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: 0001034642
申報總市值
US$31.2億
US$31.2億
323 檔
20.6%
Q4 2025 季度申報顯示，Clifford Swan Investment Counsel LLC 揭露的美股組合總市值為 US$31.2億，涵蓋 323 個不同之權益投資部位。
在 Q4 2025，Clifford Swan Investment Counsel LLC 展現出較為審慎的避險與獲利了結姿態。本季共減碼 115 個部位並完全清倉 12 檔持股，調降曝險的部位數量高於加碼動作。
檢視投資組合結構，前 5 大主力部位（包含 AAPL, MSFT, GOOGL）占據了總市值的 20.6%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
本季最大新建倉標的
Q
市值: US$825.8萬
本季最大獲利了結 / 清倉標的
IAU
前期市值: US$71.1萬
僅顯示前 200 大持股（共 323 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 | AAPL | Apple Inc | 股票-科技 | 6.11% | +0.25% | +0.04% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 4.86% | -0.20% | -1.55% | |
| 3 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 4.27% | +0.54% | -4.41% | |
| 4 | UPS | United Parcel Service-cl B | 股票-工業 | 3.19% | +0.03% | -0.59% | |
| 5 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 2.85% | -0.46% | -2.07% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 2.77% | -0.09% | -1.53% | |
| 7 | ANET | Arista Networks Inc | 股票-科技 | 2.32% | +0.52% | -3.35% | |
| 8 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.94% | +0.05% | -2.17% | |
| 9 | ACN | Accenture plc | 股票-科技 | 1.64% | -0.40% | -1.06% | |
| 10 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.62% | +0.18% | -1.76% | |
| 11 | ORCL | Oracle CORP | 股票-科技 | 1.61% | -0.11% | -2.82% | |
| 12 | CVX | Chevron CORP | 股票-能源 | 1.59% | -0.57% | -1.77% | |
| 13 | LOW | Lowe's Cos Inc | 股票-循環性消費 | 1.57% | -0.19% | -1.77% | |
| 14 | AXP | American Express Co | 股票-金融 | 1.52% | +0.05% | +0.15% | |
| 15 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.47% | -0.07% | -1.51% | |
| 16 | WFC | Wells Fargo & Co | 股票-金融 | 1.41% | -0.04% | -1.76% | |
| 17 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.39% | +0.07% | +0.80% | |
| 18 | RTX | Rtx CORP | 股票-工業 | 1.37% | -0.16% | -0.37% | |
| 19 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.19% | +0.34% | -7.51% | |
| 20 | XOM | Exxon Mobil CORP | 股票-能源 | 1.18% | -0.42% | -2.15% | |
| 21 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.15% | -0.02% | -2.91% | |
| 22 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.13% | +0.08% | -2.32% | |
| 23 | CTVA | Corteva Inc | 股票-原物料 | 1.11% | -0.10% | -3.76% | |
| 24 | EMR | Emerson Electric Co | 股票-工業 | 1.11% | +0.02% | -1.90% | |
| 25 | ALSN | Allison Transmission Holding | 股票-循環性消費 | 1.09% | -0.17% | -3.30% | |
| 26 | MCK | Mckesson CORP | 股票-醫療保健 | 1.05% | -0.21% | +0.44% | |
| 27 | FAST | Fastenal Co | 股票-工業 | 1.05% | -0.06% | -6.30% | |
| 28 | TSCO | Tractor Supply Company | 股票-循環性消費 | 1.04% | -0.31% | -3.90% | |
| 29 | GLD | Spdr Gold Shares | ETF-避險與商品 | 0.98% | -0.21% | -4.55% | |
| 30 | INTU | Intuit Inc | 股票-科技 | 0.95% | -0.21% | -0.49% | |
| 31 | CSCO | Cisco Systems Inc | 股票-科技 | 0.93% | +0.34% | -1.94% | |
| 32 | QCOM | Qualcomm Inc | 股票-科技 | 0.93% | +0.19% | -1.70% | |
| 33 | SYK | Stryker CORP | 股票-醫療保健 | 0.92% | -0.09% | -1.38% | |
| 34 | LH | Labcorp Holdings Inc | 股票-醫療保健 | 0.87% | -0.04% | -1.76% | |
| 35 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.85% | -0.12% | -1.70% | |
| 36 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.84% | +0.18% | +2.24% | |
| 37 | MCD | Mcdonald's CORP | 股票-循環性消費 | 0.80% | -0.16% | -0.51% | |
| 38 | PH | Parker Hannifin CORP | 股票-工業 | 0.78% | +0.02% | — | |
| 39 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.73% | -0.15% | -0.28% | |
| 40 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.73% | -0.06% | +6.93% | |
| 41 | CAT | Caterpillar Inc | 股票-工業 | 0.72% | +0.37% | +1.08% | |
| 42 | EW | Edwards Lifesciences CORP | 股票-醫療保健 | 0.71% | +0.03% | -0.68% | |
| 43 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.70% | -0.05% | -1.13% | |
