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: 0001706766
申報總市值
US$214.6億
US$214.6億
826 檔
7.0%
Caption Management, LLC 在 Q2 2025 季度的美股部位總計估值為 US$214.6億，分散於 826 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q2 2025 期間，Caption Management, LLC 展現了靈活的資產再平衡步調，透過出清 45 檔弱勢或達到目標價部位，將資金轉置於 34 檔新建倉標的之中。
在資產配置集中度方面，Caption Management, LLC 的前 5 大核心持股（包含 CVNA, INTU, FSLR 等）合計佔整體申報市值的 7.0%，反映機構在主要關鍵部位上的權重分佈。
本季最大新建倉標的
CRWV
市值: US$8348.7萬
本季最大獲利了結 / 清倉標的
MSFT
前期市值: US$7.9億
僅顯示前 200 大持股（共 826 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 | CVNA | Carvana Co | 股票-循環性消費 | 5.60% | -1.07% | +306.05% | |
| 2 | INTU | Intuit Inc | 股票-科技 | 4.37% | +0.29% | +0.04% | |
| 3 | FSLR | First Solar Inc | 股票-科技 | 2.62% | — | +395.55% | |
| 4 | TSLA | Tesla Inc | 股票-循環性消費 | 2.11% | +0.25% | +0.67% | |
| 5 | JNP | Juniper Networks Inc | 股票-其他 | 1.91% | — | +72.86% | |
| 6 | APP | Applovin Corp-class A | 股票-科技 | 1.30% | — | -1.47% | |
| 7 | RCL | Royal Caribbean Cruises Ltd. | 股票-循環性消費 | 1.24% | +0.05% | — | |
| 8 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.97% | +2.49% | -12.11% | |
| 9 | COR | Cencora Inc | 股票-醫療保健 | 0.93% | — | +22.93% | |
| 10 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.93% | +0.86% | -66.94% | |
| 11 | CRWV | Coreweave Inc-cl A | 股票-科技 | 0.92% | -0.18% | EXIT | |
| 12 | INSM | Insmed Inc | 股票-醫療保健 | 0.92% | +0.66% | +313.41% | |
| 13 | NET | Cloudflare Inc - Class A | 股票-科技 | 0.87% | -0.02% | +6296.83% | |
| 14 | SLNOEUR | Soleno Therapeutics Inc | 股票-其他 | 0.86% | -0.31% | EXIT | |
| 15 | RUN | Sunrun Inc | 股票-科技 | 0.86% | +0.02% | +130.10% | |
| 16 | RDDT | Reddit Inc-cl A | 股票-通訊服務 | 0.84% | -0.08% | -43.60% | |
| 17 | TKO | Tko Group Holdings Inc | 股票-通訊服務 | 0.82% | — | +97.95% | |
| 18 | HUM | Humana Inc | 股票-醫療保健 | 0.81% | -0.06% | +154.01% | |
| 19 | GILD | Gilead Sciences Inc | 股票-醫療保健 | 0.80% | +0.69% | +719.50% | |
| 20 | VRSN | Verisign Inc | 股票-科技 | 0.80% | +0.22% | NEW | |
| 21 | ET | Energy Transfer LP | 股票-能源 | 0.79% | -0.12% | -45.49% | |
| 22 | MA | Mastercard Inc - A | 股票-金融 | 0.73% | -0.04% | EXIT | |
| 23 | RARE | Ultragenyx Pharmaceutical In | 股票-其他 | 0.69% | +0.11% | +237.57% | |
| 24 | ARGX | Argenx Se - Adr | 股票-醫療保健 | 0.65% | -0.09% | -12.64% | |
| 25 | ORCL | Oracle CORP | 股票-科技 | 0.64% | +0.02% | — | |
| 26 | FISV | Fiserv Inc | 股票-其他 | 0.63% | — | +109833.33% | |
| 27 | CLS | Celestica Inc | 股票-科技 | 0.63% | -0.45% | -53.11% | |
| 28 | SMCI | Super Micro Computer Inc | 股票-科技 | 0.59% | +0.25% | +3038.73% | |
