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: 0001301396
申報總市值
US$51.5億
US$51.5億
327 檔
13.9%
Context Capital Management, LLC 在 Q4 2025 季度的美股部位總計估值為 US$51.5億，分散於 327 個持倉標的之中，反映其市場參與廣度與投資規模。
Context Capital Management, LLC 於 Q4 2025 展現出進攻型調倉步調，本季推動了 12 檔股票的新建倉與 36 檔既有部位加碼，整體資金傾向擴大在美股市場的曝險佈局。
從部位權重觀察，前 5 大標的（包含 MSTR 0 12-01-29, ECHO 3.875 11-30-30, PTON 5.5 12-01-29）累計市值佔比達 13.9%，是驅動 Context Capital Management, LLC 該季度整體投資組合績效表現的核心支柱。
本季最大新建倉標的
MSTR 0 12-01-29
市值: US$1875.5億
本季最大獲利了結 / 清倉標的
ECHO 3.875 11-30-30
前期市值: US$2.6億
僅顯示前 200 大持股（共 327 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 | MSTR 0 12-01-29債券 | Strategy Inc | 債券 | 4.83% | -2.63% | — | |
| 2 | ECHO 3.875 11-30-30債券 | Echostar CORP | 債券 | 4.12% | -1.18% | -54.49% | |
| 3 | PTON 5.5 12-01-29債券 | Peloton Interactive Inc | 債券 | 3.48% | -0.24% | +104427.96% | |
| 4 | MARA 0 06-01-31債券 | Mara Holdings Inc | 債券 | 3.11% | +0.69% | — | |
| 5 | CNMD 2.25 06-15-27債券 | Conmed CORP | 債券 | 2.95% | -2.68% | EXIT | |
| 6 | TDOC 1.25 06-01-27債券 | Teladoc Health Inc | 債券 | 2.88% | -0.61% | +92033.11% | |
| 7 | FLNC 2.25 06-15-30債券 | Fluence Energy Inc | 債券 | 2.41% | -0.95% | — | |
| 8 | BBIO 2.25 02-01-29債券 | Bridgebio Pharma Inc | 債券 | 2.31% | -0.63% | +81403.06% | |
| 9 | SMCI 3.5 03-01-29債券 | Super Micro Computer Inc | 債券 | 2.24% | +0.89% | +348805.21% | |
| 10 | TNDM 1.5 03-15-29 2024債券 | Tandem Diabetes Care Inc | 債券 | 2.13% | -0.54% | +260521.93% | |
| 11 | TVTX 2.25 03-01-29債券 | Travere Therapeutics Inc | 債券 | 2.11% | -1.55% | EXIT | |
| 12 | CLSK 0 06-15-30債券 | Cleanspark Inc | 債券 | 2.09% | -0.40% | — | |
| 13 | ENOV 3.875 10-15-28債券 | Enovis CORP | 債券 | 2.08% | -0.13% | +250699.10% | |
| 14 | PMT 8.5 06-01-29債券 | Pennymac CORP | 債券 | 2.02% | -0.54% | +464602.55% | |
| 15 | CENX 2.75 05-01-28債券 | Century Aluminum Company | 債券 | 1.83% | -1.23% | +88277.33% | |
| 16 | RIVN 4.625 03-15-29債券 | Rivian Auto Inc | 債券 | 1.80% | -0.57% | +95570.97% | |
| 17 | PCRX 2.125 05-15-29債券 | Pacira Biosciences Inc | 債券 | 1.79% | -0.09% | +90875.92% | |
| 18 | IMCR 2.5 02-01-30債券 | Immunocore Holdings | 債券 | 1.68% | -0.38% | +102041.60% | |
| 19 | GRPN 4.875 06-30-30 UNRS債券 | Groupon Inc | 債券 | 1.59% | -0.10% | +94789.94% | |
| 20 | ARRY 1 12-01-28債券 | Array Technologies Inc | 債券 | 1.47% | -0.29% | +130097.11% | |
| 21 | APLD 2.75 06-01-30債券 | Applied Digital CORP | 債券 | 1.47% | +0.36% | — | |
| 22 | PD 1.5 10-15-28 *債券 | Pagerduty Inc. | 債券 | 1.42% | -0.18% | +1154600.00% | |
| 23 | SSRMCN 2.5 04-01-39債券 | Ssr Mining Inc | 債券 | 1.41% | — | +80416.74% | |
| 24 | W 3.5 11-15-28債券 | Wayfair Inc | 債券 | 1.37% | -0.94% | EXIT | |
| 25 | UPST 1 11-15-30債券 | Upstart Holdings Inc | 債券 | 1.36% | -0.05% | — | |
| 26 | LEU 2.25 11-01-30債券 | Centrus Energy CORP | 債券 | 1.35% | -0.91% | EXIT | |
| 27 | CRNC 1.5 07-01-28債券 | Cerence Inc | 債券 | 1.31% | -0.09% | +218746.90% | |
| 28 | EQXCN 4.75 10-15-28債券 | Equinox Gold CORP | 債券 | 1.29% | -0.25% | +46662.75% | |