| 44 | SLB | Slb LTD | 股票-能源 | 0.70% | -0.16% | -0.82% | |
| 45 | SYY | Sysco CORP | 股票-非循環性消費 | 0.67% | +0.06% | -0.90% | |
| 46 | A | Agilent Technologies Inc | 股票-醫療保健 | 0.65% | +0.05% | — | |
| 47 | WMT | Walmart Inc | 股票-非循環性消費 | 0.56% | -0.11% | -0.77% | |
| 48 | FERG | Ferguson Enterprises Inc | 股票-工業 | 0.56% | -0.04% | +0.60% | |
| 49 | KEYS | Keysight Technologies In | 股票-科技 | 0.56% | +0.09% | — | |
| 50 | BMY | Bristol-myers Squibb Co | 股票-醫療保健 | 0.55% | -0.08% | -5.07% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | +0.8% | -4.41% | 減碼 |
| 2 | UPS | United Parcel Service-cl B | +0.5% | -0.59% | 減碼 |
| 3 | AAPL | Apple Inc | +0.4% | +0.04% | 加碼 |
| 4 | GOOG | Alphabet Inc-cl C | +0.3% | -1.76% | 減碼 |
| 5 | ALB | Albemarle CORP | +0.2% | -1.49% | 減碼 |
| 6 | ZTS | Zoetis Inc | +0.2% | +190.46% | 加碼 |
| 7 | AXP | American Express Co | +0.2% | +0.15% | 加碼 |
| 8 | CPAY | Corpay Inc | +0.2% | +43.23% | 加碼 |
| 9 | CAT | Caterpillar Inc | +0.1% | +1.08% | 加碼 |
| 10 | JNJ | Johnson & Johnson | +0.1% | -1.51% | 減碼 |
| 11 | WFC | Wells Fargo & Co | +0.1% | -1.76% | 減碼 |
| 12 | ACN | Accenture plc | +0.1% | -1.06% | 減碼 |
| 13 | RTX | Rtx CORP | +0.1% | -0.37% | 減碼 |
| 14 | ALSN | Allison Transmission Holding | +0.1% | -3.30% | 減碼 |
| 15 | PH | Parker Hannifin CORP | +0.1% | — | 不變 |
| 16 | CSCO | Cisco Systems Inc | +0.1% | -1.94% | 減碼 |
| 17 | KEYS | Keysight Technologies In | +0.1% | — | 不變 |
| 18 | AMZN | Amazon.com Inc | +0.1% | +0.80% | 加碼 |
| 19 | SLB | Slb LTD | +0.1% | -0.82% | 減碼 |
| 20 | EXPD | Expeditors Intl Wash Inc | +0.1% | -0.50% | 減碼 |
| 21 | BMY | Bristol-myers Squibb Co | +0.1% | -5.07% | 減碼 |
| 22 | MCK | Mckesson CORP | +0.1% | +0.44% | 加碼 |
| 23 | JNJ | Johnson & Johnson | +0.1% | -2.91% | 減碼 |
| 24 | GS | Goldman Sachs Group Inc | +0.1% | +5.18% | 加碼 |
| 25 | GLD | Spdr Gold Shares | +0.1% | -4.55% | 減碼 |
| 26 | EW | Edwards Lifesciences CORP | +0.1% | -0.68% | 減碼 |
| 27 | AMGN | Amgen Inc | +0.1% | -0.50% | 減碼 |
| 28 | CMI | Cummins Inc | +0.1% | — | 不變 |
| 29 | MRK | Merck & Co. Inc. | +0.1% | -1.24% | 減碼 |
| 30 | XOM | Exxon Mobil CORP | +0.1% | -2.15% | 減碼 |
| 31 | KMX | Carmax Inc | +0.1% | +30.15% | 加碼 |
| 32 | SPY | Ss Spdr S&p 500 ETF Trust-us | 0% | +6.65% | 加碼 |
| 33 | A | Agilent Technologies Inc | 0% | — | 不變 |
| 34 | WMT | Walmart Inc | 0% | -0.77% | 減碼 |
| 35 | LLY | Eli Lilly & Co | 0% | -2.36% | 減碼 |
| 36 | SLV | Ishares Silver Trust | 0% | +5.56% | 加碼 |
| 37 | TSLA | Tesla Inc | 0% | +18.64% | 加碼 |
| 38 | VOO | Vanguard S&p 500 ETF | 0% | +4.06% | 加碼 |
| 39 | AKAM | Akamai Technologies Inc | 0% | -1.11% | 減碼 |
| 40 | GDX | Vaneck Gold Miners ETF | 0% | +14.00% | 加碼 |
| 41 | LRCX | Lam Research CORP | 0% | -0.30% | 減碼 |
| 42 | KO | Coca-cola Co/the | 0% | +2.33% | 加碼 |
| 43 | NVS | Novartis Ag-sponsored Adr | 0% | -2.72% | 減碼 |
| 44 | IBM | Intl Business Machines CORP | 0% | -0.65% | 減碼 |
| 45 | AMD | Advanced Micro Devices | 0% | +3.27% | 加碼 |
| 46 | INTC | Intel CORP | 0% | -5.89% | 減碼 |
| 47 | NUE | Nucor CORP | 0% | -4.28% | 減碼 |
| 48 | PEP | Pepsico Inc | 0% | -0.28% | 減碼 |
| 49 | BKNG | Booking Holdings Inc | 0% | +2.24% | 加碼 |
| 50 | SIL | Global X Silver Miners ETF | 0% | +13.05% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Clifford Swan Investment Counsel LLC 在 Q4 2025 季度的美股持倉總市值約為 US$31.2億，共申報了 323 個公開持股部位。
在 Q4 2025 季度，Clifford Swan Investment Counsel LLC 按市值排列的前三大核心持股分別為：AAPL (6.1%)、MSFT (4.9%)、GOOGL (4.3%)。其中最大持股部位 AAPL 佔據整體投資組合約 6.1% 的權重。
在 Q4 2025 季度中，Clifford Swan Investment Counsel LLC 共進行了 176 項持倉異動，包含新建倉 13 個部位、加碼 36 個部位、減碼 115 個部位以及清倉 12 個部位。 其中最大新建倉標的為 Q。 本季清倉部位包含 IAU。
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。