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: 0001632812
申報總市值
US$7.5億
US$7.5億
147 檔
40.0%
在 Q4 2025 的 13F 官方備案中，Bdf-gestion 管理的美股投資組合規模來到 US$7.5億，整體持股檔數為 147 檔。
從 Q4 2025 申報觀察，Bdf-gestion 採取防禦導向的調倉策略，本季減碼 22 檔個股並出清 9 檔部位，顯示機構在該時期進行風險控制與流動性回收。
從部位權重觀察，前 5 大標的（包含 NVDA, AAPL, MSFT）累計市值佔比達 40.0%，是驅動 Bdf-gestion 該季度整體投資組合績效表現的核心支柱。
| # | 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 | NVDA | Nvidia CORP | 股票-科技 | 10.39% | -10.06% | -5.52% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 9.56% | -9.43% | -3.50% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 8.45% | -6.73% | -6.25% | |
| 4 | AVGO | Broadcom Inc | 股票-科技 | 4.15% | -3.94% | -14.78% | |
| 5 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 4.10% | -3.94% | -6.25% | |
| 6 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 3.82% | -3.35% | -3.66% | |
| 7 | LLY | Eli Lilly & Co | 股票-醫療保健 | 2.47% | -2.04% | -6.25% | |
| 8 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.37% | -2.16% | -6.25% | |
| 9 | V | Visa Inc-class A Shares | 股票-金融 | 1.54% | -0.89% | -1.06% | |
| 10 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.25% | -1.02% | +28.91% | |
| 11 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 1.18% | -0.72% | -6.25% | |
| 12 | C | Citigroup Inc | 股票-金融 | 1.13% | -0.50% | -6.25% | |
| 13 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 1.06% | -0.66% | +8.40% | |
| 14 | MA | Mastercard Inc - A | 股票-金融 | 1.01% | -0.62% | -13.04% | |
| 15 | HD | Home Depot Inc | 股票-循環性消費 | 1.00% | -0.17% | -6.25% | |
| 16 | BAC | Bank Of America CORP | 股票-金融 | 0.97% | -0.56% | -23.74% | |
| 17 | ORCL | Oracle CORP | 股票-科技 | 0.96% | -0.56% | +53.82% | |
| 18 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.94% | +0.27% | -6.25% | |
| 19 | AMAT | Applied Materials Inc | 股票-科技 | 0.86% | -0.58% | -6.25% | |
| 20 | AMD | Advanced Micro Devices | 股票-科技 | 0.81% | +9.09% | -6.25% | |
| 21 | CRM | Salesforce Inc | 股票-科技 | 0.81% | -0.74% | EXIT | |
| 22 | MU | Micron Technology Inc | 股票-科技 | 0.77% | -0.50% | — | |
| 23 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.76% | -0.45% | -43.75% | |
| 24 | NFLX | Netflix Inc | 股票-通訊服務 | 0.76% | -0.54% | +837.53% | |
| 25 | CSCO | Cisco Systems Inc | 股票-科技 | 0.71% | -0.40% | -6.25% | |
| 26 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.68% | -0.26% | -6.25% | |
| 27 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.67% | -0.49% | -6.25% | |
| 28 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.65% | -0.40% | -6.25% | |
| 29 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.62% | -0.74% | EXIT | |
| 30 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.61% | -0.32% | — | |
| 31 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.58% | -0.34% | -6.25% | |
| 32 | EA | Electronic Arts Inc | 股票-通訊服務 | 0.56% | — | -6.25% | |
| 33 | PLD | Prologis Inc | 股票-房地產 | 0.56% | -0.30% | -6.25% | |
| 34 | NOW | Servicenow Inc | 股票-科技 | 0.56% | -0.27% | +368.72% | |
| 35 | TXN | Texas Instruments Inc | 股票-科技 | 0.55% | -0.19% | -6.25% | |
| 36 | AXP | American Express Co | 股票-金融 | 0.55% | -0.15% | -6.25% | |
| 37 | DDOG | Datadog Inc - Class A | 股票-科技 | 0.52% | — | -6.25% | |
| 38 | LRCX | Lam Research CORP | 股票-科技 | 0.52% | -0.79% | -6.25% | |
| 39 | ACN | Accenture plc | 股票-科技 | 0.52% | -0.09% | -6.25% | |
| 40 | COR | Cencora Inc | 股票-醫療保健 | 0.49% | -0.04% | -6.25% | |
| 41 | ALL | Allstate CORP | 股票-金融 | 0.48% | +0.16% | -6.25% | |
| 42 | MDB | Mongodb Inc | 股票-科技 | 0.48% | -0.20% | EXIT | |
| 43 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.47% | +0.21% | -6.25% | |
