价投巨人的肩膀
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TSM · 信息技术

台积电 ADR

Taiwan Semiconductor Manufacturing

2026 Q2：11 位巨人持有，综合权重 0.72%，共识排名第 19；本季 3 位买入、6 位卖出。季末价 $477.57（2026-06-30）。

持有人数
11
上季 12 位
综合权重
0.72%
共识排名第 19
季末价
$477.57
2026-06-30
巨人的平均成本估
$167.59
季末价比这个平均高 185%（每位巨人的成本各算一次）

11 位巨人持有

依占投资组合比重排序；点名字看那位巨人的持股历程。

怎么看？

估计平均成本：每次增持的股数 ×（季初价＋季末价）÷ 2 的加权平均；1999 年第一季（或这位巨人最早的电子申报）之前就持有的，从那个季度的季末价起算。13F 看不到实际成交价。

巨人?占投资组合股数（万股）市值（亿美元）首次买入持有季度数?估计平均成本?相对成本本季动向
David Rolfe10.4%110.502021 Q221$111.75+327%减持
Ruane, Cunniff & Goldfarb（红杉基金）8.7%1175.602019 Q427$66.84+614%减持
William von Mueffling8.2%110.552017 Q336$46.64+924%资金转移
丹·勒布4.7%462.202023 Q213$236.51+102%增持
泰瑞·史密斯4.1%1567.452025 Q43$407.59+17%增持
Sarah Ketterer2.8%532.542008 Q174$63.67+650%增持
普雷姆·沃萨1.7%90.452017 Q336$83.03+475%不变
Wally Weitz0.7%20.102026 Q12$320.92+49%不变
Jensen0.2%20.082020 Q225$105.89+351%减持
Francois Rochon0.1%<10.022020 Q225$204.44+134%减持
克里斯·戴维斯<0.1%<10.022025 Q25$196.25+143%减持

成本地图：11 位中有 11 位的估计成本低于季末价

每一行是一位巨人：圆点是估计平均成本（越大＝占投资组合越重），金色直线是最新季末价。

成本低于季末价（账面浮盈）成本高于季末价（账面浮亏）季末价
成本地图$200$400William von MuefflingSarah KettererRuane, Cunniff & Goldfarb（红杉基金）普雷姆·沃萨JensenDavid Rolfe克里斯·戴维斯Francois Rochon丹·勒布Wally Weitz泰瑞·史密斯成本地图$200$400W. MuefflingSarah KettererRuane（红杉基金）普雷姆·沃萨JensenDavid Rolfe克里斯·戴维斯Francois Rochon丹·勒布Wally Weitz泰瑞·史密斯

季末价走势（已按拆股调整）

2002 Q2 起，也就是巨人第一次持有的那个季度；悬停看当季持有人数与买卖人数。

怎么看？

价格是 13F 申报的季末市值 ÷ 股数，约等于季末收盘价，不是即时价格；拆股前的价格已换算成今天的股数。

季末价走势$0200400600金融危机疫情暴跌2002 Q22004 Q42007 Q22009 Q42012 Q22014 Q42017 Q22019 Q42022 Q22026 Q2季末价走势$0200400600金融危机疫情暴跌2002 Q22008 Q32014 Q42026 Q2

越来越多还是越来越少巨人持有

持有人数

持有人数051015金融危机疫情暴跌2002 Q22004 Q42007 Q22009 Q42012 Q22014 Q42017 Q22019 Q42022 Q22026 Q2持有人数051015金融危机疫情暴跌2002 Q22008 Q32014 Q42026 Q2

每季度买家与卖家（近 20 个季度）

买入卖出
每季度买家与卖家人数105052021 Q32022 Q12022 Q32023 Q12023 Q32024 Q12024 Q32025 Q12025 Q32026 Q2每季度买家与卖家人数8520252024 Q32025 Q12025 Q32026 Q2

