13F 申报指南13F 概念全攻略
什么是 SEC Form 13F 申报？美股机构大户持股全攻略
完整解读 Form 13F 申报规范、1 亿美元门槛与 45 天延迟申报机制，学会如何追踪顶级对冲基金与机构法人持仓动向。
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CIK: 0001213206
申报总市值
US$4.9亿
US$4.9亿
171 檔
25.5%
Q4 2025 季度申报显示，Marathon Capital Management 披露的美股组合总市值为 US$4.9亿，涵盖 171 个不同之权益投资仓位。
在 Q4 2025，Marathon Capital Management 展现出较为审慎的避险与获利了结姿态。本季共减仓 30 个仓位并完全清仓 1 档持股，调降曝光的仓位数量高于加仓动作。
在资产配置集中度方面，Marathon Capital Management 的前 5 大核心持股（包含 TROW, GLW, BIL 等）合计占整体申报市值的 25.5%，反映机构在主要关键仓位上的权重分布。
本季最大新建仓标的
ZTS
市值: US$442.3万
本季最大获利了结 / 清仓标的
CIVI
前期市值: US$32.8万
| # | 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 | TROW | T Rowe Price Group Inc | 股票-金融 | 14.39% | +0.43% | -4.60% | |
| 2 | GLW | Corning Inc | 股票-科技 | 3.49% | +1.60% | -4.39% | |
| 3 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-政府公债 | 3.17% | -0.11% | +31.69% | |
| 4 | AZNN | Astrazeneca Plc-spons Adr | 股票-其他 | 3.12% | — | -1.99% | |
| 5 | GOOG | Alphabet Inc-cl C | 股票-通信服务 | 2.91% | +0.24% | -2.82% | |
| 6 | AAPL | Apple Inc | 股票-科技 | 2.86% | -0.29% | -4.78% | |
| 7 | TTI | Tetra Technologies Inc | 股票-其他 | 2.40% | +0.34% | -6.35% | |
| 8 | MSFT | Microsoft CORP | 股票-科技 | 2.39% | -0.09% | -2.25% | |
| 9 | QCOM | Qualcomm Inc | 股票-科技 | 2.21% | -0.69% | -0.21% | |
| 10 | FANG | Diamondback Energy Inc | 股票-能源 | 2.03% | -0.56% | +1.78% | |
| 11 | IBM | Intl Business Machines CORP | 股票-科技 | 2.02% | +0.09% | -0.11% | |
| 12 | VYMI | Vanguard Int High Dvd Yld In | ETF-其他 | 2.01% | -0.13% | +2.41% | |
| 13 | CVX | Chevron CORP | 股票-能源 | 1.93% | -0.89% | -2.14% | |
| 14 | ADMA | Adma Biologics Inc | 股票-医疗保健 | 1.83% | -0.37% | -0.27% | |
| 15 | MET | Metlife Inc | 股票-金融 | 1.76% | +0.12% | -0.84% | |
| 16 | ALSN | Allison Transmission Holding | 股票-周期性消费 | 1.57% | -0.25% | -1.02% | |
| 17 | AMZN | Amazon.com Inc | 股票-周期性消费 | 1.50% | +0.12% | -0.04% | |
| 18 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.47% | +0.01% | -0.21% | |
| 19 | O | Realty Income CORP | 股票-房地产 | 1.37% | -0.14% | -1.03% | |
| 20 | CPA | Copa Holdings, S.A. | 股票-其他 | 1.34% | +0.03% | -27.77% | |
| 21 | BLDR | Builders Firstsource Inc | 股票-工业 | 1.31% | +0.26% | +1.90% | |
| 22 | CECO | Ceco Environmental CORP | 股票-其他 | 1.31% | +0.43% | -0.01% | |
| 23 | FIS | Fidelity National Info Serv | 股票-科技 | 1.27% | -0.33% | -1.85% | |
| 24 | CEF | Sprott Physical Gold And Sil | 股票-其他 | 1.23% | -0.31% | -0.89% | |
| 25 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.22% | -0.25% | +0.46% | |
| 26 | B | Barrick Mining CORP | 股票-原材料 | 1.22% | -0.19% | -4.32% | |
| 27 | ANIP | Ani Pharmaceuticals Inc | 股票-其他 | 1.18% | -0.04% | -0.06% | |