| 44 | SNOW | Snowflake Inc | 股票-科技 | 0.47% | — | +66.67% | |
| 45 | ADSK | Autodesk Inc | 股票-科技 | 0.47% | -0.09% | -6.25% | |
| 46 | SPG | Simon Property Group Inc | 股票-房地產 | 0.46% | +0.21% | -6.25% | |
| 47 | ADI | Analog Devices Inc | 股票-科技 | 0.45% | +0.02% | -6.25% | |
| 48 | BSX | Boston Scientific CORP | 股票-醫療保健 | 0.45% | -0.10% | -6.25% | |
| 49 | JLL | Jones Lang Lasalle Inc | 股票-房地產 | 0.44% | -0.06% | -6.25% | |
| 50 | LIN | Linde plc | 股票-原物料 | 0.44% | +0.18% | -6.25% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +0.8% | -6.25% | 減碼 |
| 2 | LLY | Eli Lilly & Co | +0.7% | -6.25% | 減碼 |
| 3 | AAPL | Apple Inc | +0.6% | -3.50% | 減碼 |
| 4 | ABBV | Abbvie Inc | +0.3% | +28.91% | 加碼 |
| 5 | ISRG | Intuitive Surgical Inc | +0.2% | -6.25% | 減碼 |
| 6 | SNOW | Snowflake Inc | +0.2% | +66.67% | 加碼 |
| 7 | AMD | Advanced Micro Devices | +0.2% | -6.25% | 減碼 |
| 8 | AMAT | Applied Materials Inc | +0.2% | -6.25% | 減碼 |
| 9 | MRK | Merck & Co. Inc. | +0.1% | — | 不變 |
| 10 | DELL | Dell Technologies -c | +0.1% | +75.78% | 加碼 |
| 11 | JPM | Jpmorgan Chase & Co | 0% | -6.25% | 減碼 |
| 12 | ABT | Abbott Laboratories | -0.1% | -6.25% | 減碼 |
| 13 | TMUS | T-mobile US Inc | -0.1% | -6.25% | 減碼 |
| 14 | ZS | Zscaler Inc | -0.1% | -6.25% | 減碼 |
| 15 | 6D8 | Dupont De Nemours Inc | -0.1% | -6.25% | 減碼 |
| 16 | MA | Mastercard Inc - A | -0.1% | -13.04% | 減碼 |
| 17 | NOW | Servicenow Inc | -0.1% | +368.72% | 加碼 |
| 18 | BAC | Bank Of America CORP | -0.2% | -23.74% | 減碼 |
| 19 | HD | Home Depot Inc | -0.2% | -6.25% | 減碼 |
| 20 | NFLX | Netflix Inc | -0.2% | +837.53% | 加碼 |
| 21 | INTC | Intel CORP | -0.2% | -45.80% | 減碼 |
| 22 | NVDA | Nvidia CORP | -0.3% | -5.52% | 減碼 |
| 23 | WDAY | Workday Inc-class A | -0.3% | -69.67% | 減碼 |
| 24 | AVGO | Broadcom Inc | -0.4% | -14.78% | 減碼 |
| 25 | MSI | Motorola Solutions Inc | -0.4% | -38.53% | 減碼 |
| 26 | GS | Goldman Sachs Group Inc | -0.4% | -43.75% | 減碼 |
| 27 | META | Meta Platforms Inc-class A | -0.5% | -3.66% | 減碼 |
| 28 | MSFT | Microsoft CORP | -0.9% | -6.25% | 減碼 |
| 29 | TJX | Tjx Companies Inc | — | EXIT | 清倉 |
| 30 | MU | Micron Technology Inc | — | NEW | 新建倉 |
| 31 | MDB | Mongodb Inc | — | NEW | 新建倉 |
| 32 | WFC | Wells Fargo & Co | — | EXIT | 清倉 |
| 33 | PGR | Progressive CORP | — | NEW | 新建倉 |
| 34 | KLAC | Kla CORP | — | NEW | 新建倉 |
| 35 | MS | Morgan Stanley | — | NEW | 新建倉 |
| 36 | COHR | Coherent CORP | — | NEW | 新建倉 |
| 37 | HO1 | Hologic Inc | — | EXIT | 清倉 |
| 38 | FTNT | Fortinet Inc | — | NEW | 新建倉 |
| 39 | SCI | Service CORP International | — | NEW | 新建倉 |
| 40 | CTSH | Cognizant Tech Solutions-a | — | EXIT | 清倉 |
| 41 | GWRE | Guidewire Software Inc | — | NEW | 新建倉 |
| 42 | TEAM | Atlassian Corp-cl A | — | NEW | 新建倉 |
| 43 | CF | Cf Industries Holdings Inc | — | NEW | 新建倉 |
| 44 | FISV | Fiserv Inc | — | EXIT | 清倉 |
| 45 | CDW | Cdw Corp/de | — | EXIT | 清倉 |
| 46 | BL | Blackline Inc | — | EXIT | 清倉 |
| 47 | PTC | Ptc Inc | — | EXIT | 清倉 |
| 48 | STX | Seagate Technology Holdings plc | — | NEW | 新建倉 |
| 49 | WDC | Western Digital CORP | — | NEW | 新建倉 |
| 50 | BAH | Booz Allen Hamilton Holdings | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Bdf-gestion 在 Q4 2025 季度的美股持倉總市值約為 US$7.5億，共申報了 147 個公開持股部位。
在 Q4 2025 季度，Bdf-gestion 按市值排列的前三大核心持股分別為：NVDA (10.4%)、AAPL (9.6%)、MSFT (8.4%)。其中最大持股部位 NVDA 佔據整體投資組合約 10.4% 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
MU
市值: US$623.8萬
本季最大獲利了結 / 清倉標的
TJX
前期市值: US$626.3萬
在 Q4 2025 季度中，Bdf-gestion 共進行了 49 項持倉異動，包含新建倉 13 個部位、加碼 5 個部位、減碼 22 個部位以及清倉 9 個部位。 其中最大新建倉標的為 MU。 本季清倉部位包含 TJX。
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。