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: 0001009258
申報總市值
US$95.9億
US$95.9億
124 檔
22.8%
Deerfield Management Company, L.p. 在 Q2 2025 季度的美股部位總計估值為 US$95.9億，分散於 124 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q2 2025 期間，Deerfield Management Company, L.p. 展現了靈活的資產再平衡步調，透過出清 44 檔弱勢或達到目標價部位，將資金轉置於 45 檔新建倉標的之中。
從部位權重觀察，前 5 大標的（包含 NUVL, OSCR, VTRS）累計市值佔比達 22.8%，是驅動 Deerfield Management Company, L.p. 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 | NUVL | Nuvalent Inc-a | 股票-其他 | 24.91% | +1.37% | — | |
| 2 | OSCR | Oscar Health Inc - Class A | 股票-醫療保健 | 4.53% | — | -1.61% | |
| 3 | VTRS | Viatris Inc | 股票-醫療保健 | 3.89% | +0.13% | +0.13% | |
| 4 | ✓ | Merus N V | 股票-其他 | 3.23% | — | +6.64% | |
| 5 | CNC | Centene CORP | 股票-醫療保健 | 3.14% | +0.99% | +19.22% | |
| 6 | IART 0.5 08-15-25債券 | Integra Lifesciences Hld | 債券 | 3.14% | — | — | |
| 7 | SPRY | Ars Pharmaceuticals Inc | 股票-其他 | 3.08% | -0.08% | -7.51% | |
| 8 | INDV | Indivior Pharmaceuticals, Inc. | 股票-其他 | 2.83% | — | — | |
| 9 | UTHR | United Therapeutics CORP | 股票-醫療保健 | 2.82% | -0.62% | +96.43% | |
| 10 | NBIX | Neurocrine Biosciences Inc | 股票-醫療保健 | 2.66% | -0.95% | EXIT | |
| 11 | ALNY 1 09-15-27債券 | Alnylam Pharmaceuticals | 債券 | 2.60% | — | — | |
| 12 | RVMD | Revolution Medicines Inc | 股票-醫療保健 | 2.26% | +2.03% | +2.01% | |
| 13 | MIRM 4 05-01-29債券 | Mirum Pharmaceuticals | 債券 | 2.25% | -2.47% | EXIT | |
| 14 | BKD | Brookdale Senior Living Inc | 股票-其他 | 1.94% | +0.07% | -1.60% | |
| 15 | LEGN | Legend Biotech Corp-adr | 股票-其他 | 1.91% | +0.81% | +69.90% | |
| 16 | PFE | Pfizer Inc | 股票-醫療保健 | 1.89% | -0.25% | +28.65% | |
| 17 | AHCO | Adapthealth CORP | 股票-其他 | 1.70% | -0.36% | +1.99% | |
| 18 | NAMS | NewAmsterdam Pharma Company N.V. | 股票-其他 | 1.68% | -0.10% | +24.66% | |
| 19 | IDYA | Ideaya Biosciences Inc | 股票-其他 | 1.49% | +0.46% | +19.82% | |
| 20 | VERA | Vera Therapeutics Inc | 股票-其他 | 1.43% | -0.02% | +218.87% | |
| 21 | INSM | Insmed Inc | 股票-醫療保健 | 1.28% | — | +52.99% | |
| 22 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 1.23% | — | — | |
| 23 | CPRX | Catalyst Pharmaceuticals Inc | 股票-醫療保健 | 1.13% | -1.15% | EXIT | |
| 24 | LRMR | Larimar Therapeutics Inc | 股票-其他 | 1.11% | -0.76% | — | |
| 25 | BAX | Baxter International Inc | 股票-醫療保健 | 1.06% | — | — | |
| 26 | BIO | Bio-rad Laboratories-a | 股票-醫療保健 | 0.99% | -0.05% | — | |
| 27 | IRON | Disc Medicine Inc | 股票-其他 | 0.88% | — | +17.52% | |
| 28 | ALNY | Alnylam Pharmaceuticals Inc | 股票-醫療保健 | 0.86% | -0.06% | — | |
| 29 | EHABUSD | Enhabit Inc | 股票-其他 | 0.84% | -0.79% | EXIT | |
