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
55 檔
72.6%
截至 Q4 2025 季度末，Brown Capital Management LLC 的美股持倉估值約為 US$5.0億，全數申報部位共有 55 檔。
在 Q4 2025，Brown Capital Management LLC 展現出較為審慎的避險與獲利了結姿態。本季共減碼 50 個部位並完全清倉 3 檔持股，調降曝險的部位數量高於加碼動作。
檢視投資組合結構，前 5 大主力部位（包含 CAMT, GLBE, CYBERARK SOFTWARE LTD. CMN）占據了總市值的 72.6%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
| # | 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 | CAMT | Camtek Ltd. | 股票-其他 | 9.38% | -7.51% | -6.84% | |
| 2 | GLBE | Global-E Online Ltd. | 股票-其他 | 7.75% | -1.37% | +0.63% | |
| 3 | ✓ | Cyberark Software LTD. Cmn | 股票-其他 | 5.58% | — | -62.64% | |
| 4 | RGEN | Repligen CORP | 股票-醫療保健 | 3.68% | +0.99% | -59.04% | |
| 5 | XMTR | Xometry Inc-a | 股票-其他 | 3.41% | +2.56% | -56.65% | |
| 6 | SHOP | Shopify Inc - Class A | 股票-科技 | 3.28% | -3.40% | EXIT | |
| 7 | GWRE | Guidewire Software Inc | 股票-科技 | 3.03% | +0.51% | -55.67% | |
| 8 | GKOS | Glaukos CORP | 股票-醫療保健 | 3.02% | +1.17% | -57.18% | |
| 9 | VEEV | Veeva Systems Inc-class A | 股票-醫療保健 | 2.93% | +0.66% | -55.99% | |
| 10 | APPF | Appfolio Inc - A | 股票-科技 | 2.90% | +0.77% | -55.51% | |
| 11 | MELI | Mercadolibre Inc | 股票-循環性消費 | 2.84% | -3.48% | EXIT | |
| 12 | TYL | Tyler Technologies Inc | 股票-科技 | 2.76% | -0.35% | -54.30% | |
| 13 | DDOG | Datadog Inc - Class A | 股票-科技 | 2.73% | +2.13% | -65.70% | |
| 14 | MANH | Manhattan Associates Inc | 股票-科技 | 2.67% | +0.70% | -55.31% | |
| 15 | CWAN | Clearwater Analytics Holdings, Inc. | 股票-科技 | 2.51% | -1.87% | EXIT | |
| 16 | VCEL | Vericel CORP | 股票-其他 | 2.46% | +1.77% | -57.37% | |
| 17 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 2.33% | -1.61% | EXIT | |
| 18 | ALRM | Alarm.com Holdings Inc | 股票-其他 | 2.11% | -1.07% | -55.22% | |
| 19 | QTWO | Q2 Holdings Inc | 股票-科技 | 2.10% | +0.40% | -55.75% | |
| 20 | TECH | Bio-techne CORP | 股票-醫療保健 | 2.10% | +0.49% | -57.95% | |
| 21 | AGYS | Agilysys Inc | 股票-其他 | 2.10% | +1.21% | -55.37% | |
| 22 | PAYC | Paycom Software Inc | 股票-科技 | 1.91% | -0.45% | -55.23% | |
| 23 | CGNX | Cognex CORP | 股票-科技 | 1.88% | +2.21% | -55.81% | |
| 24 | ICLR | ICON Public Limited Company | 股票-醫療保健 | 1.86% | -2.48% | EXIT | |
| 25 | NCNO | Ncino Inc | 股票-其他 | 1.56% | +0.08% | -56.09% | |
| 26 | UFPT | Ufp Technologies Inc | 股票-其他 | 1.52% | +1.07% | -50.23% | |
| 27 | WK | Workiva Inc | 股票-科技 | 1.48% | -0.01% | -54.81% | |
| 28 | TMDX | Transmedics Group Inc | 股票-醫療保健 | 1.46% | -0.19% | -53.51% | |
| 29 | BMI | Badger Meter Inc | 股票-科技 | 1.45% | +0.29% | -51.60% | |
