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: 0000872786
申報總市值
US$36.9億
US$36.9億
332 檔
30.1%
BNP Paribas 在 Q3 2025 季度的美股部位總計估值為 US$36.9億，分散於 332 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q3 2025 期間，BNP Paribas 展現了靈活的資產再平衡步調，透過出清 18 檔弱勢或達到目標價部位，將資金轉置於 9 檔新建倉標的之中。
從部位權重觀察，前 5 大標的（包含 HYG, LQD, MSFT）累計市值佔比達 30.1%，是驅動 BNP Paribas 該季度整體投資組合績效表現的核心支柱。
本季最大新建倉標的
ED
市值: US$1009.3萬
本季最大獲利了結 / 清倉標的
NCLO
前期市值: US$1003.2萬
僅顯示前 200 大持股（共 332 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 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 11.57% | -0.29% | +4.08% | |
| 2 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-投資等級公司債 | 6.95% | +1.12% | +72.47% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 6.52% | -0.78% | +3.05% | |
| 4 | NVDA | Nvidia CORP | 股票-科技 | 4.82% | -0.10% | -2.45% | |
| 5 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.64% | -1.31% | +1.18% | |
| 6 | AAPL | Apple Inc | 股票-科技 | 3.60% | -0.85% | -4.36% | |
| 7 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 3.02% | — | -5.24% | |
| 8 | AVGO | Broadcom Inc | 股票-科技 | 2.87% | +0.20% | -1.22% | |
| 9 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.81% | +0.03% | -2.09% | |
| 10 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.04% | -0.12% | -2.58% | |
| 11 | PANW | Palo Alto Networks Inc | 股票-科技 | 1.85% | +1.00% | +7.63% | |
| 12 | V | Visa Inc-class A Shares | 股票-金融 | 1.71% | -0.09% | -1.41% | |
| 13 | BKLN | Invesco Senior Loan ETF | ETF-其他 | 1.55% | +5.17% | -22.89% | |
| 14 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.55% | — | -9.81% | |
| 15 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 1.54% | +0.38% | +11.67% | |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.48% | -1.53% | +18.62% | |
| 17 | KO | Coca-cola Co/the | 股票-非循環性消費 | 1.31% | -0.19% | +1.96% | |
| 18 | VCIT | Vanguard Int-term Corporate | ETF-投資等級公司債 | 1.29% | -0.50% | +277.53% | |
| 19 | PH | Parker Hannifin CORP | 股票-工業 | 1.26% | -0.04% | -2.90% | |
| 20 | AMAT | Applied Materials Inc | 股票-科技 | 1.21% | -0.59% | -8.42% | |
| 21 | MCK | Mckesson CORP | 股票-醫療保健 | 1.20% | -0.56% | -2.99% | |
| 22 | WMT | Walmart Inc | 股票-非循環性消費 | 1.18% | -0.22% | +1.26% | |
| 23 | SNPS | Synopsys Inc | 股票-科技 | 1.09% | -0.04% | +13.72% | |
| 24 | CRM | Salesforce Inc | 股票-科技 | 1.09% | -0.06% | -4.05% | |
| 25 | NOW | Servicenow Inc | 股票-科技 | 1.04% | -0.04% | -2.99% | |
| 26 | DIS | Walt Disney Co/the | 股票-通訊服務 | 1.01% | -0.06% | -4.12% | |
| 27 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.97% | -0.05% | -0.12% | |
| 28 | CSCO | Cisco Systems Inc | 股票-科技 | 0.91% | -0.20% | +3.71% | |
| 29 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.90% | -0.23% | -1.11% | |
| 30 | AJG | Arthur J Gallagher & Co | 股票-金融 | 0.85% | -0.05% | +9.67% | |
| 31 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.84% | +0.17% | -0.30% | |
| 32 | MA | Mastercard Inc - A | 股票-金融 | 0.82% | -0.11% | +7.00% | |
| 33 | ORCL | Oracle CORP | 股票-科技 | 0.79% | -0.08% | -7.48% | |
| 34 | SPGI | S&p Global Inc | 股票-金融 | 0.76% | -0.16% | -9.12% | |
| 35 | NFLX | Netflix Inc | 股票-通訊服務 | 0.75% | -0.19% | -9.91% | |
| 36 | ZTS | Zoetis Inc | 股票-醫療保健 | 0.74% | -0.38% | +10.52% | |
| 37 | AMD | Advanced Micro Devices | 股票-科技 | 0.69% | +0.20% | +3.08% | |
| 38 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.68% | -0.26% | +1.66% | |
| 39 | UBER | Uber Technologies Inc | 股票-工業 | 0.64% | -0.17% | +4.11% | |
| 40 | PGR | Progressive CORP | 股票-金融 | 0.63% | +0.03% | +480.15% | |
| 41 | PLD | Prologis Inc | 股票-房地產 | 0.61% | -0.02% | +1.86% | |
| 42 | IBM | Intl Business Machines CORP | 股票-科技 | 0.44% | +0.03% | +15.98% | |
| 43 | T | At&t Inc | 股票-通訊服務 | 0.42% | -0.22% | +12.06% | |
