<p>对于许多投资者来说，财报季是每个季度的巅峰。这是一个为期六周的时间段，提供了对推动股市涨跌的大多数最具影响力的上市公司表现的深入了解。</p>
<p>但可以说，向证券交易委员会（SEC）提交的 13F 表格的季度申报同样重要。</p>
<p>13F 是一个强制性申报，必须在季度结束后的 45 个日历日内提交，适用于管理至少 1 亿美元资产的机构投资者。5 月 15 日是资金经理向 SEC 提交其 13F 的截止日期。该申报详细列出了华尔街最聪明的资产管理者所买卖的股票和交易所交易基金（ETF）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NjYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NjYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管 13F 数据对于活跃的对冲基金来说可能显得陈旧，但它们在帮助投资者筛选出哪些股票、行业、部门和趋势受到全球最聪明的基金经理关注方面仍然具有洞察力。</p>
<p>根据第一季度的 13F，出现了一个有趣的现象：一只股票成为了亿万富翁 Philippe Laffont（Coatue Management）、Chase Coleman（Tiger Global Management）、Terry Smith（Fundsmith，亦称 “英国的沃伦·巴菲特”）和 Stephen Mandel（Lone Pine Capital）的最大持股。</p>
<h2>四种不同的投资风格汇聚于一只股票——而它不是 Nvidia</h2>
<p>在成千上万的上市公司和 ETF 中，四位知名亿万富翁资金经理选择同一只股票作为各自基金的最大持股的概率统计上是非常小的。</p>
<p>当你意识到这四位基金经理的投资风格各不相同时，事情变得更加奇怪：</p>
<ul>
<li>Philippe Laffont 在 Coatue Management 管理 227 亿美元，因专注于大盘成长股和华尔街最热门的趋势（如人工智能）而闻名。</li>
<li>Chase Coleman 在 Tiger Global 管理约 266 亿美元，也偏好成长股，但更倾向于小盘股。</li>
<li>Terry Smith 在 Fundsmith 管理 220 亿美元的资本，以其坚定的价值投资者身份而闻名，类似于沃伦·巴菲特。</li>
<li>Stephen Mandel 在 Lone Pine 管理接近 116 亿美元，倾向于将基金资本投入到成长股和进行转型的公司中。</li>
</ul>
<p>大多数投资者可能会倾向于相信，人工智能巨头 <strong>Nvidia</strong>（NVDA -0.27%）是这四位亿万富翁选择的最大持股公司。Nvidia 符合 Laffont 对华尔街热门趋势的热爱；它是一只成长股，Coleman 和 Mandel 都可以支持；而且在股市第一季度下跌期间，其股价的前瞻市盈率（P/E）降至 19，这是多年来最便宜的前瞻市盈率（即，Terry Smith 可能会对此感兴趣）。</p>
<p>此外，Nvidia 提供了一个看似可持续的护城河，顶级资金经理们喜欢将资本投入其中。其 Hopper（H100）图形处理单元（GPU）和 Blackwell GPU 架构是 AI 加速数据中心中部署的领先选项。没有任何直接的 AI-GPU 开发者能够接近 Nvidia 的计算能力或创新时间表。</p>
<p>但 Nvidia 并不是正确的答案。然而，所讨论的股票无疑是 “壮丽” 的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NjYvc3RvY2stY2hhcnQtcXVvdGUtYmVhci1idWxsLXRyYWRpbmctaW52ZXN0LXNob3J0LW9wdGlvbnMtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NjYvc3RvY2stY2hhcnQtcXVvdGUtYmVhci1idWxsLXRyYWRpbmctaW52ZXN0LXNob3J0LW9wdGlvbnMtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>四位知名亿万富翁的第一大持股自 IPO 以来已上涨 1570%</h2>
<p>很少有公司能满足亿万富翁 Philippe Laffont、Chase Coleman、Terry Smith 和 Stephen Mandel 的所有要求——但社交媒体巨头 <strong>Meta Platforms</strong>（META 0.18%），作为 “壮丽七侠” 的一员，与 Nvidia 并列，符合这一标准。</p>
<p>根据最新一轮的 13F 申报，Meta 在所有四位亿万富翁中以市值明显成为第一大持股，分别占比：</p>
<ul>
<li><strong>Coatue Management</strong>：投资资产的 9.55%</li>
<li><strong>Tiger Global Management</strong>：投资资产的 16.18%</li>
<li><strong>Fundsmith</strong>：投资资产的 10.19%</li>
<li><strong>Lone Pine Capital</strong>：投资资产的 8.75%</li>
</ul>
<p>自 2012 年 5 月首次公开募股（IPO）以来，Meta Platforms 的股价已上涨 1570%，截至目前。这些收益得益于四个因素，所有这些因素可能在使 Meta 成为四位成功亿万富翁资产管理者的第一大持股中发挥了至少某种作用。</p>
<p>Meta 的第一个有利变量是其基础社交媒体平台。该公司的应用程序家族，包括 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger，在 2025 年 3 月吸引了平均 34.3 亿日活跃用户。没有其他社交媒体公司能接近这个数字，这使 Meta 拥有了更强的广告定价权。</p>
<p>其次，基于第一个观点，Meta 的运营表现和股票往往随着美国经济的健康状况而波动。该公司目前近 98% 的净销售额可以追溯到广告。由于美国经济扩张的平均持续时间远远超过典型的衰退，Meta 以广告驱动的核心在长期内处于良好位置。</p>
