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: 0001083190
申報總市值
US$205.9億
US$205.9億
1719 檔
19.6%
截至 Q4 2025 季度末，Commonwealth Of Pennsylvania Public School Empls Retrmt Sys 的美股持倉估值約為 US$205.9億，全數申報部位共有 1719 檔。
在 Q4 2025，Commonwealth Of Pennsylvania Public School Empls Retrmt Sys 展現出較為審慎的避險與獲利了結姿態。本季共減碼 34 個部位並完全清倉 6 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 NVDA, AAPL, MSFT）占據了總市值的 19.6%，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
CRH
市值: US$1945.7萬
本季最大獲利了結 / 清倉標的
TD
前期市值: US$2303.0萬
僅顯示前 200 大持股（共 1719 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 | NVDA | Nvidia CORP | 股票-科技 | 5.34% | +0.17% | -3.53% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 4.73% | +0.14% | -3.55% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 4.24% | -0.29% | -3.15% | |
| 4 | RSP | Invesco S&p 500 Equal Weight | ETF-大型股與成長 | 3.47% | +0.48% | +0.26% | |
| 5 | AMZN | Amazon.com Inc | 股票-循環性消費 | 2.65% | +0.09% | -2.91% | |
| 6 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.15% | +0.26% | -3.12% | |
| 7 | AVGO | Broadcom Inc | 股票-科技 | 1.93% | +0.18% | -2.75% | |
| 8 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.72% | +0.20% | -3.55% | |
| 9 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.69% | -0.16% | -2.74% | |
| 10 | NEE | Nextera Energy Inc | 股票-公用事業 | 1.67% | -0.35% | +0.70% | |
| 11 | TSLA | Tesla Inc | 股票-循環性消費 | 1.49% | +0.03% | -3.00% | |
| 12 | UNP | Union Pacific CORP | 股票-工業 | 1.12% | -0.04% | -0.46% | |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.09% | -0.06% | -3.14% | |
| 14 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.03% | — | -4.10% | |
| 15 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.01% | +0.16% | -3.25% | |
| 16 | SO | Southern Co/the | 股票-公用事業 | 0.91% | -0.13% | -0.39% | |
| 17 | DUK | Duke Energy CORP | 股票-公用事業 | 0.87% | -0.16% | -0.40% | |
| 18 | AMT | American Tower CORP | 股票-房地產 | 0.86% | -0.14% | +5.78% | |
| 19 | V | Visa Inc-class A Shares | 股票-金融 | 0.70% | -0.60% | EXIT | |
| 20 | WMB | Williams Cos Inc | 股票-能源 | 0.64% | -0.72% | EXIT | |
| 21 | AEP | American Electric Power | 股票-公用事業 | 0.62% | -0.01% | -0.37% | |
| 22 | XOM | Exxon Mobil CORP | 股票-能源 | 0.60% | -0.23% | -4.18% | |
| 23 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.59% | -0.04% | -3.10% | |
| 24 | WMT | Walmart Inc | 股票-非循環性消費 | 0.58% | -0.65% | EXIT | |
| 25 | MA | Mastercard Inc - A | 股票-金融 | 0.55% | -0.04% | -3.79% | |
| 26 | CSX | Csx CORP | 股票-工業 | 0.55% | — | -0.48% | |
| 27 | SRE | Sempra | 股票-公用事業 | 0.55% | -0.10% | -0.40% | |
| 28 | NSC | Norfolk Southern CORP | 股票-工業 | 0.53% | -0.03% | -0.46% | |
| 29 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.48% | -0.11% | -2.71% | |
| 30 | D | Dominion Energy Inc | 股票-公用事業 | 0.48% | -0.02% | -0.39% | |
| 31 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.48% | +0.02% | -3.09% | |
| 32 | NFLX | Netflix Inc | 股票-通訊服務 | 0.47% | -0.16% | +865.92% | |
| 33 | KMI | Kinder Morgan, Inc. | 股票-能源 | 0.46% | -0.08% | -0.43% | |
| 34 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.45% | -0.07% | -3.20% | |
| 35 | BAC | Bank Of America CORP | 股票-金融 | 0.44% | +0.02% | -4.50% | |
| 36 | EXC | Exelon CORP | 股票-公用事業 | 0.43% | -0.08% | -0.38% | |
| 37 | CCI | Crown Castle Inc | 股票-房地產 | 0.43% | -0.06% | +5.86% | |
| 38 | XEL | Xcel Energy Inc | 股票-公用事業 | 0.42% | -0.42% | EXIT | |
| 39 | AMD | Advanced Micro Devices | 股票-科技 | 0.41% | +0.63% | -2.83% | |
| 40 | HD | Home Depot Inc | 股票-循環性消費 | 0.40% | -0.01% | -3.09% | |
| 41 | OKE | Oneok Inc | 股票-能源 | 0.40% | -0.07% | -0.45% | |
| 42 | LNG | Cheniere Energy Inc | 股票-能源 | 0.40% | -0.19% | +3.23% | |
| 43 | PEG | Public Service Enterprise Gp | 股票-公用事業 | 0.40% | -0.05% | -0.38% | |