| 44 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 0.41% | -0.12% | +2.34% | |
| 45 | EMR | Emerson Electric Co | 股票-工業 | 0.41% | -0.03% | +257.67% | |
| 46 | BN | Brookfield CORP | 股票-金融 | 0.41% | -0.04% | +3.53% | |
| 47 | CRH | CRH plc | 股票-原物料 | 0.40% | — | — | |
| 48 | HD | Home Depot Inc | 股票-循環性消費 | 0.39% | -0.09% | -6.33% | |
| 49 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 0.38% | -0.09% | -8.64% | |
| 50 | XOM | Exxon Mobil CORP | 股票-能源 | 0.38% | -0.29% | -21.28% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | +7.8% | +4.08% | 加碼 |
| 2 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | +5.9% | +72.47% | 加碼 |
| 3 | NVDA | Nvidia CORP | +0.5% | -2.45% | 減碼 |
| 4 | PGR | Progressive CORP | +0.4% | +480.15% | 加碼 |
| 5 | TSM | Taiwan Semiconductor-sp Adr | +0.4% | +11.67% | 加碼 |
| 6 | T | At&t Inc | +0.4% | +12.06% | 加碼 |
| 7 | GOOG | Alphabet Inc-cl C | +0.4% | -5.24% | 加碼 |
| 8 | CSCO | Cisco Systems Inc | +0.3% | +3.71% | 加碼 |
| 9 | EMR | Emerson Electric Co | +0.3% | +257.67% | 加碼 |
| 10 | MSFT | Microsoft CORP | +0.3% | +3.05% | 加碼 |
| 11 | BX | Blackstone Inc | +0.3% | +69.68% | 加碼 |
| 12 | AVGO | Broadcom Inc | +0.2% | -1.22% | 減碼 |
| 13 | AMD | Advanced Micro Devices | +0.2% | +3.08% | 加碼 |
| 14 | PLTR | Palantir Technologies Inc-a | +0.2% | +17.57% | 加碼 |
| 15 | ORCL | Oracle CORP | +0.2% | -7.48% | 加碼 |
| 16 | VCIT | Vanguard Int-term Corporate | +0.2% | +277.53% | 加碼 |
| 17 | CRM | Salesforce Inc | +0.2% | -4.05% | 加碼 |
| 18 | VRT | Vertiv Holdings Co-a | +0.1% | +4.74% | 加碼 |
| 19 | GOOGL | Alphabet Inc-cl A | +0.1% | -2.58% | 加碼 |
| 20 | DDOG | Datadog Inc - Class A | +0.1% | +0.19% | 加碼 |
| 21 | MRVL | Marvell Technology Inc | +0.1% | +55.94% | 加碼 |
| 22 | CEG | Constellation Energy | +0.1% | +203.20% | 加碼 |
| 23 | DELL | Dell Technologies -c | +0.1% | +23.45% | 加碼 |
| 24 | JD | Jd.com Inc-adr | +0.1% | +861.95% | 加碼 |
| 25 | BNY | Bank Of New York Mellon CORP | +0.1% | +7.20% | 加碼 |
| 26 | SE | Sea Ltd-adr | +0.1% | +24.00% | 加碼 |
| 27 | CPRT | Copart Inc | +0.1% | +21907.60% | 加碼 |
| 28 | EQIX | Equinix Inc | +0.1% | +465.64% | 加碼 |
| 29 | AXP | American Express Co | +0.1% | -0.65% | 加碼 |
| 30 | EEM | Ishares Msci Emerging Market | +0.1% | +44.46% | 加碼 |
| 31 | UBER | Uber Technologies Inc | 0% | +4.11% | 加碼 |
| 32 | PWR | Quanta Services Inc | 0% | +3.03% | 加碼 |
| 33 | VMC | Vulcan Materials Co | 0% | -11.06% | 加碼 |
| 34 | IBM | Intl Business Machines CORP | 0% | +15.98% | 加碼 |
| 35 | APH | Amphenol Corp-cl A | 0% | +2.36% | 加碼 |
| 36 | CCJ | Cameco CORP | 0% | +5.69% | 加碼 |
| 37 | MMM | 3m Co | 0% | +99.23% | 加碼 |
| 38 | TTWO | Take-two Interactive Softwre | 0% | +5526.23% | 加碼 |
| 39 | GEV | GE Vernova Inc | 0% | +30.72% | 減碼 |
| 40 | KLAC | Kla CORP | 0% | +15.36% | 加碼 |
| 41 | DLR | Digital Realty Trust Inc | 0% | +29.33% | 加碼 |
| 42 | IEI | Ishares 3-7 Year Treasury Bo | 0% | +2.79% | 加碼 |
| 43 | TGT | Target CORP | 0% | +2319.33% | 加碼 |
| 44 | FICO | Fair Isaac CORP | 0% | +674.33% | 加碼 |
| 45 | VEEV | Veeva Systems Inc-class A | 0% | +1.82% | 加碼 |
| 46 | KKR | Kkr & Co Inc | 0% | +50.52% | 加碼 |
| 47 | ZS | Zscaler Inc | 0% | — | 減碼 |
| 48 | WDC | Western Digital CORP | 0% | -7.36% | 減碼 |
| 49 | BAX | Baxter International Inc | 0% | +5577.20% | 加碼 |
| 50 | LRCX | Lam Research CORP | 0% | -1.01% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，BNP Paribas 在 Q3 2025 季度的美股持倉總市值約為 US$36.9億，共申報了 332 個公開持股部位。
在 Q3 2025 季度，BNP Paribas 按市值排列的前三大核心持股分別為：HYG (11.6%)、LQD (7.0%)、MSFT (6.5%)。其中最大持股部位 HYG 佔據整體投資組合約 11.6% 的權重。
在 Q3 2025 季度中，BNP Paribas 共進行了 198 項持倉異動，包含新建倉 9 個部位、加碼 88 個部位、減碼 83 個部位以及清倉 18 個部位。 其中最大新建倉標的為 ED。 本季清倉部位包含 NCLO。
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。