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: 0001036325
申報總市值
US$232.9億
US$232.9億
108 檔
28.0%
Q4 2025 季度申報顯示，Davis Selected Advisers 揭露的美股組合總市值為 US$232.9億，涵蓋 108 個不同之權益投資部位。
在 Q4 2025，Davis Selected Advisers 操作展現出積極擴展與加碼意向。本季共新建倉 2 個新部位，並對 40 個既有持股進行加碼（合計增持 42 檔），相較減碼與清倉部位顯著佔優。
整體而言，Davis Selected Advisers 的前 5 大持股（包含 COF, USB, META）貢獻了組合市值的 28.0%，形成該機構在 Q4 2025 季度的基本面基石。
| # | 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 | COF | Capital One Financial CORP | 股票-金融 | 9.38% | -0.02% | +2.80% | |
| 2 | USB | US Bancorp | 股票-金融 | 5.29% | +0.25% | +13.43% | |
| 3 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 5.20% | -0.53% | +2.18% | |
| 4 | AMAT | Applied Materials Inc | 股票-科技 | 4.85% | -1.56% | -24.36% | |
| 5 | CVS | Cvs Health CORP | 股票-醫療保健 | 4.55% | +1.23% | +11.90% | |
| 6 | MGM | Mgm Resorts International | 股票-循環性消費 | 4.40% | +0.78% | +11.97% | |
| 7 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 4.39% | +0.42% | +12.57% | |
| 8 | VTRS | Viatris Inc | 股票-醫療保健 | 4.37% | +0.28% | +12.74% | |
| 9 | MKL | Markel Group Inc | 股票-金融 | 4.01% | +0.04% | +11.15% | |
| 10 | CTRA | Coterra Energy Inc | 股票-能源 | 3.85% | -5.99% | EXIT | |
| 11 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.56% | +1.10% | +9.28% | |
| 12 | WFC | Wells Fargo & Co | 股票-金融 | 3.46% | -0.15% | +6.06% | |
| 13 | TSN | Tyson Foods Inc-cl A | 股票-非循環性消費 | 3.38% | -0.74% | +28.76% | |
| 14 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 3.20% | -0.25% | -5.51% | |
| 15 | TECK | Teck Resources Ltd-cls B | 股票-原物料 | 2.59% | -0.37% | +9.03% | |
| 16 | TXN | Texas Instruments Inc | 股票-科技 | 2.22% | +0.58% | +23.12% | |
| 17 | SOLV | Solventum CORP | 股票-醫療保健 | 2.22% | +0.19% | +12.73% | |
| 18 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.89% | +0.73% | +11.77% | |
| 19 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.67% | -0.06% | +38.57% | |
| 20 | CB | Chubb Limited | 股票-金融 | 1.66% | -0.11% | +10.86% | |
| 21 | TCOM | Trip.com Group Ltd-adr | 股票-循環性消費 | 1.63% | — | +2.27% | |
| 22 | PINS | Pinterest Inc- Class A | 股票-通訊服務 | 1.37% | +0.10% | +49.54% | |
| 23 | DGX | Quest Diagnostics Inc | 股票-醫療保健 | 1.24% | -0.04% | +16.76% | |
| 24 | QSR | Restaurant Brands Intern | 股票-循環性消費 | 1.23% | -0.35% | +13.51% | |
| 25 | OC | Owens Corning | 股票-工業 | 1.03% | +0.38% | +15.15% | |
| 26 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.00% | -0.03% | +10.05% | |
| 27 | AGCO | Agco CORP | 股票-工業 | 0.96% | -0.05% | +13.01% | |
| 28 | CI | THE Cigna Group | 股票-醫療保健 | 0.93% | -0.07% | +14.71% | |
