Point72 Asset Management, L.P. — 13F 申报深度解析
Point72 Asset Management, L.P.分散型投资策略高频交易型趋势追踪型
申报总市值
US$780.5亿
申报季度: 2026-03-31 · 持股只数: 3704
Point72 Asset Management, L.P.在最新一期 13F 报告中披露了 3704 项持股，申报期为 2026-03-31，总持股市值约为 US$780.5亿，季度换手率为 71.4%。
机构性格雪花图
- 集中度
- 1.37
- 持仓稳定性
- 71.45
- 动能／逆势
- 68.13
- 行业集中度
- 44.69
- 多样化
- 100
- 仓位均衡度
- 72.9
近期动向
减仓 SPY
-41.3% -US$12.8亿
减仓 TSM
-61.3% -US$8.8亿
减仓 MSFT
-67.5% -US$8.1亿
减仓 QQQ
-41.2% -US$7.0亿
加仓 META
+282.0% US$4.7亿
加仓 AMAT
+172.6% US$4.7亿
持仓地图
新建仓加仓不变减仓
机构博弈推演
核心意图
Point72本季根本是在玩大換手——直接砍掉SPY、QQQ、TSM、MSFT這些前朝舊愛，把資金集中灌進META。表面是分散布局，骨子是從被動指數抽身，改押單一賭注，擺明要跟市場對做。
基本面与宏观布局
他們賭的是科技巨頭估值泡沫破裂後的資金輪動，Fed利率政策遲早要轉彎，但AI題材的變現能力只有頭部幾家能兌現。砍指數ETF、加META，就是在賭『集中火力比分散更有效率』這條路，勝敗全看META下一季財報能不能撐住市場的信仰。
潜在盲点
這局最大的罩門就是籌碼過度集中在META——一旦市場情緒反轉或財報失靈，這種重倉單押的標的一定先被多殺多掃出場。其他減倉的大型股可能已經被他們倒貨倒到籌碼鬆動，屆時想止血都來不及。
本摘要由 AI 根据 SEC 公开申报资料生成，仅反映历史持仓，不构成买卖建议。
前十大持股占比
本季完整持股清单
仅显示前 2426 大持股（共 3704 只）
| # | 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 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股与成长 | 2.08% | -1.16% | -41.33% | |
| 2 | NVDA | Nvidia CORP | 股票-科技 | 1.93% | -0.26% | -17.92% | |
| 3 | AMZN | Amazon.com INC | 股票-周期性消费 | 1.50% | -0.02% | -4.72% | |
| 4 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 1.11% | -0.64% | -41.21% | |
| 5 | ANET | Arista Networks INC | 股票-科技 | 1.07% | -0.21% | -22.24% | |
| 6 | ASML | ASML Holding N.V. | 股票-科技 | 1.01% | — | -9.34% | |
| 7 | AVGO | Broadcom INC | 股票-科技 | 0.98% | -0.32% | -26.69% | |
| 8 | CRDO | Credo Technology Group Holding Ltd | 股票-科技 | 0.96% | — | +29.40% | |
| 9 | TER | Teradyne INC | 股票-科技 | 0.87% | — | -19.30% | |
| 10 | META | Meta Platforms Inc-class A | 股票-通信服务 | 0.87% | +0.64% | +282.02% | |
| 11 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.85% | -0.88% | -61.30% | |
| 12 | AMAT | Applied Materials INC | 股票-科技 | 0.82% | +0.62% | +172.61% | |
| 13 | SPOT | Spotify Technology S.A. | 股票-通信服务 | 0.82% | — | +10.96% | |
| 14 | EQIX | Equinix INC | 股票-房地产 | 0.67% | — | -34.29% | |
| 15 | HD | Home Depot INC | 股票-周期性消费 | 0.56% | — | +37.78% | |
| 16 | ISRG | Intuitive Surgical INC | 股票-医疗保健 | 0.54% | — | +42.29% | |
| 17 | XYZ | Block INC | 股票-金融 | 0.54% | +0.27% | +90.34% | |
| 18 | SNDK | Sandisk CORP | 股票-科技 | 0.53% | +0.30% | -24.13% | |
| 19 | PG | Procter & Gamble Co/the | 股票-非周期性消费 | 0.52% | +0.40% | +282.89% | |
| 20 | NWSA | News CORP - Class A | 股票-通信服务 | 0.52% | — | +33.37% | |