| 29 | EVH 3.5 12-01-29債券 | Evolent Health Inc | 債券 | 1.28% | +0.28% | +111228.42% | |
| 30 | ENPH 0 03-01-28債券 | Enphase Energy Inc | 債券 | 1.22% | -1.77% | EXIT | |
| 31 | SEDG 2.25 07-01-29債券 | Solar Edge Technologies | 債券 | 1.17% | -0.87% | EXIT | |
| 32 | MSTR 0.875 03-15-31債券 | Strategy Inc | 債券 | 1.11% | -0.31% | +106285.86% | |
| 33 | PCT 7.25 08-15-30債券 | Purecycle Technologies | 債券 | 1.11% | -0.51% | EXIT | |
| 34 | PRCH 9 05-15-30債券 | Porch Group Inc | 債券 | 1.06% | +0.19% | +187079.49% | |
| 35 | IRWD 1.5 06-15-26債券 | Ironwood Pharmaceuticals | 債券 | 1.03% | -1.34% | EXIT | |
| 36 | CELC 2.75 08-01-31債券 | Celcuity Inc | 債券 | 0.98% | -0.14% | +187547.69% | |
| 37 | TXNM 5.75 06-01-54債券 | Txnm Energy Inc | 債券 | 0.97% | — | +99900.00% | |
| 38 | RIVN 3.625 10-15-30債券 | Rivian Auto Inc | 債券 | 0.96% | -0.44% | +95572.62% | |
| 39 | OMER 9.5 06-15-29債券 | Omeros CORP | 債券 | 0.93% | -0.25% | +496402.64% | |
| 40 | MITK 0.75 02-01-26債券 | Mitek Systems Inc | 債券 | 0.86% | — | +80738.32% | |
| 41 | ALB 7.25 03-01-27債券 | Albemarle CORP | 債券 | 0.84% | — | — | |
| 42 | METC 0 11-01-31債券 | Ramaco Resources Inc | 債券 | 0.84% | — | — | |
| 43 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | 債券 | 0.76% | +0.26% | +165004.17% | |
| 44 | NIO 3.875 10-15-29債券 | Nio Inc | 債券 | 0.75% | -0.60% | +110726.81% | |
| 45 | VSH 2.25 09-15-30債券 | Vishay Intertechnology | 債券 | 0.75% | -0.27% | EXIT | |
| 46 | GPRE 5.25 11-01-30 UNRS債券 | Green Plains Inc | 債券 | 0.75% | -0.05% | — | |
| 47 | ALHC 4.25 11-15-29債券 | Alignment Healthcare | 債券 | 0.73% | -0.28% | EXIT | |
| 48 | SEI 4.75 05-01-30債券 | Solaris Energy Infrastru | 債券 | 0.62% | +0.60% | +171059.03% | |
| 49 | BYND 7 10-15-30債券 | Beyond Meat Inc | 債券 | 0.62% | -0.03% | — | |
| 50 | HAE 2.5 06-01-29債券 | Haemonetics CORP | 債券 | 0.61% | — | +90871.13% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | PMT 8.5 06-01-29債券 | Pennymac CORP | +1.5% | +464602.55% | 加碼 |
| 2 | SMCI 3.5 03-01-29債券 | Super Micro Computer Inc | +1.4% | +348805.21% | 加碼 |
| 3 | TNDM 1.5 03-15-29 2024債券 | Tandem Diabetes Care Inc | +1.3% | +260521.93% | 加碼 |
| 4 | PD 1.5 10-15-28 *債券 | Pagerduty Inc. | +1.3% | +1154600.00% | 加碼 |
| 5 | ENOV 3.875 10-15-28債券 | Enovis CORP | +1.1% | +250699.10% | 加碼 |
| 6 | OMER 9.5 06-15-29債券 | Omeros CORP | +0.9% | +496402.64% | 加碼 |
| 7 | CRNC 1.5 07-01-28債券 | Cerence Inc | +0.7% | +218746.90% | 加碼 |
| 8 | CELC 2.75 08-01-31債券 | Celcuity Inc | +0.6% | +187547.69% | 加碼 |
| 9 | TVTX 2.25 03-01-29債券 | Travere Therapeutics Inc | +0.5% | +123852.63% | 加碼 |
| 10 | IRWD 1.5 06-15-26債券 | Ironwood Pharmaceuticals | +0.3% | +149912.47% | 加碼 |
| 11 | SEI 4.75 05-01-30債券 | Solaris Energy Infrastru | +0.2% | +171059.03% | 加碼 |
| 12 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | +0.2% | +165004.17% | 加碼 |
| 13 | ALB 7.25 03-01-27債券 | Albemarle CORP | +0.2% | — | 不變 |
| 14 | ARRY 1 12-01-28債券 | Array Technologies Inc | +0.2% | +130097.11% | 加碼 |
| 15 | PRCH 9 05-15-30債券 | Porch Group Inc | +0.2% | +187079.49% | 加碼 |
