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: 0001224890
申報總市值
US$8.6億
US$8.6億
128 檔
24.0%
Culbertson A N & Co Inc 在 Q4 2025 季度的美股部位總計估值為 US$8.6億，分散於 128 個持倉標的之中，反映其市場參與廣度與投資規模。
從 Q4 2025 申報觀察，Culbertson A N & Co Inc 採取防禦導向的調倉策略，本季減碼 28 檔個股並出清 1 檔部位，顯示機構在該時期進行風險控制與流動性回收。
在資產配置集中度方面，Culbertson A N & Co Inc 的前 5 大核心持股（包含 BRK-B, AAPL, MSFT 等）合計佔整體申報市值的 24.0%，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
STZ
市值: US$31.3萬
本季最大獲利了結 / 清倉標的
KEL
前期市值: US$46.0萬
| # | 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 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 8.03% | +0.04% | +5.41% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 6.45% | +0.10% | -3.02% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.44% | -0.31% | -0.24% | |
| 4 | JPM | Jpmorgan Chase & Co | 股票-金融 | 5.02% | -0.03% | +0.68% | |
| 5 | GS | Goldman Sachs Group Inc | 股票-金融 | 3.28% | +0.13% | -0.31% | |
| 6 | CAT | Caterpillar Inc | 股票-工業 | 3.21% | +1.04% | +0.64% | |
| 7 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.92% | +0.18% | -0.72% | |
| 8 | CMI | Cummins Inc | 股票-工業 | 2.43% | +0.42% | -0.37% | |
| 9 | MCK | Mckesson CORP | 股票-醫療保健 | 2.33% | -0.47% | -1.09% | |
| 10 | IWR | Ishares Russell Mid-cap ETF | ETF-其他 | 2.22% | +0.05% | -1.15% | |
| 11 | JNJ | Johnson & Johnson | 股票-醫療保健 | 2.12% | -0.39% | -0.37% | |
| 12 | ABBV | Abbvie Inc | 股票-醫療保健 | 2.10% | +0.08% | -0.96% | |
| 13 | ORCL | Oracle CORP | 股票-科技 | 1.93% | -0.20% | -4.75% | |
| 14 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 1.78% | +0.03% | -1.84% | |
| 15 | DE | Deere & Co | 股票-工業 | 1.61% | +0.01% | +2.32% | |
| 16 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.57% | +0.16% | +2.01% | |
| 17 | ABT | Abbott Laboratories | 股票-醫療保健 | 1.56% | -0.28% | -0.92% | |
| 18 | MCD | Mcdonald's CORP | 股票-循環性消費 | 1.55% | -0.32% | -0.85% | |
| 19 | CVX | Chevron CORP | 股票-能源 | 1.42% | -0.53% | +4.00% | |
| 20 | VB | Vanguard Small-cap ETF | ETF-其他 | 1.40% | +0.04% | -1.30% | |
| 21 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.35% | -0.30% | -2.12% | |
| 22 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 1.29% | +0.14% | -1.61% | |
| 23 | XOM | Exxon Mobil CORP | 股票-能源 | 1.21% | -0.58% | -0.64% | |
| 24 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.17% | -0.12% | -1.46% | |
| 25 | VGT | Vanguard Info Tech ETF | ETF-科技型 | 1.16% | +0.17% | -5.23% | |
| 26 | WFC | Wells Fargo & Co | 股票-金融 | 1.09% | -0.06% | +14.44% | |
| 27 | CSCO | Cisco Systems Inc | 股票-科技 | 1.07% | +0.29% | -0.93% | |
| 28 | GLW | Corning Inc | 股票-科技 | 1.06% | +0.56% | -1.08% | |
| 29 | FDX | Fedex CORP | 股票-工業 | 1.05% | -0.26% | -3.93% | |
| 30 | USB | US Bancorp | 股票-金融 | 1.05% | +0.05% | +11.39% | |
| 31 | BSV | Vanguard Short-term Bond ETF | ETF-其他 | 1.03% | -0.13% | -4.18% | |
| 32 | BN | Brookfield CORP | 股票-金融 | 1.02% | — | +65.13% | |
| 33 | V | Visa Inc-class A Shares | 股票-金融 | 1.02% | +0.02% | -0.56% | |
| 34 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.96% | +0.04% | +8.60% | |
| 35 | VO | Vanguard Mid-cap ETF | ETF-其他 | 0.93% | +0.01% | -0.22% | |
| 36 | MKL | Markel Group Inc | 股票-金融 | 0.89% | +0.17% | +9.49% | |
| 37 | VUG | Vanguard Growth ETF | ETF-其他 | 0.87% | +0.03% | +0.30% | |
| 38 | APD | Air Products & Chemicals Inc | 股票-原物料 | 0.86% | -0.11% | -1.17% | |
| 39 | ADP | Automatic Data Processing | 股票-科技 | 0.85% | -0.04% | -1.60% | |
| 40 | OEF | Ishares S&p 100 ETF | ETF-其他 | 0.83% | +0.01% | -1.69% | |
| 41 | TRV | Travelers Cos Inc/the | 股票-金融 | 0.80% | -0.02% | -0.30% | |
| 42 | VGSH | Vanguard Short-term Treasury | ETF-政府公債 | 0.66% | -0.04% | -0.78% | |
| 43 | VBR | Vanguard Small-cap Value ETF | ETF-其他 | 0.65% | +0.04% | +6.14% | |
