13F 申報指南13F 觀念全攻略
什麼是 SEC Form 13F 申報？美股機構大戶持股全攻略
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
AlphaSMO 權威研究指南閱讀專題
CIK: 0001097278
申報總市值
US$44.6億
US$44.6億
224 檔
28.4%
根據最新整理的 13F 季度數據集，Advent Capital Management /de/ 於 Q4 2025 結束時的管理資產規模為 US$44.6億。該機構在本季度申報了 224 檔美股持倉，呈現出該時期的主要投資地圖。
Advent Capital Management /de/ 在 Q4 2025 進行了結構性的板塊輪動與部位換股。在開立 15 個全新部位及加碼 8 檔持股的同時，亦同步清倉 6 檔並減碼 21 檔標的。
檢視投資組合結構，前 5 大主力部位（包含 SPY, BAC 7.25 PERP L, WFC 7.5 PERP L）占據了總市值的 28.4%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
僅顯示前 200 大持股（共 224 檔）
| # | 代號 | 標的名稱 | 資產子類別 | 佔比 | 佔比變動 | 持倉量變化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 11.78% | -5.50% | +444.30% | |
| 2 | BAC 7.25 PERP L債券 | Bank Of America CORP | 債券 | 3.96% | -0.79% | -10.88% | |
| 3 | WFC 7.5 PERP L債券 | Wells Fargo & Company | 債券 | 3.85% | +3.49% | -9.97% | |
| 4 | UBER 0.875 12-01-28 2028債券 | Uber Technologies Inc | 債券 | 3.72% | -0.67% | +13.38% | |
| 5 | GPN 1.5 03-01-31債券 | Global Payments Inc | 債券 | 2.18% | -0.54% | -14.72% | |
| 6 | VTR 3.75 06-01-26債券 | Ventas Realty LP | 債券 | 2.10% | -2.56% | EXIT | |
| 7 | MTH 1.75 05-15-28債券 | Meritage Homes CORP | 債券 | 2.09% | -0.30% | -5.88% | |
| 8 | KKR 6.25 03-01-28 D債券 | Kkr & Co Inc | 債券 | 2.08% | -0.44% | +12.78% | |
| 9 | NEE 7.299 06-01-27債券 | Nextera Energy Inc | 債券 | 2.06% | -0.67% | -6.19% | |
| 10 | APO 6.75 07-31-26債券 | Apollo Global Management | 債券 | 1.94% | -0.63% | -3.26% | |
| 11 | CMS 3.375 05-01-28債券 | Cms Energy CORP | 債券 | 1.89% | -0.27% | +12.54% | |
| 12 | NEE 3 03-01-27債券 | Nextera Energy Capital | 債券 | 1.64% | -0.20% | +11.81% | |
| 13 | TYL 0.25 03-15-26債券 | Tyler Technologies Inc | 債券 | 1.59% | — | +112.72% | |
| 14 | PPL 2.875 03-15-28債券 | Ppl Capital Funding Inc | 債券 | 1.50% | -0.22% | -12.31% | |
| 15 | DUK 4.125 04-15-26債券 | Duke Energy CORP | 債券 | 1.50% | -0.89% | EXIT | |
| 16 | LYV 2.875 01-15-30債券 | Live Nation Entertainmen | 債券 | 1.40% | -0.16% | — | |
| 17 | CNP 4.25 08-15-26債券 | Centerpoint Energy Inc | 債券 | 1.31% | -0.24% | +12.41% | |
| 18 | BA 6 10-15-27債券 | Boeing Co/the | 債券 | 1.19% | -0.20% | +3.59% | |
| 19 | SO 4.5 06-15-27債券 | Southern Co | 債券 | 1.15% | -0.32% | +22.29% | |
| 20 | LNTH 2.625 12-15-27債券 | Lantheus Holdings Inc | 債券 | 1.07% | -0.85% | -11.84% | |