| 21 | RTX | Rtx CORP | 股票-工业 | 0.51% | +0.37% | +207.46% | |
| 22 | AMD | Advanced Micro Devices | 股票-科技 | 0.50% | — | +28.73% | |
| 23 | AKAM | Akamai Technologies INC | 股票-科技 | 0.49% | — | -13.60% | |
| 24 | MKSI | Mks INC | 股票-科技 | 0.47% | +0.36% | +157.50% | |
| 25 | MU | Micron Technology INC | 股票-科技 | 0.47% | — | -30.90% | |
| 26 | BSX | Boston Scientific CORP | 股票-医疗保健 | 0.47% | — | +103.00% | |
| 27 | TMUS | T-mobile US INC | 股票-通信服务 | 0.46% | +0.37% | +338.21% | |
| 28 | ADI | Analog Devices INC | 股票-科技 | 0.46% | +0.40% | +465.91% | |
| 29 | FIX | Comfort Systems USA INC | 股票-工业 | 0.46% | +0.26% | +37.83% | |
| 30 | COF | Capital One Financial CORP | 股票-金融 | 0.44% | — | +54.11% | |
| 31 | STZ | Constellation Brands Inc-a | 股票-非周期性消费 | 0.43% | — | +30.42% | |
| 32 | GOOGL | Alphabet Inc-cl A | 股票-通信服务 | 0.42% | — | +82.75% | |
| 33 | AS | Amer Sports, Inc. | 股票-周期性消费 | 0.42% | +0.34% | +429.57% | |
| 34 | XLE | Ss Energy Select Sector | ETF-其他 | 0.41% | — | +45.66% | |
| 35 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 0.39% | -0.19% | -41.65% | |
| 36 | ORCL | Oracle CORP | 股票-科技 | 0.39% | — | +105.15% | |
| 37 | WDC | Western Digital CORP | 股票-科技 | 0.38% | — | +17.49% | |
| 38 | MDLZ | Mondelez International Inc-a | 股票-非周期性消费 | 0.37% | +0.35% | +1768.56% | |
| 39 | GLD | Spdr Gold Shares | ETF-避险与商品 | 0.37% | — | -32.64% | |
| 40 | CIEN | Ciena CORP | 股票-科技 | 0.37% | — | +7.56% | |
| 41 | COST | Costco Wholesale CORP | 股票-非周期性消费 | 0.36% | — | +55.32% | |
| 42 | ATI | Ati INC | 股票-工业 | 0.36% | +0.26% | +142.93% | |
| 43 | BAC | Bank Of America CORP | 股票-金融 | 0.35% | — | +5.20% | |
| 44 | BP | Bp Plc-spons Adr | 股票-能源 | 0.35% | +0.28% | +237.01% | |
| 45 | CVX | Chevron CORP | 股票-能源 | 0.35% | +0.29% | +261.86% | |
| 46 | STX | Seagate Technology Holdings plc | 股票-科技 | 0.35% | — | -1.61% | |
| 47 | KO | Coca-cola Co/the | 股票-非周期性消费 | 0.34% | — | +21.01% | |
| 48 | MSFT | Microsoft CORP | 股票-科技 | 0.34% | -0.86% | -67.51% | |
| 49 | V | Visa Inc-class A Shares | 股票-金融 | 0.33% | — | +10.35% | |
| 50 | AZN | AstraZeneca PLC | 股票-医疗保健 | 0.32% | +0.32% | NEW |
1–50 of 2,426
投资组合表现
Q3 2026表现
+3.4%
近4个季度表现
+28%
基于可获取价格的持仓（占申报价值的76%）计算
- 标准差
- +16.2%
- 贝塔系数
- +1.15
- 阿尔法
- -2.4%
- 最大回撤
- -10.9%
- 年化表现
- +19%
- 对标普胜率
- +47.2%
- 索提诺比率
- +2.26
- 斯图泽指数
- +0.34
- 特雷诺比率
- +0.16
- 斯特林比率
- +1.03
- 卡玛比率
- +1.74
- 信息比率
- +0.05
- 跟踪误差
- +6.5%
- 下行标准差