综合权重（悬停看排名）

综合权重%00.20.40.60.8金融危机疫情暴跌2002 Q22004 Q42007 Q22009 Q42012 Q22014 Q42017 Q22019 Q42022 Q22026 Q2综合权重%00.20.40.60.8金融危机疫情暴跌2002 Q22008 Q32014 Q42026 Q2

持股历程

点开一位巨人：他从什么时候开始持有、哪几季买卖、估计成本怎么变化。表格只列有买卖的季度和最新一季。

怎么看？

图中的价格与成本都换算成今天的股数（已按拆股调整）；表格里是当季实际的数字。估计成交价＝（季初价＋季末价）÷ 2，只代表大致价位。

David Rolfe 10.4%·2021 Q2 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$02004006002021 Q22022 Q12022 Q42023 Q32024 Q22025 Q12026 Q2持股历程$02004006002021 Q22022 Q42024 Q22026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2减持−21110.4%$337.95 → $477.57$407.76$111.75
2026 Q1减持−6139.0%$303.89 → $337.95$320.92$111.75
2025 Q4减持−<11810.5%$279.29 → $303.89$291.59$111.75
2025 Q3减持−1199.6%$226.49 → $279.29$252.89$111.75
2025 Q2减持−4209.2%$166.00 → $226.49$196.25$111.75
2024 Q4减持−1249.2%$173.67 → $197.49$185.58$111.75
2024 Q3减持−<1258.3%$173.81 → $173.67$173.74$111.75
2024 Q2减持−1258.5%$136.05 → $173.81$154.93$111.75
2024 Q1减持−<1257.9%$104.00 → $136.05$120.03$111.75
2023 Q4减持−1266.9%$86.90 → $104.00$95.45$111.75
2023 Q3减持−7275.5%$100.92 → $86.90$93.91$111.75
2023 Q1增持+4345.3%$74.49 → $93.02$83.75$111.75
2022 Q4增持+<1304.1%$68.56 → $74.49$71.53$115.28
2022 Q3减持−5303.8%$81.75 → $68.56$75.16$115.83
2022 Q2增持+<1354.9%$104.26 → $81.75$93.01$115.83
2022 Q1增持+10355.1%$120.31 → $104.26$112.28$115.98
2021 Q4增持+4253.9%$111.65 → $120.31$115.98$117.51
2021 Q3增持+9213.3%$120.16 → $111.65$115.90$117.77
2021 Q2新建仓+12122.1%$118.28 → $120.16$119.22$119.22
Ruane, Cunniff & Goldfarb（红杉基金） 8.7%·2019 Q4 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$0200400600疫情暴跌2019 Q42020 Q32021 Q22022 Q12022 Q42023 Q32024 Q22025 Q12026 Q2持股历程$0200400600疫情暴跌2019 Q42021 Q32023 Q22026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2减持−41178.7%$337.95 → $477.57$407.76$66.84
2026 Q1减持−211216.8%$303.89 → $337.95$320.92$66.84
2025 Q4减持−461426.7%$279.29 → $303.89$291.59$66.84
2025 Q3减持−41888.7%$226.49 → $279.29$252.89$66.84
2025 Q2增持+51927.4%$166.00 → $226.49$196.25$66.84
2025 Q1减持−71875.6%$197.49 → $166.00$181.75$63.28
2024 Q4减持−971936.5%$173.67 → $197.49$185.58$63.28
2024 Q3减持−122907.9%$173.81 → $173.67$173.74$63.28
2024 Q2减持−693028.2%$136.05 → $173.81$154.93$63.28
2024 Q1减持−353727.8%$104.00 → $136.05$120.03$63.28
2023 Q4减持−134076.8%$86.90 → $104.00$95.45$63.28
2023 Q3减持−134206.1%$100.92 → $86.90$93.91$63.28
2023 Q2减持−84326.9%$93.02 → $100.92$96.97$63.28
2023 Q1减持−104406.7%$74.49 → $93.02$83.75$63.28