| 29 | YMM | Full Truck Alliance -spn Adr | 股票-其他 | 0.85% | -0.14% | +17.06% | |
| 30 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.83% | -0.08% | -4.04% | |
| 31 | DUSA | Davis Select US Equity ETF | ETF-其他 | 0.78% | +0.03% | +0.04% | |
| 32 | JBS | Jbs N.v. | 股票-其他 | 0.77% | +0.38% | — | |
| 33 | COP | Conocophillips | 股票-能源 | 0.76% | -0.30% | +12.42% | |
| 34 | APP | Applovin Corp-class A | 股票-科技 | 0.75% | +0.09% | +10.92% | |
| 35 | FITB | Fifth Third Bancorp | 股票-金融 | 0.58% | +0.05% | +2.83% | |
| 36 | DINT | Davis Select International | ETF-其他 | 0.50% | — | +0.06% | |
| 37 | PNC | Pnc Financial Services Group | 股票-金融 | 0.50% | — | +5.63% | |
| 38 | DFNL | Davis Select Financial ETF | ETF-其他 | 0.46% | +0.01% | +0.02% | |
| 39 | DAR | Darling Ingredients Inc | 股票-非循環性消費 | 0.46% | -0.01% | +15.83% | |
| 40 | PPLI | People Inc | 股票-通訊服務 | 0.44% | +0.03% | +12.05% | |
| 41 | DWLD | Davis Select Worldwide ETF | ETF-其他 | 0.40% | -0.01% | +0.06% | |
| 42 | AXP | American Express Co | 股票-金融 | 0.40% | -0.02% | -2.52% | |
| 43 | WCC | Wesco International Inc | 股票-工業 | 0.40% | +0.06% | +24.59% | |
| 44 | RNR | RenaissanceRe Holdings Ltd. | 股票-金融 | 0.29% | -0.03% | +60.49% | |
| 45 | BAC | Bank Of America CORP | 股票-金融 | 0.28% | -0.02% | -0.06% | |
| 46 | L | Loews CORP | 股票-金融 | 0.28% | -0.04% | +0.73% | |
| 47 | RKT | Rocket Cos Inc-class A | 股票-金融 | 0.28% | -0.02% | +2.99% | |
| 48 | CHYM | Chime Financial Inc-cl A | 股票-其他 | 0.28% | -0.02% | +3.04% | |
| 49 | BNY | Bank Of New York Mellon CORP | 股票-金融 | 0.27% | -0.06% | -48.38% | |
| 50 | NTES | Netease Inc-adr | 股票-通訊服務 | 0.26% | +0.12% | -28.34% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | CTRA | Coterra Energy Inc | +1.4% | +63.64% | 加碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +0.9% | +12.57% | 加碼 |
| 3 | VTRS | Viatris Inc | +0.8% | +12.74% | 加碼 |
| 4 | TSN | Tyson Foods Inc-cl A | +0.6% | +28.76% | 加碼 |
| 5 | USB | US Bancorp | +0.4% | +13.43% | 加碼 |
| 6 | MKL | Markel Group Inc | +0.3% | +11.15% | 加碼 |
| 7 | BRK-B | Berkshire Hathaway Inc-cl B | +0.3% | +38.57% | 加碼 |
| 8 | GOOG | Alphabet Inc-cl C | +0.2% | +10.05% | 加碼 |
| 9 | SOLV | Solventum CORP | +0.1% | +12.73% | 加碼 |
| 10 | EG | Everest Group, Ltd. | +0.1% | +199.32% | 加碼 |
| 11 | IVE | Ishares S&p 500 Value ETF | +0.1% | +1820.97% | 加碼 |
| 12 | RNR | RenaissanceRe Holdings Ltd. | +0.1% | +60.49% | 加碼 |
| 13 | COF | Capital One Financial CORP | +0.1% | +2.80% | 加碼 |
| 14 | CB | Chubb Limited | +0.1% | +10.86% | 加碼 |