| 44 | C | Citigroup Inc | 股票-金融 | 0.64% | +0.05% | -0.44% | |
| 45 | VTV | Vanguard Value ETF | ETF-其他 | 0.63% | +0.02% | -0.23% | |
| 46 | BAC | Bank Of America CORP | 股票-金融 | 0.63% | +0.03% | +5.30% | |
| 47 | MS | Morgan Stanley | 股票-金融 | 0.62% | +0.06% | +0.63% | |
| 48 | VYM | Vanguard High Dvd Yield ETF | ETF-其他 | 0.54% | -0.02% | — | |
| 49 | MDLZ | Mondelez International Inc-a | 股票-非循環性消費 | 0.50% | -0.04% | -9.13% | |
| 50 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投資等級公司債 | 0.49% | -0.04% | +0.88% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +0.6% | -0.72% | 減碼 |
| 2 | CAT | Caterpillar Inc | +0.5% | +0.64% | 加碼 |
| 3 | CMI | Cummins Inc | +0.4% | -0.37% | 減碼 |
| 4 | GOOGL | Alphabet Inc-cl A | +0.3% | +2.01% | 加碼 |
| 5 | GS | Goldman Sachs Group Inc | +0.2% | -0.31% | 減碼 |
| 6 | WFC | Wells Fargo & Co | +0.2% | +14.44% | 加碼 |
| 7 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +5.41% | 加碼 |
| 8 | USB | US Bancorp | +0.2% | +11.39% | 加碼 |
| 9 | JNJ | Johnson & Johnson | +0.2% | -0.37% | 減碼 |
| 10 | MKL | Markel Group Inc | +0.2% | +9.49% | 加碼 |
| 11 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.2% | +56.03% | 加碼 |
| 12 | FDX | Fedex CORP | +0.1% | -3.93% | 減碼 |
| 13 | D | Dominion Energy Inc | +0.1% | +106.32% | 加碼 |
| 14 | AMZN | Amazon.com Inc | +0.1% | +8.60% | 加碼 |
| 15 | CSCO | Cisco Systems Inc | +0.1% | -0.93% | 減碼 |
| 16 | CB | Chubb Limited | +0.1% | +16.03% | 加碼 |
| 17 | BN | Brookfield CORP | +0.1% | +65.13% | 加碼 |
| 18 | C | Citigroup Inc | +0.1% | -0.44% | 減碼 |
| 19 | BAC | Bank Of America CORP | +0.1% | +5.30% | 加碼 |
| 20 | MS | Morgan Stanley | +0.1% | +0.63% | 加碼 |
| 21 | MCK | Mckesson CORP | 0% | -1.09% | 減碼 |
| 22 | VOE | Vanguard Mid-cap Value ETF | 0% | +10.90% | 加碼 |
| 23 | XOM | Exxon Mobil CORP | 0% | -0.64% | 減碼 |
| 24 | VBR | Vanguard Small-cap Value ETF | 0% | +6.14% | 加碼 |
| 25 | COF | Capital One Financial CORP | 0% | -1.54% | 減碼 |
| 26 | LLY | Eli Lilly & Co | 0% | — | 不變 |
| 27 | AAPL | Apple Inc | 0% | -3.02% | 減碼 |
| 28 | GLW | Corning Inc | 0% | -1.08% | 減碼 |
| 29 | DE | Deere & Co | 0% | +2.32% | 加碼 |
| 30 | JPM | Jpmorgan Chase & Co | 0% | +0.68% | 加碼 |
| 31 | SJM | Jm Smucker Co/the | 0% | -34.92% | 減碼 |
| 32 | HD | Home Depot Inc | 0% | -1.40% | 減碼 |
| 33 | T | At&t Inc | 0% | +0.52% | 加碼 |
| 34 | HSY | Hershey Co/the | 0% | -6.59% | 減碼 |
| 35 | BLK | Blackrock Inc | -0.1% | -2.69% | 減碼 |
| 36 | TXN | Texas Instruments Inc | -0.1% | -3.72% | 減碼 |
| 37 | GIS | General Mills Inc | -0.1% | -32.03% | 減碼 |
| 38 | BSV | Vanguard Short-term Bond ETF | -0.1% | -4.18% | 減碼 |
| 39 | VGT | Vanguard Info Tech ETF | -0.1% | -5.23% | 減碼 |
| 40 | ABBV | Abbvie Inc | -0.1% | -0.96% | 減碼 |
| 41 | APD | Air Products & Chemicals Inc | -0.1% | -1.17% | 減碼 |
| 42 | PG | Procter & Gamble Co/the | -0.1% | -1.46% | 減碼 |
| 43 | MDLZ | Mondelez International Inc-a | -0.2% | -9.13% | 減碼 |
| 44 | ADP | Automatic Data Processing | -0.2% | -1.60% | 減碼 |
| 45 | ABT | Abbott Laboratories | -0.2% | -0.92% | 減碼 |
| 46 | MSFT | Microsoft CORP | -0.6% | -0.24% | 減碼 |
| 47 | ORCL | Oracle CORP | -1.1% | -4.75% | 減碼 |
| 48 | KEL | Kellanova | — | EXIT | 清倉 |
| 49 | STZ | Constellation Brands Inc-a | — | NEW | 新建倉 |
| 50 | OBT | Orange County Bancorp Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Culbertson A N & Co Inc 在 Q4 2025 季度的美股持倉總市值約為 US$8.6億，共申報了 128 個公開持股部位。
在 Q4 2025 季度，Culbertson A N & Co Inc 按市值排列的前三大核心持股分別為：BRK-B (8.0%)、AAPL (6.5%)、MSFT (5.4%)。其中最大持股部位 BRK-B 佔據整體投資組合約 8.0% 的權重。
在 Q4 2025 季度中，Culbertson A N & Co Inc 共進行了 49 項持倉異動，包含新建倉 2 個部位、加碼 18 個部位、減碼 28 個部位以及清倉 1 個部位。 其中最大新建倉標的為 STZ。 本季清倉部位包含 KEL。
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。