<p>第三个可能吸引所有四位亿万富翁投资者的变量是 Meta 在人工智能领域的可寻址市场。它已经在其广告平台上部署了生成性人工智能解决方案，以便企业能够为其应用程序的用户量身定制独特的信息。但 Meta 也在积极投资未来，这很可能包括该公司作为通往元宇宙的主要入口——一个人们可以相互互动和与周围环境互动的 3D 数字世界。首席执行官马克·扎克伯格擅长在时机合适之前不急于将新创新货币化。</p>
<p>第四个也是最后一个原因，菲利普·拉丰、查斯·科尔曼、特里·史密斯和斯蒂芬·曼德尔可能纷纷投资 Meta 股票，是因为该公司的现金充裕的资产负债表。Meta 在三月底时现金、现金等价物和可交易证券超过 700 亿美元，并在今年前三个月的运营活动中产生了 240 亿美元的净现金。它可以投资于更高增长的项目，并承担其他公司难以匹敌的风险。</p>
<p>预计 Meta Platforms 将维持中十位数的销售增长率，其前瞻市盈率为 22，仍然相当具有吸引力。</p>

META

<p>亿万富翁菲利普·拉丰（Philippe Laffont）、蔡斯·科尔曼（Chase Coleman）、特里·史密斯（Terry Smith）和斯蒂芬·曼德尔（Stephen Mandel）在最近的 13F 文件中均将 Meta Platforms（META）视为他们的主要持股。这只自 2012 年上市以来上涨了 1570% 的股票，占据了他们投资组合的显著份额：Coatue Management 占 9.55%，Tiger Global 占 16.18%，Fundsmith 占 10.19%，Lone Pine Capital 占 8.75%。尽管他们的投资风格各异，但 Meta 广泛的社交媒体覆盖面和强大的广告能力吸引了这些知名投资者的共同选择</p>

<p>For many investors, earnings season is the pinnacle of each quarter. It's a six-week period that provides an under-the-hood look at how well a majority of the most-influential public businesses driving the stock market higher or lower have performed.</p>
<div class="lb-trans"><p>对于许多投资者来说，财报季是每个季度的巅峰。这是一个为期六周的时间段，提供了对推动股市涨跌的大多数最具影响力的上市公司表现的深入了解。</p>
</div><p>But it can be argued that the quarterly filing of Form 13Fs with the Securities and Exchange Commission (SEC) is just as important.</p>
<div class="lb-trans"><p>但可以说，向证券交易委员会（SEC）提交的 13F 表格的季度申报同样重要。</p>
</div><p>A 13F is a required filing no later than 45 calendar days following the end to a quarter for institutional investors overseeing at least $100 million in assets under management. May 15 marked the deadline for money managers to file their 13F with the SEC. This filing details which stocks and exchange-traded funds (ETFs) Wall Street's brightest asset managers have been buying and selling.</p>
<div class="lb-trans"><p>13F 是一个强制性申报，必须在季度结束后的 45 个日历日内提交，适用于管理至少 1 亿美元资产的机构投资者。5 月 15 日是资金经理向 SEC 提交其 13F 的截止日期。该申报详细列出了华尔街最聪明的资产管理者所买卖的股票和交易所交易基金（ETF）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NjYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819466%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Even though 13F data can be stale for active hedge funds, they're nevertheless insightful in helping investors weed out which stocks, industries, sectors, and trends have the attention of the world's smartest fund managers.</p>
<div class="lb-trans"><p>尽管 13F 数据对于活跃的对冲基金来说可能显得陈旧，但它们在帮助投资者筛选出哪些股票、行业、部门和趋势受到全球最聪明的基金经理关注方面仍然具有洞察力。</p>
</div><p>Based on first-quarter 13Fs, an interesting quirk emerged: One stock stood out as the largest holding for billionaires Philippe Laffont of Coatue Management, Chase Coleman of Tiger Global Management, Terry Smith of Fundsmith (aka, &#34;Britain's Warren Buffett&#34;), <em>and</em> Stephen Mandel of Lone Pine Capital.</p>
<div class="lb-trans"><p>根据第一季度的 13F，出现了一个有趣的现象：一只股票成为了亿万富翁 Philippe Laffont（Coatue Management）、Chase Coleman（Tiger Global Management）、Terry Smith（Fundsmith，亦称 “英国的沃伦·巴菲特”）和 Stephen Mandel（Lone Pine Capital）的最大持股。</p>
