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: 0000885062
申報總市值
US$5.0億
US$5.0億
83 檔
169.8%
根據最新整理的 13F 季度數據集，Brown Capital Management LLC 於 Q2 2025 結束時的管理資產規模為 US$5.0億。該機構在本季度申報了 83 檔美股持倉，呈現出該時期的主要投資地圖。
Brown Capital Management LLC 在 Q2 2025 的調整主要集中於風險出清，清倉與減碼部位合計達 91 檔，反映機構對當前市場環境或個別公司估值採取較為保留之看法。
整體而言，Brown Capital Management LLC 的前 5 大持股（包含 CYBERARK SOFTWARE LTD. CMN, VEEV, GWRE）貢獻了組合市值的 169.8%，形成該機構在 Q2 2025 季度的基本面基石。
| # | 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 | ✓ | Cyberark Software LTD. Cmn | 股票-其他 | 7.04% | — | -0.12% | |
| 2 | VEEV | Veeva Systems Inc-class A | 股票-醫療保健 | 4.66% | +0.66% | -14.81% | |
| 3 | GWRE | Guidewire Software Inc | 股票-科技 | 4.45% | +0.51% | -15.63% | |
| 4 | DDOG | Datadog Inc - Class A | 股票-科技 | 4.43% | +2.13% | -6.84% | |
| 5 | TYL | Tyler Technologies Inc | 股票-科技 | 4.13% | -0.35% | -6.67% | |
| 6 | APPF | Appfolio Inc - A | 股票-科技 | 3.88% | +0.77% | -5.41% | |
| 7 | MANH | Manhattan Associates Inc | 股票-科技 | 3.72% | +0.70% | -4.30% | |
| 8 | RGEN | Repligen CORP | 股票-醫療保健 | 3.64% | +0.99% | +16.35% | |
| 9 | VCEL | Vericel CORP | 股票-其他 | 3.48% | +1.77% | -2.43% | |
| 10 | GKOS | Glaukos CORP | 股票-醫療保健 | 3.42% | +1.17% | -4.48% | |
| 11 | PAYC | Paycom Software Inc | 股票-科技 | 3.19% | -0.45% | -5.86% | |
| 12 | QTWO | Q2 Holdings Inc | 股票-科技 | 3.14% | +0.40% | -7.52% | |
| 13 | AKX | Ansys Inc | 股票-其他 | 2.90% | — | -15.78% | |
| 14 | XMTR | Xometry Inc-a | 股票-其他 | 2.89% | +2.56% | -5.45% | |
| 15 | CAMT | Camtek Ltd. | 股票-其他 | 2.80% | -7.51% | +3.49% | |
| 16 | ALRM | Alarm.com Holdings Inc | 股票-其他 | 2.80% | -1.07% | -5.16% | |
| 17 | TECH | Bio-techne CORP | 股票-醫療保健 | 2.35% | +0.49% | -5.68% | |
| 18 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 2.31% | -1.61% | EXIT | |
| 19 | AGYS | Agilysys Inc | 股票-其他 | 2.15% | +1.21% | +0.29% | |
| 20 | GLBE | Global-E Online Ltd. | 股票-其他 | 2.12% | -1.37% | +1.61% | |
| 21 | CGNX | Cognex CORP | 股票-科技 | 2.09% | +2.21% | -5.31% | |
| 22 | CWAN | Clearwater Analytics Holdings, Inc. | 股票-科技 | 2.04% | -1.87% | EXIT | |
| 23 | MELI | Mercadolibre Inc | 股票-循環性消費 | 1.85% | -3.48% | EXIT | |
| 24 | TMDX | Transmedics Group Inc | 股票-醫療保健 | 1.76% | -0.19% | -3.58% | |
| 25 | OLOGBX | Olo Inc - Class A | 股票-其他 | 1.70% | — | -6.36% | |
| 26 | NCNO | Ncino Inc | 股票-其他 | 1.68% | +0.08% | -5.53% | |
| 27 | VERX | Vertex Inc - Class A | 股票-其他 | 1.47% | +0.13% | +114.85% | |
| 28 | WK | Workiva Inc | 股票-科技 | 1.40% | -0.01% | +0.94% | |
