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: 0001504304
申報總市值
US$4.5億
US$4.5億
221 檔
21.5%
在 Q4 2025 申報期間，Bulldog Investors, LLP（CIK: 0001504304）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$4.5億，共持有 221 個公開申報部位。
觀察 Q4 2025 的資金脈絡，Bulldog Investors, LLP 在獲利結算 35 檔個股的同時，將資本重新部署至 56 檔新選標的，展現主動管理機構的輪動節奏。
在資產配置集中度方面，Bulldog Investors, LLP 的前 5 大核心持股（包含 STEW, DSM, CET 等）合計佔整體申報市值的 21.5%，反映機構在主要關鍵部位上的權重分佈。
僅顯示前 200 大持股（共 221 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 | STEW | Srh Total Return Fund Inc | 股票-其他 | 5.14% | +0.35% | +11.30% | |
| 2 | DSM | Bnym Strat Muni Bnd | 股票-其他 | 4.55% | -0.41% | +26.05% | |
| 3 | CET | Central Securities CORP | 股票-其他 | 4.42% | +0.74% | +1.27% | |
| 4 | GAM | General American Investors | 股票-其他 | 3.88% | +0.26% | -9.36% | |
| 5 | NBXG | Neuberger Next Generation Co | 股票-其他 | 3.76% | +0.88% | +2.74% | |
| 6 | CION | Cion Investment CORP | 股票-其他 | 3.31% | -0.25% | — | |
| 7 | XCMUX | Mfs High Yield Municipal Tr | 股票-其他 | 2.81% | -2.84% | EXIT | |
| 8 | TRC | Tejon Ranch Co | 股票-其他 | 2.78% | -0.10% | +0.13% | |
| 9 | RWAY | Runway Growth Finance CORP | 股票-其他 | 2.39% | -0.59% | +15.33% | |
| 10 | XCXHX | Mfs Investment Grade Muni | 股票-其他 | 2.13% | -2.13% | EXIT | |
| 11 | LEO | Bny Mellon Strategic Muni | 股票-其他 | 2.10% | -0.08% | +104.17% | |
| 12 | TPL | Texas Pacific Land CORP | 股票-能源 | 2.03% | -0.23% | +226.80% | |
| 13 | OTF | Blue Owl Technology Finance | 股票-其他 | 1.99% | -0.08% | +58.05% | |
| 14 | XGDVX | Gabelli Dividend & Income Tr | 股票-其他 | 1.86% | +0.13% | -0.07% | |
| 15 | FSK | Fs Kkr Capital CORP | 股票-金融 | 1.60% | -1.16% | EXIT | |
| 16 | CNNE | Cannae Holdings Inc | 股票-其他 | 1.60% | -0.27% | -13.72% | |
| 17 | OXLC | Oxford Lane Capital CORP | 股票-其他 | 1.58% | — | +8.52% | |
| 18 | ✓ | Roman Dbdr Acquisition CORP | 股票-其他 | 1.58% | — | -0.72% | |
| 19 | CCAP | Crescent Capital Bdc Inc | 股票-其他 | 1.43% | -0.20% | +4.57% | |
| 20 | ALX | Alexander's Inc | 股票-其他 | 1.36% | +0.21% | +24.44% | |
| 21 | MRCC | Monroe Capital CORP | 股票-其他 | 1.35% | -1.00% | EXIT | |
| 22 | VLGEA | Village Super Market-class A | 股票-其他 | 1.34% | -0.04% | +12.54% | |
| 23 | GF | New Germany Fund Inc/the | 股票-其他 | 1.27% | +0.12% | +1.99% | |
| 24 | IHD | Voya Emrg Mrkt Hi Dvd Eqty | 股票-其他 | 1.26% | +0.04% | +55.12% | |
| 25 | BCIC | Bcp Investment CORP | 股票-其他 | 1.00% | -0.03% | -17.74% | |
| 26 | DMB | Bny Mellon Muni Bnd Infra | 股票-其他 | 0.98% | -0.26% | +20.58% | |
| 27 | SIMA | SIM Acquisition Corp. I | 股票-其他 | 0.98% | -0.48% | EXIT | |