| 30 | TEAM | Atlassian Corp-cl A | 股票-科技 | 1.01% | -1.27% | EXIT | |
| 31 | VERX | Vertex Inc - Class A | 股票-其他 | 1.00% | +0.13% | -53.15% | |
| 32 | AXGN | Axogen Inc | 股票-其他 | 0.94% | +0.86% | -45.83% | |
| 33 | INSP | Inspire Medical Systems Inc | 股票-醫療保健 | 0.91% | -0.23% | -56.86% | |
| 34 | CYRX | Cryoport Inc | 股票-其他 | 0.88% | +1.18% | -57.56% | |
| 35 | MNDY | monday.com Ltd. | 股票-科技 | 0.86% | — | -26.40% | |
| 36 | CTKB | Cytek Biosciences Inc | 股票-其他 | 0.86% | -0.92% | EXIT | |
| 37 | ERII | Energy Recovery Inc | 股票-其他 | 0.85% | -0.26% | -52.29% | |
| 38 | RDVT | Red Violet Inc | 股票-其他 | 0.82% | +0.82% | -53.52% | |
| 39 | DV | Doubleverify Holdings Inc | 股票-其他 | 0.77% | -0.79% | EXIT | |
| 40 | KIDS | Orthopediatrics CORP | 股票-其他 | 0.75% | -0.11% | -52.45% | |
| 41 | SPSC | Sps Commerce Inc | 股票-科技 | 0.74% | -0.13% | -53.31% | |
| 42 | CHKP | Check Point Software Technologies Ltd. | 股票-科技 | 0.73% | -0.65% | EXIT | |
| 43 | DUOL | Duolingo | 股票-科技 | 0.72% | +0.21% | -37.42% | |
| 44 | INTA | Intapp Inc | 股票-其他 | 0.56% | +0.09% | -30.44% | |
| 45 | LOAR | Loar Holdings Inc | 股票-其他 | 0.54% | +0.77% | — | |
| 46 | MAMA | Mama's Creations Inc | 股票-其他 | 0.52% | +0.38% | -32.70% | |
| 47 | CORT | Corcept Therapeutics Inc | 股票-醫療保健 | 0.39% | +0.92% | -42.43% | |
| 48 | VCYT | Veracyte Inc | 股票-其他 | 0.39% | +0.64% | — | |
| 49 | AVPT | Avepoint Inc | 股票-其他 | 0.32% | +0.14% | — | |
| 50 | RXST | Rxsight Inc | 股票-其他 | 0.31% | -0.01% | -53.61% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | CAMT | Camtek Ltd. | +4.4% | -6.84% | 減碼 |
| 2 | GLBE | Global-E Online Ltd. | +4.2% | +0.63% | 加碼 |
| 3 | SHOP | Shopify Inc - Class A | +1% | -34.56% | 減碼 |
| 4 | CWAN | Clearwater Analytics Holdings, Inc. | +0.7% | -49.57% | 減碼 |
| 5 | ICLR | ICON Public Limited Company | +0.6% | -26.83% | 減碼 |
| 6 | MELI | Mercadolibre Inc | +0.6% | -25.70% | 減碼 |
| 7 | AXGN | Axogen Inc | +0.5% | -45.83% | 減碼 |
| 8 | GKOS | Glaukos CORP | +0.5% | -57.18% | 減碼 |
| 9 | TEAM | Atlassian Corp-cl A | +0.3% | -26.04% | 減碼 |
| 10 | MAMA | Mama's Creations Inc | +0.2% | -32.70% | 減碼 |
| 11 | INTA | Intapp Inc | +0.2% | -30.44% | 減碼 |
| 12 | CHKP | Check Point Software Technologies Ltd. | +0.2% | -23.89% | 減碼 |
| 13 | CTKB | Cytek Biosciences Inc | +0.2% | -58.19% | 減碼 |
| 14 | UFPT | Ufp Technologies Inc | +0.1% | -50.23% | 減碼 |
| 15 | MNDY | monday.com Ltd. | +0.1% | -26.40% | 減碼 |
| 16 | INSP | Inspire Medical Systems Inc | +0.1% | -56.86% | 減碼 |
