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: 0001808748
申報總市值
US$6.2億
US$6.2億
117 檔
38.8%
在 Q4 2025 的 13F 官方備案中，Davidson Capital Management Inc. 管理的美股投資組合規模來到 US$6.2億，整體持股檔數為 117 檔。
觀察 Q4 2025 的資金脈絡，Davidson Capital Management Inc. 在獲利結算 2 檔個股的同時，將資本重新部署至 5 檔新選標的，展現主動管理機構的輪動節奏。
從部位權重觀察，前 5 大標的（包含 VCIT, XMMO, SPHQ）累計市值佔比達 38.8%，是驅動 Davidson Capital Management Inc. 該季度整體投資組合績效表現的核心支柱。
| # | 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 | VCIT | Vanguard Int-term Corporate | ETF-投資等級公司債 | 16.42% | -1.98% | +6.47% | |
| 2 | XMMO | Invesco S&p Midcap Momentum | ETF-其他 | 11.66% | +0.09% | -0.00% | |
| 3 | SPHQ | Invesco S&p 500 Quality ETF | ETF-大型股與成長 | 10.31% | +0.17% | +0.86% | |
| 4 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 7.11% | +0.34% | +1.64% | |
| 5 | VCLT | Vanguard Long-term CORP Bond | ETF-投資等級公司債 | 6.94% | -0.80% | +14.74% | |
| 6 | RSP | Invesco S&p 500 Equal Weight | ETF-大型股與成長 | 6.81% | — | +1.11% | |
| 7 | FIX | Comfort Systems USA Inc | 股票-工業 | 1.42% | +0.29% | -6.62% | |
| 8 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.23% | +0.10% | -3.44% | |
| 9 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.18% | +0.16% | -2.16% | |
| 10 | SPYG | Ss Spdr P S&p 500 Growth ETF | ETF-大型股與成長 | 1.18% | — | — | |
| 11 | VRT | Vertiv Holdings Co-a | 股票-工業 | 1.15% | +0.20% | -4.04% | |
| 12 | AMAT | Applied Materials Inc | 股票-科技 | 1.13% | +0.21% | -0.96% | |
| 13 | MEDP | Medpace Holdings Inc | 股票-醫療保健 | 1.09% | +0.01% | -2.14% | |
| 14 | NVDA | Nvidia CORP | 股票-科技 | 1.09% | +0.03% | -0.22% | |
| 15 | CAT | Caterpillar Inc | 股票-工業 | 1.07% | +0.09% | -0.83% | |
| 16 | ENVA | Enova International Inc | 股票-金融 | 1.06% | +0.25% | +1.07% | |
| 17 | KLAC | Kla CORP | 股票-科技 | 1.05% | +0.83% | -0.42% | |
| 18 | GS | Goldman Sachs Group Inc | 股票-金融 | 1.02% | +0.02% | -0.17% | |
| 19 | AVGO | Broadcom Inc | 股票-科技 | 1.00% | +0.08% | — | |
| 20 | GEV | GE Vernova Inc | 股票-工業 | 0.98% | +0.23% | +1.68% | |
| 21 | PH | Parker Hannifin CORP | 股票-工業 | 0.94% | -0.01% | +0.53% | |
| 22 | AAPL | Apple Inc | 股票-科技 | 0.91% | -0.21% | +0.21% | |
| 23 | MPWR | Monolithic Power Systems Inc | 股票-科技 | 0.90% | +0.12% | +1.52% | |
| 24 | GTLS | Chart Industries Inc | 股票-工業 | 0.89% | — | -0.30% | |
| 25 | ENSG | Ensign Group Inc/the | 股票-醫療保健 | 0.88% | -0.30% | +0.28% | |
| 26 | VRTX | Vertex Pharmaceuticals Inc | 股票-醫療保健 | 0.86% | — | -0.41% | |
| 27 | MSFT | Microsoft CORP | 股票-科技 | 0.83% | -0.07% | +2.63% | |