| 21 | AFRM 0.75 12-15-29債券 | Affirm Holdings Inc | 債券 | 1.02% | -0.79% | — | |
| 22 | TTEK 2.25 08-15-28債券 | Tetra Tech Inc | 債券 | 0.97% | +0.12% | -2.22% | |
| 23 | BOX 1.5 09-15-29債券 | Box Inc | 債券 | 0.95% | +0.07% | -11.96% | |
| 24 | ARES 6.75 10-01-27 B債券 | Ares Management CORP | 債券 | 0.93% | -0.16% | +9.93% | |
| 25 | SO 7.125 12-15-28 A債券 | Southern Co | 債券 | 0.92% | -0.24% | — | |
| 26 | NTNX 0.25 10-01-27債券 | Nutanix Inc | 債券 | 0.92% | -0.01% | +15076.78% | |
| 27 | DKNG 0 03-15-28債券 | Draftkings Holdings Inc | 債券 | 0.90% | -0.16% | -26.40% | |
| 28 | PRGS 3.5 03-01-30債券 | Progress Software CORP | 債券 | 0.90% | -0.17% | -32.38% | |
| 29 | SMCI 3.5 03-01-29債券 | Super Micro Computer Inc | 債券 | 0.82% | -0.22% | +26.09% | |
| 30 | VAC 3.25 12-15-27債券 | Marriott Vacation Worldw | 債券 | 0.81% | -0.19% | -2.11% | |
| 31 | DDOG 0 12-01-29債券 | Datadog Inc | 債券 | 0.75% | -1.53% | — | |
| 32 | PCG 4.25 12-01-27債券 | Pg&e CORP | 債券 | 0.75% | -0.31% | -18.03% | |
| 33 | SNOW 0 10-01-29債券 | Snowflake Inc | 債券 | 0.75% | +0.38% | -2.06% | |
| 34 | QTWO 0.75 06-01-26債券 | Q2 Holdings Inc | 債券 | 0.71% | -0.09% | EXIT | |
| 35 | WK 1.25 08-15-28債券 | Workiva Inc | 債券 | 0.71% | — | -13.80% | |
| 36 | HPE 7.625 09-01-27債券 | Hp Enterprise Co | 債券 | 0.70% | -0.29% | +95.28% | |
| 37 | PSN 2.625 03-01-29債券 | Parsons CORP | 債券 | 0.70% | -0.15% | -5.71% | |
| 38 | AKAM 1.125 02-15-29債券 | Akamai Technologies Inc | 債券 | 0.69% | -0.76% | -18.87% | |
| 39 | ON 0 05-01-27債券 | On Semiconductor CORP | 債券 | 0.69% | +0.11% | +145.21% | |
| 40 | WEC 4.375 06-01-29債券 | Wec Energy Group Inc | 債券 | 0.68% | -0.05% | +44.30% | |
| 41 | NOVT 6.5 11-01-28債券 | Novanta Inc | 債券 | 0.64% | -0.42% | EXIT | |
| 42 | BRKR 6.375 09-01-28債券 | Bruker CORP | 債券 | 0.63% | -0.47% | -22.97% | |
| 43 | ITRI 1.375 07-15-30債券 | Itron Inc | 債券 | 0.62% | -0.16% | +316.64% | |
| 44 | MCHP 7.5 03-15-28債券 | Microchip Technology Inc | 債券 | 0.62% | -0.16% | -3.59% | |
| 45 | CSCO | Cisco Systems Inc | 股票-科技 | 0.62% | — | — | |
| 46 | ON 0.5 03-01-29債券 | On Semiconductor CORP | 債券 | 0.60% | -0.50% | -12.80% | |
| 47 | PMT 8.5 06-01-29債券 | Pennymac CORP | 債券 | 0.59% | -0.04% | -3.79% | |
