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: 0000009015
申報總市值
US$56.4億
US$56.4億
169 檔
54.2%
在 Q4 2025 的 13F 官方備案中，Barings LLC 管理的美股投資組合規模來到 US$56.4億，整體持股檔數為 169 檔。
Q4 2025 數據顯示 Barings LLC 積極進場，新開立 5 個部位並同步加碼 23 檔個股，反映機構在該季度的資金注入與籌碼積累。
在資產配置集中度方面，Barings LLC 的前 5 大核心持股（包含 IVV, QQQ, IWO 等）合計佔整體申報市值的 54.2%，反映機構在主要關鍵部位上的權重分佈。
本季最大新建倉標的
TTE
市值: US$2651.7萬
本季最大獲利了結 / 清倉標的
YUMC
前期市值: US$1113.9萬
| # | 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 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 21.83% | +6.01% | +7.12% | |
| 2 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 10.34% | +3.17% | +1.33% | |
| 3 | IWO | Ishares Russell 2000 Growth | ETF-中小型股 | 9.95% | +3.22% | +2.05% | |
| 4 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投資等級公司債 | 7.51% | +0.62% | — | |
| 5 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-其他 | 6.66% | +0.56% | — | |
| 6 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-投資等級公司債 | 5.63% | -9.90% | — | |
| 7 | JAAA | Janus Henderson Aaa Clo ETF | ETF-其他 | 5.59% | -6.10% | — | |
| 8 | BBDC | Barings Bdc Inc | 股票-其他 | 2.31% | +0.25% | — | |
| 9 | VT | Vanguard Tot World Stk ETF | ETF-其他 | 2.30% | +0.11% | +9.04% | |
| 10 | HLF 4.25 06-15-28債券 | Herbalife LTD | 債券 | 1.51% | +0.12% | +22.67% | |
| 11 | PDD | Pdd Holdings Inc | 股票-循環性消費 | 1.37% | -0.27% | +21.44% | |
| 12 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 1.22% | +0.02% | -15.21% | |
| 13 | IEF | Ishares 7-10 Year Treasury B | ETF-政府公債 | 1.17% | +0.03% | +4.43% | |
| 14 | URTH | Ishares Msci World ETF | ETF-其他 | 0.99% | +0.14% | -7.13% | |
| 15 | AU | AngloGold Ashanti plc | 股票-原物料 | 0.86% | -0.01% | -19.38% | |
| 16 | USHY | Ishares Broad Usd High Yield | ETF-非投資等級債 | 0.82% | -0.16% | +0.68% | |
| 17 | WPM | Wheaton Precious Metals CORP | 股票-原物料 | 0.82% | -0.07% | -15.18% | |
| 18 | ARX | Accelerant Holdings | 股票-其他 | 0.77% | -0.07% | — | |
| 19 | FLOT | Ishares Floating Rate Bond E | ETF-其他 | 0.73% | +0.07% | — | |
| 20 | PSN 2.625 03-01-29債券 | Parsons CORP | 債券 | 0.72% | +0.35% | +26.65% | |
| 21 | IVW | Ishares S&p 500 Growth ETF | ETF-大型股與成長 | 0.61% | — | -27.53% | |
| 22 | IEV | Ishares Europe ETF | ETF-其他 | 0.60% | -0.50% | -16.61% | |
| 23 | CRH | CRH plc | 股票-原物料 | 0.59% | +0.05% | -7.10% | |
| 24 | VGT | Vanguard Info Tech ETF | ETF-科技型 | 0.53% | +0.26% | +147.99% | |
| 25 | SE | Sea Ltd-adr | 股票-通訊服務 | 0.53% | +0.09% | +6.94% | |
| 26 | DYNF | Ishrs US E F R A Etf-usd Inc | ETF-其他 | 0.52% | +0.47% | +9.76% | |
| 27 | NU | Nu Holdings Ltd. | 股票-金融 | 0.49% | +0.10% | -0.11% | |
