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。
AlphaSMO 权威研究指南阅读专题
CIK: 0001477872
申报总市值
US$18.3亿
US$18.3亿
47 檔
40.5%
Saratoga Research & Investment Management 在 Q4 2025 季度的美股仓位总计估值为 US$18.3亿，分散于 47 个持仓标的之中，反映其市场参与广度与投资规模。
在 Q4 2025，Saratoga Research & Investment Management 展现出较为审慎的避险与获利了结姿态。本季共减仓 33 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，Saratoga Research & Investment Management 的前 5 大核心持股（包含 GOOGL, MSFT, BRK-B 等）合计占整体申报市值的 40.5%，反映机构在主要关键仓位上的权重分布。
| # | 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 | GOOGL | Alphabet Inc-cl A | 股票-通信服务 | 11.81% | -0.21% | -8.78% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 7.57% | -0.93% | -1.57% | |
| 3 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 6.94% | -0.34% | -1.77% | |
| 4 | UL | Unilever Plc-sponsored Adr | 股票-非周期性消费 | 6.35% | +0.47% | — | |
| 5 | DIS | Walt Disney Co/the | 股票-通信服务 | 6.11% | -0.46% | +0.19% | |
| 6 | MDT | Medtronic plc | 股票-医疗保健 | 5.82% | -0.63% | -1.35% | |
| 7 | JNJ | Johnson & Johnson | 股票-医疗保健 | 4.99% | -0.84% | -5.23% | |
| 8 | RHHBY | Roche Holdings Ltd-spons Adr | 股票-其他 | 4.95% | -0.30% | -4.55% | |
| 9 | NVO | Novo-nordisk A/s-spons Adr | 股票-医疗保健 | 4.94% | +1.32% | -0.06% | |
| 10 | ASML | ASML Holding N.V. | 股票-科技 | 3.94% | +1.66% | -4.87% | |
| 11 | ORCL | Oracle CORP | 股票-科技 | 3.53% | — | -2.86% | |
| 12 | GD | General Dynamics CORP | 股票-工业 | 3.33% | -0.28% | -4.44% | |
| 13 | RTX | Rtx CORP | 股票-工业 | 3.01% | -0.31% | -4.94% | |
| 14 | LLY | Eli Lilly & Co | 股票-医疗保健 | 2.71% | +1.10% | -21.65% | |
| 15 | SBUX | Starbucks CORP | 股票-周期性消费 | 2.62% | +0.09% | -4.57% | |
| 16 | CHRW | C.h. Robinson Worldwide Inc | 股票-工业 | 2.59% | +0.05% | -5.96% | |
| 17 | V | Visa Inc-class A Shares | 股票-金融 | 2.05% | +0.09% | -4.20% | |
| 18 | ACN | Accenture plc | 股票-科技 | 1.91% | -1.48% | -7.24% | |
| 19 | HD | Home Depot Inc | 股票-周期性消费 | 1.65% | -0.02% | -4.48% | |
| 20 | AAPL | Apple Inc | 股票-科技 | 1.65% | -0.02% | -7.07% | |
| 21 | PG | Procter & Gamble Co/the | 股票-非周期性消费 | 1.64% | -0.23% | -2.58% | |
| 22 | HON | Honeywell International Inc | 股票-工业 | 1.43% | -2.13% | EXIT | |
| 23 | PEP | Pepsico Inc | 股票-非周期性消费 | 1.30% | -0.31% | -5.08% | |
| 24 | DEO | Diageo Plc-sponsored Adr | 股票-非周期性消费 | 1.23% | -0.01% | -19.46% | |
| 25 | NVDA | Nvidia CORP | 股票-科技 | 1.10% | +0.88% | +12.50% | |
