 27 | JKHY | Jack Henry & Associates INC | -0.1% | -85.71% | 减仓 |
| 28 | DCI | Donaldson Co INC | -0.1% | -89.79% | 减仓 |
| 29 | HLI | Houlihan Lokey INC | -0.1% | -82.15% | 减仓 |
| 30 | JBTM | Jbt Marel CORP | -0.1% | -84.50% | 减仓 |
| 31 | MEDP | Medpace Holdings INC | -0.1% | -89.31% | 减仓 |
| 32 | NKE | Nike INC -cl B | -0.1% | -5.70% | 减仓 |
| 33 | OTIS | Otis Worldwide CORP | -0.1% | -3.98% | 减仓 |
| 34 | FSS | Federal Signal CORP | -0.1% | -87.50% | 减仓 |
| 35 | CPRT | Copart INC | -0.1% | -1.96% | 减仓 |
| 36 | UNH | Unitedhealth Group INC | -0.2% | -2.04% | 减仓 |
| 37 | FDS | Factset Research Systems INC | -0.2% | -6.07% | 减仓 |
| 38 | MCO | Moody's CORP | -0.3% | -1.09% | 减仓 |
| 39 | SPGI | S&p Global INC | -0.4% | -13.77% | 减仓 |
| 40 | GOOGL | Alphabet Inc-cl A | -0.7% | -9.96% | 减仓 |
| 41 | HDB | Hdfc Bank Ltd-adr | -1.2% | -54.52% | 减仓 |
| 42 | MSFT | Microsoft CORP | -1.4% | -2.23% | 减仓 |
| 43 | ORCL | Oracle CORP | — | EXIT | 清仓 |
| 44 | KLAC | Kla CORP | — | NEW | 新建仓 |
| 45 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | 新建仓 |
| 季度 | 申报日期 | 类型 | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | 在 EDGAR 上查看 |
| 2025-12-31 | 2026-01-15 | 13F-HR | 在 EDGAR 上查看 |
| 2025-09-30 | 2025-10-17 | 13F-HR | 在 EDGAR 上查看 |
| 2025-06-30 | 2025-07-16 | 13F-HR | 在 EDGAR 上查看 |
| 2025-03-31 | 2025-05-12 | 13F-HR | 在 EDGAR 上查看 |
| 2024-12-31 | 2025-01-30 | 13F-HR | 在 EDGAR 上查看 |
| 2024-09-30 | 2024-10-28 | 13F-HR | 在 EDGAR 上查看 |
| 2024-06-30 | 2024-11-20 | 修正案 | 在 EDGAR 上查看 |
| 2024-06-30 | 2024-07-16 | 13F-HR | 在 EDGAR 上查看 |
| 2024-03-31 | 2024-04-16 | 13F-HR | 在 EDGAR 上查看 |
| 2023-12-31 | 2024-02-09 | 13F-HR | 在 EDGAR 上查看 |
| 2023-09-30 | 2023-10-13 | 13F-HR | 在 EDGAR 上查看 |
| 2023-06-30 | 2023-07-14 | 13F-HR | 在 EDGAR 上查看 |
| 2023-03-31 | 2023-07-14 | 修正案 | 在 EDGAR 上查看 |
| 2023-03-31 | 2023-04-13 | 13F-HR | 在 EDGAR 上查看 |
| 2022-12-31 | 2023-02-14 | 13F-HR | 在 EDGAR 上查看 |
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