<p>對於許多投資者來説，財報季是每個季度的巔峯。這是一個為期六週的時間段，提供了對推動股市漲跌的大多數最具影響力的上市公司表現的深入瞭解。</p>
<p>但可以説，向證券交易委員會（SEC）提交的 13F 表格的季度申報同樣重要。</p>
<p>13F 是一個強制性申報，必須在季度結束後的 45 個日曆日內提交，適用於管理至少 1 億美元資產的機構投資者。5 月 15 日是資金經理向 SEC 提交其 13F 的截止日期。該申報詳細列出了華爾街最聰明的資產管理者所買賣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>圖片來源：Getty Images。</p>
<p>儘管 13F 數據對於活躍的對沖基金來説可能顯得陳舊，但它們在幫助投資者篩選出哪些股票、行業、部門和趨勢受到全球最聰明的基金經理關注方面仍然具有洞察力。</p>
<p>根據第一季度的 13F，出現了一個有趣的現象：一隻股票成為了億萬富翁 Philippe Laffont（Coatue Management）、Chase Coleman（Tiger Global Management）、Terry Smith（Fundsmith，亦稱 “英國的沃倫·巴菲特”）和 Stephen Mandel（Lone Pine Capital）的最大持股。</p>
<h2>四種不同的投資風格匯聚於一只股票——而它不是 Nvidia</h2>
<p>在成千上萬的上市公司和 ETF 中，四位知名億萬富翁資金經理選擇同一只股票作為各自基金的最大持股的概率統計上是非常小的。</p>
<p>當你意識到這四位基金經理的投資風格各不相同時，事情變得更加奇怪：</p>
<ul>
<li>Philippe Laffont 在 Coatue Management 管理 227 億美元，因專注於大盤成長股和華爾街最熱門的趨勢（如人工智能）而聞名。</li>
<li>Chase Coleman 在 Tiger Global 管理約 266 億美元，也偏好成長股，但更傾向於小盤股。</li>
<li>Terry Smith 在 Fundsmith 管理 220 億美元的資本，以其堅定的價值投資者身份而聞名，類似於沃倫·巴菲特。</li>
<li>Stephen Mandel 在 Lone Pine 管理接近 116 億美元，傾向於將基金資本投入到成長股和進行轉型的公司中。</li>
</ul>
<p>大多數投資者可能會傾向於相信，人工智能巨頭 <strong>Nvidia</strong>（NVDA -0.27%）是這四位億萬富翁選擇的最大持股公司。Nvidia 符合 Laffont 對華爾街熱門趨勢的熱愛；它是一隻成長股，Coleman 和 Mandel 都可以支持；而且在股市第一季度下跌期間，其股價的前瞻市盈率（P/E）降至 19，這是多年來最便宜的前瞻市盈率（即，Terry Smith 可能會對此感興趣）。</p>
<p>此外，Nvidia 提供了一個看似可持續的護城河，頂級資金經理們喜歡將資本投入其中。其 Hopper（H100）圖形處理單元（GPU）和 Blackwell GPU 架構是 AI 加速數據中心中部署的領先選項。沒有任何直接的 AI-GPU 開發者能夠接近 Nvidia 的計算能力或創新時間表。</p>
<p>但 Nvidia 並不是正確的答案。然而，所討論的股票無疑是 “壯麗” 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>圖片來源：Getty Images。</p>
<h2>四位知名億萬富翁的第一大持股自 IPO 以來已上漲 1570%</h2>
<p>很少有公司能滿足億萬富翁 Philippe Laffont、Chase Coleman、Terry Smith 和 Stephen Mandel 的所有要求——但社交媒體巨頭 <strong>Meta Platforms</strong>（META 0.18%），作為 “壯麗七俠” 的一員，與 Nvidia 並列，符合這一標準。</p>
<p>根據最新一輪的 13F 申報，Meta 在所有四位億萬富翁中以市值明顯成為第一大持股，分別佔比：</p>
<ul>
<li><strong>Coatue Management</strong>：投資資產的 9.55%</li>
<li><strong>Tiger Global Management</strong>：投資資產的 16.18%</li>
<li><strong>Fundsmith</strong>：投資資產的 10.19%</li>
<li><strong>Lone Pine Capital</strong>：投資資產的 8.75%</li>
</ul>
<p>自 2012 年 5 月首次公開募股（IPO）以來，Meta Platforms 的股價已上漲 1570%，截至目前。這些收益得益於四個因素，所有這些因素可能在使 Meta 成為四位成功億萬富翁資產管理者的第一大持股中發揮了至少某種作用。</p>
<p>Meta 的第一個有利變量是其基礎社交媒體平台。該公司的應用程序家族，包括 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger，在 2025 年 3 月吸引了平均 34.3 億日活躍用户。沒有其他社交媒體公司能接近這個數字，這使 Meta 擁有了更強的廣告定價權。</p>
