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: 0001442756
申报总市值
US$11.7亿
US$11.7亿
77 檔
24.8%
Q4 2025 季度申报显示，PFM Health Sciences, LP 披露的美股组合总市值为 US$11.7亿，涵盖 77 个不同之权益投资仓位。
PFM Health Sciences, LP 在 Q4 2025 进行了结构性的板块轮动与仓位换股。在开立 30 个全新仓位及加仓 13 档持股的同时，亦同步清仓 23 档并减仓 34 档标的。
在资产配置集中度方面，PFM Health Sciences, LP 的前 5 大核心持股（包含 THC, LLY, AXSM 等）合计占整体申报市值的 24.8%，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
GKOS
市值: US$2277.1万
本季最大获利了结 / 清仓标的
XBI
前期市值: US$7188.3万
| # | 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 | THC | Tenet Healthcare CORP | 股票-医疗保健 | 7.88% | -4.83% | -13.84% | |
| 2 | LLY | Eli Lilly & Co | 股票-医疗保健 | 7.32% | -1.48% | -69.67% | |
| 3 | AXSM | Axsome Therapeutics Inc | 股票-医疗保健 | 4.58% | +0.54% | -52.57% | |
| 4 | CNC | Centene CORP | 股票-医疗保健 | 4.50% | +1.07% | +91.12% | |
| 5 | PEN | Penumbra Inc | 股票-医疗保健 | 4.50% | -2.56% | -25.59% | |
| 6 | ASND | Ascendis Pharma A/S | 股票-其他 | 3.78% | -3.64% | EXIT | |
| 7 | UTHR | United Therapeutics CORP | 股票-医疗保健 | 3.29% | -4.03% | -29.18% | |
| 8 | BBIO | Bridgebio Pharma Inc | 股票-医疗保健 | 2.34% | -0.13% | -6.32% | |
| 9 | ADMA | Adma Biologics Inc | 股票-医疗保健 | 2.31% | — | +7.61% | |
| 10 | NBIX | Neurocrine Biosciences Inc | 股票-医疗保健 | 2.31% | +0.50% | +185.08% | |
| 11 | GKOS | Glaukos CORP | 股票-医疗保健 | 2.27% | -2.12% | EXIT | |
| 12 | TMO | Thermo Fisher Scientific Inc | 股票-医疗保健 | 2.19% | +0.57% | +1538.50% | |
| 13 | EW | Edwards Lifesciences CORP | 股票-医疗保健 | 2.10% | +0.08% | -35.27% | |
| 14 | ICLR | ICON Public Limited Company | 股票-医疗保健 | 2.10% | +1.45% | -13.72% | |
| 15 | INBX | Inhibrx Biosciences Inc | 股票-其他 | 2.09% | +0.64% | +10.80% | |
| 16 | MDT | Medtronic plc | 股票-医疗保健 | 2.05% | — | — | |
| 17 | NEO | Neogenomics Inc | 股票-医疗保健 | 1.99% | -1.21% | EXIT | |
| 18 | MRK | Merck & Co. Inc. | 股票-医疗保健 | 1.97% | +1.40% | NEW | |
| 19 | AMRX | Amneal Pharmaceuticals Inc | 股票-其他 | 1.84% | -0.34% | +311.86% | |
| 20 | SYK | Stryker CORP | 股票-医疗保健 | 1.78% | +0.87% | — | |
| 21 | UNH | Unitedhealth Group Inc | 股票-医疗保健 | 1.66% | +1.72% | — | |
| 22 | WAT | Waters CORP | 股票-医疗保健 | 1.64% | +0.85% | +40.51% | |
| 23 | ASND 2.25 04-01-28债券 | Ascendis Pharma A/s | 债券 | 1.51% | -1.54% | EXIT | |
| 24 | DXCM | Dexcom Inc | 股票-医疗保健 | 1.50% | -0.86% | EXIT | |
| 25 | 260 | Centessa Pharmaceuticals-adr | 股票-其他 | 1.48% | -1.91% | EXIT | |
| 26 | INDV | Indivior Pharmaceuticals, Inc. | 股票-其他 | 1.29% | — | -35.77% | |
| 27 | CAH | Cardinal Health Inc | 股票-医疗保健 | 1.28% | -0.62% | EXIT | |
| 28 | UHS | Universal Health Services-b | 股票-医疗保健 | 1.25% | — | -50.62% | |