2022 Q4减持−154505.2%$68.56 → $74.49$71.53$63.28
2022 Q3减持−1954654.7%$81.75 → $68.56$75.16$63.28
2022 Q2减持−196607.0%$104.26 → $81.75$93.01$63.28
2022 Q1减持−196797.0%$120.31 → $104.26$112.28$63.28
2021 Q4减持−96987.2%$111.65 → $120.31$115.98$63.28
2021 Q3增持+1227077.1%$120.16 → $111.65$115.90$63.28
2021 Q2减持−75856.2%$118.28 → $120.16$119.22$52.29
2021 Q1减持−775926.6%$109.04 → $118.28$113.66$52.29
2020 Q4减持−66697.8%$81.07 → $109.04$95.05$52.29
2020 Q3减持−86756.5%$56.77 → $81.07$68.92$52.29
2020 Q2增持+3786835.2%$47.79 → $56.77$52.28$52.29
2020 Q1增持+63052.3%$58.10 → $47.79$52.95$52.30
2019 Q4新建仓+2982982.1%$46.48 → $58.10$52.29$52.29
William von Mueffling 8.2%·2017 Q3 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$0200400600疫情暴跌2017 Q32018 Q32019 Q32020 Q32021 Q32022 Q32023 Q32024 Q32026 Q2持股历程$0200400600疫情暴跌2017 Q32019 Q42022 Q12026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2资金转移−238118.2%$337.95 → $477.57$407.76$46.64
2026 Q1减持−342495.6%$303.89 → $337.95$320.92$46.64
2025 Q4增持+22834.6%$279.29 → $303.89$291.59$46.64
2025 Q3减持−32814.3%$226.49 → $279.29$252.89$44.78
2025 Q2减持−82843.7%$166.00 → $226.49$196.25$44.78
2025 Q1减持−92923.1%$197.49 → $166.00$181.75$44.78
2024 Q4增持+23013.6%$173.67 → $197.49$185.58$44.78
2024 Q3减持−93003.2%$173.81 → $173.67$173.74$44.03
2024 Q2减持−163093.6%$136.05 → $173.81$154.93$44.03
2024 Q1减持−73242.8%$104.00 → $136.05$120.03$44.03
2023 Q4减持−83312.3%$86.90 → $104.00$95.45$44.03
2023 Q2增持+203402.4%$93.02 → $100.92$96.97$44.03
2023 Q1减持−53202.4%$74.49 → $93.02$83.75$40.67
2022 Q4减持−73252.1%$68.56 → $74.49$71.53$40.67
2022 Q3减持−33322.1%$81.75 → $68.56$75.16$40.67
2022 Q2减持−23352.3%$104.26 → $81.75$93.01$40.67
2022 Q1增持+103372.5%$120.31 → $104.26$112.28$40.67
2021 Q4减持−253272.6%$111.65 → $120.31$115.98$38.51
2021 Q3减持−63522.7%$120.16 → $111.65$115.90$38.51
2021 Q2减持−43582.9%$118.28 → $120.16$119.22$38.51
2021 Q1减持−143623.1%$109.04 → $118.28$113.66$38.51
2020 Q4减持−23753.1%$81.07 → $109.04$95.05$38.51
2020 Q3减持−43782.6%$56.77 → $81.07$68.92$38.51
2020 Q2增持+33811.9%$47.79 → $56.77$52.28$38.51
2019 Q4减持−83792.0%$46.48 → $58.10$52.29$38.40
2019 Q3减持−43871.7%$39.17 → $46.48$42.83$38.40
2019 Q2减持−73911.5%$40.96 → $39.17$40.07$38.40
2018 Q4增持+33991.8%$44.16 → $36.91$40.53$38.40
2018 Q3减持−263962.0%$36.56 → $44.16$40.36$38.38
2018 Q2减持−134221.7%$43.76 → $36.56$40.16$38.38
2018 Q1增持+1704352.2%$39.65 → $43.76$41.70$38.38
2017 Q4减持−182651.2%$37.55 → $39.65$38.60$36.25
