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: 0001790837
申報總市值
US$2.2億
US$2.2億
89 檔
21.0%
在 Q3 2025 申報期間，Bull Street Advisors, LLC（CIK: 0001790837）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$2.2億，共持有 89 個公開申報部位。
從 Q3 2025 申報觀察，Bull Street Advisors, LLC 採取防禦導向的調倉策略，本季減碼 33 檔個股並出清 1 檔部位，顯示機構在該時期進行風險控制與流動性回收。
在資產配置集中度方面，Bull Street Advisors, LLC 的前 5 大核心持股（包含 TJX, AAPL, MSFT 等）合計佔整體申報市值的 21.0%，反映機構在主要關鍵部位上的權重分佈。
| # | 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 | TJX | Tjx Companies Inc | 股票-循環性消費 | 4.83% | +4.17% | -0.08% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 4.45% | +0.42% | -0.43% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 4.16% | -0.10% | -0.46% | |
| 4 | JNJ | Johnson & Johnson | 股票-醫療保健 | 4.14% | -0.32% | -0.02% | |
| 5 | BSV | Vanguard Short-term Bond ETF | ETF-其他 | 3.92% | -0.41% | -0.64% | |
| 6 | VGSH | Vanguard Short-term Treasury | ETF-政府公債 | 3.73% | -0.69% | — | |
| 7 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 3.38% | -0.44% | -0.95% | |
| 8 | HD | Home Depot Inc | 股票-循環性消費 | 3.23% | -0.08% | — | |
| 9 | KO | Coca-cola Co/the | 股票-非循環性消費 | 3.21% | -0.11% | — | |
| 10 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.48% | +0.08% | — | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 2.31% | -0.04% | -0.46% | |
| 12 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-其他 | 2.04% | -0.15% | -0.05% | |
| 13 | XOM | Exxon Mobil CORP | 股票-能源 | 1.98% | -0.79% | +0.01% | |
| 14 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投資等級公司債 | 1.97% | -0.21% | -0.06% | |
| 15 | DHR | Danaher CORP | 股票-醫療保健 | 1.92% | -0.17% | -1.14% | |
| 16 | FISV | Fiserv Inc | 股票-其他 | 1.91% | -0.39% | -0.13% | |
| 17 | ADP | Automatic Data Processing | 股票-科技 | 1.80% | -0.13% | — | |
| 18 | VCIT | Vanguard Int-term Corporate | ETF-投資等級公司債 | 1.78% | -0.20% | -1.94% | |
| 19 | AXP | American Express Co | 股票-金融 | 1.77% | +0.05% | — | |
| 20 | SYY | Sysco CORP | 股票-非循環性消費 | 1.75% | +0.03% | -1.29% | |
| 21 | AMGN | Amgen Inc | 股票-醫療保健 | 1.72% | -0.11% | -0.04% | |
| 22 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.65% | -0.15% | +0.10% | |
| 23 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.58% | +0.01% | — | |
| 24 | VGIT | Vanguard Intermediate-term T | ETF-其他 | 1.46% | -0.10% | -2.87% | |
| 25 | ✓ | 股票-其他 | 1.40% | — | -0.11% | ||
| 26 | RTX | Rtx CORP | 股票-工業 | 1.39% | -0.14% | -0.14% | |
| 27 | HON | Honeywell International Inc | 股票-工業 | 1.38% | -1.54% | EXIT | |
| 28 | DIS | Walt Disney Co/the | 股票-通訊服務 | 1.37% | -0.10% | -1.73% | |
| 29 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.33% | -0.30% | +2.11% | |
| 30 | MDLZ | Mondelez International Inc-a | 股票-非循環性消費 | 1.27% | -0.08% | -0.41% | |
| 31 | CVX | Chevron CORP | 股票-能源 | 1.26% | -0.48% | +0.30% | |
| 32 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.23% | +0.18% | — | |
| 33 | CSCO | Cisco Systems Inc | 股票-科技 | 1.21% | +0.57% | -0.07% | |
| 34 | RSG | Republic Services Inc | 股票-工業 | 1.19% | -0.13% | — | |
| 35 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 1.18% | +0.01% | +20.35% | |
| 36 | EMR | Emerson Electric Co | 股票-工業 | 1.10% | +0.01% | -0.41% | |
| 37 | TIP | Ishares Tips Bond ETF | ETF-其他 | 1.02% | -0.08% | -2.23% | |
| 38 | ELV | Elevance Health Inc | 股票-醫療保健 | 0.86% | +0.15% | -17.64% | |
| 39 | DUK | Duke Energy CORP | 股票-公用事業 | 0.85% | -0.01% | -1.01% | |
| 40 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.81% | -0.16% | — | |
| 41 | NUE | Nucor CORP | 股票-原物料 | 0.77% | +0.20% | +10.83% | |
| 42 | D | Dominion Energy Inc | 股票-公用事業 | 0.76% | +0.08% | +2.82% | |
| 43 | CMCSA | Comcast Corp-class A | 股票-通訊服務 | 0.70% | -0.17% | +2.46% | |