| 28 | WTW | Willis Towers Watson Public Limited Company | 股票-金融 | 1.17% | -0.21% | -0.50% | |
| 29 | JNJ | Johnson & Johnson | 股票-医疗保健 | 1.17% | -0.10% | -8.87% | |
| 30 | DHR | Danaher CORP | 股票-医疗保健 | 1.14% | +0.03% | -1.69% | |
| 31 | ALM | Almonty Industries Inc | 股票-其他 | 1.13% | +0.03% | +137.18% | |
| 32 | ACA | Arcosa Inc | 股票-工业 | 1.09% | +0.25% | +0.44% | |
| 33 | ADBE | Adobe Inc | 股票-科技 | 0.99% | -0.71% | EXIT | |
| 34 | ZETA | Zeta Global Holdings Corp-a | 股票-科技 | 0.97% | +0.13% | +1.51% | |
| 35 | ZTS | Zoetis Inc | 股票-医疗保健 | 0.95% | +0.27% | — | |
| 36 | GLD | Spdr Gold Shares | ETF-避险与商品 | 0.94% | -0.21% | -3.17% | |
| 37 | CALX | Calix Inc | 股票-科技 | 0.92% | -0.27% | +0.48% | |
| 38 | NPKI | Npk International Inc | 股票-其他 | 0.92% | -0.02% | -7.97% | |
| 39 | NVO | Novo-nordisk A/s-spons Adr | 股票-医疗保健 | 0.91% | +0.09% | +43.90% | |
| 40 | ATEC | Alphatec Holdings Inc | 股票-其他 | 0.90% | -0.15% | -1.01% | |
| 41 | DOC | Healthpeak Properties Inc | 股票-房地产 | 0.86% | -0.01% | -4.82% | |
| 42 | CB | Chubb Limited | 股票-金融 | 0.86% | -0.08% | +1.11% | |
| 43 | MRK | Merck & Co. Inc. | 股票-医疗保健 | 0.76% | -0.03% | -1.43% | |
| 44 | ARCC | Ares Capital CORP | 股票-金融 | 0.72% | -0.55% | +4.52% | |
| 45 | PAR | Par Technology Corp/del | 股票-其他 | 0.60% | -0.02% | +13.67% | |
| 46 | LLY | Eli Lilly & Co | 股票-医疗保健 | 0.59% | +0.08% | -1.35% | |
| 47 | GOOGL | Alphabet Inc-cl A | 股票-通信服务 | 0.53% | +0.13% | +7.55% | |
| 48 | MU | Micron Technology Inc | 股票-科技 | 0.51% | +0.26% | -14.57% | |
| 49 | SYM | Symbotic Inc | 股票-工业 | 0.51% | +0.18% | +0.14% | |
| 50 | PG | Procter & Gamble Co/the | 股票-非周期性消费 | 0.50% | -0.05% | -3.92% |
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | ALM | Almonty Industries Inc | +0.8% | +137.18% | 加仓 |
| 2 | TTI | Tetra Technologies Inc | +0.7% | -6.35% | 减仓 |
| 3 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.6% | +31.69% | 加仓 |
| 4 | GOOG | Alphabet Inc-cl C | +0.4% | -2.82% | 减仓 |
| 5 | AZNN | Astrazeneca Plc-spons Adr | +0.3% | -1.99% | 减仓 |
| 6 | ADMA | Adma Biologics Inc | +0.3% | -0.27% | 减仓 |
| 7 | LMT | Lockheed Martin CORP | +0.2% | +498.55% | 加仓 |
| 8 | ATEC | Alphatec Holdings Inc | +0.2% | -1.01% | 减仓 |
| 9 | B | Barrick Mining CORP | +0.2% | -4.32% | 减仓 |
| 10 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.2% | +98.68% | 加仓 |
| 11 | NVO | Novo-nordisk A/s-spons Adr | +0.2% | +43.90% | 加仓 |
| 12 | CEF | Sprott Physical Gold And Sil | +0.2% | -0.89% | 减仓 |
| 13 | LLY | Eli Lilly & Co | +0.1% | -1.35% | 减仓 |
| 14 | MU | Micron Technology Inc | +0.1% | -14.57% | 减仓 |
| 15 | CECO | Ceco Environmental CORP | +0.1% | -0.01% | 减仓 |