</div><h2>Four different investing styles converge on one stock -- and it's not Nvidia</h2>
<div class="lb-trans"><h2>四种不同的投资风格汇聚于一只股票——而它不是 Nvidia</h2>
</div><p>With thousands of publicly traded companies and ETFs to choose from, there's a statistically small probability that four prominent billionaire money managers are going to settle on the same stock as their respective fund's top holding.</p>
<div class="lb-trans"><p>在成千上万的上市公司和 ETF 中，四位知名亿万富翁资金经理选择同一只股票作为各自基金的最大持股的概率统计上是非常小的。</p>
</div><p>Things get even weirder when you realize that all four fund managers have differing investment styles:</p>
<div class="lb-trans"><p>当你意识到这四位基金经理的投资风格各不相同时，事情变得更加奇怪：</p>
</div><ul>
<li>Philippe Laffont oversees $22.7 billion at Coatue Management and is prominently known for his focus on large-cap growth stocks and Wall Street's hottest trends, such as artificial intelligence (AI).</li>
<li>Chase Coleman is managing roughly $26.6 billion at Tiger Global and also favors growth stocks, but with more of flair for small caps.</li>
<li>Terry Smith is guiding the investment of $22 billion in capital at Fundsmith and is known as a diehard value investor, much like Warren Buffett.</li>
<li>Stephen Mandel is managing close to $11.6 billion at Lone Pine and tends to put his fund's capital to work in a mix of growth stocks and companies exacting turnarounds.</li>
</ul>
<div class="lb-trans"><ul>
<li>Philippe Laffont 在 Coatue Management 管理 227 亿美元，因专注于大盘成长股和华尔街最热门的趋势（如人工智能）而闻名。</li>
<li>Chase Coleman 在 Tiger Global 管理约 266 亿美元，也偏好成长股，但更倾向于小盘股。</li>
<li>Terry Smith 在 Fundsmith 管理 220 亿美元的资本，以其坚定的价值投资者身份而闻名，类似于沃伦·巴菲特。</li>
<li>Stephen Mandel 在 Lone Pine 管理接近 116 亿美元，倾向于将基金资本投入到成长股和进行转型的公司中。</li>
</ul>
</div><p>Most investors would probably be inclined to believe that AI colossus <strong>Nvidia</strong>(NVDA -0.27%) is the company all four billionaires have settled on as their top holding. Nvidia touches on Laffont's love for hot Wall Street trends; it's a growth stock that Coleman and Mandel can rally around; and its shares dipped to a forward price-to-earnings (P/E) ratio of 19 during the stock market's first-quarter swoon, which is its cheapest forward P/E in years (i.e., Terry Smith would possibly be interested).</p>
<div class="lb-trans"><p>大多数投资者可能会倾向于相信，人工智能巨头 <strong>Nvidia</strong>（NVDA -0.27%）是这四位亿万富翁选择的最大持股公司。Nvidia 符合 Laffont 对华尔街热门趋势的热爱；它是一只成长股，Coleman 和 Mandel 都可以支持；而且在股市第一季度下跌期间，其股价的前瞻市盈率（P/E）降至 19，这是多年来最便宜的前瞻市盈率（即，Terry Smith 可能会对此感兴趣）。</p>
</div><p>Furthermore, Nvidia offers a seemingly sustainable moat that top-tier money managers love to put their capital behind. Its Hopper (H100) graphics processing unit (GPU) and Blackwell GPU architecture are the leading options deployed in AI-accelerated data centers. No direct AI-GPU developer has come particularly close to matching the compute abilities or innovation timeline of Nvidia.</p>
