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: 0001015079
申報總市值
US$142.6億
US$142.6億
190 檔
11.7%
在 Q4 2025 申報期間，Brandes Investment Partners, LP（CIK: 0001015079）向美國 SEC 提交的 Form 13F 報告顯示，其追蹤之股票投資組合總市值達 US$142.6億，共持有 190 個公開申報部位。
Brandes Investment Partners, LP 於 Q4 2025 展現出進攻型調倉步調，本季推動了 16 檔股票的新建倉與 118 檔既有部位加碼，整體資金傾向擴大在美股市場的曝險佈局。
從部位權重觀察，前 5 大標的（包含 CAE, EMBJ, OTEX）累計市值佔比達 11.7%，是驅動 Brandes Investment Partners, LP 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
PGR
市值: US$1.4億
本季最大獲利了結 / 清倉標的
HN9
前期市值: US$1.3億
| # | 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 | CAE | Cae Inc | 股票-其他 | 3.51% | +0.30% | +1.12% | |
| 2 | EMBJ | Embraer Sa-spon Adr | 股票-工業 | 2.53% | +0.30% | -12.37% | |
| 3 | OTEX | Open Text CORP | 股票-其他 | 2.26% | +0.12% | +1.19% | |
| 4 | KMT | Kennametal Inc | 股票-其他 | 2.21% | -0.91% | -0.92% | |
| 5 | GRFS | Grifols Sa-adr | 股票-其他 | 2.20% | -0.18% | +6.32% | |
| 6 | C | Citigroup Inc | 股票-金融 | 2.10% | -0.32% | -9.92% | |
| 7 | TIGO | Millicom International Cellular S.A. | 股票-通訊服務 | 2.04% | +0.02% | -17.12% | |
| 8 | CI | THE Cigna Group | 股票-醫療保健 | 1.98% | -0.27% | +13.99% | |
| 9 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 1.98% | -0.24% | +1.85% | |
| 10 | WFC | Wells Fargo & Co | 股票-金融 | 1.86% | -0.22% | -10.01% | |
| 11 | BAC | Bank Of America CORP | 股票-金融 | 1.84% | -0.06% | -12.12% | |
| 12 | BDX | Becton Dickinson And Co | 股票-醫療保健 | 1.82% | +0.08% | +6.69% | |
| 13 | TXT | Textron Inc | 股票-工業 | 1.81% | -0.14% | -4.62% | |
| 14 | DOX | Amdocs Limited | 股票-科技 | 1.66% | -0.53% | +2.81% | |
| 15 | PFE | Pfizer Inc | 股票-醫療保健 | 1.64% | -0.52% | +2.57% | |
| 16 | HAL | Halliburton Co | 股票-能源 | 1.62% | -0.55% | +1.37% | |
| 17 | FDX | Fedex CORP | 股票-工業 | 1.59% | -0.55% | -0.77% | |
| 18 | EPAM | Epam Systems Inc | 股票-科技 | 1.53% | -0.62% | +19.61% | |
| 19 | CTSH | Cognizant Tech Solutions-a | 股票-科技 | 1.47% | -0.63% | +2.59% | |
| 20 | SHEL | Shell Plc-adr | 股票-能源 | 1.46% | -0.65% | +1.82% | |
| 21 | HXL | Hexcel CORP | 股票-工業 | 1.41% | +0.22% | +0.29% | |
| 22 | HCA | Hca Healthcare Inc | 股票-醫療保健 | 1.37% | -0.30% | -3.55% | |
| 23 | CMCSA | Comcast Corp-class A | 股票-通訊服務 | 1.36% | -0.34% | +3.62% | |
| 24 | MU | Micron Technology Inc | 股票-科技 | 1.28% | -0.91% | -30.47% | |
| 25 | INVX | Innovex International Inc | 股票-其他 | 1.27% | -0.14% | -0.02% | |
| 26 | PNC | Pnc Financial Services Group | 股票-金融 | 1.27% | -0.03% | +1.74% | |
| 27 | ACGL | Arch Capital Group Ltd. | 股票-金融 | 1.25% | -0.17% | +13.55% | |
