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: 0000762152
申报总市值
US$225.9亿
US$225.9亿
935 檔
22.4%
在 Q4 2025 的 13F 官方备案中，State Of Michigan Retirement System 管理的美股投资组合规模来到 US$225.9亿，整体持股档数为 935 档。
在 Q4 2025，State Of Michigan Retirement System 展现出较为审慎的避险与获利了结姿态。本季共减仓 132 个仓位并完全清仓 15 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，State Of Michigan Retirement System 的前 5 大核心持股（包含 NVDA, AAPL, MSFT 等）合计占整体申报市值的 22.4%，反映机构在主要关键仓位上的权重分布。
仅显示前 200 大持股（共 935 只）
| # | 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 | NVDA | Nvidia CORP | 股票-科技 | 7.31% | -0.34% | -3.57% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 5.53% | -0.32% | -3.50% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.25% | -0.67% | -2.70% | |
| 4 | AMZN | Amazon.com Inc | 股票-周期性消费 | 3.37% | -0.18% | -2.53% | |
| 5 | AVGO | Broadcom Inc | 股票-科技 | 3.11% | -0.03% | -3.06% | |
| 6 | GOOGL | Alphabet Inc-cl A | 股票-通信服务 | 2.93% | +0.08% | -3.83% | |
| 7 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股与成长 | 2.92% | +0.42% | -28.57% | |
| 8 | META | Meta Platforms Inc-class A | 股票-通信服务 | 2.72% | -0.67% | -1.48% | |
| 9 | GOOG | Alphabet Inc-cl C | 股票-通信服务 | 2.39% | +0.06% | -1.64% | |
| 10 | TSLA | Tesla Inc | 股票-周期性消费 | 1.61% | -0.10% | -3.07% | |
| 11 | MTUM | Ishares Msci USA Momentum Fa | ETF-其他 | 1.57% | +0.28% | +5.21% | |
| 12 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.43% | -0.10% | -3.27% | |
| 13 | LLY | Eli Lilly & Co | 股票-医疗保健 | 1.34% | +0.08% | -3.71% | |
| 14 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-投资级公司债 | 1.16% | +0.23% | — | |
| 15 | V | Visa Inc-class A Shares | 股票-金融 | 0.94% | -0.05% | -6.90% | |
| 16 | AMD | Advanced Micro Devices | 股票-科技 | 0.88% | +1.37% | -1.48% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.83% | -0.13% | -1.25% | |
| 18 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.76% | -0.19% | -1.91% | |
| 19 | NFLX | Netflix Inc | 股票-通信服务 | 0.73% | -0.22% | +838.46% | |
| 20 | COST | Costco Wholesale CORP | 股票-非周期性消费 | 0.71% | -0.14% | -2.92% | |
| 21 | MA | Mastercard Inc - A | 股票-金融 | 0.67% | -0.09% | -5.18% | |
| 22 | JNJ | Johnson & Johnson | 股票-医疗保健 | 0.66% | -0.12% | -3.47% | |
| 23 | XOM | Exxon Mobil CORP | 股票-能源 | 0.65% | -0.31% | -4.25% | |
| 24 | WMT | Walmart Inc | 股票-非周期性消费 | 0.64% | -0.19% | -1.07% | |
| 25 | ISRG | Intuitive Surgical Inc | 股票-医疗保健 | 0.58% | -0.07% | -1.92% | |
| 26 | ABBV | Abbvie Inc | 股票-医疗保健 | 0.51% | -0.03% | -3.16% | |