| 29 | ABNB | Airbnb Inc-class A | 股票-循環性消費 | 0.59% | -0.07% | +10.74% | |
| 30 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.57% | — | — | |
| 31 | CORZ | Core Scientific Inc | 股票-科技 | 0.57% | +0.24% | +293.01% | |
| 32 | NEE | Nextera Energy Inc | 股票-公用事業 | 0.54% | — | -45.31% | |
| 33 | NICE | Nice LTD - Spon Adr | 股票-科技 | 0.54% | +0.02% | NEW | |
| 34 | BOOT | Boot Barn Holdings Inc | 股票-循環性消費 | 0.54% | — | +1313.33% | |
| 35 | REGN | Regeneron Pharmaceuticals | 股票-醫療保健 | 0.53% | — | — | |
| 36 | CCJ | Cameco CORP | 股票-能源 | 0.52% | -0.05% | -37.05% | |
| 37 | XOM | Exxon Mobil CORP | 股票-能源 | 0.50% | -0.20% | +661.78% | |
| 38 | KEL | Kellanova | 股票-其他 | 0.50% | — | +32721.49% | |
| 39 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.50% | — | -24.43% | |
| 40 | GD | General Dynamics CORP | 股票-工業 | 0.50% | — | -9.09% | |
| 41 | NTRS | Northern Trust CORP | 股票-金融 | 0.48% | — | — | |
| 42 | ENPH | Enphase Energy Inc | 股票-科技 | 0.48% | — | — | |
| 43 | EOSE | Eos Energy Enterprises Inc | 股票-其他 | 0.45% | +0.01% | +6.91% | |
| 44 | WBA | Walgreens Boots Alliance Inc | 股票-其他 | 0.43% | — | +44.24% | |
| 45 | MGNI | Magnite Inc | 股票-其他 | 0.42% | +0.05% | +296.75% | |
| 46 | CM | Can Imperial Bk Of Commerce | 股票-金融 | 0.42% | +0.01% | NEW | |
| 47 | KNSA | Kiniksa Pharmaceuticals International, plc | 股票-其他 | 0.42% | -0.18% | +2187.50% | |
| 48 | LDOS | Leidos Holdings Inc | 股票-科技 | 0.42% | — | -12.63% | |
| 49 | UTHR | United Therapeutics CORP | 股票-醫療保健 | 0.42% | -2.09% | +46.08% | |
| 50 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.42% | — | +207.03% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | CVNA | Carvana Co | +4.9% | +306.05% | 加碼 |
| 2 | FSLR | First Solar Inc | +2.3% | +395.55% | 加碼 |
| 3 | INTU | Intuit Inc | +1.4% | +0.04% | 加碼 |
| 4 | JNP | Juniper Networks Inc | +1% | +72.86% | 加碼 |
| 5 | CRWV | Coreweave Inc-cl A | +0.9% | NEW | 新建倉 |
| 6 | NET | Cloudflare Inc - Class A | +0.9% | +6296.83% | 加碼 |
| 7 | INSM | Insmed Inc | +0.8% | +313.41% | 加碼 |
| 8 | GILD | Gilead Sciences Inc | +0.7% | +719.50% | 加碼 |
| 9 | ORCL | Oracle CORP | +0.6% | NEW | 新建倉 |
| 10 | FISV | Fiserv Inc | +0.6% | +109833.33% | 加碼 |
| 11 | RUN | Sunrun Inc | +0.6% | +130.10% | 加碼 |
| 12 | TSLA | Tesla Inc | +0.6% | +0.67% | 加碼 |
| 13 | SMCI | Super Micro Computer Inc | +0.6% | +3038.73% | 加碼 |
| 14 | SCHW | Schwab (charles) CORP | +0.6% | NEW | 新建倉 |
| 15 | NICE | Nice LTD - Spon Adr | +0.5% | NEW | 新建倉 |
| 16 | REGN | Regeneron Pharmaceuticals | +0.5% | NEW | 新建倉 |