| 17 | RXST | Rxsight Inc | 0% | -53.61% | 減碼 |
| 18 | AGYS | Agilysys Inc | 0% | -55.37% | 減碼 |
| 19 | TMDX | Transmedics Group Inc | 0% | -53.51% | 減碼 |
| 20 | RDVT | Red Violet Inc | 0% | -53.52% | 減碼 |
| 21 | RGEN | Repligen CORP | — | -59.04% | 減碼 |
| 22 | MSFT | Microsoft CORP | — | -50.06% | 減碼 |
| 23 | AAPL | Apple Inc | — | -47.84% | 減碼 |
| 24 | AMZN | Amazon.com Inc | — | -47.29% | 減碼 |
| 25 | GOOGL | Alphabet Inc-cl A | — | -53.00% | 減碼 |
| 26 | VCEL | Vericel CORP | -0.1% | -57.37% | 減碼 |
| 27 | KIDS | Orthopediatrics CORP | -0.1% | -52.45% | 減碼 |
| 28 | BMI | Badger Meter Inc | -0.1% | -51.60% | 減碼 |
| 29 | DV | Doubleverify Holdings Inc | -0.1% | -55.24% | 減碼 |
| 30 | CYRX | Cryoport Inc | -0.1% | -57.56% | 減碼 |
| 31 | WK | Workiva Inc | -0.2% | -54.81% | 減碼 |
| 32 | ERII | Energy Recovery Inc | -0.2% | -52.29% | 減碼 |
| 33 | SPSC | Sps Commerce Inc | -0.2% | -53.31% | 減碼 |
| 34 | XMTR | Xometry Inc-a | -0.2% | -56.65% | 減碼 |
| 35 | TECH | Bio-techne CORP | -0.3% | -57.95% | 減碼 |
| 36 | QTWO | Q2 Holdings Inc | -0.3% | -55.75% | 減碼 |
| 37 | NCNO | Ncino Inc | -0.3% | -56.09% | 減碼 |
| 38 | VERX | Vertex Inc - Class A | -0.3% | -53.15% | 減碼 |
| 39 | DUOL | Duolingo | -0.3% | -37.42% | 減碼 |
| 40 | ALRM | Alarm.com Holdings Inc | -0.4% | -55.22% | 減碼 |
| 41 | CORT | Corcept Therapeutics Inc | -0.4% | -42.43% | 減碼 |
| 42 | FLUT | Flutter Entertainment plc | -0.5% | -51.30% | 減碼 |
| 43 | TYL | Tyler Technologies Inc | -0.7% | -54.30% | 減碼 |
| 44 | CGNX | Cognex CORP | -0.8% | -55.81% | 減碼 |
| 45 | MANH | Manhattan Associates Inc | -0.9% | -55.31% | 減碼 |
| 46 | GWRE | Guidewire Software Inc | -0.9% | -55.67% | 減碼 |
| 47 | PAYC | Paycom Software Inc | -0.9% | -55.23% | 減碼 |
| 48 | APPF | Appfolio Inc - A | -1% | -55.51% | 減碼 |
| 49 | DDOG | Datadog Inc - Class A | -1.5% | -65.70% | 減碼 |
| 50 | VEEV | Veeva Systems Inc-class A | -1.5% | -55.99% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Brown Capital Management LLC 在 Q4 2025 季度的美股持倉總市值約為 US$5.0億，共申報了 55 個公開持股部位。
在 Q4 2025 季度，Brown Capital Management LLC 按市值排列的前三大核心持股分別為：CAMT (9.4%)、GLBE (7.8%)、CYBERARK SOFTWARE LTD. CMN (5.6%)。其中最大持股部位 CAMT 佔據整體投資組合約 9.4% 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
LOAR
市值: US$660.6萬
本季最大獲利了結 / 清倉標的
PRO
前期市值: US$744.3萬
在 Q4 2025 季度中，Brown Capital Management LLC 共進行了 58 項持倉異動，包含新建倉 4 個部位、加碼 1 個部位、減碼 50 個部位以及清倉 3 個部位。 其中最大新建倉標的為 LOAR。 本季清倉部位包含 PRO。
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。