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
174 檔
22.7%
Callahan Advisors, LLC 在 Q4 2025 季度的美股部位總計估值為 US$13.3億，分散於 174 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q4 2025 期間，Callahan Advisors, LLC 展現了靈活的資產再平衡步調，透過出清 2 檔弱勢或達到目標價部位，將資金轉置於 9 檔新建倉標的之中。
從部位權重觀察，前 5 大標的（包含 GOOG, META, MSFT）累計市值佔比達 22.7%，是驅動 Callahan Advisors, LLC 該季度整體投資組合績效表現的核心支柱。
| # | 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 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 6.79% | +0.39% | -4.06% | |
| 2 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 5.51% | -0.48% | -0.23% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 4.96% | -0.34% | -0.00% | |
| 4 | AMZN | Amazon.com Inc | 股票-循環性消費 | 4.29% | +0.18% | +0.86% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 3.16% | +0.11% | -3.25% | |
| 6 | BN | Brookfield CORP | 股票-金融 | 2.65% | -0.10% | +47.83% | |
| 7 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.56% | -0.01% | -1.27% | |
| 8 | CB | Chubb Limited | 股票-金融 | 2.50% | -0.10% | +1.86% | |
| 9 | NVDA | Nvidia CORP | 股票-科技 | 2.49% | +0.20% | +3.46% | |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 2.45% | -0.09% | +0.62% | |
| 11 | CAT | Caterpillar Inc | 股票-工業 | 2.40% | +0.55% | -6.46% | |
| 12 | NEE | Nextera Energy Inc | 股票-公用事業 | 2.13% | -0.43% | -1.02% | |
| 13 | JNJ | Johnson & Johnson | 股票-醫療保健 | 2.05% | -0.19% | -2.55% | |
| 14 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 2.04% | +0.05% | +1.89% | |
| 15 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.69% | +0.42% | +2.50% | |
| 16 | EQT | Eqt CORP | 股票-能源 | 1.58% | -0.43% | +3.16% | |
| 17 | MA | Mastercard Inc - A | 股票-金融 | 1.57% | -0.02% | +8.24% | |
| 18 | AMAT | Applied Materials Inc | 股票-科技 | 1.56% | +1.43% | -2.12% | |
| 19 | FDX | Fedex CORP | 股票-工業 | 1.54% | -0.41% | -1.83% | |
| 20 | MCD | Mcdonald's CORP | 股票-循環性消費 | 1.54% | -0.23% | +5.88% | |
| 21 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.54% | -0.21% | -5.53% | |
| 22 | SYK | Stryker CORP | 股票-醫療保健 | 1.39% | +0.07% | -1.47% | |
| 23 | WMT | Walmart Inc | 股票-非循環性消費 | 1.32% | -0.27% | -4.18% | |
| 24 | XOM | Exxon Mobil CORP | 股票-能源 | 1.32% | -0.55% | -2.23% | |
| 25 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.29% | +0.31% | -4.43% | |
| 26 | PFE | Pfizer Inc | 股票-醫療保健 | 1.28% | -0.46% | -12.06% | |
| 27 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.18% | -0.08% | -5.85% | |
| 28 | LOW | Lowe's Cos Inc | 股票-循環性消費 | 1.18% | -0.19% | -1.30% | |
| 29 | ASML | ASML Holding N.V. | 股票-科技 | 1.16% | +0.64% | +2.55% | |
| 30 | CVX | Chevron CORP | 股票-能源 | 1.06% | -0.39% | -2.38% | |
| 31 | STE | STERIS plc | 股票-醫療保健 | 0.96% | -0.11% | -5.41% | |
| 32 | FTNT | Fortinet Inc | 股票-科技 | 0.88% | +0.62% | -1.67% | |
| 33 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.86% | -0.12% | -1.45% | |
| 34 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.84% | +0.60% | +6.02% | |
| 35 | DY | Dycom Industries Inc | 股票-工業 | 0.83% | +0.27% | -7.87% | |
| 36 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 0.80% | -0.08% | -4.38% | |
| 37 | CRM | Salesforce Inc | 股票-科技 | 0.80% | -0.15% | -9.36% | |
| 38 | CTVA | Corteva Inc | 股票-原物料 | 0.77% | -0.28% | -6.89% | |
| 39 | EXP | Eagle Materials Inc | 股票-原物料 | 0.76% | +0.05% | -0.96% | |
| 40 | URI | United Rentals Inc | 股票-工業 | 0.75% | +0.26% | -0.14% | |
| 41 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 0.74% | — | -2.32% | |
| 42 | PAYX | Paychex Inc | 股票-科技 | 0.74% | +0.13% | +8.57% | |
| 43 | KMI | Kinder Morgan, Inc. | 股票-能源 | 0.72% | -0.14% | -5.00% | |