| 28 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.82% | — | +3.66% | |
| 29 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.82% | — | +2.44% | |
| 30 | HALO | Halozyme Therapeutics Inc | 股票-醫療保健 | 0.82% | — | +1.38% | |
| 31 | EME | Emcor Group Inc | 股票-工業 | 0.82% | +0.01% | +2.90% | |
| 32 | URI | United Rentals Inc | 股票-工業 | 0.80% | +0.08% | +2.65% | |
| 33 | V | Visa Inc-class A Shares | 股票-金融 | 0.78% | +0.03% | +4.10% | |
| 34 | FTNT | Fortinet Inc | 股票-科技 | 0.75% | +0.47% | +1.54% | |
| 35 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.74% | +0.77% | +3.39% | |
| 36 | INTU | Intuit Inc | 股票-科技 | 0.74% | -0.17% | +3.65% | |
| 37 | VEEV | Veeva Systems Inc-class A | 股票-醫療保健 | 0.71% | — | +2.18% | |
| 38 | ADSK | Autodesk Inc | 股票-科技 | 0.71% | -0.05% | +2.76% | |
| 39 | SYK | Stryker CORP | 股票-醫療保健 | 0.69% | -0.04% | +4.28% | |
| 40 | EXP | Eagle Materials Inc | 股票-原物料 | 0.63% | — | -1.49% | |
| 41 | HD | Home Depot Inc | 股票-循環性消費 | 0.61% | — | +1.06% | |
| 42 | KNSL | Kinsale Capital Group Inc | 股票-金融 | 0.61% | -0.07% | +2.57% | |
| 43 | NOW | Servicenow Inc | 股票-科技 | 0.60% | -0.06% | +413.73% | |
| 44 | FANG | Diamondback Energy Inc | 股票-能源 | 0.60% | — | -12.24% | |
| 45 | JEF | Jefferies Financial Group In | 股票-金融 | 0.59% | — | -21.00% | |
| 46 | NFLX | Netflix Inc | 股票-通訊服務 | 0.58% | -0.19% | +977.92% | |
| 47 | SNPS | Synopsys Inc | 股票-科技 | 0.52% | +0.02% | -27.95% | |
| 48 | CRM | Salesforce Inc | 股票-科技 | 0.47% | -0.18% | -31.86% | |
| 49 | TXRH | Texas Roadhouse Inc | 股票-循環性消費 | 0.44% | — | -28.97% | |
| 50 | CPRT | Copart Inc | 股票-工業 | 0.43% | — | -18.26% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | VCLT | Vanguard Long-term CORP Bond | +0.6% | +14.74% | 加碼 |
| 2 | VCIT | Vanguard Int-term Corporate | +0.4% | +6.47% | 加碼 |
| 3 | AXP | American Express Co | +0.3% | +11318.92% | 加碼 |
| 4 | IBKR | Interactive Brokers Gro-cl A | +0.3% | +46767.35% | 加碼 |
| 5 | LLY | Eli Lilly & Co | +0.3% | -2.16% | 減碼 |
| 6 | ENVA | Enova International Inc | +0.3% | +1.07% | 加碼 |
| 7 | GOOGL | Alphabet Inc-cl A | +0.2% | -3.44% | 減碼 |
| 8 | AMAT | Applied Materials Inc | +0.2% | -0.96% | 減碼 |
| 9 | CAT | Caterpillar Inc | +0.2% | -0.83% | 減碼 |
| 10 | PH | Parker Hannifin CORP | +0.1% | +0.53% | 加碼 |
| 11 | VRTX | Vertex Pharmaceuticals Inc | +0.1% | -0.41% | 減碼 |
| 12 | KLAC | Kla CORP | +0.1% | -0.42% | 減碼 |
| 13 | GS | Goldman Sachs Group Inc | +0.1% | -0.17% | 減碼 |
| 14 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | +1.64% | 加碼 |
| 15 | FIX | Comfort Systems USA Inc | 0% | -6.62% | 減碼 |