- +8.3%
- 正收益月份占比
- +66.7%
- 负收益月份占比
- +33.3%
- 最佳12个月
- +42.2%
- 最差12个月
- +1.6%
- 效率比率
- +0.47
- 夏普比率
- +1.16
- 行业分散度
- +7.3%
- 偏度
- +0.11
- 峰度
- -0.67
- 上行潜力
- +4.05
申报总市值趋势
行业配置
历年行业分布趋势
季度历史总览
| 季度 | 持股只数 | 总市值 | 稳定性 | 主要持股 |
|---|---|---|---|---|
| 2026-03-31 | 3704 | US$780.5亿 | 71 | |
| 2025-12-31 | 3862 | US$894.2亿 | 83 | |
| 2025-09-30 | 2263 | US$597.6亿 | 100 | |
| 2025-06-30 | 2123 | US$509.4亿 | 0 | |
| 2025-03-31 | 1984 | US$438.1亿 | 0 | |
| 2024-12-31 | 2038 | US$453.9亿 | 0 | |
| 2024-09-30 | 1931 | US$393.4亿 | 0 | |
| 2024-06-30 | 1790 | US$382.1亿 | 0 | |
| 2024-03-31 | 2113 | US$412.6亿 | 0 | |
| 2023-12-31 | 2083 | US$413.5亿 | 0 | |
| 2023-09-30 | 2405 | US$342.7亿 | 0 | |
| 2023-06-30 | 2105 | US$336.3亿 | 0 | |
| 2023-03-31 | 2187 | US$322.9亿 | 0 | |
| 2022-12-31 | 1474 | US$294.2亿 | 0 | |
| 2022-09-30 | 1372 | US$250.4亿 | 0 | |
| 2022-06-30 | 1378 | US$237.0亿 | 0 | |
| 2022-03-31 | 1138 | US$251.9亿 | 0 | |
| 2021-12-31 | 1058 | US$250.4亿 | 0 | |
| 2021-09-30 | 1014 | US$227.7亿 | 0 | |
| 2021-06-30 | 940 | US$222.6亿 | 83 | |
| 2021-03-31 | 927 | US$214.1亿 | 93 | |
| 2020-12-31 | 878 | US$205.0亿 | 96 | |
| 2020-09-30 | 896 | US$195.3亿 | 90 | |
| 2020-06-30 | 778 | US$153.3亿 | 100 | |
| 2020-03-31 | 745 | US$123.1亿 | 100 | |
| 2019-12-31 | 917 | US$190.2亿 | 100 | |
| 2019-09-30 | 1088 | US$162.8亿 | 99 | |
| 2019-06-30 | 1298 | US$191.1亿 | 100 | |
| 2019-03-31 | 989 | US$220.3亿 | 100 | |
| 2018-12-31 | 922 | US$204.8亿 | 100 | |
| 2018-09-30 | 979 | US$242.5亿 | 93 | |
| 2018-06-30 | 941 | US$250.6亿 | 99 | |
| 2018-03-31 | 906 | US$239.2亿 | 91 | |
| 2017-12-31 | 877 | US$231.7亿 | 94 | |
| 2017-09-30 | 846 | US$224.1亿 | 96 | |
| 2017-06-30 | 809 | US$178.2亿 | 99 | |
| 2017-03-31 | 794 | US$179.4亿 | 100 | |
| 2016-12-31 | 667 | US$143.0亿 | 100 | |
| 2016-09-30 | 691 | US$142.2亿 | 97 | |
| 2016-06-30 | 704 | US$147.0亿 | 98 | |
| 2016-03-31 | 704 | US$130.4亿 | 100 | |
| 2015-12-31 | 665 | US$121.2亿 | 100 | |
| 2015-09-30 | 747 | US$127.4亿 | 97 | |
| 2015-06-30 | 706 | US$144.4亿 | 100 | |
| 2015-03-31 | 673 | US$146.7亿 | 100 | |
| 2014-12-31 | 644 | US$142.5亿 | 100 | |
| 2014-09-30 | 631 | US$132.9亿 | 93 | |
| 2014-06-30 | 696 | US$156.0亿 | 0 |
本季持股变动
Point72 Asset Management, L.P. 在 2026-03-31 最显著的持仓异动： 清仓: Praxis Precision Medicines I (PRAX); 新建仓: AstraZeneca PLC (AZN); 清仓: TE Connectivity plc (TEL); 新建仓: Ppl CORP (PPL); 清仓: Texas Roadhouse INC (TXRH).
