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: 0000919079
申報總市值
US$1773.8億
US$1773.8億
1118 檔
20.1%
在 Q1 2025 申報期間，California Public Employees Retirement System（CIK: 0000919079）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$1773.8億，共持有 1118 個公開申報部位。
從 Q1 2025 申報觀察，California Public Employees Retirement System 採取防禦導向的調倉策略，本季減碼 142 檔個股並出清 4 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，California Public Employees Retirement System 的前 5 大核心持股（包含 VOO, AAPL, MSFT 等）合計佔整體申報市值的 20.1%，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 1118 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 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 7.88% | -0.48% | +28.53% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 5.38% | -1.05% | -12.93% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.02% | -1.67% | -0.50% | |
| 4 | NVDA | Nvidia CORP | 股票-科技 | 4.43% | -2.13% | -2.02% | |
| 5 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.22% | -0.40% | +11.73% | |
| 6 | AMZN | Amazon.com Inc | 股票-循環性消費 | 2.13% | -0.28% | -1.66% | |
| 7 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.78% | -0.10% | -2.04% | |
| 8 | AVGO | Broadcom Inc | 股票-科技 | 1.52% | +0.13% | +3.31% | |
| 9 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.43% | -0.16% | +1.51% | |
| 10 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.24% | +0.04% | +2.22% | |
| 11 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.02% | -0.10% | -4.86% | |
| 12 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.01% | -0.19% | +0.33% | |
| 13 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.00% | -0.06% | -7.15% | |
| 14 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.97% | — | -2.50% | |
| 15 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.93% | +0.09% | -1.58% | |
| 16 | V | Visa Inc-class A Shares | 股票-金融 | 0.91% | — | +6.72% | |
| 17 | TSLA | Tesla Inc | 股票-循環性消費 | 0.85% | +0.14% | -1.26% | |
| 18 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.83% | -0.01% | +14.31% | |
| 19 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.82% | -0.05% | -27.16% | |
| 20 | WMT | Walmart Inc | 股票-非循環性消費 | 0.76% | -0.01% | -10.78% | |
| 21 | MCD | Mcdonald's CORP | 股票-循環性消費 | 0.75% | -0.19% | +16.69% | |
| 22 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.75% | -0.10% | +1.20% | |
| 23 | IBM | Intl Business Machines CORP | 股票-科技 | 0.74% | -0.10% | -8.18% | |
| 24 | HD | Home Depot Inc | 股票-循環性消費 | 0.73% | -0.06% | +14.90% | |
| 25 | MA | Mastercard Inc - A | 股票-金融 | 0.73% | +0.03% | -2.76% | |
| 26 | XOM | Exxon Mobil CORP | 股票-能源 | 0.67% | -0.21% | -6.58% | |
| 27 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.60% | -0.07% | +2.51% | |
| 28 | CSCO | Cisco Systems Inc | 股票-科技 | 0.58% | -0.11% | -9.35% | |
| 29 | VZ | Verizon Communications Inc | 股票-通訊服務 | 0.55% | -0.16% | +16.38% | |
| 30 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.54% | -0.17% | +53.76% | |
| 31 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.52% | -0.16% | -2.16% | |
| 32 | AMGN | Amgen Inc | 股票-醫療保健 | 0.50% | -0.12% | +4.69% | |
| 33 | PGR | Progressive CORP | 股票-金融 | 0.48% | — | -1.99% | |
| 34 | BAC | Bank Of America CORP | 股票-金融 | 0.48% | -0.03% | -1.04% | |
| 35 | NFLX | Netflix Inc | 股票-通訊服務 | 0.48% | -0.14% | -0.60% | |
| 36 | TXN | Texas Instruments Inc | 股票-科技 | 0.48% | +0.06% | -18.09% | |
| 37 | T | At&t Inc | 股票-通訊服務 | 0.44% | -0.10% | -12.02% | |
| 38 | NEE | Nextera Energy Inc | 股票-公用事業 | 0.40% | -0.05% | +3.13% | |
| 39 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.40% | -0.11% | -2.62% | |
| 40 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 0.39% | -0.03% | -1.95% | |
| 41 | MRSH | Marsh & Mclennan Cos | 股票-金融 | 0.37% | -0.04% | -2.98% | |
| 42 | GILD | Gilead Sciences Inc | 股票-醫療保健 | 0.37% | -0.11% | -22.99% | |
| 43 | ACN | Accenture plc | 股票-科技 | 0.35% | -0.02% | -11.23% | |