<p>其次，基於第一個觀點，Meta 的運營表現和股票往往隨着美國經濟的健康狀況而波動。該公司目前近 98% 的淨銷售額可以追溯到廣告。由於美國經濟擴張的平均持續時間遠遠超過典型的衰退，Meta 以廣告驅動的核心在長期內處於良好位置。</p>
<p>第三個可能吸引所有四位億萬富翁投資者的變量是 Meta 在人工智能領域的可尋址市場。它已經在其廣告平台上部署了生成性人工智能解決方案，以便企業能夠為其應用程序的用户量身定製獨特的信息。但 Meta 也在積極投資未來，這很可能包括該公司作為通往元宇宙的主要入口——一個人們可以相互互動和與周圍環境互動的 3D 數字世界。首席執行官馬克·扎克伯格擅長在時機合適之前不急於將新創新貨幣化。</p>
<p>第四個也是最後一個原因，菲利普·拉豐、查斯·科爾曼、特里·史密斯和斯蒂芬·曼德爾可能紛紛投資 Meta 股票，是因為該公司的現金充裕的資產負債表。Meta 在三月底時現金、現金等價物和可交易證券超過 700 億美元，並在今年前三個月的運營活動中產生了 240 億美元的淨現金。它可以投資於更高增長的項目，並承擔其他公司難以匹敵的風險。</p>
<p>預計 Meta Platforms 將維持中十位數的銷售增長率，其前瞻市盈率為 22，仍然相當具有吸引力。</p>

META

<p>億萬富翁菲利普·拉豐（Philippe Laffont）、蔡斯·科爾曼（Chase Coleman）、特里·史密斯（Terry Smith）和斯蒂芬·曼德爾（Stephen Mandel）在最近的 13F 文件中均將 Meta Platforms（META）視為他們的主要持股。這隻自 2012 年上市以來上漲了 1570% 的股票，佔據了他們投資組合的顯著份額：Coatue Management 佔 9.55%，Tiger Global 佔 16.18%，Fundsmith 佔 10.19%，Lone Pine Capital 佔 8.75%。儘管他們的投資風格各異，但 Meta 廣泛的社交媒體覆蓋面和強大的廣告能力吸引了這些知名投資者的共同選擇</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>對於許多投資者來説，財報季是每個季度的巔峯。這是一個為期六週的時間段，提供了對推動股市漲跌的大多數最具影響力的上市公司表現的深入瞭解。</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>但可以説，向證券交易委員會（SEC）提交的 13F 表格的季度申報同樣重要。</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 是一個強制性申報，必須在季度結束後的 45 個日曆日內提交，適用於管理至少 1 億美元資產的機構投資者。5 月 15 日是資金經理向 SEC 提交其 13F 的截止日期。該申報詳細列出了華爾街最聰明的資產管理者所買賣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>圖片來源：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>儘管 13F 數據對於活躍的對沖基金來説可能顯得陳舊，但它們在幫助投資者篩選出哪些股票、行業、部門和趨勢受到全球最聰明的基金經理關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>根據第一季度的 13F，出現了一個有趣的現象：一隻股票成為了億萬富翁 Philippe Laffont（Coatue Management）、Chase Coleman（Tiger Global Management）、Terry Smith（Fundsmith，亦稱 “英國的沃倫·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>四種不同的投資風格匯聚於一只股票——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>在成千上萬的上市公司和 ETF 中，四位知名億萬富翁資金經理選擇同一只股票作為各自基金的最大持股的概率統計上是非常小的。</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>當你意識到這四位基金經理的投資風格各不相同時，事情變得更加奇怪：</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 億美元，因專注於大盤成長股和華爾街最熱門的趨勢（如人工智能）而聞名。</li>
<li>Chase Coleman 在 Tiger Global 管理約 266 億美元，也偏好成長股，但更傾向於小盤股。</li>
<li>Terry Smith 在 Fundsmith 管理 220 億美元的資本，以其堅定的價值投資者身份而聞名，類似於沃倫·巴菲特。</li>