| 29 | SHOP | Shopify Inc - Class A | 股票-科技 | 1.39% | -3.40% | EXIT | |
| 30 | INSP | Inspire Medical Systems Inc | 股票-醫療保健 | 1.39% | -0.23% | +4.29% | |
| 31 | UFPT | Ufp Technologies Inc | 股票-其他 | 1.21% | +1.07% | +11.41% | |
| 32 | BMI | Badger Meter Inc | 股票-科技 | 1.17% | +0.29% | +15.77% | |
| 33 | SPSC | Sps Commerce Inc | 股票-科技 | 1.03% | -0.13% | -2.06% | |
| 34 | KIDS | Orthopediatrics CORP | 股票-其他 | 0.97% | -0.11% | -6.81% | |
| 35 | ✓ | Duolingo Inc Cl A Com | 股票-其他 | 0.94% | — | — | |
| 36 | MNDY | monday.com Ltd. | 股票-科技 | 0.93% | — | -1.47% | |
| 37 | DV | Doubleverify Holdings Inc | 股票-其他 | 0.93% | -0.79% | EXIT | |
| 38 | ERII | Energy Recovery Inc | 股票-其他 | 0.92% | -0.26% | -4.49% | |
| 39 | CYRX | Cryoport Inc | 股票-其他 | 0.82% | +1.18% | -6.28% | |
| 40 | ICLR | ICON Public Limited Company | 股票-醫療保健 | 0.76% | -2.48% | EXIT | |
| 41 | CTKB | Cytek Biosciences Inc | 股票-其他 | 0.70% | -0.92% | EXIT | |
| 42 | ✓ | 股票-其他 | 0.67% | — | — | ||
| 43 | TEAM | Atlassian Corp-cl A | 股票-科技 | 0.64% | -1.27% | EXIT | |
| 44 | CHKP | Check Point Software Technologies Ltd. | 股票-科技 | 0.43% | -0.65% | EXIT | |
| 45 | RXST | Rxsight Inc | 股票-其他 | 0.42% | -0.01% | +18.15% | |
| 46 | TNDM | Tandem Diabetes Care Inc | 股票-其他 | 0.30% | — | -6.74% | |
| 47 | PRO | Pros Holdings Inc | 股票-其他 | 0.24% | — | -14.88% | |
| 48 | AAPL | Apple Inc | 股票-科技 | 0.07% | +0.03% | -17.13% | |
| 49 | MSFT | Microsoft CORP | 股票-科技 | 0.06% | — | -58.60% | |
| 50 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 0.06% | +0.02% | -23.15% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | ✓ | Cyberark Software LTD. Cmn | +1% | -0.12% | 減碼 |
| 2 | CAMT | Camtek Ltd. | +0.9% | +3.49% | 加碼 |
| 3 | TMDX | Transmedics Group Inc | +0.8% | -3.58% | 減碼 |
| 4 | DDOG | Datadog Inc - Class A | +0.8% | -6.84% | 減碼 |
| 5 | VERX | Vertex Inc - Class A | +0.8% | +114.85% | 加碼 |
| 6 | AGYS | Agilysys Inc | +0.7% | +0.29% | 加碼 |
| 7 | XMTR | Xometry Inc-a | +0.6% | -5.45% | 減碼 |
| 8 | FLUT | Flutter Entertainment plc | +0.5% | -0.26% | 減碼 |
| 9 | OLOGBX | Olo Inc - Class A | +0.4% | -6.36% | 減碼 |
| 10 | CWAN | Clearwater Analytics Holdings, Inc. | +0.4% | +54.37% | 加碼 |
| 11 | BMI | Badger Meter Inc | +0.4% | +15.77% | 加碼 |
| 12 | RGEN | Repligen CORP | +0.3% | +16.35% | 加碼 |
| 13 | UFPT | Ufp Technologies Inc | +0.3% | +11.41% | 加碼 |
| 14 | MELI | Mercadolibre Inc | +0.3% | -9.14% | 減碼 |
| 15 | RDVT | Red Violet Inc | +0.3% | +31.31% | 加碼 |
