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: 0001853322
申報總市值
US$15.5億
US$15.5億
931 檔
6.1%
在 Q4 2025 的 13F 官方備案中，Dark Forest Capital Management LP 管理的美股投資組合規模來到 US$15.5億，整體持股檔數為 931 檔。
數據顯示 Dark Forest Capital Management LP 於 Q4 2025 季度持續回收資金，對 56 個既有部位進行裁減並清倉 65 個標的，組合整體流動性比重有所上升。
從部位權重觀察，前 5 大標的（包含 EEM, WMT, AXS）累計市值佔比達 6.1%，是驅動 Dark Forest Capital Management LP 該季度整體投資組合績效表現的核心支柱。
僅顯示前 200 大持股（共 931 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 | EEM | Ishares Msci Emerging Market | ETF-新興市場 | 1.38% | +0.01% | +483.21% | |
| 2 | WMT | Walmart Inc | 股票-非循環性消費 | 0.79% | -0.30% | EXIT | |
| 3 | AXS | AXIS Capital Holdings Limited | 股票-金融 | 0.76% | -0.13% | +32.63% | |
| 4 | CVX | Chevron CORP | 股票-能源 | 0.68% | +0.12% | NEW | |
| 5 | TOST | Toast Inc-class A | 股票-科技 | 0.68% | -0.70% | +466.43% | |
| 6 | UNP | Union Pacific CORP | 股票-工業 | 0.61% | -0.71% | +42.11% | |
| 7 | SPG | Simon Property Group Inc | 股票-房地產 | 0.57% | — | -39.97% | |
| 8 | ALSN | Allison Transmission Holding | 股票-循環性消費 | 0.52% | -0.31% | -6.82% | |
| 9 | PFSI | Pennymac Financial Services | 股票-其他 | 0.50% | -0.02% | +226.75% | |
| 10 | RPRX | Royalty Pharma plc | 股票-醫療保健 | 0.49% | +0.01% | +23.90% | |
| 11 | DTE | Dte Energy Company | 股票-公用事業 | 0.47% | +0.04% | +36.25% | |
| 12 | BROS | Dutch Bros Inc-class A | 股票-循環性消費 | 0.45% | — | +85.25% | |
| 13 | OMF | Onemain Holdings Inc | 股票-金融 | 0.45% | -0.11% | +28.19% | |
| 14 | PCG | P G & E CORP | 股票-公用事業 | 0.44% | -0.05% | +146.37% | |
| 15 | PLD | Prologis Inc | 股票-房地產 | 0.44% | — | +6.75% | |
| 16 | L | Loews CORP | 股票-金融 | 0.43% | +0.32% | -59.36% | |
| 17 | BFAM | Bright Horizons Family Solut | 股票-循環性消費 | 0.41% | -0.61% | EXIT | |
| 18 | FTAI | FTAI Aviation Ltd. | 股票-工業 | 0.40% | -0.20% | +6.69% | |
| 19 | NEE | Nextera Energy Inc | 股票-公用事業 | 0.40% | -0.05% | +1047.93% | |
| 20 | SSNC | Ss&c Technologies Holdings | 股票-科技 | 0.39% | +0.02% | +51.86% | |
| 21 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.39% | +0.32% | -14.29% | |
| 22 | RITM | Rithm Capital CORP | 股票-房地產 | 0.39% | — | +182.97% | |
| 23 | MOD | Modine Manufacturing Co | 股票-循環性消費 | 0.39% | +0.07% | +63.74% | |
| 24 | BPOP | Popular Inc | 股票-金融 | 0.39% | -1.05% | EXIT | |
| 25 | LAZ | Lazard Inc | 股票-金融 | 0.39% | -0.50% | EXIT | |
| 26 | MSFT | Microsoft CORP | 股票-科技 | 0.38% | +0.01% | -22.27% | |
| 27 | LTH | Life Time Group Holdings Inc | 股票-其他 | 0.38% | — | +358.52% | |
| 28 | SBUX | Starbucks CORP | 股票-循環性消費 | 0.37% | -0.08% | EXIT | |
| 29 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.37% | -0.62% | EXIT | |