| 28 | TTE | TotalEnergies SE | 股票-其他 | 0.49% | -0.33% | — | |
| 29 | AON | Aon plc | 股票-金融 | 0.46% | +0.03% | +19.19% | |
| 30 | HDB | Hdfc Bank Ltd-adr | 股票-金融 | 0.46% | +0.03% | +14.59% | |
| 31 | SABHLD 7.32 08-01-26債券 | Sabre Glbl Inc | 債券 | 0.41% | +0.03% | -2.81% | |
| 32 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 0.41% | +0.09% | — | |
| 33 | QGEN | Qiagen N.V. | 股票-醫療保健 | 0.34% | — | — | |
| 34 | UNIT 7.5 12-01-27債券 | Uniti Group Inc | 債券 | 0.34% | -0.03% | — | |
| 35 | OMCL 1 12-01-29債券 | Omnicell Inc | 債券 | 0.31% | +0.05% | — | |
| 36 | EMBD | Global X Emerging Markets Bd | ETF-新興市場 | 0.29% | +0.02% | -4.85% | |
| 37 | VCLT | Vanguard Long-term CORP Bond | ETF-投資等級公司債 | 0.27% | -0.06% | +111.25% | |
| 38 | EWJ | Ishares Msci Japan ETF | ETF-其他 | 0.26% | +0.01% | -10.83% | |
| 39 | NEM | Newmont CORP | 股票-原物料 | 0.26% | -0.02% | +24.04% | |
| 40 | CVX | Chevron CORP | 股票-能源 | 0.26% | -0.05% | -0.01% | |
| 41 | EOSE | Eos Energy Enterprises Inc | 股票-其他 | 0.25% | +0.03% | — | |
| 42 | ONC | Beone Medicines Ltd-adr | 股票-其他 | 0.24% | +0.01% | -23.00% | |
| 43 | CTGO | Contango Silver & Gold Inc | 股票-其他 | 0.23% | -0.01% | — | |
| 44 | XOM | Exxon Mobil CORP | 股票-能源 | 0.23% | -0.04% | — | |
| 45 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 0.22% | -0.01% | +95.74% | |
| 46 | IGV | Ishares Expanded Tech-softwa | ETF-科技型 | 0.21% | -0.31% | EXIT | |
| 47 | VALE | Vale Sa-sp Adr | 股票-原物料 | 0.21% | -0.02% | +10.81% | |
| 48 | EEM | Ishares Msci Emerging Market | ETF-新興市場 | 0.20% | -0.11% | -62.73% | |
| 49 | COP | Conocophillips | 股票-能源 | 0.20% | -0.04% | +1.75% | |
| 50 | ZD 3.625 03-01-28債券 | Ziff Davis Inc | 債券 | 0.18% | +0.02% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | +1.5% | +7.12% | 加碼 |
| 2 | HLF 4.25 06-15-28債券 | Herbalife LTD | +0.4% | +22.67% | 加碼 |
| 3 | VGT | Vanguard Info Tech ETF | +0.3% | +147.99% | 加碼 |
| 4 | VT | Vanguard Tot World Stk ETF | +0.2% | +9.04% | 加碼 |
| 5 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | +1.33% | 加碼 |
| 6 | SCCO | Southern Copper CORP | +0.1% | +699.97% | 加碼 |
| 7 | VCLT | Vanguard Long-term CORP Bond | +0.1% | +111.25% | 加碼 |
| 8 | FCX | Freeport-mcmoran Inc | +0.1% | +95.74% | 加碼 |
| 9 | GDX | Vaneck Gold Miners ETF | +0.1% | +738.74% | 加碼 |
| 10 | NEM | Newmont CORP | +0.1% | +24.04% | 加碼 |
| 11 | PSN 2.625 03-01-29債券 | Parsons CORP | +0.1% | +26.65% | 加碼 |
| 12 | HDB | Hdfc Bank Ltd-adr | +0.1% | +14.59% | 加碼 |
| 13 | IWO | Ishares Russell 2000 Growth | +0.1% | +2.05% | 加碼 |
| 14 | AON | Aon plc | +0.1% | +19.19% | 加碼 |