| 44 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.39% | -0.03% | -3.37% | |
| 45 | ETR | Entergy CORP | 股票-公用事業 | 0.39% | -0.04% | -0.39% | |
| 46 | PCG | P G & E CORP | 股票-公用事業 | 0.39% | -0.10% | -0.34% | |
| 47 | ORCL | Oracle CORP | 股票-科技 | 0.39% | -0.03% | -1.69% | |
| 48 | GE | General Electric | 股票-工業 | 0.38% | +0.07% | -3.65% | |
| 49 | MU | Micron Technology Inc | 股票-科技 | 0.38% | +0.95% | -2.85% | |
| 50 | WELL | Welltower Inc | 股票-房地產 | 0.36% | -0.48% | EXIT |
| # | 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 | +0.5% | -3.12% | 減碼 |
| 2 | GOOG | Alphabet Inc-cl C | +0.4% | -3.55% | 減碼 |
| 3 | LLY | Eli Lilly & Co | +0.3% | -3.25% | 減碼 |
| 4 | AAPL | Apple Inc | +0.2% | -3.55% | 減碼 |
| 5 | MU | Micron Technology Inc | +0.2% | -2.85% | 減碼 |
| 6 | NEE | Nextera Energy Inc | +0.1% | +0.70% | 加碼 |
| 7 | AMD | Advanced Micro Devices | +0.1% | -2.83% | 減碼 |
| 8 | AMZN | Amazon.com Inc | +0.1% | -2.91% | 減碼 |
| 9 | RSP | Invesco S&p 500 Equal Weight | +0.1% | +0.26% | 加碼 |
| 10 | MRK | Merck & Co. Inc. | +0.1% | -3.75% | 減碼 |
| 11 | AVGO | Broadcom Inc | +0.1% | -2.75% | 減碼 |
| 12 | LRCX | Lam Research CORP | +0.1% | -3.87% | 減碼 |
| 13 | JNJ | Johnson & Johnson | +0.1% | -3.10% | 減碼 |
| 14 | CAT | Caterpillar Inc | +0.1% | -3.24% | 減碼 |
| 15 | ISRG | Intuitive Surgical Inc | +0.1% | -4.21% | 減碼 |
| 16 | AMAT | Applied Materials Inc | 0% | -3.84% | 減碼 |
| 17 | ✓ | Csg Systems International In | 0% | +1428.79% | 加碼 |
| 18 | TMO | Thermo Fisher Scientific Inc | 0% | -3.62% | 減碼 |
| 19 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | -3.14% | 減碼 |
| 20 | MELI | Mercadolibre Inc | 0% | -0.92% | 減碼 |
| 21 | XEL | Xcel Energy Inc | 0% | -0.40% | 減碼 |
| 22 | T | At&t Inc | 0% | -3.96% | 減碼 |
| 23 | WMB | Williams Cos Inc | 0% | -0.44% | 減碼 |
| 24 | DUK | Duke Energy CORP | 0% | -0.40% | 減碼 |
| 25 | COST | Costco Wholesale CORP | 0% | -3.20% | 減碼 |
| 26 | NOW | Servicenow Inc | 0% | +383.12% | 加碼 |
| 27 | PG | Procter & Gamble Co/the | 0% | -3.37% | 減碼 |
| 28 | FISV | Fiserv Inc | 0% | -4.16% | 減碼 |
| 29 | LIN | Linde plc | 0% | -3.54% | 減碼 |
| 30 | TME | Tencent Music Entertainm-adr | 0% | -3.82% | 減碼 |
| 31 | UBER | Uber Technologies Inc | -0.1% | -3.49% | 減碼 |
| 32 | LNG | Cheniere Energy Inc | -0.1% | +3.23% | 加碼 |
| 33 | SE | Sea Ltd-adr | -0.1% | +0.04% | 加碼 |
| 34 | SO | Southern Co/the | -0.1% | -0.39% | 減碼 |
| 35 | HD | Home Depot Inc | -0.1% | -3.09% | 減碼 |
| 36 | VCTR | Victory Capital Holding - A | -0.1% | -95.48% | 減碼 |
| 37 | NVDA | Nvidia CORP | -0.1% | -3.53% | 減碼 |
| 38 | NFLX | Netflix Inc | -0.1% | +865.92% | 加碼 |
| 39 | ORCL | Oracle CORP | -0.2% | -1.69% | 減碼 |
| 40 | META | Meta Platforms Inc-class A | -0.2% | -2.74% | 減碼 |
| 41 | MSFT | Microsoft CORP | -0.4% | -3.15% | 減碼 |
| 42 | TD | Toronto-dominion Bank | — | EXIT | 清倉 |
| 43 | CRH | CRH plc | — | NEW | 新建倉 |
| 44 | DXCM 0.25 11-15-25債券 | Dexcom Inc | — | EXIT | 清倉 |
| 45 | CVNA | Carvana Co | — | NEW | 新建倉 |
| 46 | AEBA | Allete Inc | — | EXIT | 清倉 |
| 47 | FVRR 0 11-01-25債券 | Fiverr International LTD | — | EXIT | 清倉 |
| 48 | SRAD | Sportradar Group AG | — | EXIT | 清倉 |
| 49 | NMFC 7.5 10-15-25債券 | New Mountain Finance Cor | — | EXIT | 清倉 |
| 50 | ARES | Ares Management CORP - A | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Commonwealth Of Pennsylvania Public School Empls Retrmt Sys 在 Q4 2025 季度的美股持倉總市值約為 US$205.9億，共申報了 1719 個公開持股部位。
在 Q4 2025 季度，Commonwealth Of Pennsylvania Public School Empls Retrmt Sys 按市值排列的前三大核心持股分別為：NVDA (5.3%)、AAPL (4.7%)、MSFT (4.2%)。其中最大持股部位 NVDA 佔據整體投資組合約 5.3% 的權重。
在 Q4 2025 季度中，Commonwealth Of Pennsylvania Public School Empls Retrmt Sys 共進行了 50 項持倉異動，包含新建倉 3 個部位、加碼 7 個部位、減碼 34 個部位以及清倉 6 個部位。 其中最大新建倉標的為 CRH。 本季清倉部位包含 TD。
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。