| 28 | CB | Chubb Limited | 股票-金融 | 0.97% | +0.54% | +75.00% | |
| 29 | ✓ | Jackson Acquisition Co Ii | 股票-其他 | 0.95% | -0.52% | -0.66% | |
| 30 | HEQ | John Hancock Divers Inc Fund | 股票-其他 | 0.91% | +0.03% | — | |
| 31 | ALFUW | Centurion Acquisition Corp. | 股票-其他 | 0.84% | — | -1.05% | |
| 32 | BPRE | Bluerock Private Real Estate | 股票-金融 | 0.81% | -0.11% | — | |
| 33 | IIF | Morgan Stanley India Invest | 股票-其他 | 0.80% | — | -37.22% | |
| 34 | CUBWW | Lionheart Holdings | 股票-其他 | 0.78% | — | -30.59% | |
| 35 | GDL | Gdl Fund | 股票-其他 | 0.77% | -0.01% | — | |
| 36 | ✓ | Oyster Enterprises Ii Acquis Ord Sh | 股票-其他 | 0.73% | -0.01% | +52.32% | |
| 37 | GLO | Clough Global Opportunities | 股票-其他 | 0.72% | +0.41% | +28.75% | |
| 38 | ✓ | 股票-其他 | 0.71% | -0.01% | -2.13% | ||
| 39 | ECF | Ellsworth Growth And Income | 股票-其他 | 0.69% | +0.09% | -14.28% | |
| 40 | IAE | Voya Asia Pac Hi Dvd Eq Inc | 股票-其他 | 0.69% | +0.16% | +4.64% | |
| 41 | ✓ | Bain Cap Gss Invt CORP | 股票-其他 | 0.67% | -0.01% | — | |
| 42 | ✓ | Blue Acquisition CORP. | 股票-其他 | 0.66% | — | -4.98% | |
| 43 | OBDC | Blue Owl Capital CORP | 股票-金融 | 0.66% | -0.13% | — | |
| 44 | BBDC | Barings Bdc Inc | 股票-其他 | 0.65% | +0.01% | +370.63% | |
| 45 | ✓ | Meshflow Acquisition CORP | 股票-其他 | 0.64% | -0.57% | EXIT | |
| 46 | ✓ | 股票-其他 | 0.61% | — | +100.00% | ||
| 47 | ✓ | Daedalus Spl Acquisition Cor | 股票-其他 | 0.60% | -0.64% | EXIT | |
| 48 | ✓ | 股票-其他 | 0.58% | -0.02% | +160.96% | ||
| 49 | ✓ | 股票-其他 | 0.57% | +0.41% | -0.69% | ||
| 50 | EAF | GrafTech International Ltd. | 股票-其他 | 0.55% | -0.24% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | LEO | Bny Mellon Strategic Muni | +1.1% | +104.17% | 加碼 |
| 2 | DSM | Bnym Strat Muni Bnd | +1% | +26.05% | 加碼 |
| 3 | FSK | Fs Kkr Capital CORP | +0.8% | +101.71% | 加碼 |
| 4 | OTF | Blue Owl Technology Finance | +0.7% | +58.05% | 加碼 |
| 5 | BBDC | Barings Bdc Inc | +0.5% | +370.63% | 加碼 |
| 6 | CB | Chubb Limited | +0.5% | +75.00% | 加碼 |
| 7 | STEW | Srh Total Return Fund Inc | +0.4% | +11.30% | 加碼 |
| 8 | IHD | Voya Emrg Mrkt Hi Dvd Eqty | +0.4% | +55.12% | 加碼 |
| 9 | XCMUX | Mfs High Yield Municipal Tr | +0.4% | +19.99% | 加碼 |
| 10 | XCXHX | Mfs Investment Grade Muni | +0.4% | +22.52% | 加碼 |
| 11 | ✓ | +0.4% | +160.96% | 加碼 | |
| 12 | NWFL | Norwood Financial CORP | +0.4% | +587.44% | 加碼 |
| 13 | ✓ | Eqv Ventures Ac CORP. Ii | +0.3% | +902.84% | 加碼 |
| 14 | ✓ | +0.3% | +212.23% | 加碼 | |
| 15 | MRCC | Monroe Capital CORP | +0.3% | +46.66% | 加碼 |
