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: 0001395055
申報總市值
US$13.3億
US$13.3億
168 檔
22.1%
根據最新整理的 13F 季度數據集，Callahan Advisors, LLC 於 Q3 2025 結束時的管理資產規模為 US$13.3億。該機構在本季度申報了 168 檔美股持倉，呈現出該時期的主要投資地圖。
Callahan Advisors, LLC 在 Q3 2025 進行了結構性的板塊輪動與部位換股。在開立 1 個全新部位及加碼 25 檔持股的同時，亦同步清倉 2 檔並減碼 22 檔標的。
檢視投資組合結構，前 5 大主力部位（包含 META, GOOG, MSFT）占據了總市值的 22.1%，展現出該機構在 Q3 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 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 6.35% | -0.48% | -0.47% | |
| 2 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 5.67% | +0.39% | +0.69% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.49% | -0.34% | +0.06% | |
| 4 | AMZN | Amazon.com Inc | 股票-循環性消費 | 4.18% | +0.18% | +1.18% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 3.16% | +0.11% | -2.77% | |
| 6 | BN | Brookfield CORP | 股票-金融 | 2.77% | -0.10% | -1.01% | |
| 7 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.62% | -0.01% | -1.21% | |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 2.51% | -0.09% | +0.89% | |
| 9 | NVDA | Nvidia CORP | 股票-科技 | 2.49% | +0.20% | +5.42% | |
| 10 | CB | Chubb Limited | 股票-金融 | 2.29% | -0.10% | +2.05% | |
| 11 | CAT | Caterpillar Inc | 股票-工業 | 2.20% | +0.55% | -1.41% | |
| 12 | NEE | Nextera Energy Inc | 股票-公用事業 | 2.09% | -0.43% | +8.66% | |
| 13 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 2.08% | +0.05% | +1.95% | |
| 14 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.95% | -0.19% | +0.19% | |
| 15 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.65% | -0.21% | +5.67% | |
| 16 | EQT | Eqt CORP | 股票-能源 | 1.60% | -0.43% | +10.59% | |
| 17 | PFE | Pfizer Inc | 股票-醫療保健 | 1.54% | -0.46% | +6.48% | |
| 18 | SYK | Stryker CORP | 股票-醫療保健 | 1.54% | +0.07% | -0.58% | |
| 19 | MA | Mastercard Inc - A | 股票-金融 | 1.50% | -0.02% | +8.66% | |
| 20 | MCD | Mcdonald's CORP | 股票-循環性消費 | 1.50% | -0.23% | -0.23% | |
| 21 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.46% | +0.31% | +3.03% | |
| 22 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.39% | -0.08% | +0.70% | |
| 23 | FDX | Fedex CORP | 股票-工業 | 1.32% | -0.41% | -2.99% | |
| 24 | WMT | Walmart Inc | 股票-非循環性消費 | 1.32% | -0.27% | -3.23% | |
| 25 | AMAT | Applied Materials Inc | 股票-科技 | 1.31% | +1.43% | -1.54% | |
| 26 | XOM | Exxon Mobil CORP | 股票-能源 | 1.30% | -0.55% | -4.23% | |
| 27 | LOW | Lowe's Cos Inc | 股票-循環性消費 | 1.28% | -0.19% | -0.97% | |
| 28 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.21% | +0.42% | +4.02% | |
| 29 | CVX | Chevron CORP | 股票-能源 | 1.14% | -0.39% | -2.02% | |
| 30 | ASML | ASML Holding N.V. | 股票-科技 | 1.06% | +0.64% | +8.21% | |
| 31 | STE | STERIS plc | 股票-醫療保健 | 1.03% | -0.11% | +2.09% | |
| 32 | FTNT | Fortinet Inc | 股票-科技 | 0.98% | +0.62% | +1.89% | |
| 33 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.97% | -0.12% | +0.95% | |
| 34 | URI | United Rentals Inc | 股票-工業 | 0.92% | +0.26% | -2.49% | |
| 35 | EXP | Eagle Materials Inc | 股票-原物料 | 0.89% | +0.05% | +0.82% | |
| 36 | CTVA | Corteva Inc | 股票-原物料 | 0.86% | -0.28% | -0.32% | |
| 37 | ADBE | Adobe Inc | 股票-科技 | 0.83% | -0.11% | +19.17% | |
| 38 | ETN | Eaton Corporation plc | 股票-工業 | 0.83% | +0.06% | +9.92% | |
| 39 | CRM | Salesforce Inc | 股票-科技 | 0.81% | -0.15% | +22.13% | |
| 40 | KMI | Kinder Morgan, Inc. | 股票-能源 | 0.81% | -0.14% | -6.41% | |
| 41 | DY | Dycom Industries Inc | 股票-工業 | 0.81% | +0.27% | -6.57% | |
| 42 | PAYX | Paychex Inc | 股票-科技 | 0.80% | +0.13% | -0.72% | |
| 43 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.75% | +0.60% | +23.58% | |
| 44 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 0.73% | -0.08% | +3.77% | |