| 27 | MU | Micron Technology Inc | 股票-科技 | 0.51% | +1.25% | -0.84% | |
| 28 | BAC | Bank Of America CORP | 股票-金融 | 0.50% | -0.03% | -4.58% | |
| 29 | TDG | Transdigm Group Inc | 股票-工业 | 0.49% | -0.38% | -0.53% | |
| 30 | DUOL | Duolingo | 股票-科技 | 0.48% | +0.04% | +5800.00% | |
| 31 | CSCO | Cisco Systems Inc | 股票-科技 | 0.46% | +0.10% | -5.95% | |
| 32 | KBDC | Kayne Anderson Bdc Inc | 股票-其他 | 0.46% | -0.09% | — | |
| 33 | PG | Procter & Gamble Co/the | 股票-非周期性消费 | 0.44% | -0.08% | -4.18% | |
| 34 | HD | Home Depot Inc | 股票-周期性消费 | 0.44% | -0.05% | -20.82% | |
| 35 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 0.43% | -0.06% | — | |
| 36 | KR | Kroger Co | 股票-非周期性消费 | 0.42% | -0.15% | +133.31% | |
| 37 | ORCL | Oracle CORP | 股票-科技 | 0.42% | -0.06% | -1.76% | |
| 38 | GE | General Electric | 股票-工业 | 0.41% | +0.03% | -3.70% | |
| 39 | UNH | Unitedhealth Group Inc | 股票-医疗保健 | 0.39% | +0.03% | -4.00% | |
| 40 | WFC | Wells Fargo & Co | 股票-金融 | 0.39% | -0.05% | -5.03% | |
| 41 | MRK | Merck & Co. Inc. | 股票-医疗保健 | 0.37% | -0.08% | -1.80% | |
| 42 | CVX | Chevron CORP | 股票-能源 | 0.37% | -0.19% | -4.80% | |
| 43 | CAT | Caterpillar Inc | 股票-工业 | 0.36% | +0.08% | -2.54% | |
| 44 | KO | Coca-cola Co/the | 股票-非周期性消费 | 0.35% | -0.05% | -3.82% | |
| 45 | IBM | Intl Business Machines CORP | 股票-科技 | 0.35% | -0.01% | -2.86% | |
| 46 | ANET | Arista Networks Inc | 股票-科技 | 0.34% | +0.08% | -1.16% | |
| 47 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.34% | -0.01% | -8.61% | |
| 48 | IJH | Ishares Core S&p Midcap ETF | ETF-其他 | 0.33% | +0.01% | -19.33% | |
| 49 | HIMS | Hims & Hers Health Inc | 股票-医疗保健 | 0.32% | +0.10% | — | |
| 50 | CRM | Salesforce Inc | 股票-科技 | 0.32% | -0.08% | -3.60% |
| # | 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 | +0.6% | -3.83% | 减仓 |
| 2 | GOOG | Alphabet Inc-cl C | +0.5% | -1.64% | 减仓 |
| 3 | DUOL | Duolingo | +0.5% | +5800.00% | 加仓 |
| 4 | LLY | Eli Lilly & Co | +0.4% | -3.71% | 减仓 |
| 5 | KR | Kroger Co | +0.2% | +133.31% | 加仓 |
| 6 | AAPL | Apple Inc | +0.2% | -3.50% | 减仓 |
| 7 | MU | Micron Technology Inc | +0.2% | -0.84% | 减仓 |
| 8 | AMD | Advanced Micro Devices | +0.2% | -1.48% | 减仓 |
| 9 | ISRG | Intuitive Surgical Inc | +0.1% | -1.92% | 减仓 |
| 10 | AMZN | Amazon.com Inc | +0.1% | -2.53% | 减仓 |
| 11 | AVGO | Broadcom Inc | +0.1% | -3.06% | 减仓 |
| 12 | MRK | Merck & Co. Inc. | +0.1% | -1.80% | 减仓 |
| 13 | LRCX | Lam Research CORP | +0.1% | -1.99% | 减仓 |
| 14 | JNJ | Johnson & Johnson | +0.1% | -3.47% | 减仓 |