| 16 | GOOGL | Alphabet Inc-cl A | +0.1% | +7.55% | 加仓 |
| 17 | ALSN | Allison Transmission Holding | +0.1% | -1.02% | 减仓 |
| 18 | AMGN | Amgen Inc | +0.1% | +127.77% | 加仓 |
| 19 | MRK | Merck & Co. Inc. | +0.1% | -1.43% | 减仓 |
| 20 | DHR | Danaher CORP | +0.1% | -1.69% | 减仓 |
| 21 | ACA | Arcosa Inc | +0.1% | +0.44% | 加仓 |
| 22 | TXO | Txo Partners LP | +0.1% | +400.00% | 加仓 |
| 23 | EOG | Eog Resources Inc | +0.1% | +198.35% | 加仓 |
| 24 | CB | Chubb Limited | +0.1% | +1.11% | 加仓 |
| 25 | VYMI | Vanguard Int High Dvd Yld In | 0% | +2.41% | 加仓 |
| 26 | GLD | Spdr Gold Shares | 0% | -3.17% | 减仓 |
| 27 | FANG | Diamondback Energy Inc | 0% | +1.78% | 加仓 |
| 28 | AMZN | Amazon.com Inc | 0% | -0.04% | 减仓 |
| 29 | IBM | Intl Business Machines CORP | 0% | -0.11% | 减仓 |
| 30 | WY | Weyerhaeuser Co | -0.1% | -27.05% | 减仓 |
| 31 | HLMN | Hillman Solutions CORP | -0.2% | -69.83% | 减仓 |
| 32 | GLW | Corning Inc | -0.2% | -4.39% | 减仓 |
| 33 | HDSN | Hudson Technologies Inc | -0.2% | -9.84% | 减仓 |
| 34 | CVX | Chevron CORP | -0.2% | -2.14% | 减仓 |
| 35 | CALX | Calix Inc | -0.2% | +0.48% | 加仓 |
| 36 | MET | Metlife Inc | -0.2% | -0.84% | 减仓 |
| 37 | O | Realty Income CORP | -0.2% | -1.03% | 减仓 |
| 38 | BAC 7.25 PERP L债券 | Bank Of America CORP | -0.2% | -66.03% | 减仓 |
| 39 | DOC | Healthpeak Properties Inc | -0.3% | -4.82% | 减仓 |
| 40 | ANIP | Ani Pharmaceuticals Inc | -0.3% | -0.06% | 减仓 |
| 41 | BLDR | Builders Firstsource Inc | -0.3% | +1.90% | 加仓 |
| 42 | MSFT | Microsoft CORP | -0.4% | -2.25% | 减仓 |
| 43 | SLB | Slb LTD | -0.6% | -56.41% | 减仓 |
| 44 | CPA | Copa Holdings, S.A. | -0.6% | -27.77% | 减仓 |
| 45 | TROW | T Rowe Price Group Inc | -1.7% | -4.60% | 减仓 |
| 46 | ZTS | Zoetis Inc | — | NEW | 新建仓 |
| 47 | AMPL | Amplitude Inc-class A | — | NEW | 新建仓 |
| 48 | SMR | Nuscale Power CORP | — | NEW | 新建仓 |
| 49 | SO | Southern Co/the | — | NEW | 新建仓 |
| 50 | CIVI | Civitas Resources Inc | — | EXIT | 清仓 |
根据 SEC 官方 Form 13F 申报备案，Marathon Capital Management 在 Q4 2025 季度的美股持仓总市值约为 US$4.9亿，共申报了 171 个公开持股仓位。
在 Q4 2025 季度，Marathon Capital Management 按市值排列的前三大核心持股分别为：TROW (14.4%)、GLW (3.5%)、BIL (3.2%)。其中最大持股仓位 TROW 占据整体投资组合约 14.4% 的权重。
在 Q4 2025 季度中，Marathon Capital Management 共进行了 50 项持仓异动，包含新建仓 4 个仓位、加仓 15 个仓位、减仓 30 个仓位以及清仓 1 个仓位。 其中最大新建仓标的为 ZTS。 本季清仓仓位包含 CIVI。
本页面所有持股数据均直接同步自美国证券交易委员会（SEC）EDGAR 官方系统之 13F-HR / 13F-HR/A 季度申报文件。AlphaSMO 通过机器解析 CUSIP 与个股对照，提供 100% 精准对齐的历史时序数据集，并支持 Schema.org 结构化数据格式。
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完整解读 Form 13F 申报规范、1 亿美元门槛与 45 天延迟申报机制，学会如何追踪顶级对冲基金与机构法人持仓动向。
深入剖析 5% 股权申报门槛、13D 与 13G 之差异，以及最新 SEC 申报时程规范，洞察机构法人的激进投资动向。