| 44 | ETN | Eaton Corporation plc | 股票-工業 | 0.69% | +0.06% | +0.73% | |
| 45 | WELL | Welltower Inc | 股票-房地產 | 0.68% | +0.02% | -2.65% | |
| 46 | ADBE | Adobe Inc | 股票-科技 | 0.62% | -0.11% | -22.19% | |
| 47 | CVS | Cvs Health CORP | 股票-醫療保健 | 0.59% | +0.24% | +2.37% | |
| 48 | CAH | Cardinal Health Inc | 股票-醫療保健 | 0.56% | -0.06% | -23.11% | |
| 49 | INTU | Intuit Inc | 股票-科技 | 0.55% | -0.43% | — | |
| 50 | AXP | American Express Co | 股票-金融 | 0.54% | — | +0.01% |
| # | 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 | +1.1% | -4.06% | 減碼 |
| 2 | LLY | Eli Lilly & Co | +0.5% | +2.50% | 加碼 |
| 3 | NFLX | Netflix Inc | +0.3% | +10161.19% | 加碼 |
| 4 | AMAT | Applied Materials Inc | +0.3% | -2.12% | 減碼 |
| 5 | FDX | Fedex CORP | +0.2% | -1.83% | 減碼 |
| 6 | CB | Chubb Limited | +0.2% | +1.86% | 加碼 |
| 7 | CAT | Caterpillar Inc | +0.2% | -6.46% | 減碼 |
| 8 | GEV | GE Vernova Inc | +0.2% | +834.80% | 加碼 |
| 9 | GOOGL | Alphabet Inc-cl A | +0.1% | -2.32% | 減碼 |
| 10 | AMZN | Amazon.com Inc | +0.1% | +0.86% | 加碼 |
| 11 | JNJ | Johnson & Johnson | +0.1% | -2.55% | 減碼 |
| 12 | ASML | ASML Holding N.V. | +0.1% | +2.55% | 加碼 |
| 13 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +6.02% | 加碼 |
| 14 | KVUE | Kenvue Inc | +0.1% | +66.92% | 加碼 |
| 15 | MA | Mastercard Inc - A | +0.1% | +8.24% | 加碼 |
| 16 | IQV | Iqvia Holdings Inc | +0.1% | -4.38% | 減碼 |
| 17 | NEE | Nextera Energy Inc | 0% | -1.02% | 減碼 |
| 18 | MCD | Mcdonald's CORP | 0% | +5.88% | 加碼 |
| 19 | AAPL | Apple Inc | — | -3.25% | 減碼 |
| 20 | NVDA | Nvidia CORP | — | +3.46% | 加碼 |
| 21 | DHI | Dr Horton Inc | -0.1% | -43.47% | 減碼 |
| 22 | WDAY | Workday Inc-class A | -0.1% | -21.82% | 減碼 |
| 23 | ABT | Abbott Laboratories | -0.1% | -1.45% | 減碼 |
| 24 | VRSK | Verisk Analytics Inc | -0.1% | -18.04% | 減碼 |
| 25 | EXP | Eagle Materials Inc | -0.1% | -0.96% | 減碼 |
| 26 | ETN | Eaton Corporation plc | -0.1% | +0.73% | 加碼 |
| 27 | CNI | Canadian Natl Railway Co | -0.2% | -25.11% | 減碼 |
| 28 | SYK | Stryker CORP | -0.2% | -1.47% | 減碼 |
| 29 | URI | United Rentals Inc | -0.2% | -0.14% | 減碼 |
| 30 | UNH | Unitedhealth Group Inc | -0.2% | -4.43% | 減碼 |
| 31 | CTAS | Cintas CORP | -0.2% | -27.29% | 減碼 |
| 32 | T | At&t Inc | -0.2% | -24.05% | 減碼 |
| 33 | ADBE | Adobe Inc | -0.2% | -22.19% | 減碼 |
| 34 | PG | Procter & Gamble Co/the | -0.2% | -5.85% | 減碼 |
| 35 | PAYC | Paycom Software Inc | -0.2% | -64.94% | 減碼 |
| 36 | ENTG | Entegris Inc | -0.3% | -90.81% | 減碼 |
| 37 | PFE | Pfizer Inc | -0.3% | -12.06% | 減碼 |
| 38 | MSFT | Microsoft CORP | -0.5% | -0.00% | 減碼 |
| 39 | META | Meta Platforms Inc-class A | -0.8% | -0.23% | 減碼 |
| 40 | INTU | Intuit Inc | — | NEW | 新建倉 |
| 41 | PRI | Primerica Inc | — | NEW | 新建倉 |
| 42 | MSCI | Msci Inc | — | NEW | 新建倉 |
| 43 | CLX | Clorox Company | — | NEW | 新建倉 |
| 44 | ZTS | Zoetis Inc | — | EXIT | 清倉 |
| 45 | FSLR | First Solar Inc | — | NEW | 新建倉 |
| 46 | MELI | Mercadolibre Inc | — | NEW | 新建倉 |
| 47 | XYL | Xylem Inc | — | NEW | 新建倉 |
| 48 | D | Dominion Energy Inc | — | NEW | 新建倉 |
| 49 | GPN | Global Payments Inc | — | EXIT | 清倉 |
| 50 | DVA | Davita Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Callahan Advisors, LLC 在 Q4 2025 季度的美股持倉總市值約為 US$13.3億，共申報了 174 個公開持股部位。
在 Q4 2025 季度，Callahan Advisors, LLC 按市值排列的前三大核心持股分別為：GOOG (6.8%)、META (5.5%)、MSFT (5.0%)。其中最大持股部位 GOOG 佔據整體投資組合約 6.8% 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
INTU
市值: US$670.4萬
本季最大獲利了結 / 清倉標的
ZTS
前期市值: US$273.7萬
在 Q4 2025 季度中，Callahan Advisors, LLC 共進行了 50 項持倉異動，包含新建倉 9 個部位、加碼 12 個部位、減碼 27 個部位以及清倉 2 個部位。 其中最大新建倉標的為 INTU。 本季清倉部位包含 ZTS。
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。