| 30 | CERT | Certara Inc | 股票-其他 | 0.83% | -0.02% | +94.11% | |
| 31 | NVST | Envista Holdings CORP | 股票-醫療保健 | 0.79% | -0.05% | +9.43% | |
| 32 | BCRX | Biocryst Pharmaceuticals Inc | 股票-其他 | 0.76% | -0.12% | -9.59% | |
| 33 | TNDM 1.5 03-15-29 2024債券 | Tandem Diabetes Care Inc | 債券 | 0.70% | — | — | |
| 34 | CNMD | Conmed CORP | 股票-其他 | 0.66% | — | +14.61% | |
| 35 | PHVS | Pharvaris N.V. | 股票-其他 | 0.64% | +0.18% | — | |
| 36 | LNTH 2.625 12-15-27債券 | Lantheus Holdings Inc | 債券 | 0.58% | — | — | |
| 37 | CGEM | Cullinan Therapeutics Inc | 股票-其他 | 0.53% | -0.06% | EXIT | |
| 38 | PRAX | Praxis Precision Medicines I | 股票-其他 | 0.52% | -0.30% | +10.81% | |
| 39 | PHR | Phreesia Inc | 股票-其他 | 0.52% | — | +0.47% | |
| 40 | KYMR | Kymera Therapeutics Inc | 股票-其他 | 0.52% | -0.55% | EXIT | |
| 41 | MRNA | Moderna Inc | 股票-醫療保健 | 0.50% | — | — | |
| 42 | EWTX | Edgewise Therapeutics Inc | 股票-其他 | 0.49% | — | -0.54% | |
| 43 | EMBC | Embecta CORP | 股票-醫療保健 | 0.48% | -0.17% | +1.07% | |
| 44 | IMCR 2.5 02-01-30債券 | Immunocore Holdings | 債券 | 0.47% | -0.04% | — | |
| 45 | LIVN 2.5 03-15-29債券 | Livanova PLC | 債券 | 0.46% | +0.01% | — | |
| 46 | DAWNGBX | Day One Biopharmaceuticals I | 股票-其他 | 0.44% | -0.94% | EXIT | |
| 47 | VTR | Ventas Inc | 股票-房地產 | 0.41% | — | — | |
| 48 | LQDA | Liquidia CORP | 股票-其他 | 0.37% | — | — | |
| 49 | COGT | Cogent Biosciences Inc | 股票-其他 | 0.34% | -2.09% | +0.24% | |
| 50 | MREO | Mereo Biopharma Group Pl-adr | 股票-其他 | 0.33% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | OSCR | Oscar Health Inc - Class A | +1.5% | -1.61% | 減碼 |
| 2 | MRK | Merck & Co. Inc. | +1.2% | NEW | 新建倉 |
| 3 | UTHR | United Therapeutics CORP | +1.1% | +96.43% | 加碼 |
| 4 | VERA | Vera Therapeutics Inc | +0.9% | +218.87% | 加碼 |
| 5 | INDV | Indivior Pharmaceuticals, Inc. | +0.8% | — | 不變 |
| 6 | LEGN | Legend Biotech Corp-adr | +0.7% | +69.90% | 加碼 |
| 7 | TNDM 1.5 03-15-29 2024債券 | Tandem Diabetes Care Inc | +0.7% | NEW | 新建倉 |
| 8 | ✓ | Merus N V | +0.6% | +6.64% | 加碼 |
| 9 | INSM | Insmed Inc | +0.6% | +52.99% | 加碼 |
| 10 | MRNA | Moderna Inc | +0.5% | NEW | 新建倉 |
| 11 | SPRY | Ars Pharmaceuticals Inc | +0.5% | -7.51% | 減碼 |
| 12 | LIVN 2.5 03-15-29債券 | Livanova PLC | +0.5% | NEW | 新建倉 |
| 13 | IDYA | Ideaya Biosciences Inc | +0.4% | +19.82% | 加碼 |
| 14 | CERT | Certara Inc | +0.4% | +94.11% | 加碼 |
| 15 | VTR | Ventas Inc | +0.4% | NEW | 新建倉 |
| 16 | INSP | Inspire Medical Systems Inc | +0.3% | NEW | 新建倉 |
| 17 | XENE | Xenon Pharmaceuticals Inc | +0.3% | NEW | 新建倉 |