<div class="lb-trans"><p>此外，Nvidia 提供了一个看似可持续的护城河，顶级资金经理们喜欢将资本投入其中。其 Hopper（H100）图形处理单元（GPU）和 Blackwell GPU 架构是 AI 加速数据中心中部署的领先选项。没有任何直接的 AI-GPU 开发者能够接近 Nvidia 的计算能力或创新时间表。</p>
</div><p>But Nvidia isn't the correct answer. However, the stock in question is most definitely &#34;Magnificent.&#34;</p>
<div class="lb-trans"><p>但 Nvidia 并不是正确的答案。然而，所讨论的股票无疑是 “壮丽” 的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NjYvc3RvY2stY2hhcnQtcXVvdGUtYmVhci1idWxsLXRyYWRpbmctaW52ZXN0LXNob3J0LW9wdGlvbnMtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819466%2Fstock-chart-quote-bear-bull-trading-invest-short-options-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The No. 1 holding of four prominent billionaires has gained 1,570% since its IPO</h2>
<div class="lb-trans"><h2>四位知名亿万富翁的第一大持股自 IPO 以来已上涨 1570%</h2>
</div><p>Few companies check all the right boxes for billionaires Philippe Laffont, Chase Coleman, Terry Smith, and Stephen Mandel -- but social media maven <strong>Meta Platforms</strong>(META 0.18%), which is a member of the &#34;Magnificent Seven&#34; alongside Nvidia, fits the mold.</p>
<div class="lb-trans"><p>很少有公司能满足亿万富翁 Philippe Laffont、Chase Coleman、Terry Smith 和 Stephen Mandel 的所有要求——但社交媒体巨头 <strong>Meta Platforms</strong>（META 0.18%），作为 “壮丽七侠” 的一员，与 Nvidia 并列，符合这一标准。</p>
</div><p>Based on the latest round of 13F filings, Meta was the clear No. 1 holding by market value for all four billionaires and respectively accounted for:</p>
<div class="lb-trans"><p>根据最新一轮的 13F 申报，Meta 在所有四位亿万富翁中以市值明显成为第一大持股，分别占比：</p>
</div><ul>
<li><strong>Coatue Management</strong>: 9.55% of invested assets</li>
<li><strong>Tiger Global Management</strong>: 16.18% of invested assets</li>
<li><strong>Fundsmith</strong>: 10.19% of invested assets</li>
<li><strong>Lone Pine Capital</strong>: 8.75% of invested assets</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Coatue Management</strong>：投资资产的 9.55%</li>
<li><strong>Tiger Global Management</strong>：投资资产的 16.18%</li>
<li><strong>Fundsmith</strong>：投资资产的 10.19%</li>
<li><strong>Lone Pine Capital</strong>：投资资产的 8.75%</li>
</ul>
</div><p>Since its initial public offering (IPO) in May 2012, shares of Meta Platforms have increased by 1,570%, as of this writing. These gains have been made possible by four factors, all of which have probably played at least some role in making Meta the No. 1 holding for four highly successful billionaire asset managers.</p>
<div class="lb-trans"><p>自 2012 年 5 月首次公开募股（IPO）以来，Meta Platforms 的股价已上涨 1570%，截至目前。这些收益得益于四个因素，所有这些因素可能在使 Meta 成为四位成功亿万富翁资产管理者的第一大持股中发挥了至少某种作用。</p>
</div><p>The first variable working in Meta's favor is its foundational social media platforms. Collectively, the company's family of apps, which includes Facebook, WhatsApp, Instagram, Threads, and Facebook Messenger, helped lure an average of 3.43 billion daily active people during March 2025. No other social media company comes remotely close to this figure, which affords Meta a superior level of ad-pricing power.</p>
