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: 0001426196
申報總市值
US$540.4億
US$540.4億
939 檔
50.1%
根據最新整理的 13F 季度數據集，Capstone Investment Advisors, LLC 於 Q4 2025 結束時的管理資產規模為 US$540.4億。該機構在本季度申報了 939 檔美股持倉，呈現出該時期的主要投資地圖。
在 Q4 2025，Capstone Investment Advisors, LLC 展現出較為審慎的避險與獲利了結姿態。本季共減碼 112 個部位並完全清倉 22 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Capstone Investment Advisors, LLC 的前 5 大持股（包含 SPY, QQQ, NVDA）貢獻了組合市值的 50.1%，形成該機構在 Q4 2025 季度的基本面基石。
僅顯示前 200 大持股（共 939 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 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 27.84% | -5.08% | -19.84% | |
| 2 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 8.94% | -11.73% | +180.43% | |
| 3 | NVDA | Nvidia CORP | 股票-科技 | 8.47% | +2.88% | +0.86% | |
| 4 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 4.12% | -0.23% | +68.51% | |
| 5 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 3.59% | +0.82% | -14.96% | |
| 6 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.45% | -1.55% | -33.75% | |
| 7 | TSLA | Tesla Inc | 股票-循環性消費 | 3.13% | +0.32% | -41.15% | |
| 8 | AAPL | Apple Inc | 股票-科技 | 2.61% | +1.08% | -13.68% | |
| 9 | MSFT | Microsoft CORP | 股票-科技 | 2.52% | +2.10% | -53.12% | |
| 10 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 2.39% | +0.39% | +85.06% | |
| 11 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.22% | -0.25% | +129.00% | |
| 12 | AMD | Advanced Micro Devices | 股票-科技 | 2.17% | +0.18% | -16.35% | |
| 13 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.67% | +0.41% | +25.97% | |
| 14 | XLF | Ss Financial Select Sector | ETF-其他 | 1.37% | +0.40% | +48.43% | |
| 15 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 1.28% | +0.20% | +69.99% | |
| 16 | AVGO | Broadcom Inc | 股票-科技 | 1.23% | +0.32% | +35.00% | |
| 17 | FXI | Ishares China Large-cap ETF | ETF-新興市場 | 1.08% | +0.17% | +86.81% | |
| 18 | EEM | Ishares Msci Emerging Market | ETF-新興市場 | 0.89% | -0.02% | -15.06% | |
| 19 | LITE 1.5 12-15-29債券 | Lumentum Holdings Inc | 債券 | 0.58% | -1.31% | EXIT | |
| 20 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 0.58% | -0.04% | +1.78% | |
| 21 | WDC 3 11-15-28債券 | Western Digital CORP | 債券 | 0.53% | +1.51% | +8.26% | |
| 22 | ORCL | Oracle CORP | 股票-科技 | 0.44% | +0.16% | +49.09% | |
| 23 | WBD | Warner Bros Discovery Inc | 股票-通訊服務 | 0.43% | -0.65% | +1953.20% | |
| 24 | XOP | Ss Spdr S&p Og Exp & Prod | ETF-其他 | 0.41% | -0.21% | -20.87% | |
| 25 | KVUE | Kenvue Inc | 股票-非循環性消費 | 0.35% | +0.04% | +2823.83% | |
| 26 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 0.34% | -0.05% | +23.22% | |
| 27 | IBM | Intl Business Machines CORP | 股票-科技 | 0.33% | -0.08% | -30.19% | |
| 28 | XLE | Ss Energy Select Sector | ETF-其他 | 0.33% | +0.02% | +198.70% | |