<li>Stephen Mandel 在 Lone Pine 管理接近 116 億美元，傾向於將基金資本投入到成長股和進行轉型的公司中。</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>大多數投資者可能會傾向於相信，人工智能巨頭 <strong>Nvidia</strong>（NVDA -0.27%）是這四位億萬富翁選擇的最大持股公司。Nvidia 符合 Laffont 對華爾街熱門趨勢的熱愛；它是一隻成長股，Coleman 和 Mandel 都可以支持；而且在股市第一季度下跌期間，其股價的前瞻市盈率（P/E）降至 19，這是多年來最便宜的前瞻市盈率（即，Terry Smith 可能會對此感興趣）。</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 提供了一個看似可持續的護城河，頂級資金經理們喜歡將資本投入其中。其 Hopper（H100）圖形處理單元（GPU）和 Blackwell GPU 架構是 AI 加速數據中心中部署的領先選項。沒有任何直接的 AI-GPU 開發者能夠接近 Nvidia 的計算能力或創新時間表。</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 並不是正確的答案。然而，所討論的股票無疑是 “壯麗” 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>圖片來源：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>四位知名億萬富翁的第一大持股自 IPO 以來已上漲 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>很少有公司能滿足億萬富翁 Philippe Laffont、Chase Coleman、Terry Smith 和 Stephen Mandel 的所有要求——但社交媒體巨頭 <strong>Meta Platforms</strong>（META 0.18%），作為 “壯麗七俠” 的一員，與 Nvidia 並列，符合這一標準。</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>根據最新一輪的 13F 申報，Meta 在所有四位億萬富翁中以市值明顯成為第一大持股，分別佔比：</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>：投資資產的 9.55%</li>
<li><strong>Tiger Global Management</strong>：投資資產的 16.18%</li>
<li><strong>Fundsmith</strong>：投資資產的 10.19%</li>
<li><strong>Lone Pine Capital</strong>：投資資產的 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 月首次公開募股（IPO）以來，Meta Platforms 的股價已上漲 1570%，截至目前。這些收益得益於四個因素，所有這些因素可能在使 Meta 成為四位成功億萬富翁資產管理者的第一大持股中發揮了至少某種作用。</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 的第一個有利變量是其基礎社交媒體平台。該公司的應用程序家族，包括 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger，在 2025 年 3 月吸引了平均 34.3 億日活躍用户。沒有其他社交媒體公司能接近這個數字，這使 Meta 擁有了更強的廣告定價權。</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，基於第一個觀點，Meta 的運營表現和股票往往隨着美國經濟的健康狀況而波動。該公司目前近 98% 的淨銷售額可以追溯到廣告。由於美國經濟擴張的平均持續時間遠遠超過典型的衰退，Meta 以廣告驅動的核心在長期內處於良好位置。</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>第三個可能吸引所有四位億萬富翁投資者的變量是 Meta 在人工智能領域的可尋址市場。它已經在其廣告平台上部署了生成性人工智能解決方案，以便企業能夠為其應用程序的用户量身定製獨特的信息。但 Meta 也在積極投資未來，這很可能包括該公司作為通往元宇宙的主要入口——一個人們可以相互互動和與周圍環境互動的 3D 數字世界。首席執行官馬克·扎克伯格擅長在時機合適之前不急於將新創新貨幣化。</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>第四個也是最後一個原因，菲利普·拉豐、查斯·科爾曼、特里·史密斯和斯蒂芬·曼德爾可能紛紛投資 Meta 股票，是因為該公司的現金充裕的資產負債表。Meta 在三月底時現金、現金等價物和可交易證券超過 700 億美元，並在今年前三個月的運營活動中產生了 240 億美元的淨現金。它可以投資於更高增長的項目，並承擔其他公司難以匹敵的風險。</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>預計 Meta Platforms 將維持中十位數的銷售增長率，其前瞻市盈率為 22，仍然相當具有吸引力。</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

- 四位億萬富翁的首要持股為 Meta Platforms，市值佔比顯著。  
- Meta 自 2012 年 IPO 以來股價上漲 1570%，受益於強大的社交媒體平台。  
- 該公司擁有充足現金流，預計將持續中等增長。  

億萬富翁 Philippe Laffont、Chase Coleman、Terry Smith 和 Stephen Mandel 都持有相同的頭號股票——而且這並不是 Nvidia