| 45 | WELL | Welltower Inc | 股票-房地產 | 0.69% | +0.02% | +3.15% | |
| 46 | CNI | Canadian Natl Railway Co | 股票-工業 | 0.62% | — | -26.91% | |
| 47 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 0.61% | — | -6.42% | |
| 48 | T | At&t Inc | 股票-通訊服務 | 0.59% | -0.18% | -12.72% | |
| 49 | CAH | Cardinal Health Inc | 股票-醫療保健 | 0.58% | -0.06% | -9.06% | |
| 50 | CTAS | Cintas CORP | 股票-工業 | 0.57% | -0.04% | -0.94% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +1.7% | +0.69% | 加碼 |
| 2 | NVDA | Nvidia CORP | +1.2% | +5.42% | 加碼 |
| 3 | MSFT | Microsoft CORP | +1% | +0.06% | 加碼 |
| 4 | META | Meta Platforms Inc-class A | +0.7% | -0.47% | 減碼 |
| 5 | TSM | Taiwan Semiconductor-sp Adr | +0.6% | +23.58% | 加碼 |
| 6 | NEE | Nextera Energy Inc | +0.5% | +8.66% | 加碼 |
| 7 | CAT | Caterpillar Inc | +0.5% | -1.41% | 減碼 |
| 8 | ASML | ASML Holding N.V. | +0.4% | +8.21% | 加碼 |
| 9 | BN | Brookfield CORP | +0.4% | -1.01% | 加碼 |
| 10 | CVS | Cvs Health CORP | +0.4% | +15.86% | 加碼 |
| 11 | ETN | Eaton Corporation plc | +0.3% | +9.92% | 加碼 |
| 12 | DY | Dycom Industries Inc | +0.3% | -6.57% | 減碼 |
| 13 | JPM | Jpmorgan Chase & Co | +0.3% | -1.21% | 減碼 |
| 14 | AMZN | Amazon.com Inc | +0.3% | +1.18% | 加碼 |
| 15 | AMAT | Applied Materials Inc | +0.3% | -1.54% | 減碼 |
| 16 | URI | United Rentals Inc | +0.2% | -2.49% | 減碼 |
| 17 | BKNG | Booking Holdings Inc | +0.2% | +1.95% | 加碼 |
| 18 | PFE | Pfizer Inc | +0.2% | +6.48% | 加碼 |
| 19 | GOOGL | Alphabet Inc-cl A | +0.2% | -6.42% | 減碼 |
| 20 | STE | STERIS plc | +0.1% | +2.09% | 加碼 |
| 21 | MA | Mastercard Inc - A | +0.1% | +8.66% | 加碼 |
| 22 | NTRS | Northern Trust CORP | +0.1% | +5.94% | 加碼 |
| 23 | ADBE | Adobe Inc | +0.1% | +19.17% | 加碼 |
| 24 | IQV | Iqvia Holdings Inc | +0.1% | +3.77% | 加碼 |
| 25 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.1% | +92.96% | 加碼 |
| 26 | WELL | Welltower Inc | +0.1% | +3.15% | 加碼 |
| 27 | CTVA | Corteva Inc | 0% | -0.32% | 加碼 |
| 28 | EQT | Eqt CORP | 0% | +10.59% | 加碼 |
| 29 | JNJ | Johnson & Johnson | 0% | +0.19% | 減碼 |
| 30 | DHI | Dr Horton Inc | -0.1% | +3.63% | 減碼 |
| 31 | NKE | Nike Inc -cl B | -0.1% | -13.33% | 減碼 |
| 32 | SBUX | Starbucks CORP | -0.2% | -38.22% | 減碼 |
| 33 | T | At&t Inc | -0.2% | -12.72% | 減碼 |
| 34 | FTNT | Fortinet Inc | -0.3% | +1.89% | 加碼 |
| 35 | MCD | Mcdonald's CORP | -0.3% | -0.23% | 減碼 |
| 36 | PG | Procter & Gamble Co/the | -0.3% | +0.70% | 加碼 |
| 37 | PAYX | Paychex Inc | -0.3% | -0.72% | 減碼 |
| 38 | FDX | Fedex CORP | -0.3% | -2.99% | 減碼 |
| 39 | ACN | Accenture plc | -0.4% | -14.71% | 減碼 |
| 40 | XOM | Exxon Mobil CORP | -0.4% | -4.23% | 減碼 |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | -0.4% | +0.89% | 加碼 |
| 42 | CNI | Canadian Natl Railway Co | -0.5% | -26.91% | 減碼 |
| 43 | CVX | Chevron CORP | -0.5% | -2.02% | 減碼 |
| 44 | SLB | Slb LTD | -0.6% | -7.70% | 減碼 |
| 45 | EOG | Eog Resources Inc | -0.6% | -12.21% | 減碼 |
| 46 | GPN | Global Payments Inc | -0.6% | -37.97% | 減碼 |
| 47 | UNH | Unitedhealth Group Inc | -0.9% | +3.03% | 加碼 |
| 48 | DOW | Dow Inc | — | EXIT | 清倉 |
| 49 | KVUE | Kenvue Inc | — | NEW | 新建倉 |
| 50 | MKTX | Marketaxess Holdings Inc | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Callahan Advisors, LLC 在 Q3 2025 季度的美股持倉總市值約為 US$13.3億，共申報了 168 個公開持股部位。
在 Q3 2025 季度，Callahan Advisors, LLC 按市值排列的前三大核心持股分別為：META (6.3%)、GOOG (5.7%)、MSFT (5.5%)。其中最大持股部位 META 佔據整體投資組合約 6.3% 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
KVUE
市值: US$130.7萬
本季最大獲利了結 / 清倉標的
DOW
前期市值: US$135.3萬
在 Q3 2025 季度中，Callahan Advisors, LLC 共進行了 50 項持倉異動，包含新建倉 1 個部位、加碼 25 個部位、減碼 22 個部位以及清倉 2 個部位。 其中最大新建倉標的為 KVUE。 本季清倉部位包含 DOW。
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。