| 18 | VCYT | Veracyte Inc | +0.3% | NEW | 新建倉 |
| 19 | NEO | Neogenomics Inc | +0.3% | NEW | 新建倉 |
| 20 | TSHA | Taysha Gene Therapies Inc | +0.2% | NEW | 新建倉 |
| 21 | PFE | Pfizer Inc | +0.2% | +28.65% | 加碼 |
| 22 | LRMR | Larimar Therapeutics Inc | +0.2% | — | 不變 |
| 23 | KYMR | Kymera Therapeutics Inc | +0.2% | +10.12% | 加碼 |
| 24 | OMDA | Omada Health Inc | +0.2% | NEW | 新建倉 |
| 25 | SION | Sionna Therapeutics Inc | +0.2% | +29.93% | 加碼 |
| 26 | IRON | Disc Medicine Inc | +0.1% | +17.52% | 加碼 |
| 27 | ALNY 1 09-15-27債券 | Alnylam Pharmaceuticals | +0.1% | — | 不變 |
| 28 | NVST | Envista Holdings CORP | +0.1% | +9.43% | 加碼 |
| 29 | JBIO | Jade Biosciences Inc | +0.1% | NEW | 新建倉 |
| 30 | ALNY | Alnylam Pharmaceuticals Inc | +0.1% | — | 不變 |
| 31 | PRAX | Praxis Precision Medicines I | +0.1% | +10.81% | 加碼 |
| 32 | BBNX | Beta Bionics Inc | +0.1% | +15.00% | 加碼 |
| 33 | FHTX | Foghorn Therapeutics Inc | +0.1% | — | 不變 |
| 34 | NVCR | NovoCure Limited | 0% | +26.92% | 加碼 |
| 35 | TOI | Oncology Institute Inc/the | 0% | — | 不變 |
| 36 | COGT | Cogent Biosciences Inc | 0% | +0.24% | 加碼 |
| 37 | MREO | Mereo Biopharma Group Pl-adr | 0% | — | 不變 |
| 38 | ZBIO | Zenas Biopharma Inc | 0% | — | 不變 |
| 39 | SYRE | Spyre Therapeutics Inc | 0% | +36.37% | 加碼 |
| 40 | NAMS | NewAmsterdam Pharma Company N.V. | 0% | +24.66% | 加碼 |
| 41 | ✓ | Hillevax Inc | 0% | — | 不變 |
| 42 | BKD | Brookdale Senior Living Inc | 0% | -1.60% | 減碼 |
| 43 | PHVS | Pharvaris N.V. | 0% | — | 不變 |
| 44 | PHR | Phreesia Inc | 0% | +0.47% | 加碼 |
| 45 | RXST | Rxsight Inc | 0% | +126.58% | 加碼 |
| 46 | GPCR | Structure Therapeutics Inc | 0% | — | 不變 |
| 47 | SHC | Sotera Health Co | 0% | NEW | 新建倉 |
| 48 | COO | Cooper Cos Inc/the | 0% | NEW | 新建倉 |
| 49 | TMO | Thermo Fisher Scientific Inc | 0% | NEW | 新建倉 |
| 50 | UFPT | Ufp Technologies Inc | 0% | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Deerfield Management Company, L.p. 在 Q2 2025 季度的美股持倉總市值約為 US$95.9億，共申報了 124 個公開持股部位。
在 Q2 2025 季度，Deerfield Management Company, L.p. 按市值排列的前三大核心持股分別為：NUVL (24.9%)、OSCR (4.5%)、VTRS (3.9%)。其中最大持股部位 NUVL 佔據整體投資組合約 24.9% 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
MRK
市值: US$6789.7萬
本季最大獲利了結 / 清倉標的
ACCD 0.5 04-01-26
前期市值: US$1.3億
在 Q2 2025 季度中，Deerfield Management Company, L.p. 共進行了 130 項持倉異動，包含新建倉 45 個部位、加碼 28 個部位、減碼 13 個部位以及清倉 44 個部位。 其中最大新建倉標的為 MRK。 本季清倉部位包含 ACCD 0.5 04-01-26。
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。
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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。