| 29 | NBIS | Nebius Group N.V. | 股票-其他 | 0.30% | +0.76% | — | |
| 30 | EWZ | Ishares Msci Brazil ETF | ETF-其他 | 0.28% | -0.31% | +42941.83% | |
| 31 | NFLX | Netflix Inc | 股票-通訊服務 | 0.27% | +0.04% | +1251.72% | |
| 32 | INTC | Intel CORP | 股票-科技 | 0.26% | +0.42% | -1.91% | |
| 33 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.24% | +0.09% | -40.11% | |
| 34 | IONS 0 04-01-26債券 | Ionis Pharmaceuticals In | 債券 | 0.23% | — | +21.44% | |
| 35 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.22% | +0.10% | +122.51% | |
| 36 | MU | Micron Technology Inc | 股票-科技 | 0.21% | +1.38% | -20.42% | |
| 37 | V | Visa Inc-class A Shares | 股票-金融 | 0.21% | -0.03% | -29.99% | |
| 38 | CSCO | Cisco Systems Inc | 股票-科技 | 0.20% | +0.14% | -44.69% | |
| 39 | NET 0 08-15-26債券 | Cloudflare Inc | 債券 | 0.20% | -0.03% | +21.64% | |
| 40 | CAT | Caterpillar Inc | 股票-工業 | 0.20% | +0.09% | +51.34% | |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.19% | +0.42% | -63.48% | |
| 42 | AMAT | Applied Materials Inc | 股票-科技 | 0.18% | +0.22% | -4.73% | |
| 43 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.18% | +0.10% | -35.83% | |
| 44 | IDCC 3.5 06-01-27債券 | Interdigital Inc | 債券 | 0.18% | +0.01% | — | |
| 45 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-投資等級公司債 | 0.16% | +0.29% | +4.95% | |
| 46 | WMT | Walmart Inc | 股票-非循環性消費 | 0.16% | — | -58.59% | |
| 47 | MA | Mastercard Inc - A | 股票-金融 | 0.15% | -0.04% | -38.68% | |
| 48 | ABNB 0 03-15-26債券 | Airbnb Inc | 債券 | 0.15% | — | +7.92% | |
| 49 | FYBR | Frontier Communications Pare | 股票-其他 | 0.14% | — | +128.04% | |
| 50 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.14% | +0.02% | -24.46% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | QQQ | Invesco Qqq Trust Series 1 | +6% | +180.43% | 加碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +2.3% | +68.51% | 加碼 |
| 3 | GOOG | Alphabet Inc-cl C | +1.5% | +129.00% | 加碼 |
| 4 | IVV | Ishares Core S&p 500 ETF | +1.2% | +85.06% | 加碼 |
| 5 | VOO | Vanguard S&p 500 ETF | +0.6% | +69.99% | 加碼 |
| 6 | XLF | Ss Financial Select Sector | +0.5% | +48.43% | 加碼 |
| 7 | FXI | Ishares China Large-cap ETF | +0.5% | +86.81% | 加碼 |
| 8 | NVDA | Nvidia CORP | +0.5% | +0.86% | 加碼 |
| 9 | LITE 1.5 12-15-29債券 | Lumentum Holdings Inc | +0.5% | +108.33% | 加碼 |
| 10 | WBD | Warner Bros Discovery Inc | +0.4% | +1953.20% | 加碼 |
| 11 | AVGO | Broadcom Inc | +0.4% | +35.00% | 加碼 |
| 12 | KVUE | Kenvue Inc | +0.3% | +2823.83% | 加碼 |
| 13 | AMD | Advanced Micro Devices | +0.3% | -16.35% | 減碼 |
| 14 | EWZ | Ishares Msci Brazil ETF | +0.3% | +42941.83% | 加碼 |
| 15 | META | Meta Platforms Inc-class A | +0.3% | +25.97% | 加碼 |
| 16 | WDC 3 11-15-28債券 | Western Digital CORP | +0.2% | +8.26% | 加碼 |