| 30 | VICI | Vici Properties Inc | 股票-房地產 | 0.37% | — | — | |
| 31 | AMAT | Applied Materials Inc | 股票-科技 | 0.36% | +0.03% | +41.19% | |
| 32 | ATMU | Atmus Filtration Technologie | 股票-循環性消費 | 0.36% | -0.59% | EXIT | |
| 33 | LAUR | Laureate Education Inc | 股票-其他 | 0.36% | -0.10% | EXIT | |
| 34 | VRT | Vertiv Holdings Co-a | 股票-工業 | 0.36% | — | +83.35% | |
| 35 | AGNC | Agnc Investment CORP | 股票-房地產 | 0.35% | -0.63% | EXIT | |
| 36 | ITW | Illinois Tool Works | 股票-工業 | 0.35% | +0.11% | +21.54% | |
| 37 | AVGO | Broadcom Inc | 股票-科技 | 0.35% | — | +3.28% | |
| 38 | EWZ | Ishares Msci Brazil ETF | ETF-其他 | 0.35% | -0.02% | EXIT | |
| 39 | WTM | White Mountains Insurance Group, Ltd. | 股票-金融 | 0.34% | -0.44% | EXIT | |
| 40 | RTX | Rtx CORP | 股票-工業 | 0.34% | +0.04% | +901.20% | |
| 41 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.34% | -0.15% | -34.56% | |
| 42 | COF | Capital One Financial CORP | 股票-金融 | 0.33% | +0.06% | NEW | |
| 43 | UHAL-B | U-haul Holding Co-non Voting | 股票-其他 | 0.33% | -0.02% | +5.93% | |
| 44 | PNR | Pentair plc | 股票-工業 | 0.33% | — | +176.14% | |
| 45 | SITE | Siteone Landscape Supply Inc | 股票-工業 | 0.33% | +0.08% | — | |
| 46 | MRVL | Marvell Technology Inc | 股票-科技 | 0.33% | -0.36% | EXIT | |
| 47 | AAPL | Apple Inc | 股票-科技 | 0.33% | -0.46% | +61.65% | |
| 48 | BOKF | Bok Financial Corporation | 股票-其他 | 0.32% | -0.29% | +316.10% | |
| 49 | SF | Stifel Financial CORP | 股票-金融 | 0.32% | -0.07% | +195.36% | |
| 50 | PLXS | Plexus CORP | 股票-科技 | 0.32% | -0.14% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | EEM | Ishares Msci Emerging Market | +1.2% | +483.21% | 加碼 |
| 2 | TOST | Toast Inc-class A | +0.6% | +466.43% | 加碼 |
| 3 | CVX | Chevron CORP | +0.4% | +112.81% | 加碼 |
| 4 | PFSI | Pennymac Financial Services | +0.4% | +226.75% | 加碼 |
| 5 | NEE | Nextera Energy Inc | +0.4% | +1047.93% | 加碼 |
| 6 | LAZ | Lazard Inc | +0.4% | +842.21% | 加碼 |
| 7 | AXS | AXIS Capital Holdings Limited | +0.3% | +32.63% | 加碼 |
| 8 | RTX | Rtx CORP | +0.3% | +901.20% | 加碼 |
| 9 | AGNC | Agnc Investment CORP | +0.3% | +603.95% | 加碼 |
| 10 | LTH | Life Time Group Holdings Inc | +0.3% | +358.52% | 加碼 |
| 11 | MRVL | Marvell Technology Inc | +0.3% | +933.69% | 加碼 |
| 12 | CAG | Conagra Brands Inc | +0.3% | +1713.83% | 加碼 |
| 13 | PCG | P G & E CORP | +0.3% | +146.37% | 加碼 |
| 14 | SBUX | Starbucks CORP | +0.3% | +301.39% | 加碼 |
| 15 | WMT | Walmart Inc | +0.3% | +20.99% | 加碼 |
| 16 | BROS | Dutch Bros Inc-class A | +0.3% | +85.25% | 加碼 |
| 17 | RITM | Rithm Capital CORP | +0.3% | +182.97% | 加碼 |
| 18 | LIF | Life360 Inc | +0.3% | +3568.37% | 加碼 |