<div class="lb-trans"><p>Meta 的第一个有利变量是其基础社交媒体平台。该公司的应用程序家族，包括 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger，在 2025 年 3 月吸引了平均 34.3 亿日活跃用户。没有其他社交媒体公司能接近这个数字，这使 Meta 拥有了更强的广告定价权。</p>
</div><p>Secondly, but building on this first point, Meta's operating performance and stock tend to ebb-and-flow with the health of the U.S. economy. Almost 98% of the company's net sales can currently be traced to advertising. Since the average U.S. economic expansion lasts <em>considerably</em> longer than the typical recession, Meta's ad-driven core is well-positioned to thrive over long periods.</p>
<div class="lb-trans"><p>其次，基于第一个观点，Meta 的运营表现和股票往往随着美国经济的健康状况而波动。该公司目前近 98% 的净销售额可以追溯到广告。由于美国经济扩张的平均持续时间远远超过典型的衰退，Meta 以广告驱动的核心在长期内处于良好位置。</p>
</div><p>The third variable likely luring all four billionaire investors is Meta's addressable market for artificial intelligence. It's already deploying generative AI solutions into its ad platforms to allow businesses to tailor unique message(s) to users of its apps. But Meta is also investing aggressively in the future, which more than likely includes the company acting as a leading on-ramp to the metaverse -- the 3D digital world where people can interact with each other and their surroundings. CEO Mark Zuckerberg has a knack for holding back on monetizing new innovations until the time is right.</p>
<div class="lb-trans"><p>第三个可能吸引所有四位亿万富翁投资者的变量是 Meta 在人工智能领域的可寻址市场。它已经在其广告平台上部署了生成性人工智能解决方案，以便企业能够为其应用程序的用户量身定制独特的信息。但 Meta 也在积极投资未来，这很可能包括该公司作为通往元宇宙的主要入口——一个人们可以相互互动和与周围环境互动的 3D 数字世界。首席执行官马克·扎克伯格擅长在时机合适之前不急于将新创新货币化。</p>
</div><p>The fourth and final reason Philippe Laffont, Chase Coleman, Terry Smith, and Stephen Mandel likely piled into Meta stock is the company's cash-rich balance sheet. Meta ended March with north of $70 billion in cash, cash equivalents, and marketable securities, and generated $24 billion in net cash from its operating activities through just the first three months of the year. It can invest in higher-growth initiatives and take risks that few other companies can match.</p>
<div class="lb-trans"><p>第四个也是最后一个原因，菲利普·拉丰、查斯·科尔曼、特里·史密斯和斯蒂芬·曼德尔可能纷纷投资 Meta 股票，是因为该公司的现金充裕的资产负债表。Meta 在三月底时现金、现金等价物和可交易证券超过 700 亿美元，并在今年前三个月的运营活动中产生了 240 亿美元的净现金。它可以投资于更高增长的项目，并承担其他公司难以匹敌的风险。</p>
</div><p>With Meta Platforms expected to sustain a mid-teens sales growth rate, its forward P/E ratio of 22 remains quite attractive.</p>
<div class="lb-trans"><p>预计 Meta Platforms 将维持中十位数的销售增长率，其前瞻市盈率为 22，仍然相当具有吸引力。</p>
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Billionaires Philippe Laffont, Chase Coleman, Terry Smith, and Stephen Mandel All Share the Same No. 1 Holding -- and It's Not Nvidia

- 四位亿万富翁的首要持股为 Meta Platforms，市值占比显著。  
- Meta 自 2012 年 IPO 以来股价上涨 1570%，受益于强大的社交媒体平台。  
- 该公司拥有充足现金流，预计将持续中等增长。  

亿万富翁 Philippe Laffont、Chase Coleman、Terry Smith 和 Stephen Mandel 都持有相同的头号股票——而且这并不是 Nvidia