| 48 | NOG 3.625 04-15-29債券 | Northern Oil & Gas Inc | 債券 | 0.58% | -0.08% | +1.76% | |
| 49 | UPWK 0.25 08-15-26債券 | Upwork Inc | 債券 | 0.57% | -0.06% | -10.13% | |
| 50 | BL 1 06-01-29債券 | Blackline Inc | 債券 | 0.55% | -0.05% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +9.5% | +444.30% | 加碼 |
| 2 | NTNX 0.25 10-01-27債券 | Nutanix Inc | +0.9% | +15076.78% | 加碼 |
| 3 | TYL 0.25 03-15-26債券 | Tyler Technologies Inc | +0.7% | +112.72% | 加碼 |
| 4 | ITRI 1.375 07-15-30債券 | Itron Inc | +0.4% | +316.64% | 加碼 |
| 5 | ON 0 05-01-27債券 | On Semiconductor CORP | +0.4% | +145.21% | 加碼 |
| 6 | HPE 7.625 09-01-27債券 | Hp Enterprise Co | +0.3% | +95.28% | 加碼 |
| 7 | LYV 3.125 01-15-29債券 | Live Nation Entertainmen | +0.3% | +201.38% | 加碼 |
| 8 | NEE 3 03-01-27債券 | Nextera Energy Capital | +0.1% | +11.81% | 加碼 |
| 9 | JAZZ 2 06-15-26債券 | Jazz Investments I LTD | -0.4% | -83.86% | 減碼 |
| 10 | DXCM 0.375 05-15-28債券 | Dexcom Inc | -0.4% | -41.30% | 減碼 |
| 11 | SHAK 0 03-01-28債券 | Shake Shack Inc | -0.4% | -72.84% | 減碼 |
| 12 | DKNG 0 03-15-28債券 | Draftkings Holdings Inc | -0.4% | -26.40% | 減碼 |
| 13 | PPL 2.875 03-15-28債券 | Ppl Capital Funding Inc | -0.4% | -12.31% | 減碼 |
| 14 | BSY 0.125 01-15-26債券 | Bentley Systems Inc | -0.5% | -85.62% | 減碼 |
| 15 | BABA 0.5 06-01-31債券 | Alibaba Group Holding | -0.5% | -50.26% | 減碼 |
| 16 | FIVN 1 03-15-29債券 | Five9 Inc | -0.5% | -44.90% | 減碼 |
| 17 | COIN 0.5 06-01-26債券 | Coinbase Global Inc | -0.5% | -52.27% | 減碼 |
| 18 | PRGS 3.5 03-01-30債券 | Progress Software CORP | -0.5% | -32.38% | 減碼 |
| 19 | ITRI 0 03-15-26債券 | Itron Inc | -0.6% | -84.21% | 減碼 |
| 20 | RIVN 3.625 10-15-30債券 | Rivian Auto Inc | -0.6% | -83.37% | 減碼 |
| 21 | GPN 1.5 03-01-31債券 | Global Payments Inc | -0.6% | -14.72% | 減碼 |
| 22 | DUK 4.125 04-15-26債券 | Duke Energy CORP | -0.7% | -23.78% | 減碼 |
| 23 | FOUR 0.5 08-01-27債券 | Shift4 Payments Inc | -0.8% | -56.88% | 減碼 |
| 24 | VTR 3.75 06-01-26債券 | Ventas Realty LP | -0.8% | -28.48% | 減碼 |
| 25 | PENN 2.75 05-15-26債券 | Penn Entertainment Inc | -0.8% | -97.70% | 減碼 |
| 26 | CFLT 0 01-15-27債券 | Confluent Inc | -0.8% | -99.31% | 減碼 |
| 27 | WFC 7.5 PERP L債券 | Wells Fargo & Company | -0.9% | -9.97% | 減碼 |
| 28 | BAC 7.25 PERP L債券 | Bank Of America CORP | -0.9% | -10.88% | 減碼 |