2017 Q3新建仓+2832831.2%$34.96 → $37.55$36.25$36.25
丹·勒布 4.7%·2023 Q2 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$01002003004005002023 Q22023 Q42024 Q22024 Q42025 Q22025 Q42026 Q2持股历程$01002003004005002023 Q22024 Q22025 Q22026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2增持+18464.7%$337.95 → $477.57$407.76$236.51
2026 Q1减持−15284.5%$303.89 → $337.95$320.92$121.30
2025 Q4减持−68421.8%$279.29 → $303.89$291.59$121.30
2025 Q3减持−331103.7%$226.49 → $279.29$252.89$121.30
2025 Q2减持−351434.3%$166.00 → $226.49$196.25$121.30
2024 Q3减持−241784.2%$173.81 → $173.67$173.74$121.30
2024 Q2增持+852024.0%$136.05 → $173.81$154.93$121.30
2023 Q4减持−601181.8%$86.90 → $104.00$95.45$96.97
2023 Q3减持−681782.4%$100.92 → $86.90$93.91$96.97
2023 Q2新建仓+2452453.6%$93.02 → $100.92$96.97$96.97
泰瑞·史密斯 4.1%·2025 Q4 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$2503003504004505002025 Q42026 Q12026 Q2持股历程$2503003504004505002025 Q42026 Q12026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2增持+1561564.1%$337.95 → $477.57$407.76$407.59
2026 Q1增持+<1<1<0.1%$303.89 → $337.95$320.92$314.70
2025 Q4新建仓+<1<1<0.1%$279.29 → $303.89$291.59$291.59
Sarah Ketterer 2.8%·2008 Q1 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$0200400600疫情暴跌2013 Q32015 Q12016 Q42018 Q22019 Q42021 Q22022 Q42024 Q22026 Q2持股历程$0200400600疫情暴跌2013 Q32017 Q12020 Q22026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2增持+2532.8%$337.95 → $477.57$407.76$63.67
2026 Q1减持−<1512.1%$303.89 → $337.95$320.92$47.71
2025 Q4增持+<1512.1%$279.29 → $303.89$291.59$47.71
2025 Q3减持−1511.9%$226.49 → $279.29$252.89$45.81
2025 Q1减持−1521.8%$197.49 → $166.00$181.75$45.81
2024 Q3增持+2532.3%$173.81 → $173.67$173.74$45.81
2024 Q2增持+2512.4%$136.05 → $173.81$154.93$39.97
2024 Q1增持+3491.7%$104.00 → $136.05$120.03$36.07
2023 Q4减持−3461.2%$86.90 → $104.00$95.45$31.28
2023 Q3减持−91501.1%$100.92 → $86.90$93.91$31.28
2023 Q2减持−1331413.7%$93.02 → $100.92$96.97$31.28
2023 Q1减持−322746.1%$74.49 → $93.02$83.75$31.28
2022 Q4减持−313066.6%$68.56 → $74.49$71.53$31.28
2022 Q3减持−43376.5%$81.75 → $68.56$75.16$31.28
2022 Q2减持−233417.0%$104.26 → $81.75$93.01$31.28
2021 Q4减持−493639.6%$111.65 → $120.31$115.98$31.28
2021 Q3减持−1741210.4%$120.16 → $111.65$115.90$31.28
2021 Q2减持−4542910.5%$118.28 → $120.16$119.22$31.28
2021 Q1减持−3247411.0%$109.04 → $118.28$113.66$31.28
2020 Q4减持−3050610.4%$81.07 → $109.04$95.05$31.28
2020 Q3增持+175368.1%$56.77 → $81.07$68.92$31.28