| 17 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +122.51% | 加碼 |
| 18 | XLE | Ss Energy Select Sector | +0.1% | +198.70% | 加碼 |
| 19 | CAT | Caterpillar Inc | +0.1% | +51.34% | 加碼 |
| 20 | FYBR | Frontier Communications Pare | +0.1% | +128.04% | 加碼 |
| 21 | SLV | Ishares Silver Trust | +0.1% | +329.03% | 加碼 |
| 22 | IONS 0 04-01-26債券 | Ionis Pharmaceuticals In | +0.1% | +21.44% | 加碼 |
| 23 | MU | Micron Technology Inc | +0.1% | -20.42% | 減碼 |
| 24 | FDX | Fedex CORP | +0.1% | +51.26% | 加碼 |
| 25 | AM6 | Amicus Therapeutics Inc | +0.1% | +4110.86% | 加碼 |
| 26 | EXK | Exact Sciences CORP | +0.1% | +2777.23% | 加碼 |
| 27 | AIG | American International Group | +0.1% | +480.31% | 加碼 |
| 28 | BBIO 2.5 03-15-27債券 | Bridgebio Pharma Inc | +0.1% | +27.08% | 加碼 |
| 29 | NET 0 08-15-26債券 | Cloudflare Inc | 0% | +21.64% | 加碼 |
| 30 | PRU | Prudential Financial Inc | 0% | +348.96% | 加碼 |
| 31 | J | Jacobs Solutions Inc | 0% | +124.19% | 加碼 |
| 32 | MIRM 4 05-01-29債券 | Mirum Pharmaceuticals | 0% | +26.32% | 加碼 |
| 33 | AMAT | Applied Materials Inc | 0% | -4.73% | 減碼 |
| 34 | MUB | Ishares National Muni Bond E | 0% | +125.46% | 加碼 |
| 35 | KRE | Ss Spdr S&p Regional Bank | 0% | +280.73% | 加碼 |
| 36 | FLR | Fluor CORP | 0% | +124.57% | 加碼 |
| 37 | CHEF 2.375 12-15-28債券 | Chefs' Warehouse THE | 0% | +26.00% | 加碼 |
| 38 | INTC | Intel CORP | 0% | -1.91% | 減碼 |
| 39 | MET | Metlife Inc | 0% | +396.35% | 加碼 |
| 40 | ASND 2.25 04-01-28債券 | Ascendis Pharma A/s | 0% | +45.07% | 加碼 |
| 41 | PTCT 1.5 09-15-26債券 | Ptc Therapeutics Inc | 0% | +25.00% | 加碼 |
| 42 | GDX | Vaneck Gold Miners ETF | 0% | +851.19% | 加碼 |
| 43 | WDC | Western Digital CORP | 0% | +64.75% | 加碼 |
| 44 | NGDN | New Gold Inc | 0% | +6047.66% | 加碼 |
| 45 | BSY 0.375 07-01-27債券 | Bentley Systems | 0% | +39.21% | 加碼 |
| 46 | CNX 2.25 05-01-26債券 | Cnx Resources CORP | 0% | — | 不變 |
| 47 | BIDU | Baidu Inc - Spon Adr | 0% | +2444.92% | 加碼 |
| 48 | NSC | Norfolk Southern CORP | 0% | +32.64% | 加碼 |
| 49 | SEALTD 0.25 09-15-26債券 | Sea LTD | 0% | +78.95% | 加碼 |
| 50 | IBIT | Ishares Bitcoin Trust ETF | — | +23.22% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Capstone Investment Advisors, LLC 在 Q4 2025 季度的美股持倉總市值約為 US$540.4億，共申報了 939 個公開持股部位。
在 Q4 2025 季度，Capstone Investment Advisors, LLC 按市值排列的前三大核心持股分別為：SPY (27.8%)、QQQ (8.9%)、NVDA (8.5%)。其中最大持股部位 SPY 佔據整體投資組合約 27.8% 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
NBIS
市值: US$1.5億
本季最大獲利了結 / 清倉標的
DXCM 0.25 11-15-25
前期市值: US$8093.3萬
在 Q4 2025 季度中，Capstone Investment Advisors, LLC 共進行了 197 項持倉異動，包含新建倉 16 個部位、加碼 47 個部位、減碼 112 個部位以及清倉 22 個部位。 其中最大新建倉標的為 NBIS。 本季清倉部位包含 DXCM 0.25 11-15-25。
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。