| 29 | TFX | Teleflex Inc | 股票-医疗保健 | 1.25% | +0.87% | NEW | |
| 30 | RVMD | Revolution Medicines Inc | 股票-医疗保健 | 1.20% | +1.05% | -54.25% | |
| 31 | SLNOEUR | Soleno Therapeutics Inc | 股票-其他 | 1.14% | -0.76% | EXIT | |
| 32 | PRAX | Praxis Precision Medicines I | 股票-其他 | 0.92% | +0.07% | -48.56% | |
| 33 | ISRG | Intuitive Surgical Inc | 股票-医疗保健 | 0.87% | — | -80.09% | |
| 34 | GILD | Gilead Sciences Inc | 股票-医疗保健 | 0.87% | +0.98% | NEW | |
| 35 | JAZZ | Jazz Pharmaceuticals plc | 股票-医疗保健 | 0.86% | +0.25% | — | |
| 36 | CVS | Cvs Health CORP | 股票-医疗保健 | 0.85% | +1.22% | NEW | |
| 37 | SNY | Sanofi-adr | 股票-医疗保健 | 0.85% | — | — | |
| 38 | IQV | Iqvia Holdings Inc | 股票-医疗保健 | 0.85% | — | — | |
| 39 | ITGR | Integer Holdings CORP | 股票-医疗保健 | 0.83% | -0.06% | — | |
| 40 | COO | Cooper Cos Inc/the | 股票-医疗保健 | 0.82% | +0.25% | +35.55% | |
| 41 | VEEV | Veeva Systems Inc-class A | 股票-医疗保健 | 0.72% | — | -21.72% | |
| 42 | OSCR | Oscar Health Inc - Class A | 股票-医疗保健 | 0.72% | +0.75% | -39.09% | |
| 43 | BLLN | Billiontoone Inc Cl A | 股票-其他 | 0.71% | -0.63% | EXIT | |
| 44 | CGON | Cg Oncology Inc | 股票-其他 | 0.68% | -0.24% | +3.86% | |
| 45 | VKTX | Viking Therapeutics Inc | 股票-医疗保健 | 0.66% | +0.07% | +2.95% | |
| 46 | ALGN | Align Technology Inc | 股票-医疗保健 | 0.66% | — | — | |
| 47 | HCA | Hca Healthcare Inc | 股票-医疗保健 | 0.65% | -0.49% | -78.92% | |
| 48 | PSNL | Personalis Inc | 股票-其他 | 0.64% | -0.51% | EXIT | |
| 49 | VERA | Vera Therapeutics Inc | 股票-其他 | 0.54% | +0.19% | -79.04% | |
| 50 | CMPS | Compass Pathways PLC | 股票-其他 | 0.54% | -0.39% | -53.12% |
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | CNC | Centene CORP | +2.9% | +91.12% | 加仓 |
| 2 | TMO | Thermo Fisher Scientific Inc | +2.1% | +1538.50% | 加仓 |
| 3 | NBIX | Neurocrine Biosciences Inc | +1.7% | +185.08% | 加仓 |
| 4 | AMRX | Amneal Pharmaceuticals Inc | +1.6% | +311.86% | 加仓 |
| 5 | ASND | Ascendis Pharma A/S | +1.6% | +22.28% | 加仓 |
| 6 | INBX | Inhibrx Biosciences Inc | +1.5% | +10.80% | 加仓 |
| 7 | BBIO | Bridgebio Pharma Inc | +1% | -6.32% | 减仓 |
| 8 | ADMA | Adma Biologics Inc | +1% | +7.61% | 加仓 |
| 9 | WAT | Waters CORP | +0.9% | +40.51% | 加仓 |
| 10 | PEN | Penumbra Inc | +0.7% | -25.59% | 减仓 |
| 11 | NEO | Neogenomics Inc | +0.7% | -23.30% | 减仓 |
| 12 | THC | Tenet Healthcare CORP | +0.7% | -13.84% | 减仓 |
| 13 | PRAX | Praxis Precision Medicines I | +0.7% | -48.56% | 减仓 |
| 14 | MRK | Merck & Co. Inc. | +0.4% | -20.57% | 减仓 |
| 15 | COO | Cooper Cos Inc/the | +0.4% | +35.55% | 加仓 |
| 16 | ICLR | ICON Public Limited Company | +0.3% | -13.72% | 减仓 |