2020 Q2减持−1055185.3%$47.79 → $56.77$52.28$30.02
2019 Q4增持+336253.9%$46.48 → $58.10$52.29$30.02
2019 Q3减持−635923.3%$39.17 → $46.48$42.83$28.78
2019 Q2增持+486552.8%$40.96 → $39.17$40.07$28.78
2019 Q1增持+36072.5%$36.91 → $40.96$38.94$27.88
2018 Q4减持−476032.7%$44.16 → $36.91$40.53$27.82
2018 Q3增持+516502.9%$36.56 → $44.16$40.36$27.82
2018 Q2减持−796002.2%$43.76 → $36.56$40.16$26.76
2018 Q1增持+1316783.2%$39.65 → $43.76$41.70$26.76
2017 Q4减持−45472.3%$37.55 → $39.65$38.60$23.18
2017 Q3减持−725512.3%$34.96 → $37.55$36.25$23.18
2017 Q2减持−476232.7%$32.82 → $34.96$33.89$23.18
2017 Q1减持−346703.0%$28.75 → $32.82$30.79$23.18
2016 Q4增持+487053.6%$30.59 → $28.75$29.67$23.18
2016 Q3增持+796573.7%$26.23 → $30.59$28.41$22.71
2016 Q1增持+1625793.5%$22.75 → $26.20$24.48$21.93
2015 Q4增持+234172.0%$20.75 → $22.75$21.75$20.94
2015 Q2减持−864442.5%$23.48 → $22.71$23.09$20.89
2015 Q1增持+1825303.3%$22.38 → $23.48$22.93$20.89
2014 Q4增持+1813482.3%$20.18 → $22.38$21.28$19.83
2014 Q3增持+331671.2%$21.39 → $20.18$20.79$18.25
2014 Q2增持+31341.2%$20.02 → $21.39$20.70$17.63
2014 Q1增持+781311.1%$17.44 → $20.02$18.73$17.56
2013 Q4增持+12540.5%$16.96 → $17.44$17.20$15.88
2013 Q3减持−56420.6%$18.32 → $16.96$17.64$15.50
普雷姆·沃萨 1.7%·2017 Q3 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$0200400600疫情暴跌2017 Q32018 Q32019 Q32020 Q32021 Q32022 Q32023 Q32024 Q32026 Q2持股历程$0200400600疫情暴跌2017 Q32019 Q42022 Q12026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2不变—91.7%$337.95 → $477.57—$83.03
2025 Q2减持−591.1%$166.00 → $226.49$196.25$83.03
2024 Q2增持+5142.1%$136.05 → $173.81$154.93$83.03
2023 Q2减持−<190.6%$93.02 → $100.92$96.97$46.20
2022 Q4增持+<1100.2%$68.56 → $74.49$71.53$46.20
2020 Q3减持−190.4%$56.77 → $81.07$68.92$44.90
2020 Q1增持+5100.3%$58.10 → $47.79$52.95$44.90
2019 Q2增持+250.1%$40.96 → $39.17$40.07$38.01
2017 Q3新建仓+330.1%$34.96 → $37.55$36.25$36.25
Wally Weitz 0.7%·2026 Q1 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$3003504004505002026 Q12026 Q2持股历程$3003504004505002026 Q12026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2不变—20.7%$337.95 → $477.57—$320.92
2026 Q1新建仓+220.5%$303.89 → $337.95$320.92$320.92
Jensen 0.2%·2020 Q2 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$02004006002020 Q22021 Q12021 Q42022 Q32023 Q22024 Q12024 Q42025 Q32026 Q2持股历程$02004006002020 Q22022 Q12023 Q42026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2减持−<120.2%$337.95 → $477.57$407.76$105.89