| 44 | FISV | Fiserv Inc | 股票-其他 | 0.35% | -0.01% | +1.92% | |
| 45 | ADP | Automatic Data Processing | 股票-科技 | 0.35% | -0.04% | -6.96% | |
| 46 | INTU | Intuit Inc | 股票-科技 | 0.34% | -0.08% | +5.54% | |
| 47 | CRM | Salesforce Inc | 股票-科技 | 0.33% | -0.11% | -16.58% | |
| 48 | QCOM | Qualcomm Inc | 股票-科技 | 0.33% | -0.02% | -11.73% | |
| 49 | WFC | Wells Fargo & Co | 股票-金融 | 0.33% | -0.01% | -6.21% | |
| 50 | LIN | Linde plc | 股票-原物料 | 0.33% | -0.01% | +3.56% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | +1.7% | +28.53% | 加碼 |
| 2 | BRK-B | Berkshire Hathaway Inc-cl B | +0.3% | -2.04% | 減碼 |
| 3 | META | Meta Platforms Inc-class A | +0.3% | +11.73% | 加碼 |
| 4 | ABT | Abbott Laboratories | +0.3% | +53.76% | 加碼 |
| 5 | ABBV | Abbvie Inc | +0.2% | +14.31% | 加碼 |
| 6 | MCD | Mcdonald's CORP | +0.2% | +16.69% | 加碼 |
| 7 | V | Visa Inc-class A Shares | +0.2% | +6.72% | 加碼 |
| 8 | JNJ | Johnson & Johnson | +0.2% | +0.33% | 加碼 |
| 9 | VZ | Verizon Communications Inc | +0.2% | +16.38% | 加碼 |
| 10 | SYK | Stryker CORP | +0.1% | +51.71% | 加碼 |
| 11 | AMGN | Amgen Inc | +0.1% | +4.69% | 加碼 |
| 12 | KO | Coca-cola Co/the | +0.1% | +2.51% | 加碼 |
| 13 | KLAC | Kla CORP | +0.1% | +53.45% | 加碼 |
| 14 | PGR | Progressive CORP | +0.1% | -1.99% | 減碼 |
| 15 | TMUS | T-mobile US Inc | +0.1% | -2.62% | 減碼 |
| 16 | HD | Home Depot Inc | +0.1% | +14.90% | 加碼 |
| 17 | DE | Deere & Co | +0.1% | +15.09% | 加碼 |
| 18 | DASH | Doordash Inc - A | +0.1% | +30.22% | 加碼 |
| 19 | COP | Conocophillips | +0.1% | +27.63% | 加碼 |
| 20 | CB | Chubb Limited | +0.1% | +10.32% | 加碼 |
| 21 | BRK-A | Berkshire Hathaway Inc-cl A | +0.1% | -1.95% | 減碼 |
| 22 | WELL | Welltower Inc | +0.1% | +10.29% | 加碼 |
| 23 | RTX | Rtx CORP | +0.1% | +2.87% | 加碼 |
| 24 | LIN | Linde plc | +0.1% | +3.56% | 加碼 |
| 25 | T | At&t Inc | +0.1% | -12.02% | 減碼 |
| 26 | IBM | Intl Business Machines CORP | +0.1% | -8.18% | 減碼 |
| 27 | UNH | Unitedhealth Group Inc | +0.1% | -1.58% | 減碼 |
| 28 | MAR | Marriott International -cl A | +0.1% | +95.16% | 加碼 |
| 29 | UBER | Uber Technologies Inc | +0.1% | +9.97% | 加碼 |
| 30 | EOG | Eog Resources Inc | +0.1% | +31.94% | 加碼 |
| 31 | GE | General Electric | +0.1% | -1.14% | 減碼 |
| 32 | AJG | Arthur J Gallagher & Co | +0.1% | -1.83% | 減碼 |
| 33 | MRSH | Marsh & Mclennan Cos | +0.1% | -2.98% | 減碼 |
| 34 | MCK | Mckesson CORP | +0.1% | -3.50% | 減碼 |
| 35 | ICE | Intercontinental Exchange In | +0.1% | -1.45% | 減碼 |
| 36 | CVX | Chevron CORP | +0.1% | -3.89% | 減碼 |
| 37 | XOM | Exxon Mobil CORP | +0.1% | -6.58% | 減碼 |
| 38 | SHW | Sherwin-williams Co/the | 0% | +42.47% | 加碼 |
| 39 | CTSH | Cognizant Tech Solutions-a | 0% | +30.67% | 加碼 |
| 40 | ORLY | O'reilly Automotive Inc | 0% | -3.04% | 減碼 |
| 41 | LRCX | Lam Research CORP | 0% | +28.63% | 加碼 |
| 42 | FISV | Fiserv Inc | 0% | +1.92% | 加碼 |
| 43 | CME | Cme Group Inc | 0% | -2.56% | 減碼 |
| 44 | REGN | Regeneron Pharmaceuticals | 0% | +30.25% | 加碼 |
| 45 | DUK | Duke Energy CORP | 0% | -2.14% | 減碼 |
| 46 | VTR | Ventas Inc | 0% | +38.03% | 加碼 |
| 47 | SO | Southern Co/the | 0% | -1.79% | 減碼 |
| 48 | AZO | Autozone Inc | 0% | -3.10% | 減碼 |
| 49 | NFLX | Netflix Inc | 0% | -0.60% | 減碼 |
| 50 | WM | Waste Management Inc | 0% | -2.46% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，California Public Employees Retirement System 在 Q1 2025 季度的美股持倉總市值約為 US$1773.8億，共申報了 1118 個公開持股部位。
在 Q1 2025 季度，California Public Employees Retirement System 按市值排列的前三大核心持股分別為：VOO (7.9%)、AAPL (5.4%)、MSFT (5.0%)。其中最大持股部位 VOO 佔據整體投資組合約 7.9% 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
CRH
市值: US$9986.6萬
本季最大獲利了結 / 清倉標的
SMARGBP
前期市值: US$3419.4萬
在 Q1 2025 季度中，California Public Employees Retirement System 共進行了 200 項持倉異動，包含新建倉 3 個部位、加碼 51 個部位、減碼 142 個部位以及清倉 4 個部位。 其中最大新建倉標的為 CRH。 本季清倉部位包含 SMARGBP。
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。