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
1086 檔
33.2%
在 Q4 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 1086 個公開申報部位。
從 Q4 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 126 檔個股並出清 2 檔部位，顯示機構在該時期進行風險控制與流動性回收。
從部位權重觀察，前 5 大標的（包含 VOO, NVDA, MSFT）累計市值佔比達 33.2%，是驅動 California Public Employees Retirement System 該季度整體投資組合績效表現的核心支柱。
僅顯示前 200 大持股（共 1086 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 | 11.33% | -0.48% | +21.68% | |
| 2 | NVDA | Nvidia CORP | 股票-科技 | 8.14% | -2.13% | +15.61% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.84% | -1.67% | +8.92% | |
| 4 | AAPL | Apple Inc | 股票-科技 | 5.65% | -1.05% | +3.06% | |
| 5 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.75% | -0.16% | +9.22% | |
| 6 | AVGO | Broadcom Inc | 股票-科技 | 2.69% | +0.13% | +17.39% | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 2.65% | -0.28% | +4.16% | |
| 8 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.21% | +0.04% | +8.86% | |
| 9 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.20% | -0.40% | -1.70% | |
| 10 | TSLA | Tesla Inc | 股票-循環性消費 | 1.35% | +0.14% | +0.36% | |
| 11 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.25% | -0.10% | +2.20% | |
| 12 | JPHY | Jpmorgan Active H Yield ETF | ETF-其他 | 1.15% | -0.10% | — | |
| 13 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.14% | -0.06% | -3.74% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.97% | -0.10% | -6.66% | |
| 15 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.88% | -0.19% | -3.13% | |
| 16 | V | Visa Inc-class A Shares | 股票-金融 | 0.67% | — | -6.17% | |
| 17 | BAC | Bank Of America CORP | 股票-金融 | 0.62% | -0.03% | +1.73% | |
| 18 | MA | Mastercard Inc - A | 股票-金融 | 0.60% | +0.03% | -1.64% | |
| 19 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.55% | -0.01% | -15.35% | |
| 20 | WMT | Walmart Inc | 股票-非循環性消費 | 0.55% | -0.01% | -9.03% | |
| 21 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.55% | -0.05% | -4.35% | |
| 22 | XOM | Exxon Mobil CORP | 股票-能源 | 0.55% | -0.21% | -3.92% | |
| 23 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.52% | -0.16% | +13.24% | |
| 24 | CSCO | Cisco Systems Inc | 股票-科技 | 0.51% | -0.11% | -7.06% | |
| 25 | IBM | Intl Business Machines CORP | 股票-科技 | 0.49% | -0.10% | -13.18% | |
| 26 | HD | Home Depot Inc | 股票-循環性消費 | 0.48% | -0.06% | +15.37% | |
| 27 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.46% | +0.09% | -0.20% | |
| 28 | NFLX | Netflix Inc | 股票-通訊服務 | 0.44% | -0.14% | +956.46% | |
| 29 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.44% | -0.10% | +27.96% | |
| 30 | CRM | Salesforce Inc | 股票-科技 | 0.44% | -0.11% | +15.50% | |
| 31 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.43% | — | -3.12% | |
| 32 | KLAC | Kla CORP | 股票-科技 | 0.42% | +0.46% | +1.43% | |
| 33 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.42% | -0.04% | +9.67% | |
| 34 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.40% | -0.07% | -1.04% | |
| 35 | VZ | Verizon Communications Inc | 股票-通訊服務 | 0.40% | -0.16% | -2.84% | |
| 36 | AMGN | Amgen Inc | 股票-醫療保健 | 0.39% | -0.12% | -0.22% | |
| 37 | MCD | Mcdonald's CORP | 股票-循環性消費 | 0.38% | -0.19% | +1.90% | |
| 38 | LRCX | Lam Research CORP | 股票-科技 | 0.38% | +0.12% | -13.86% | |
| 39 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.37% | -0.17% | +29.74% | |
| 40 | ORCL | Oracle CORP | 股票-科技 | 0.36% | -0.04% | +7.79% | |
| 41 | GE | General Electric | 股票-工業 | 0.36% | +0.06% | -10.49% | |
| 42 | AMD | Advanced Micro Devices | 股票-科技 | 0.36% | +0.66% | +0.93% | |
| 43 | MU | Micron Technology Inc | 股票-科技 | 0.36% | +0.99% | -27.89% | |
| 44 | WFC | Wells Fargo & Co | 股票-金融 | 0.35% | -0.01% | -1.33% | |