| 15 | MTUM | Ishares Msci USA Momentum Fa | +0.1% | +5.21% | 加仓 |
| 16 | CAT | Caterpillar Inc | +0.1% | -2.54% | 减仓 |
| 17 | AMAT | Applied Materials Inc | +0.1% | -4.90% | 减仓 |
| 18 | WMT | Walmart Inc | +0.1% | -1.07% | 减仓 |
| 19 | TMO | Thermo Fisher Scientific Inc | 0% | -3.62% | 减仓 |
| 20 | HDB | Hdfc Bank Ltd-adr | 0% | +32.68% | 加仓 |
| 21 | XLV | Ss Health Care Select Sector | 0% | +2.62% | 加仓 |
| 22 | GM | General Motors Co | 0% | -7.65% | 减仓 |
| 23 | ACN | Accenture plc | 0% | +3.54% | 加仓 |
| 24 | CSCO | Cisco Systems Inc | 0% | -5.95% | 减仓 |
| 25 | REGN | Regeneron Pharmaceuticals | 0% | -4.00% | 减仓 |
| 26 | CRM | Salesforce Inc | 0% | -3.60% | 减仓 |
| 27 | WDC | Western Digital CORP | 0% | -5.56% | 减仓 |
| 28 | BMY | Bristol-myers Squibb Co | 0% | -2.46% | 减仓 |
| 29 | UPS | United Parcel Service-cl B | 0% | +3.31% | 加仓 |
| 30 | XOM | Exxon Mobil CORP | 0% | -4.25% | 减仓 |
| 31 | AMGN | Amgen Inc | 0% | -3.16% | 减仓 |
| 32 | NEM | Newmont CORP | 0% | — | 不变 |
| 33 | KLAC | Kla CORP | 0% | -1.77% | 减仓 |
| 34 | WFC | Wells Fargo & Co | 0% | -5.03% | 减仓 |
| 35 | C | Citigroup Inc | 0% | -6.42% | 减仓 |
| 36 | COF | Capital One Financial CORP | 0% | -2.64% | 减仓 |
| 37 | WBD | Warner Bros Discovery Inc | 0% | -12.77% | 减仓 |
| 38 | FDX | Fedex CORP | 0% | +2.17% | 加仓 |
| 39 | MS | Morgan Stanley | 0% | -3.63% | 减仓 |
| 40 | FCX | Freeport-mcmoran Inc | 0% | -3.19% | 减仓 |
| 41 | PLD | Prologis Inc | 0% | +1.43% | 加仓 |
| 42 | TSM | Taiwan Semiconductor-sp Adr | 0% | — | 不变 |
| 43 | DHR | Danaher CORP | 0% | -4.53% | 减仓 |
| 44 | LITE | Lumentum Holdings Inc | 0% | +0.60% | 加仓 |
| 45 | TJX | Tjx Companies Inc | 0% | +0.29% | 加仓 |
| 46 | AXP | American Express Co | 0% | -4.16% | 减仓 |
| 47 | BURL | Burlington Stores Inc | 0% | -0.12% | 减仓 |
| 48 | CIEN | Ciena CORP | 0% | -1.19% | 减仓 |
| 49 | OMC | Omnicom Group | 0% | +59.91% | 加仓 |
| 50 | VRT | Vertiv Holdings Co-a | 0% | — | 不变 |
根据 SEC 官方 Form 13F 申报备案，State Of Michigan Retirement System 在 Q4 2025 季度的美股持仓总市值约为 US$225.9亿，共申报了 935 个公开持股仓位。
在 Q4 2025 季度，State Of Michigan Retirement System 按市值排列的前三大核心持股分别为：NVDA (7.3%)、AAPL (5.5%)、MSFT (5.3%)。其中最大持股仓位 NVDA 占据整体投资组合约 7.3% 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
KBDC
市值: US$9403.6万
本季最大获利了结 / 清仓标的
SPOT
前期市值: US$3911.0万
在 Q4 2025 季度中，State Of Michigan Retirement System 共进行了 189 项持仓异动，包含新建仓 15 个仓位、加仓 27 个仓位、减仓 132 个仓位以及清仓 15 个仓位。 其中最大新建仓标的为 KBDC。 本季清仓仓位包含 SPOT。
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。