| 16 | ✓ | +0.3% | +100.00% | 加碼 | |
| 17 | ✓ | Oyster Enterprises Ii Acquis Ord Sh | +0.2% | +52.32% | 加碼 |
| 18 | ✓ | Vendome Acquisition CORP I C | +0.2% | +88.11% | 加碼 |
| 19 | DMB | Bny Mellon Muni Bnd Infra | +0.2% | +20.58% | 加碼 |
| 20 | ALX | Alexander's Inc | +0.1% | +24.44% | 加碼 |
| 21 | GLO | Clough Global Opportunities | +0.1% | +28.75% | 加碼 |
| 22 | SWZ | Total Return Securities Fund | +0.1% | +51.45% | 加碼 |
| 23 | VLGEA | Village Super Market-class A | 0% | +12.54% | 加碼 |
| 24 | PBBK | Pb Bankshares Inc | 0% | — | 不變 |
| 25 | ✓ | Indigo Acquisition CORP | 0% | +9.11% | 加碼 |
| 26 | ✓ | 0% | +59.89% | 加碼 | |
| 27 | JOF | Japan Smaller Capitalization | 0% | -0.23% | 減碼 |
| 28 | NXDT | Nexpoint Diversified Real Es | 0% | +5.14% | 加碼 |
| 29 | ✓ | Dynamix CORP | 0% | +100.00% | 加碼 |
| 30 | ✓ | D. Boral Arc Acq I CORP. | 0% | +100.00% | 加碼 |
| 31 | ✓ | Range Cap Acquisition CORP | 0% | -1.63% | 減碼 |
| 32 | ✓ | 0% | +88.11% | 加碼 | |
| 33 | ✓ | Lightwave Acquisition CORP | 0% | +160.96% | 加碼 |
| 34 | MXE | Mexico Equity And Income Fd | — | — | 不變 |
| 35 | ✓ | Oyster Enterprises Ii Acquis | — | +56.17% | 加碼 |
| 36 | ✓ | Lionheart Holdings | — | -1.48% | 減碼 |
| 37 | ✓ | Flag Ship Acquisition CORP | — | — | 不變 |
| 38 | ✓ | — | -0.80% | 減碼 | |
| 39 | ✓ | Championsgate Acquisition Co | — | — | 不變 |
| 40 | ✓ | Graf Global CORP | — | -1.20% | 減碼 |
| 41 | ✓ | Cayson Acquisition CORP | — | — | 不變 |
| 42 | ✓ | Inflection Point Acquisition | — | -35.85% | 減碼 |
| 43 | ✓ | Andretti Acquisition CORP Ii | — | -1.26% | 減碼 |
| 44 | ✓ | Cal Redwood Acquisition CORP | — | — | 不變 |
| 45 | CCAP | Crescent Capital Bdc Inc | 0% | +4.57% | 加碼 |
| 46 | IAE | Voya Asia Pac Hi Dvd Eq Inc | 0% | +4.64% | 加碼 |
| 47 | ICMB | Investcorp Credit Management | 0% | +6.02% | 加碼 |
| 48 | ✓ | 0% | -14.76% | 減碼 | |
| 49 | ✓ | Aa Mission Acquisition CORP | 0% | -95.55% | 減碼 |
| 50 | ✓ | Sim Acquisition CORP. I | 0% | -0.24% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Bulldog Investors, LLP 在 Q4 2025 季度的美股持倉總市值約為 US$4.5億，共申報了 221 個公開持股部位。
在 Q4 2025 季度，Bulldog Investors, LLP 按市值排列的前三大核心持股分別為：STEW (5.1%)、DSM (4.5%)、CET (4.4%)。其中最大持股部位 STEW 佔據整體投資組合約 5.1% 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
HEQ
市值: US$410.4萬
本季最大獲利了結 / 清倉標的
XENWX
前期市值: US$477.2萬
在 Q4 2025 季度中，Bulldog Investors, LLP 共進行了 182 項持倉異動，包含新建倉 56 個部位、加碼 41 個部位、減碼 50 個部位以及清倉 35 個部位。 其中最大新建倉標的為 HEQ。 本季清倉部位包含 XENWX。
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。