| 16 | GEV | GE Vernova Inc | 0% | +1.68% | 加碼 |
| 17 | MEDP | Medpace Holdings Inc | 0% | -2.14% | 減碼 |
| 18 | AAPL | Apple Inc | 0% | +0.21% | 加碼 |
| 19 | AMZN | Amazon.com Inc | 0% | +2.44% | 加碼 |
| 20 | V | Visa Inc-class A Shares | 0% | +4.10% | 加碼 |
| 21 | SPHQ | Invesco S&p 500 Quality ETF | 0% | +0.86% | 加碼 |
| 22 | AVGO | Broadcom Inc | 0% | — | 不變 |
| 23 | FANG | Diamondback Energy Inc | -0.1% | -12.24% | 減碼 |
| 24 | RSP | Invesco S&p 500 Equal Weight | -0.1% | +1.11% | 加碼 |
| 25 | PANW | Palo Alto Networks Inc | -0.1% | +3.39% | 加碼 |
| 26 | XMMO | Invesco S&p Midcap Momentum | -0.1% | -0.00% | 減碼 |
| 27 | HALO | Halozyme Therapeutics Inc | -0.1% | +1.38% | 加碼 |
| 28 | NOW | Servicenow Inc | -0.1% | +413.73% | 加碼 |
| 29 | HD | Home Depot Inc | -0.1% | +1.06% | 加碼 |
| 30 | EXP | Eagle Materials Inc | -0.1% | -1.49% | 減碼 |
| 31 | NFLX | Netflix Inc | -0.1% | +977.92% | 加碼 |
| 32 | URI | United Rentals Inc | -0.2% | +2.65% | 加碼 |
| 33 | CRM | Salesforce Inc | -0.2% | -31.86% | 減碼 |
| 34 | CPRT | Copart Inc | -0.2% | -18.26% | 減碼 |
| 35 | TDG | Transdigm Group Inc | -0.2% | -29.62% | 減碼 |
| 36 | TXRH | Texas Roadhouse Inc | -0.2% | -28.97% | 減碼 |
| 37 | OKE | Oneok Inc | -0.2% | -32.31% | 減碼 |
| 38 | JEF | Jefferies Financial Group In | -0.2% | -21.00% | 減碼 |
| 39 | VEEV | Veeva Systems Inc-class A | -0.3% | +2.18% | 加碼 |
| 40 | SNPS | Synopsys Inc | -0.3% | -27.95% | 減碼 |
| 41 | DT | Dynatrace Inc | -0.3% | -31.55% | 減碼 |
| 42 | MUSA | Murphy USA Inc | -0.6% | -99.64% | 減碼 |
| 43 | OC | Owens Corning | -0.7% | -99.66% | 減碼 |
| 44 | SPYG | Ss Spdr P S&p 500 Growth ETF | — | NEW | 新建倉 |
| 45 | FISV | Fiserv Inc | — | EXIT | 清倉 |
| 46 | CMG | Chipotle Mexican Grill Inc | — | EXIT | 清倉 |
| 47 | ANET | Arista Networks Inc | — | NEW | 新建倉 |
| 48 | HUBB | Hubbell Inc | — | NEW | 新建倉 |
| 49 | APH | Amphenol Corp-cl A | — | NEW | 新建倉 |
| 50 | SPMO | Invesco S&p 500 Momentum ETF | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Davidson Capital Management Inc. 在 Q4 2025 季度的美股持倉總市值約為 US$6.2億，共申報了 117 個公開持股部位。
在 Q4 2025 季度，Davidson Capital Management Inc. 按市值排列的前三大核心持股分別為：VCIT (16.4%)、XMMO (11.7%)、SPHQ (10.3%)。其中最大持股部位 VCIT 佔據整體投資組合約 16.4% 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
SPYG
市值: US$543.2萬
本季最大獲利了結 / 清倉標的
FISV
前期市值: US$274.5萬
在 Q4 2025 季度中，Davidson Capital Management Inc. 共進行了 49 項持倉異動，包含新建倉 5 個部位、加碼 20 個部位、減碼 22 個部位以及清倉 2 個部位。 其中最大新建倉標的為 SPYG。 本季清倉部位包含 FISV。
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。