| 19 | BOKF | Bok Financial Corporation | +0.3% | +316.10% | 加碼 |
| 20 | RGLD | Royal Gold Inc | +0.3% | +536.59% | 加碼 |
| 21 | VLY | Valley National Bancorp | +0.3% | +396.49% | 加碼 |
| 22 | EBC | Eastern Bankshares Inc | +0.3% | +516.74% | 加碼 |
| 23 | UNP | Union Pacific CORP | +0.3% | +42.11% | 加碼 |
| 24 | WST | West Pharmaceutical Services | +0.2% | +1725.11% | 加碼 |
| 25 | SF | Stifel Financial CORP | +0.2% | +195.36% | 加碼 |
| 26 | FCNCA | First Citizens Bcshs -cl A | +0.2% | +838.40% | 加碼 |
| 27 | FELE | Franklin Electric Co Inc | +0.2% | +470.76% | 加碼 |
| 28 | PNR | Pentair plc | +0.2% | +176.14% | 加碼 |
| 29 | RNG | Ringcentral Inc-class A | +0.2% | +220.59% | 加碼 |
| 30 | CR | Crane Co | +0.2% | +1079.41% | 加碼 |
| 31 | VZ | Verizon Communications Inc | +0.2% | +1144.24% | 加碼 |
| 32 | F | Ford Motor Co | +0.2% | +314.74% | 加碼 |
| 33 | VRT | Vertiv Holdings Co-a | +0.2% | +83.35% | 加碼 |
| 34 | GMED | Globus Medical Inc - A | +0.2% | +1338.88% | 加碼 |
| 35 | GTX | Garrett Motion Inc | +0.2% | +1694.89% | 加碼 |
| 36 | PLTR | Palantir Technologies Inc-a | +0.2% | +1272.77% | 加碼 |
| 37 | ALLE | Allegion plc | +0.2% | +1243.38% | 加碼 |
| 38 | WEC | Wec Energy Group Inc | +0.2% | +588.33% | 加碼 |
| 39 | SIRI | Sirius Xm Holdings Inc | +0.2% | +419.87% | 加碼 |
| 40 | OLN | Olin CORP | +0.2% | +384.41% | 加碼 |
| 41 | BMY | Bristol-myers Squibb Co | +0.2% | +133.33% | 加碼 |
| 42 | LYFT | Lyft Inc-a | +0.2% | +212.03% | 加碼 |
| 43 | NOG | Northern Oil And Gas Inc | +0.2% | +778.77% | 加碼 |
| 44 | HUBS | Hubspot Inc | +0.2% | +798.44% | 加碼 |
| 45 | PNW | Pinnacle West Capital | -0.1% | -42.86% | 減碼 |
| 46 | PECO | Phillips Edison & Company In | -0.1% | -49.41% | 減碼 |
| 47 | ZM | Zoom Communications Inc | -0.1% | -52.22% | 減碼 |
| 48 | RGA | Reinsurance Group Of America | -0.1% | -52.64% | 減碼 |
| 49 | MORN | Morningstar Inc | -0.1% | -60.13% | 減碼 |
| 50 | DLR | Digital Realty Trust Inc | -0.1% | -73.04% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Dark Forest Capital Management LP 在 Q4 2025 季度的美股持倉總市值約為 US$15.5億，共申報了 931 個公開持股部位。
在 Q4 2025 季度，Dark Forest Capital Management LP 按市值排列的前三大核心持股分別為：EEM (1.4%)、WMT (0.8%)、AXS (0.8%)。其中最大持股部位 EEM 佔據整體投資組合約 1.4% 的權重。
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。
本季最大新建倉標的
GOOG
市值: US$807.2萬
本季最大獲利了結 / 清倉標的
BAH
前期市值: US$1502.3萬
在 Q4 2025 季度中，Dark Forest Capital Management LP 共進行了 200 項持倉異動，包含新建倉 35 個部位、加碼 44 個部位、減碼 56 個部位以及清倉 65 個部位。 其中最大新建倉標的為 GOOG。 本季清倉部位包含 BAH。
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。
解析公司高管、董事與 10% 大股東之 Form 4 內部人交易申報，掌握高管自家股票買賣第一手訊號。
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。