2026 Q1减持−<120.1%$303.89 → $337.95$320.92$105.89
2025 Q4减持−<120.1%$279.29 → $303.89$291.59$105.89
2025 Q3增持+<120.1%$226.49 → $279.29$252.89$105.89
2025 Q2减持−<12<0.1%$166.00 → $226.49$196.25$90.78
2024 Q4增持+<12<0.1%$173.67 → $197.49$185.58$90.78
2024 Q2增持+<12<0.1%$136.05 → $173.81$154.93$89.99
2024 Q1增持+<12<0.1%$104.00 → $136.05$120.03$88.93
2023 Q4增持+<12<0.1%$86.90 → $104.00$95.45$85.73
2023 Q1减持−<12<0.1%$74.49 → $93.02$83.75$85.42
2022 Q4增持+<12<0.1%$68.56 → $74.49$71.53$85.42
2022 Q3增持+<12<0.1%$81.75 → $68.56$75.16$87.44
2022 Q2增持+<12<0.1%$104.26 → $81.75$93.01$87.67
2022 Q1增持+<11<0.1%$120.31 → $104.26$112.28$86.90
2021 Q4增持+<11<0.1%$111.65 → $120.31$115.98$84.87
2021 Q3增持+<11<0.1%$120.16 → $111.65$115.90$79.86
2021 Q2增持+<11<0.1%$118.28 → $120.16$119.22$74.74
2021 Q1增持+<11<0.1%$109.04 → $118.28$113.66$70.02
2020 Q4增持+<11<0.1%$81.07 → $109.04$95.05$65.92
2020 Q3增持+<11<0.1%$56.77 → $81.07$68.92$59.71
2020 Q2新建仓+<1<1<0.1%$47.79 → $56.77$52.28$52.28
Francois Rochon 0.1%·2020 Q2 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$02004006002020 Q22021 Q12021 Q42022 Q32023 Q22024 Q12024 Q42025 Q32026 Q2持股历程$02004006002020 Q22022 Q12023 Q42026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2减持−<1<10.1%$337.95 → $477.57$407.76$204.44
2026 Q1减持−110.1%$303.89 → $337.95$320.92$204.44
2025 Q4增持+120.2%$279.29 → $303.89$291.59$204.44
2025 Q3减持−<110.1%$226.49 → $279.29$252.89$120.02
2025 Q1减持−<110.1%$197.49 → $166.00$181.75$120.02
2024 Q4增持+<110.1%$173.67 → $197.49$185.58$120.02
2024 Q3增持+110.1%$173.81 → $173.67$173.74$119.63
2024 Q1减持−<11<0.1%$104.00 → $136.05$120.03$77.29
2023 Q2减持−11<0.1%$93.02 → $100.92$96.97$77.29
2023 Q1减持−<110.1%$74.49 → $93.02$83.75$77.29
2022 Q4增持+120.1%$68.56 → $74.49$71.53$77.29
2022 Q1减持−<11<0.1%$120.31 → $104.26$112.28$82.06
2021 Q4增持+<110.1%$111.65 → $120.31$115.98$82.06
2021 Q3增持+<110.1%$120.16 → $111.65$115.90$80.06
2021 Q2减持−<110.1%$118.28 → $120.16$119.22$61.76
2021 Q1减持−<110.1%$109.04 → $118.28$113.66$61.76
2020 Q4减持−<110.1%$81.07 → $109.04$95.05$61.76
2020 Q3增持+110.1%$56.77 → $81.07$68.92$61.76
2020 Q2新建仓+11<0.1%$47.79 → $56.77$52.28$52.28
克里斯·戴维斯 <0.1%·2025 Q2 起

巨人页 →

季末价累计估计成本估计成交价（买／卖）
持股历程$1002003004005002025 Q22025 Q32025 Q42026 Q12026 Q2持股历程$1002003004005002025 Q22025 Q42026 Q2
季度动作股数变动（万股）持股（万股）占投资组合季初价 → 季末价估计成交价累计估计成本
2026 Q2减持−<1<1<0.1%$337.95 → $477.57$407.76$196.25
2025 Q2新建仓+11<0.1%$166.00 → $226.49$196.25$196.25

最近 8 季清仓的巨人