| 29 | EXPE 0 02-15-26債券 | Expedia Group Inc | -1% | -65.42% | 減碼 |
| 30 | LYV 2.875 01-15-30債券 | Live Nation Entertainmen | — | NEW | 新建倉 |
| 31 | AFRM 0.75 12-15-29債券 | Affirm Holdings Inc | — | NEW | 新建倉 |
| 32 | SO 7.125 12-15-28 A債券 | Southern Co | — | NEW | 新建倉 |
| 33 | ABNB 0 03-15-26債券 | Airbnb Inc | — | EXIT | 清倉 |
| 34 | DDOG 0 12-01-29債券 | Datadog Inc | — | NEW | 新建倉 |
| 35 | NOVT 6.5 11-01-28債券 | Novanta Inc | — | NEW | 新建倉 |
| 36 | CSCO | Cisco Systems Inc | — | NEW | 新建倉 |
| 37 | BL 1 06-01-29債券 | Blackline Inc | — | NEW | 新建倉 |
| 38 | BILL 0 04-01-30債券 | Bill Holdings Inc | — | NEW | 新建倉 |
| 39 | VRNS 1 09-15-29債券 | Varonis System Inc | — | NEW | 新建倉 |
| 40 | RIOT 0.75 01-15-30債券 | Riot Platforms Inc | — | NEW | 新建倉 |
| 41 | UBER 0 12-15-25債券 | Uber Technologies Inc | — | EXIT | 清倉 |
| 42 | SHOPCN 0.125 11-01-25債券 | Shopify Inc | — | EXIT | 清倉 |
| 43 | NTNX 0.5 12-15-29債券 | Nutanix Inc | — | NEW | 新建倉 |
| 44 | ALRM 2.25 06-01-29債券 | Alarm.com Hldgs Inc | — | EXIT | 清倉 |
| 45 | RUN 4 03-01-30債券 | Sunrun Inc | — | NEW | 新建倉 |
| 46 | MCHP 0.75 06-01-30債券 | Microchip Technology Inc | — | EXIT | 清倉 |
| 47 | CLSK 0 06-15-30債券 | Cleanspark Inc | — | NEW | 新建倉 |
| 48 | PD 1.5 10-15-28 *債券 | Pagerduty Inc. | — | EXIT | 清倉 |
| 49 | GWRE 1.25 11-01-29債券 | Guidewire Software Inc | — | NEW | 新建倉 |
| 50 | MARA 0 06-01-31債券 | Mara Holdings Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Advent Capital Management /de/ 在 Q4 2025 季度的美股持倉總市值約為 US$44.6億，共申報了 224 個公開持股部位。
在 Q4 2025 季度，Advent Capital Management /de/ 按市值排列的前三大核心持股分別為：SPY (11.8%)、BAC 7.25 PERP L (4.0%)、WFC 7.5 PERP L (3.9%)。其中最大持股部位 SPY 佔據整體投資組合約 11.8% 的權重。
精選 AlphaSMO 大戶持股與內部人交易深度分析，提升投資決策勝率
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
本季最大新建倉標的
LYV 2.875 01-15-30
市值: US$6973.9萬
本季最大獲利了結 / 清倉標的
ABNB 0 03-15-26
前期市值: US$3951.2萬
在 Q4 2025 季度中，Advent Capital Management /de/ 共進行了 50 項持倉異動，包含新建倉 15 個部位、加碼 8 個部位、減碼 21 個部位以及清倉 6 個部位。 其中最大新建倉標的為 LYV 2.875 01-15-30。 本季清倉部位包含 ABNB 0 03-15-26。
本頁面所有持股數據均直接同步自美國證券交易委員會（SEC）EDGAR 官方系統之 13F-HR / 13F-HR/A 季度申報文件。AlphaSMO 透過機器解析 CUSIP 與個股對照，提供 100% 精準對齊的歷史時序數據集，並支援 Schema.org 結構化資料格式。
解析公司高管、董事與 10% 大股東之 Form 4 內部人交易申報，掌握高管自家股票買賣第一手訊號。
深入剖析 5% 股益申報門檻、13D 與 13G 之差異，以及最新 SEC 申報時程規範，洞察機構法人的激進投資動向。