| 16 | RIVN 3.625 10-15-30債券 | Rivian Auto Inc | 0% | +95572.62% | 加碼 |
| 17 | W 3.5 11-15-28債券 | Wayfair Inc | -0.1% | +104414.67% | 加碼 |
| 18 | RIVN 4.625 03-15-29債券 | Rivian Auto Inc | -0.1% | +95570.97% | 加碼 |
| 19 | CENX 2.75 05-01-28債券 | Century Aluminum Company | -0.1% | +88277.33% | 加碼 |
| 20 | HAE 2.5 06-01-29債券 | Haemonetics CORP | -0.1% | +90871.13% | 加碼 |
| 21 | VSH 2.25 09-15-30債券 | Vishay Intertechnology | -0.2% | +100180.86% | 加碼 |
| 22 | TXNM 5.75 06-01-54債券 | Txnm Energy Inc | -0.2% | +99900.00% | 加碼 |
| 23 | NIO 3.875 10-15-29債券 | Nio Inc | -0.2% | +110726.81% | 加碼 |
| 24 | SEDG 2.25 07-01-29債券 | Solar Edge Technologies | -0.2% | +117527.64% | 加碼 |
| 25 | CNMD 2.25 06-15-27債券 | Conmed CORP | -0.3% | +109618.88% | 加碼 |
| 26 | IMCR 2.5 02-01-30債券 | Immunocore Holdings | -0.3% | +102041.60% | 加碼 |
| 27 | EVH 3.5 12-01-29債券 | Evolent Health Inc | -0.4% | +111228.42% | 加碼 |
| 28 | MITK 0.75 02-01-26債券 | Mitek Systems Inc | -0.4% | +80738.32% | 加碼 |
| 29 | GRPN 4.875 06-30-30 UNRS債券 | Groupon Inc | -0.5% | +94789.94% | 加碼 |
| 30 | PCRX 2.125 05-15-29債券 | Pacira Biosciences Inc | -0.6% | +90875.92% | 加碼 |
| 31 | PCT 7.25 08-15-30債券 | Purecycle Technologies | -0.6% | +90435.07% | 加碼 |
| 32 | BBIO 2.25 02-01-29債券 | Bridgebio Pharma Inc | -0.7% | +81403.06% | 加碼 |
| 33 | MSTR 0.875 03-15-31債券 | Strategy Inc | -0.8% | +106285.86% | 加碼 |
| 34 | TDOC 1.25 06-01-27債券 | Teladoc Health Inc | -0.8% | +92033.11% | 加碼 |
| 35 | SSRMCN 2.5 04-01-39債券 | Ssr Mining Inc | -0.9% | +80416.74% | 加碼 |
| 36 | EQXCN 4.75 10-15-28債券 | Equinox Gold CORP | -1.4% | +46662.75% | 加碼 |
| 37 | PTON 5.5 12-01-29債券 | Peloton Interactive Inc | -1.9% | +104427.96% | 加碼 |
| 38 | ECHO 3.875 11-30-30債券 | Echostar CORP | -3.9% | -54.49% | 減碼 |
| 39 | MSTR 0 12-01-29債券 | Strategy Inc | — | NEW | 新建倉 |
| 40 | MARA 0 06-01-31債券 | Mara Holdings Inc | — | NEW | 新建倉 |
| 41 | FLNC 2.25 06-15-30債券 | Fluence Energy Inc | — | NEW | 新建倉 |
| 42 | CLSK 0 06-15-30債券 | Cleanspark Inc | — | NEW | 新建倉 |
| 43 | APLD 2.75 06-01-30債券 | Applied Digital CORP | — | NEW | 新建倉 |
| 44 | UPST 1 11-15-30債券 | Upstart Holdings Inc | — | NEW | 新建倉 |
| 45 | LEU 2.25 11-01-30債券 | Centrus Energy CORP | — | NEW | 新建倉 |
| 46 | ENPH 0 03-01-28債券 | Enphase Energy Inc | — | NEW | 新建倉 |
| 47 | METC 0 11-01-31債券 | Ramaco Resources Inc | — | NEW | 新建倉 |
| 48 | GPRE 5.25 11-01-30 UNRS債券 | Green Plains Inc | — | NEW | 新建倉 |
| 49 | ALHC 4.25 11-15-29債券 | Alignment Healthcare | — | NEW | 新建倉 |
| 50 | BYND 7 10-15-30債券 | Beyond Meat Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Context Capital Management, LLC 在 Q4 2025 季度的美股持倉總市值約為 US$51.5億，共申報了 327 個公開持股部位。
在 Q4 2025 季度，Context Capital Management, LLC 按市值排列的前三大核心持股分別為：MSTR 0 12-01-29 (4.8%)、ECHO 3.875 11-30-30 (4.1%)、PTON 5.5 12-01-29 (3.5%)。其中最大持股部位 MSTR 0 12-01-29 佔據整體投資組合約 4.8% 的權重。
在 Q4 2025 季度中，Context Capital Management, LLC 共進行了 49 項持倉異動，包含新建倉 12 個部位、加碼 36 個部位、減碼 1 個部位以及清倉 0 個部位。 其中最大新建倉標的為 MSTR 0 12-01-29。
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。