| 45 | APH | Amphenol Corp-cl A | 股票-科技 | 0.32% | +0.01% | +4.24% | |
| 46 | INTU | Intuit Inc | 股票-科技 | 0.31% | -0.08% | +4.70% | |
| 47 | RTX | Rtx CORP | 股票-工業 | 0.31% | -0.06% | -38.44% | |
| 48 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.30% | +0.02% | +2.74% | |
| 49 | AMAT | Applied Materials Inc | 股票-科技 | 0.30% | +0.48% | +25.82% | |
| 50 | T | At&t Inc | 股票-通訊服務 | 0.30% | -0.10% | -14.24% |
| # | 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 | +1.8% | +21.68% | 加碼 |
| 2 | NVDA | Nvidia CORP | +0.8% | +15.61% | 加碼 |
| 3 | GOOGL | Alphabet Inc-cl A | +0.7% | +9.22% | 加碼 |
| 4 | GOOG | Alphabet Inc-cl C | +0.6% | +8.86% | 加碼 |
| 5 | AVGO | Broadcom Inc | +0.4% | +17.39% | 加碼 |
| 6 | AAPL | Apple Inc | +0.3% | +3.06% | 加碼 |
| 7 | LLY | Eli Lilly & Co | +0.3% | -3.74% | 減碼 |
| 8 | MRK | Merck & Co. Inc. | +0.1% | +13.24% | 加碼 |
| 9 | AMZN | Amazon.com Inc | +0.1% | +4.16% | 加碼 |
| 10 | ISRG | Intuitive Surgical Inc | +0.1% | +42.73% | 加碼 |
| 11 | AMAT | Applied Materials Inc | +0.1% | +25.82% | 加碼 |
| 12 | PEP | Pepsico Inc | +0.1% | +27.96% | 加碼 |
| 13 | CRM | Salesforce Inc | +0.1% | +15.50% | 加碼 |
| 14 | AMD | Advanced Micro Devices | +0.1% | +0.93% | 加碼 |
| 15 | PCAR | Paccar Inc | +0.1% | +93.15% | 加碼 |
| 16 | MU | Micron Technology Inc | +0.1% | -27.89% | 減碼 |
| 17 | PLD | Prologis Inc | +0.1% | +37.87% | 加碼 |
| 18 | ABT | Abbott Laboratories | +0.1% | +29.74% | 加碼 |
| 19 | TRV | Travelers Cos Inc/the | +0.1% | +33.46% | 加碼 |
| 20 | AMGN | Amgen Inc | 0% | -0.22% | 減碼 |
| 21 | SBUX | Starbucks CORP | 0% | +39.18% | 加碼 |
| 22 | USB | US Bancorp | 0% | +40.38% | 加碼 |
| 23 | MAR | Marriott International -cl A | 0% | +40.95% | 加碼 |
| 24 | WDC | Western Digital CORP | 0% | +37.28% | 加碼 |
| 25 | JNJ | Johnson & Johnson | 0% | -3.13% | 減碼 |
| 26 | KLAC | Kla CORP | 0% | +1.43% | 加碼 |
| 27 | CAT | Caterpillar Inc | 0% | -2.67% | 減碼 |
| 28 | APH | Amphenol Corp-cl A | 0% | +4.24% | 加碼 |
| 29 | SNDK | Sandisk CORP | 0% | +68.56% | 加碼 |
| 30 | LOW | Lowe's Cos Inc | 0% | +22.57% | 加碼 |
| 31 | SCHW | Schwab (charles) CORP | 0% | +12.92% | 加碼 |
| 32 | TTD | Trade Desk Inc/the -class A | 0% | +149.48% | 加碼 |
| 33 | ODFL | Old Dominion Freight Line | 0% | +42.68% | 加碼 |
| 34 | TAP | Molson Coors Beverage Co - B | 0% | +142.56% | 加碼 |
| 35 | BAC | Bank Of America CORP | 0% | +1.73% | 加碼 |
| 36 | C | Citigroup Inc | 0% | +2.63% | 加碼 |
| 37 | GS | Goldman Sachs Group Inc | 0% | +2.74% | 加碼 |
| 38 | LRCX | Lam Research CORP | 0% | -13.86% | 減碼 |
| 39 | TMO | Thermo Fisher Scientific Inc | 0% | -3.81% | 減碼 |
| 40 | RF | Regions Financial CORP | 0% | +115.89% | 加碼 |
| 41 | HWM | Howmet Aerospace Inc | 0% | +28.45% | 加碼 |
| 42 | MS | Morgan Stanley | 0% | +3.38% | 加碼 |
| 43 | EXC | Exelon CORP | 0% | +26.05% | 加碼 |
| 44 | REGN | Regeneron Pharmaceuticals | 0% | -1.00% | 減碼 |
| 45 | CL | Colgate-palmolive Co | 0% | +21.08% | 加碼 |
| 46 | WBD | Warner Bros Discovery Inc | 0% | +1.44% | 加碼 |
| 47 | NEM | Newmont CORP | 0% | +0.34% | 加碼 |
| 48 | FDX | Fedex CORP | 0% | +5.30% | 加碼 |
| 49 | ON | On Semiconductor | 0% | +20.98% | 加碼 |
| 50 | SWKS | Skyworks Solutions Inc | 0% | +126.85% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，California Public Employees Retirement System 在 Q4 2025 季度的美股持倉總市值約為 US$1773.8億，共申報了 1086 個公開持股部位。
在 Q4 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 (11.3%)、NVDA (8.1%)、MSFT (5.8%)。其中最大持股部位 VOO 佔據整體投資組合約 11.3% 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
Q
市值: US$2927.7萬
本季最大獲利了結 / 清倉標的
07WA
前期市值: US$7903.0萬
在 Q4 2025 季度中，California Public Employees Retirement System 共進行了 200 項持倉異動，包含新建倉 1 個部位、加碼 71 個部位、減碼 126 個部位以及清倉 2 個部位。 其中最大新建倉標的為 Q。 本季清倉部位包含 07WA。
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。