| 28 | CAH | Cardinal Health Inc | 股票-醫療保健 | 1.22% | +0.04% | -21.07% | |
| 29 | GLOB | Globant S.A. | 股票-科技 | 1.19% | -0.31% | +3.97% | |
| 30 | CTVA | Corteva Inc | 股票-原物料 | 1.18% | +0.01% | +1.09% | |
| 31 | MCK | Mckesson CORP | 股票-醫療保健 | 1.18% | -0.32% | +2.13% | |
| 32 | CX | Cemex Sab-spons Adr Part Cer | 股票-其他 | 1.12% | +0.10% | -48.39% | |
| 33 | CVS | Cvs Health CORP | 股票-醫療保健 | 1.11% | +0.21% | +2.55% | |
| 34 | ICLR | ICON Public Limited Company | 股票-醫療保健 | 1.08% | +0.32% | +2.79% | |
| 35 | SNY | Sanofi-adr | 股票-醫療保健 | 1.07% | -0.03% | +3.20% | |
| 36 | PGR | Progressive CORP | 股票-金融 | 1.04% | -0.01% | — | |
| 37 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.01% | +0.05% | +7.22% | |
| 38 | WLK | Westlake CORP | 股票-原物料 | 0.94% | -0.72% | +7.85% | |
| 39 | FISV | Fiserv Inc | 股票-其他 | 0.92% | -0.20% | +12.66% | |
| 40 | EMR | Emerson Electric Co | 股票-工業 | 0.92% | -0.06% | -3.92% | |
| 41 | MHK | Mohawk Industries Inc | 股票-循環性消費 | 0.92% | +0.56% | +20.38% | |
| 42 | NTR | Nutrien LTD | 股票-原物料 | 0.87% | -0.50% | EXIT | |
| 43 | ARLO | Arlo Technologies Inc | 股票-其他 | 0.87% | -0.01% | +27.57% | |
| 44 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 0.80% | -0.12% | -18.26% | |
| 45 | EPC | Edgewell Personal Care Co | 股票-其他 | 0.79% | +0.31% | +16.39% | |
| 46 | GIL | Gildan Activewear Inc | 股票-循環性消費 | 0.76% | — | — | |
| 47 | ELAN | Elanco Animal Health Inc | 股票-醫療保健 | 0.72% | +0.04% | -29.26% | |
| 48 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 0.71% | +0.06% | -2.74% | |
| 49 | SSNC | Ss&c Technologies Holdings | 股票-科技 | 0.70% | +0.06% | +2.57% | |
| 50 | WTW | Willis Towers Watson Public Limited Company | 股票-金融 | 0.69% | -0.06% | +6.16% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | EPAM | Epam Systems Inc | +0.5% | +19.61% | 加碼 |
| 2 | KMT | Kennametal Inc | +0.5% | -0.92% | 減碼 |
| 3 | MRK | Merck & Co. Inc. | +0.4% | +1.85% | 加碼 |
| 4 | UNF | Unifirst Corp/ma | +0.4% | +164.21% | 加碼 |
| 5 | ARW | Arrow Electronics Inc | +0.3% | +1412.27% | 加碼 |
| 6 | SMG | Scotts Miracle-gro Co | +0.3% | +362.78% | 加碼 |
| 7 | CTSH | Cognizant Tech Solutions-a | +0.3% | +2.59% | 加碼 |
| 8 | FDX | Fedex CORP | +0.2% | -0.77% | 減碼 |
| 9 | DEO | Diageo Plc-sponsored Adr | +0.2% | +4475.18% | 加碼 |
| 10 | OMC | Omnicom Group | +0.2% | +42.61% | 加碼 |
| 11 | KNX | Knight-swift Transportation | +0.2% | +12.27% | 加碼 |
| 12 | SLB | Slb LTD | +0.2% | +29.25% | 加碼 |
| 13 | HAL | Halliburton Co | +0.2% | +1.37% | 加碼 |
| 14 | HXL | Hexcel CORP | +0.2% | +0.29% | 加碼 |