| 15 | WCC | Wesco International Inc | +0.1% | +24.59% | 加碼 |
| 16 | MGM | Mgm Resorts International | +0.1% | +11.97% | 加碼 |
| 17 | CVS | Cvs Health CORP | +0.1% | +11.90% | 加碼 |
| 18 | TECK | Teck Resources Ltd-cls B | +0.1% | +9.03% | 加碼 |
| 19 | DAR | Darling Ingredients Inc | +0.1% | +15.83% | 加碼 |
| 20 | WFC | Wells Fargo & Co | +0.1% | +6.06% | 加碼 |
| 21 | PINS | Pinterest Inc- Class A | 0% | +49.54% | 加碼 |
| 22 | QSR | Restaurant Brands Intern | 0% | +13.51% | 加碼 |
| 23 | PPLI | People Inc | 0% | +12.05% | 加碼 |
| 24 | CHYM | Chime Financial Inc-cl A | 0% | +3.04% | 加碼 |
| 25 | STT | State Street CORP | 0% | +38.53% | 加碼 |
| 26 | TXN | Texas Instruments Inc | — | +23.12% | 加碼 |
| 27 | ✓ | Bank Of Nt Butterfield&son L | — | -0.48% | 減碼 |
| 28 | COP | Conocophillips | 0% | +12.42% | 加碼 |
| 29 | PNC | Pnc Financial Services Group | 0% | +5.63% | 加碼 |
| 30 | AXP | American Express Co | 0% | -2.52% | 減碼 |
| 31 | AMZN | Amazon.com Inc | 0% | +9.28% | 加碼 |
| 32 | FITB | Fifth Third Bancorp | 0% | +2.83% | 加碼 |
| 33 | DFNL | Davis Select Financial ETF | 0% | +0.02% | 加碼 |
| 34 | AGCO | Agco CORP | -0.1% | +13.01% | 加碼 |
| 35 | CI | THE Cigna Group | -0.1% | +14.71% | 加碼 |
| 36 | DUSA | Davis Select US Equity ETF | -0.1% | +0.04% | 加碼 |
| 37 | APP | Applovin Corp-class A | -0.1% | +10.92% | 加碼 |
| 38 | DGX | Quest Diagnostics Inc | -0.1% | +16.76% | 加碼 |
| 39 | UNH | Unitedhealth Group Inc | -0.2% | +11.77% | 加碼 |
| 40 | SE | Sea Ltd-adr | -0.2% | -0.92% | 減碼 |
| 41 | NTES | Netease Inc-adr | -0.2% | -28.34% | 減碼 |
| 42 | OC | Owens Corning | -0.3% | +15.15% | 加碼 |
| 43 | BNY | Bank Of New York Mellon CORP | -0.3% | -48.38% | 減碼 |
| 44 | TCOM | Trip.com Group Ltd-adr | -0.3% | +2.27% | 加碼 |
| 45 | BRK-A | Berkshire Hathaway Inc-cl A | -0.7% | -5.51% | 減碼 |
| 46 | AMAT | Applied Materials Inc | -1.1% | -24.36% | 減碼 |
| 47 | META | Meta Platforms Inc-class A | -1.4% | +2.18% | 加碼 |
| 48 | JBS | Jbs N.v. | — | NEW | 新建倉 |
| 49 | HUM | Humana Inc | — | EXIT | 清倉 |
| 50 | FISV | Fiserv Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Davis Selected Advisers 在 Q4 2025 季度的美股持倉總市值約為 US$232.9億，共申報了 108 個公開持股部位。
在 Q4 2025 季度，Davis Selected Advisers 按市值排列的前三大核心持股分別為：COF (9.4%)、USB (5.3%)、META (5.2%)。其中最大持股部位 COF 佔據整體投資組合約 9.4% 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
JBS
市值: US$1.7億
本季最大獲利了結 / 清倉標的
HUM
前期市值: US$1.0億
在 Q4 2025 季度中，Davis Selected Advisers 共進行了 50 項持倉異動，包含新建倉 2 個部位、加碼 40 個部位、減碼 7 個部位以及清倉 1 個部位。 其中最大新建倉標的為 JBS。 本季清倉部位包含 HUM。
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。