| 26 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-政府公债 | 1.08% | -0.04% | -8.35% | |
| 27 | WMT | Walmart Inc | 股票-非周期性消费 | 0.90% | — | -5.59% | |
| 28 | CL | Colgate-palmolive Co | 股票-非周期性消费 | 0.77% | -0.04% | -3.88% | |
| 29 | ADBE | Adobe Inc | 股票-科技 | 0.66% | -0.03% | EXIT | |
| 30 | JQUA | Jpmorgan US Quality Factor | ETF-其他 | 0.54% | +0.07% | +4551.83% | |
| 31 | NKE | Nike Inc -cl B | 股票-周期性消费 | 0.37% | -0.35% | EXIT | |
| 32 | GOOG | Alphabet Inc-cl C | 股票-通信服务 | 0.07% | — | -0.42% | |
| 33 | IVV | Ishares Core S&p 500 ETF | ETF-大型股与成长 | 0.06% | — | — | |
| 34 | ZTS | Zoetis Inc | 股票-医疗保健 | 0.05% | -0.03% | -93.27% | |
| 35 | CSCO | Cisco Systems Inc | 股票-科技 | 0.04% | -0.02% | -0.22% | |
| 36 | IBM | Intl Business Machines CORP | 股票-科技 | 0.04% | — | -0.18% | |
| 37 | AMGN | Amgen Inc | 股票-医疗保健 | 0.04% | -0.01% | — | |
| 38 | KO | Coca-cola Co/the | 股票-非周期性消费 | 0.04% | — | -0.46% | |
| 39 | APH | Amphenol Corp-cl A | 股票-科技 | 0.03% | +0.01% | — | |
| 40 | SYY | Sysco CORP | 股票-非周期性消费 | 0.03% | -0.03% | EXIT | |
| 41 | LOW | Lowe's Cos Inc | 股票-周期性消费 | 0.03% | -0.01% | — | |
| 42 | AMZN | Amazon.com Inc | 股票-周期性消费 | 0.02% | +0.01% | — | |
| 43 | PAYX | Paychex Inc | 股票-科技 | 0.02% | — | — | |
| 44 | LMT | Lockheed Martin CORP | 股票-工业 | 0.02% | — | — | |
| 45 | TROW | T Rowe Price Group Inc | 股票-金融 | 0.02% | — | -0.30% | |
| 46 | NVS | Novartis Ag-sponsored Adr | 股票-医疗保健 | 0.01% | — | — | |
| 47 | UBFO | United Security Bancshare/ca | 股票-其他 | 0.01% | -0.01% | EXIT |
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | +1.8% | -8.78% | 减仓 |
| 2 | RHHBY | Roche Holdings Ltd-spons Adr | +0.8% | -4.55% | 减仓 |
| 3 | JQUA | Jpmorgan US Quality Factor | +0.5% | +4551.83% | 加仓 |
| 4 | HON | Honeywell International Inc | +0.5% | +65.85% | 加仓 |
| 5 | CHRW | C.h. Robinson Worldwide Inc | +0.3% | -5.96% | 减仓 |
| 6 | JNJ | Johnson & Johnson | +0.3% | -5.23% | 减仓 |
| 7 | LLY | Eli Lilly & Co | +0.3% | -21.65% | 减仓 |
| 8 | ASML | ASML Holding N.V. | +0.2% | -4.87% | 减仓 |
| 9 | RTX | Rtx CORP | +0.1% | -4.94% | 减仓 |
| 10 | NVDA | Nvidia CORP | +0.1% | +12.50% | 加仓 |
| 11 | ACN | Accenture plc | 0% | -7.24% | 减仓 |
| 12 | WMT | Walmart Inc | 0% | -5.59% | 减仓 |
| 13 | MDT | Medtronic plc | 0% | -1.35% | 减仓 |
| 14 | DIS | Walt Disney Co/the | 0% | +0.19% | 加仓 |
| 15 | GOOG | Alphabet Inc-cl C | 0% | -0.42% | 减仓 |
| 16 | AMGN | Amgen Inc | 0% | — | 不变 |