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | META | Meta Platforms Inc-class A | +0.6% | +282.02% | 加仓 |
| 2 | AMAT | Applied Materials INC | +0.6% | +172.61% | 加仓 |
| 3 | ADI | Analog Devices INC | +0.4% | +465.91% | 加仓 |
| 4 | PG | Procter & Gamble Co/the | +0.4% | +282.89% | 加仓 |
| 5 | TMUS | T-mobile US INC | +0.4% | +338.21% | 加仓 |
| 6 | RTX | Rtx CORP | +0.4% | +207.46% | 加仓 |
| 7 | MKSI | Mks INC | +0.4% | +157.50% | 加仓 |
| 8 | MDLZ | Mondelez International Inc-a | +0.4% | +1768.56% | 加仓 |
| 9 | AS | Amer Sports, Inc. | +0.3% | +429.57% | 加仓 |
| 10 | SNDK | Sandisk CORP | +0.3% | -24.13% | 减仓 |
| 11 | YUM | Yum! Brands INC | +0.3% | +1112.44% | 加仓 |
| 12 | CVX | Chevron CORP | +0.3% | +261.86% | 加仓 |
| 13 | BP | Bp Plc-spons Adr | +0.3% | +237.01% | 加仓 |
| 14 | XYZ | Block INC | +0.3% | +90.34% | 加仓 |
| 15 | AMT | American Tower CORP | +0.3% | +757.18% | 加仓 |
| 16 | ATI | Ati INC | +0.3% | +142.93% | 加仓 |
| 17 | FIX | Comfort Systems USA INC | +0.3% | +37.83% | 加仓 |
| 18 | ORLY | O'reilly Automotive INC | +0.3% | +93439.00% | 加仓 |
| 19 | ONTO | Onto Innovation INC | +0.3% | +212.83% | 加仓 |
| 20 | AMZN | Amazon.com INC | 0% | -4.72% | 减仓 |
| 21 | IWM | Ishares Russell 2000 ETF | -0.2% | -41.65% | 减仓 |
| 22 | TSEM | Tower Semiconductor Ltd. | -0.2% | -95.13% | 减仓 |
| 23 | ANET | Arista Networks INC | -0.2% | -22.24% | 减仓 |
| 24 | APH | Amphenol Corp-cl A | -0.2% | -90.08% | 减仓 |
| 25 | CVS | Cvs Health CORP | -0.2% | -93.42% | 减仓 |
| 26 | SNOW | Snowflake INC | -0.3% | -60.56% | 减仓 |
| 27 | NVDA | Nvidia CORP | -0.3% | -17.92% | 减仓 |
| 28 | SCHW | Schwab (charles) CORP | -0.3% | -81.37% | 减仓 |
| 29 | MDB | Mongodb INC | -0.3% | -39.69% | 减仓 |
| 30 | CSCO | Cisco Systems INC | -0.3% | -84.67% | 减仓 |
| 31 | AVGO | Broadcom INC | -0.3% | -26.69% | 减仓 |
| 32 | TDG | Transdigm Group INC | -0.3% | -82.91% | 减仓 |
| 33 | TEAM | Atlassian Corp-cl A | -0.3% | -79.33% | 减仓 |
| 34 | ADSK | Autodesk INC | -0.3% | -90.65% | 减仓 |
| 35 | T | At&t INC | -0.4% | -87.88% | 减仓 |