| 16 | DUOL | Duolingo | +0.2% | +3.95% | 加碼 |
| 17 | MANH | Manhattan Associates Inc | +0.2% | -4.30% | 減碼 |
| 18 | SHOP | Shopify Inc - Class A | +0.2% | -1.87% | 減碼 |
| 19 | MNDY | monday.com Ltd. | +0.2% | -1.47% | 減碼 |
| 20 | QTWO | Q2 Holdings Inc | +0.1% | -7.52% | 減碼 |
| 21 | GWRE | Guidewire Software Inc | +0.1% | -15.63% | 減碼 |
| 22 | VEEV | Veeva Systems Inc-class A | +0.1% | -14.81% | 減碼 |
| 23 | CYRX | Cryoport Inc | +0.1% | -6.28% | 減碼 |
| 24 | DV | Doubleverify Holdings Inc | 0% | -5.10% | 減碼 |
| 25 | TXN | Texas Instruments Inc | 0% | NEW | 新建倉 |
| 26 | NVDA | Nvidia CORP | — | -40.78% | 減碼 |
| 27 | ADBE | Adobe Inc | — | -26.64% | 減碼 |
| 28 | PWR | Quanta Services Inc | — | -14.76% | 減碼 |
| 29 | CRM | Salesforce Inc | — | -31.39% | 減碼 |
| 30 | ADSK | Autodesk Inc | — | -35.38% | 減碼 |
| 31 | SBUX | Starbucks CORP | — | -13.65% | 減碼 |
| 32 | PAYX | Paychex Inc | — | -14.53% | 減碼 |
| 33 | SNA | Snap-on Inc | — | -9.57% | 減碼 |
| 34 | APD | Air Products & Chemicals Inc | — | -10.20% | 減碼 |
| 35 | FAST | Fastenal Co | — | +71.16% | 加碼 |
| 36 | HRB | H&r Block Inc | — | -6.54% | 減碼 |
| 37 | TJX | Tjx Companies Inc | — | -7.24% | 減碼 |
| 38 | JPM | Jpmorgan Chase & Co | — | -16.70% | 減碼 |
| 39 | DRI | Darden Restaurants Inc | — | -7.64% | 減碼 |
| 40 | MTB | M & T Bank CORP | — | -7.89% | 減碼 |
| 41 | PG | Procter & Gamble Co/the | 0% | -71.38% | 減碼 |
| 42 | PEP | Pepsico Inc | 0% | -66.55% | 減碼 |
| 43 | JNJ | Johnson & Johnson | 0% | EXIT | 清倉 |
| 44 | SYY | Sysco CORP | 0% | -63.65% | 減碼 |
| 45 | YORW | York Water Co | 0% | EXIT | 清倉 |
| 46 | FICO | Fair Isaac CORP | 0% | EXIT | 清倉 |
| 47 | FISV | Fiserv Inc | 0% | -29.21% | 減碼 |
| 48 | TGT | Target CORP | 0% | EXIT | 清倉 |
| 49 | GOOGL | Alphabet Inc-cl A | 0% | -23.15% | 減碼 |
| 50 | BR | Broadridge Financial Solutio | 0% | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Brown Capital Management LLC 在 Q2 2025 季度的美股持倉總市值約為 US$5.0億，共申報了 83 個公開持股部位。
在 Q2 2025 季度，Brown Capital Management LLC 按市值排列的前三大核心持股分別為：CYBERARK SOFTWARE LTD. CMN (7.0%)、VEEV (4.7%)、GWRE (4.5%)。其中最大持股部位 CYBERARK SOFTWARE LTD. CMN 佔據整體投資組合約 7.0% 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
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本季最大獲利了結 / 清倉標的
ENFUSION INC - CLASS A
前期市值: US$5734.5萬
在 Q2 2025 季度中，Brown Capital Management LLC 共進行了 106 項持倉異動，包含新建倉 1 個部位、加碼 14 個部位、減碼 68 個部位以及清倉 23 個部位。 其中最大新建倉標的為 TXN。 本季清倉部位包含 ENFUSION INC - CLASS A。
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。