| 44 | UNP | Union Pacific CORP | 股票-工業 | 0.67% | +0.03% | — | |
| 45 | SYK | Stryker CORP | 股票-醫療保健 | 0.66% | -0.07% | — | |
| 46 | VXF | Vanguard Extended Market ETF | ETF-其他 | 0.64% | +0.10% | — | |
| 47 | PFE | Pfizer Inc | 股票-醫療保健 | 0.64% | -0.16% | — | |
| 48 | CPT | Camden Property Trust | 股票-房地產 | 0.63% | +0.05% | — | |
| 49 | USB | US Bancorp | 股票-金融 | 0.62% | +0.05% | +2.71% | |
| 50 | MS | Morgan Stanley | 股票-金融 | 0.56% | +0.09% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1% | -0.46% | 減碼 |
| 2 | TJX | Tjx Companies Inc | +0.6% | -0.08% | 減碼 |
| 3 | GOOGL | Alphabet Inc-cl A | +0.6% | — | 減碼 |
| 4 | JPM | Jpmorgan Chase & Co | +0.5% | — | 減碼 |
| 5 | GOOG | Alphabet Inc-cl C | +0.4% | — | 不變 |
| 6 | VTI | Vanguard Total Stock Mkt ETF | +0.4% | +20.35% | 加碼 |
| 7 | JNJ | Johnson & Johnson | +0.3% | -0.02% | 減碼 |
| 8 | AAPL | Apple Inc | +0.3% | -0.43% | 減碼 |
| 9 | AXP | American Express Co | +0.3% | — | 減碼 |
| 10 | RTX | Rtx CORP | +0.3% | -0.14% | 減碼 |
| 11 | NUE | Nucor CORP | +0.2% | +10.83% | 加碼 |
| 12 | HD | Home Depot Inc | +0.2% | — | 減碼 |
| 13 | ✓ | +0.2% | -0.11% | 減碼 | |
| 14 | EMR | Emerson Electric Co | +0.2% | -0.41% | 減碼 |
| 15 | VEU | Vanguard Ftse All-world Ex-u | +0.2% | +56.77% | 加碼 |
| 16 | DIS | Walt Disney Co/the | +0.1% | -1.73% | 減碼 |
| 17 | MS | Morgan Stanley | +0.1% | — | 不變 |
| 18 | GS | Goldman Sachs Group Inc | +0.1% | — | 不變 |
| 19 | VXF | Vanguard Extended Market ETF | +0.1% | — | 不變 |
| 20 | SYY | Sysco CORP | +0.1% | -1.29% | 減碼 |
| 21 | CSCO | Cisco Systems Inc | +0.1% | -0.07% | 減碼 |
| 22 | D | Dominion Energy Inc | +0.1% | +2.82% | 加碼 |
| 23 | GLD | Spdr Gold Shares | +0.1% | — | 不變 |
| 24 | COP | Conocophillips | -0.1% | — | 減碼 |
| 25 | CL | Colgate-palmolive Co | -0.1% | -1.89% | 減碼 |
| 26 | MUSA | Murphy USA Inc | -0.1% | — | 不變 |
| 27 | PEP | Pepsico Inc | -0.1% | +2.11% | 加碼 |
| 28 | VZ | Verizon Communications Inc | -0.1% | -17.75% | 減碼 |
| 29 | NVO | Novo-nordisk A/s-spons Adr | -0.1% | — | 不變 |
| 30 | GIS | General Mills Inc | -0.1% | -0.49% | 減碼 |
| 31 | CMCSA | Comcast Corp-class A | -0.1% | +2.46% | 加碼 |
| 32 | CPT | Camden Property Trust | -0.1% | — | 不變 |
| 33 | TIP | Ishares Tips Bond ETF | -0.1% | -2.23% | 減碼 |
| 34 | ADP | Automatic Data Processing | -0.1% | — | 減碼 |
| 35 | CVX | Chevron CORP | -0.1% | +0.30% | 減碼 |
| 36 | DHR | Danaher CORP | -0.1% | -1.14% | 減碼 |
| 37 | XOM | Exxon Mobil CORP | -0.2% | +0.01% | 加碼 |
| 38 | BSV | Vanguard Short-term Bond ETF | -0.2% | -0.64% | 減碼 |
| 39 | RSG | Republic Services Inc | -0.2% | — | 減碼 |
| 40 | MDLZ | Mondelez International Inc-a | -0.2% | -0.41% | 減碼 |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -0.46% | 減碼 |
| 42 | FTV | Fortive CORP | -0.2% | -1.09% | 減碼 |
| 43 | PG | Procter & Gamble Co/the | -0.2% | +0.10% | 減碼 |
| 44 | AMGN | Amgen Inc | -0.2% | -0.04% | 減碼 |
| 45 | COST | Costco Wholesale CORP | -0.3% | -0.95% | 減碼 |
| 46 | KO | Coca-cola Co/the | -0.3% | — | 減碼 |
| 47 | ELV | Elevance Health Inc | -0.6% | -17.64% | 減碼 |
| 48 | FISV | Fiserv Inc | -1.5% | -0.13% | 減碼 |
| 49 | RAL | Ralliant CORP | — | NEW | 新建倉 |
| 50 | BDX | Becton Dickinson And Co | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Bull Street Advisors, LLC 在 Q3 2025 季度的美股持倉總市值約為 US$2.2億，共申報了 89 個公開持股部位。
在 Q3 2025 季度，Bull Street Advisors, LLC 按市值排列的前三大核心持股分別為：TJX (4.8%)、AAPL (4.5%)、MSFT (4.2%)。其中最大持股部位 TJX 佔據整體投資組合約 4.8% 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
RAL
市值: US$26.4萬
本季最大獲利了結 / 清倉標的
BDX
前期市值: US$25.0萬
在 Q3 2025 季度中，Bull Street Advisors, LLC 共進行了 42 項持倉異動，包含新建倉 1 個部位、加碼 7 個部位、減碼 33 個部位以及清倉 1 個部位。 其中最大新建倉標的為 RAL。 本季清倉部位包含 BDX。
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。