| 15 | NTR | Nutrien LTD | +0.1% | +55.22% | 加碼 |
| 16 | VALE | Vale Sa-sp Adr | +0.1% | +10.81% | 加碼 |
| 17 | DYNF | Ishrs US E F R A Etf-usd Inc | 0% | +9.76% | 加碼 |
| 18 | CTRA | Coterra Energy Inc | 0% | +96.45% | 加碼 |
| 19 | CF | Cf Industries Holdings Inc | 0% | +207.49% | 加碼 |
| 20 | BBDC | Barings Bdc Inc | 0% | — | 不變 |
| 21 | TECK | Teck Resources Ltd-cls B | 0% | +35.60% | 加碼 |
| 22 | PDD | Pdd Holdings Inc | 0% | +21.44% | 加碼 |
| 23 | IEF | Ishares 7-10 Year Treasury B | 0% | +4.43% | 加碼 |
| 24 | IBND | State Street Spdr Bloomberg | 0% | -72.44% | 減碼 |
| 25 | PCH | Potlatchdeltic CORP | 0% | -55.25% | 減碼 |
| 26 | RACE | Ferrari N.V. | 0% | -62.68% | 減碼 |
| 27 | GLD | Spdr Gold Shares | -0.1% | -43.49% | 減碼 |
| 28 | CTVA | Corteva Inc | -0.1% | -36.46% | 減碼 |
| 29 | ADM | Archer-daniels-midland Co | -0.1% | -56.00% | 減碼 |
| 30 | URTH | Ishares Msci World ETF | -0.1% | -7.13% | 減碼 |
| 31 | IEV | Ishares Europe ETF | -0.1% | -16.61% | 減碼 |
| 32 | ARX | Accelerant Holdings | -0.1% | — | 不變 |
| 33 | ONC | Beone Medicines Ltd-adr | -0.1% | -23.00% | 減碼 |
| 34 | WPM | Wheaton Precious Metals CORP | -0.1% | -15.18% | 減碼 |
| 35 | LIN | Linde plc | -0.2% | -66.88% | 減碼 |
| 36 | SE | Sea Ltd-adr | -0.2% | +6.94% | 加碼 |
| 37 | SU | Suncor Energy Inc | -0.2% | -75.36% | 減碼 |
| 38 | IVW | Ishares S&p 500 Growth ETF | -0.2% | -27.53% | 減碼 |
| 39 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.2% | -15.21% | 減碼 |
| 40 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | -0.3% | — | 不變 |
| 41 | EEM | Ishares Msci Emerging Market | -0.3% | -62.73% | 減碼 |
| 42 | IGV | Ishares Expanded Tech-softwa | -0.4% | -59.99% | 減碼 |
| 43 | TTE | TotalEnergies SE | — | NEW | 新建倉 |
| 44 | OMCL 1 12-01-29債券 | Omnicell Inc | — | NEW | 新建倉 |
| 45 | YUMC | Yum China Holdings Inc | — | EXIT | 清倉 |
| 46 | VNET | Vnet Group Inc-adr | — | EXIT | 清倉 |
| 47 | NUE | Nucor CORP | — | EXIT | 清倉 |
| 48 | EPAM | Epam Systems Inc | — | NEW | 新建倉 |
| 49 | SQM | Quimica Y Minera Chil-sp Adr | — | NEW | 新建倉 |
| 50 | ICSH | Ishares Ultra Short Duration | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Barings LLC 在 Q4 2025 季度的美股持倉總市值約為 US$56.4億，共申報了 169 個公開持股部位。
在 Q4 2025 季度，Barings LLC 按市值排列的前三大核心持股分別為：IVV (21.8%)、QQQ (10.3%)、IWO (9.9%)。其中最大持股部位 IVV 佔據整體投資組合約 21.8% 的權重。
在 Q4 2025 季度中，Barings LLC 共進行了 47 項持倉異動，包含新建倉 5 個部位、加碼 23 個部位、減碼 16 個部位以及清倉 3 個部位。 其中最大新建倉標的為 TTE。 本季清倉部位包含 YUMC。
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。
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。
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。