| 17 | ASND 2.25 04-01-28债券 | Ascendis Pharma A/s | +0.3% | -7.47% | 减仓 |
| 18 | VKTX | Viking Therapeutics Inc | +0.3% | +2.95% | 加仓 |
| 19 | INDV | Indivior Pharmaceuticals, Inc. | +0.3% | -35.77% | 减仓 |
| 20 | 260 | Centessa Pharmaceuticals-adr | +0.2% | -11.20% | 减仓 |
| 21 | GPCR | Structure Therapeutics Inc | +0.2% | -40.69% | 减仓 |
| 22 | UTHR | United Therapeutics CORP | +0.2% | -29.18% | 减仓 |
| 23 | SNDX | Syndax Pharmaceuticals Inc | +0.2% | -5.27% | 减仓 |
| 24 | DNTH | Dianthus Therapeutics Inc | +0.2% | +46.78% | 加仓 |
| 25 | CGON | Cg Oncology Inc | +0.2% | +3.86% | 加仓 |
| 26 | RYTM | Rhythm Pharmaceuticals Inc | +0.1% | -16.51% | 减仓 |
| 27 | RVMD | Revolution Medicines Inc | 0% | -54.25% | 减仓 |
| 28 | ARGX | Argenx Se - Adr | 0% | -34.37% | 减仓 |
| 29 | MBX | Mbx Biosciences Inc | -0.1% | -64.19% | 减仓 |
| 30 | IRON | Disc Medicine Inc | -0.1% | -66.19% | 减仓 |
| 31 | CRBU | Caribou Biosciences Inc | -0.1% | -29.51% | 减仓 |
| 32 | QURE | uniQure N.V. | -0.1% | -14.79% | 减仓 |
| 33 | SLNOEUR | Soleno Therapeutics Inc | -0.1% | +1.85% | 加仓 |
| 34 | EW | Edwards Lifesciences CORP | -0.2% | -35.27% | 减仓 |
| 35 | CMPS | Compass Pathways PLC | -0.2% | -53.12% | 减仓 |
| 36 | VEEV | Veeva Systems Inc-class A | -0.2% | -21.72% | 减仓 |
| 37 | RZLT | Rezolute Inc | -0.3% | -54.44% | 减仓 |
| 38 | AMLX | Amylyx Pharmaceuticals Inc | -0.3% | -69.15% | 减仓 |
| 39 | AXSM | Axsome Therapeutics Inc | -0.4% | -52.57% | 减仓 |
| 40 | OSCR | Oscar Health Inc - Class A | -0.5% | -39.09% | 减仓 |
| 41 | UHS | Universal Health Services-b | -0.6% | -50.62% | 减仓 |
| 42 | VERA | Vera Therapeutics Inc | -0.6% | -79.04% | 减仓 |
| 43 | CVS | Cvs Health CORP | -1.2% | -68.91% | 减仓 |
| 44 | HCA | Hca Healthcare Inc | -1.5% | -78.92% | 减仓 |
| 45 | OM | Outset Medical Inc | -1.7% | -69.32% | 减仓 |
| 46 | ISRG | Intuitive Surgical Inc | -1.8% | -80.09% | 减仓 |
| 47 | LLY | Eli Lilly & Co | -5.9% | -69.67% | 减仓 |
| 48 | XBI | Ss Spdr S&p Biotech ETF | — | EXIT | 清仓 |
| 49 | MCK | Mckesson CORP | — | EXIT | 清仓 |
| 50 | HUM | Humana Inc | — | EXIT | 清仓 |
根据 SEC 官方 Form 13F 申报备案，PFM Health Sciences, LP 在 Q4 2025 季度的美股持仓总市值约为 US$11.7亿，共申报了 77 个公开持股仓位。
在 Q4 2025 季度，PFM Health Sciences, LP 按市值排列的前三大核心持股分别为：THC (7.9%)、LLY (7.3%)、AXSM (4.6%)。其中最大持股仓位 THC 占据整体投资组合约 7.9% 的权重。
在 Q4 2025 季度中，PFM Health Sciences, LP 共进行了 100 项持仓异动，包含新建仓 30 个仓位、加仓 13 个仓位、减仓 34 个仓位以及清仓 23 个仓位。 其中最大新建仓标的为 GKOS。 本季清仓仓位包含 XBI。
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。
精选 AlphaSMO 大户持股与内部人交易深度分析，提升投资决策胜率
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。