| 17 | RCL | Royal Caribbean Cruises Ltd. | +0.5% | — | 不變 |
| 18 | BOOT | Boot Barn Holdings Inc | +0.5% | +1313.33% | 加碼 |
| 19 | CORZ | Core Scientific Inc | +0.5% | +293.01% | 加碼 |
| 20 | TKO | Tko Group Holdings Inc | +0.5% | +97.95% | 加碼 |
| 21 | RARE | Ultragenyx Pharmaceutical In | +0.5% | +237.57% | 加碼 |
| 22 | HUM | Humana Inc | +0.5% | +154.01% | 加碼 |
| 23 | KEL | Kellanova | +0.5% | +32721.49% | 加碼 |
| 24 | NTRS | Northern Trust CORP | +0.5% | NEW | 新建倉 |
| 25 | ENPH | Enphase Energy Inc | +0.5% | NEW | 新建倉 |
| 26 | MA | Mastercard Inc - A | +0.5% | +134.80% | 加碼 |
| 27 | XOM | Exxon Mobil CORP | +0.4% | +661.78% | 加碼 |
| 28 | APP | Applovin Corp-class A | +0.4% | -1.47% | 減碼 |
| 29 | KNSA | Kiniksa Pharmaceuticals International, plc | +0.4% | +2187.50% | 加碼 |
| 30 | MGNI | Magnite Inc | +0.4% | +296.75% | 加碼 |
| 31 | DPZ | Domino's Pizza Inc | +0.3% | NEW | 新建倉 |
| 32 | PEGA | Pegasystems Inc | +0.3% | NEW | 新建倉 |
| 33 | SMR | Nuscale Power CORP | +0.3% | +86.61% | 加碼 |
| 34 | HSIC | Henry Schein Inc | +0.3% | +5991.52% | 加碼 |
| 35 | CDTX | Cidara Therapeutics Inc | +0.3% | NEW | 新建倉 |
| 36 | DAVE | Dave Inc | +0.3% | +652.67% | 加碼 |
| 37 | COR | Cencora Inc | +0.3% | +22.93% | 加碼 |
| 38 | AMKR | Amkor Technology Inc | +0.3% | +641.67% | 加碼 |
| 39 | BBWI | Bath & Body Works Inc | +0.3% | +404.23% | 加碼 |
| 40 | MTX | Minerals Technologies Inc | +0.3% | NEW | 新建倉 |
| 41 | QURE | uniQure N.V. | +0.3% | +1003.26% | 加碼 |
| 42 | BHVN | Biohaven Ltd. | +0.3% | +1142.26% | 加碼 |
| 43 | MRK | Merck & Co. Inc. | +0.3% | +207.03% | 加碼 |
| 44 | HOOD | Robinhood Markets Inc - A | +0.3% | NEW | 新建倉 |
| 45 | IMCR | Immunocore Holdings Plc-adr | +0.3% | +926.98% | 加碼 |
| 46 | IONS | Ionis Pharmaceuticals Inc | +0.3% | +750.88% | 加碼 |
| 47 | TSM | Taiwan Semiconductor-sp Adr | +0.3% | -12.11% | 減碼 |
| 48 | ANF | Abercrombie & Fitch Co-cl A | +0.3% | NEW | 新建倉 |
| 49 | DKS | Dick's Sporting Goods Inc | +0.3% | NEW | 新建倉 |
| 50 | ROIV | Roivant Sciences Ltd. | +0.3% | +779.24% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Caption Management, LLC 在 Q2 2025 季度的美股持倉總市值約為 US$214.6億，共申報了 826 個公開持股部位。
在 Q2 2025 季度，Caption Management, LLC 按市值排列的前三大核心持股分別為：CVNA (5.6%)、INTU (4.4%)、FSLR (2.6%)。其中最大持股部位 CVNA 佔據整體投資組合約 5.6% 的權重。
在 Q2 2025 季度中，Caption Management, LLC 共進行了 199 項持倉異動，包含新建倉 34 個部位、加碼 69 個部位、減碼 51 個部位以及清倉 45 個部位。 其中最大新建倉標的為 CRWV。 本季清倉部位包含 MSFT。
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。
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。
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。