| 36 | ABVX | Abivax Sa-adr | -0.4% | -77.75% | 减仓 |
| 37 | PEP | Pepsico INC | -0.4% | -94.52% | 减仓 |
| 38 | COHR | Coherent CORP | -0.5% | -79.93% | 减仓 |
| 39 | XBI | Ss Spdr S&p Biotech ETF | -0.5% | -91.25% | 减仓 |
| 40 | SE | Sea Ltd-adr | -0.5% | -60.85% | 减仓 |
| 41 | BIIB | Biogen INC | -0.6% | -78.65% | 减仓 |
| 42 | QQQ | Invesco Qqq Trust Series 1 | -0.6% | -41.21% | 减仓 |
| 43 | MSFT | Microsoft CORP | -0.9% | -67.51% | 减仓 |
| 44 | TSM | Taiwan Semiconductor-sp Adr | -0.9% | -61.30% | 减仓 |
| 45 | SPY | Ss Spdr S&p 500 ETF Trust-us | -1.2% | -41.33% | 减仓 |
| 46 | PRAX | Praxis Precision Medicines I | — | EXIT | 清仓 |
| 47 | AZN | AstraZeneca PLC | — | NEW | 新建仓 |
| 48 | TEL | TE Connectivity plc | — | EXIT | 清仓 |
| 49 | PPL | Ppl CORP | — | NEW | 新建仓 |
| 50 | TXRH | Texas Roadhouse INC | — | EXIT | 清仓 |
FAQ
Point72 Asset Management, L.P. 是什么机构？属于哪种投资人类型？
Point72 Asset Management, L.P. 是一家投资管理机构，每季依规定向 SEC 申报 Form 13F，披露其在美国上市股票的持仓信息。根据最新一期申报（2026-03-31），该机构追踪的股票投资组合估值约为 US$780.5亿，分布在 3704 个已申报仓位之中。
Point72 Asset Management, L.P. 目前前几大持股有哪些？
根据最新 13F 申报，Point72 Asset Management, L.P. 按市值排列的前几大持股为：
1. Ss Spdr S&p 500 ETF Trust-us (SPY) — US$16.2亿 (2.1%)
2. Nvidia CORP (NVDA) — US$15.0亿 (1.9%)
3. Amazon.com INC (AMZN) — US$11.7亿 (1.5%)
4. Invesco Qqq Trust Series 1 (QQQ) — US$8.6亿 (1.1%)
5. Arista Networks INC (ANET) — US$8.4亿 (1.1%)
Point72 Asset Management, L.P. 在最新一期 13F 申报中做了哪些操作？
在最新申报季度中，Point72 Asset Management, L.P. 共进行了 50 项显著调整：新建仓 2 个仓位、加仓 18 个既有持股、减仓 27 个仓位，并完全清仓 3 个持股。 其中幅度最大的异动：清仓: Praxis Precision Medicines I (PRAX); 新建仓: AstraZeneca PLC (AZN); 清仓: TE Connectivity plc (TEL); 新建仓: Ppl CORP (PPL); 清仓: Texas Roadhouse INC (TXRH)
Point72 Asset Management, L.P. 主要集中投资哪些行业板块？
根据目前已申报的股票投资组合，Point72 Asset Management, L.P. 的主要板块分布如下：
• Information Technology: 29.2%
• Consumer Discretionary: 14.3%
• Industrials: 10.3%
• Financials: 10.0%
• Health Care: 9.9%
• Communication Services: 6.4%
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