| 15 | ACGL | Arch Capital Group Ltd. | +0.2% | +13.55% | 加碼 |
| 16 | MU | Micron Technology Inc | +0.1% | -30.47% | 減碼 |
| 17 | INVX | Innovex International Inc | +0.1% | -0.02% | 減碼 |
| 18 | GLOB | Globant S.A. | +0.1% | +3.97% | 加碼 |
| 19 | SAP | Sap Se-sponsored Adr | +0.1% | +70.27% | 加碼 |
| 20 | IFF | Intl Flavors & Fragrances | +0.1% | +26.68% | 加碼 |
| 21 | PBH | Prestige Consumer Healthcare | +0.1% | +93.23% | 加碼 |
| 22 | BDX | Becton Dickinson And Co | +0.1% | +6.69% | 加碼 |
| 23 | KVUE | Kenvue Inc | +0.1% | +25.71% | 加碼 |
| 24 | IXUS | Ishares Core Intl Stock ETF | +0.1% | +3661.44% | 加碼 |
| 25 | MOG-A | Moog Inc-class A | +0.1% | +2.73% | 加碼 |
| 26 | WKC | World Kinect CORP | +0.1% | +30.89% | 加碼 |
| 27 | TKR | Timken Co | +0.1% | +13.87% | 加碼 |
| 28 | VBR | Vanguard Small-cap Value ETF | +0.1% | +3661.26% | 加碼 |
| 29 | CI | THE Cigna Group | +0.1% | +13.99% | 加碼 |
| 30 | KSPI | Jsc Kaspi.kz Adr | +0.1% | +36.87% | 加碼 |
| 31 | TGT | Target CORP | +0.1% | +11.97% | 加碼 |
| 32 | SON | Sonoco Products Co | +0.1% | +110.81% | 加碼 |
| 33 | ORN | Orion Group Holdings Inc | +0.1% | +1.14% | 加碼 |
| 34 | MTX | Minerals Technologies Inc | +0.1% | +22.93% | 加碼 |
| 35 | CNH | CNH Industrial N.V. | +0.1% | +67.63% | 加碼 |
| 36 | MCK | Mckesson CORP | 0% | +2.13% | 加碼 |
| 37 | VTV | Vanguard Value ETF | 0% | +703.62% | 加碼 |
| 38 | NTR | Nutrien LTD | 0% | +3.99% | 加碼 |
| 39 | JNJ | Johnson & Johnson | 0% | -0.45% | 減碼 |
| 40 | ABEV | Ambev Sa-adr | 0% | +4.03% | 加碼 |
| 41 | QRVO | Qorvo Inc | 0% | +28.22% | 加碼 |
| 42 | INGR | Ingredion Inc | 0% | +26.23% | 加碼 |
| 43 | NVS | Novartis Ag-sponsored Adr | 0% | +6.02% | 加碼 |
| 44 | CVS | Cvs Health CORP | 0% | +2.55% | 加碼 |
| 45 | ICLR | ICON Public Limited Company | 0% | +2.79% | 加碼 |
| 46 | PKE | Park Aerospace CORP | 0% | +3.48% | 加碼 |
| 47 | XRAY | Dentsply Sirona Inc | 0% | +83.24% | 加碼 |
| 48 | ZBH | Zimmer Biomet Holdings Inc | 0% | +215.35% | 加碼 |
| 49 | FTRE | Fortrea Holdings Inc | 0% | +14.54% | 加碼 |
| 50 | KOF | Coca-cola Femsa Sab-sp Adr | 0% | +1037.32% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Brandes Investment Partners, LP 在 Q4 2025 季度的美股持倉總市值約為 US$142.6億，共申報了 190 個公開持股部位。
在 Q4 2025 季度，Brandes Investment Partners, LP 按市值排列的前三大核心持股分別為：CAE (3.5%)、EMBJ (2.5%)、OTEX (2.3%)。其中最大持股部位 CAE 佔據整體投資組合約 3.5% 的權重。
在 Q4 2025 季度中，Brandes Investment Partners, LP 共進行了 194 項持倉異動，包含新建倉 16 個部位、加碼 118 個部位、減碼 54 個部位以及清倉 6 個部位。 其中最大新建倉標的為 PGR。 本季清倉部位包含 HN9。
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。