| 17 | KO | Coca-cola Co/the | 0% | -0.46% | 减仓 |
| 18 | AAPL | Apple Inc | — | -7.07% | 减仓 |
| 19 | CSCO | Cisco Systems Inc | — | -0.22% | 减仓 |
| 20 | SYY | Sysco CORP | — | -0.30% | 减仓 |
| 21 | IBM | Intl Business Machines CORP | — | -0.18% | 减仓 |
| 22 | AMZN | Amazon.com Inc | — | — | 不变 |
| 23 | LMT | Lockheed Martin CORP | — | — | 不变 |
| 24 | UBFO | United Security Bancshare/ca | — | — | 不变 |
| 25 | TROW | T Rowe Price Group Inc | — | -0.30% | 减仓 |
| 26 | PAYX | Paychex Inc | 0% | — | 不变 |
| 27 | V | Visa Inc-class A Shares | 0% | -4.20% | 减仓 |
| 28 | PEP | Pepsico Inc | 0% | -5.08% | 减仓 |
| 29 | CL | Colgate-palmolive Co | 0% | -3.88% | 减仓 |
| 30 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -1.77% | 减仓 |
| 31 | NKE | Nike Inc -cl B | -0.1% | -9.70% | 减仓 |
| 32 | BIL | Ss Spdr Bb 1-3m T-bill ETF | -0.1% | -8.35% | 减仓 |
| 33 | ADBE | Adobe Inc | -0.1% | -13.31% | 减仓 |
| 34 | SBUX | Starbucks CORP | -0.1% | -4.57% | 减仓 |
| 35 | PG | Procter & Gamble Co/the | -0.2% | -2.58% | 减仓 |
| 36 | GD | General Dynamics CORP | -0.2% | -4.44% | 减仓 |
| 37 | HD | Home Depot Inc | -0.4% | -4.48% | 减仓 |
| 38 | NVO | Novo-nordisk A/s-spons Adr | -0.4% | -0.06% | 减仓 |
| 39 | DEO | Diageo Plc-sponsored Adr | -0.4% | -19.46% | 减仓 |
| 40 | MSFT | Microsoft CORP | -0.6% | -1.57% | 减仓 |
| 41 | ZTS | Zoetis Inc | -0.8% | -93.27% | 减仓 |
| 42 | ORCL | Oracle CORP | -1.7% | -2.86% | 减仓 |
| 43 | UL | Unilever PLC | — | EXIT | 清仓 |
| 44 | UL | Unilever Plc-sponsored Adr | — | NEW | 新建仓 |
| 45 | IVV | Ishares Core S&p 500 ETF | — | NEW | 新建仓 |
| 46 | APH | Amphenol Corp-cl A | — | NEW | 新建仓 |
| 47 | LOW | Lowe's Cos Inc | — | NEW | 新建仓 |
| 48 | NVS | Novartis Ag-sponsored Adr | — | NEW | 新建仓 |
根据 SEC 官方 Form 13F 申报备案，Saratoga Research & Investment Management 在 Q4 2025 季度的美股持仓总市值约为 US$18.3亿，共申报了 47 个公开持股仓位。
在 Q4 2025 季度，Saratoga Research & Investment Management 按市值排列的前三大核心持股分别为：GOOGL (11.8%)、MSFT (7.6%)、BRK-B (6.9%)。其中最大持股仓位 GOOGL 占据整体投资组合约 11.8% 的权重。
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。
本季最大新建仓标的
UL
市值: US$1.2亿
本季最大获利了结 / 清仓标的
UL
前期市值: US$1.3亿
在 Q4 2025 季度中，Saratoga Research & Investment Management 共进行了 43 项持仓异动，包含新建仓 5 个仓位、加仓 4 个仓位、减仓 33 个仓位以及清仓 1 个仓位。 其中最大新建仓标的为 UL。 本季清仓仓位包含 UL。
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。
解析公司高管、董事与 10% 大股东之 Form 4 内部人交易申报，掌握高管自家股票买卖第一手信号。
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。