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: 0001752759
申報總市值
US$20.6億
US$20.6億
108 檔
30.9%
Q4 2025 季度申報顯示，Dnca Finance 揭露的美股組合總市值為 US$20.6億，涵蓋 108 個不同之權益投資部位。
Dnca Finance 在 Q4 2025 進行了結構性的板塊輪動與部位換股。在開立 14 個全新部位及加碼 26 檔持股的同時，亦同步清倉 15 檔並減碼 31 檔標的。
整體而言，Dnca Finance 的前 5 大持股（包含 TTE, GOOGL, MSFT）貢獻了組合市值的 30.9%，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 | TTE | TotalEnergies SE | 股票-其他 | 17.03% | -5.25% | — | |
| 2 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 5.12% | -1.19% | -14.62% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.05% | -0.36% | +2.26% | |
| 4 | RACE | Ferrari N.V. | 股票-循環性消費 | 5.02% | +0.18% | +225.38% | |
| 5 | NVDA | Nvidia CORP | 股票-科技 | 4.71% | -0.58% | -0.08% | |
| 6 | CRH | CRH plc | 股票-原物料 | 4.10% | +0.60% | +0.00% | |
| 7 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 3.93% | -0.34% | -5.53% | |
| 8 | V | Visa Inc-class A Shares | 股票-金融 | 3.92% | -0.18% | +6.74% | |
| 9 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.01% | +0.20% | +5.03% | |
| 10 | AVGO | Broadcom Inc | 股票-科技 | 3.01% | -0.12% | -9.96% | |
| 11 | WMT | Walmart Inc | 股票-非循環性消費 | 2.87% | -1.60% | -4.55% | |
| 12 | AAPL | Apple Inc | 股票-科技 | 2.59% | +0.27% | — | |
| 13 | QGEN | Qiagen N.V. | 股票-醫療保健 | 1.83% | — | +23.88% | |
| 14 | MA | Mastercard Inc - A | 股票-金融 | 1.80% | -0.40% | — | |
| 15 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 1.75% | -0.67% | -50.55% | |
| 16 | GS | Goldman Sachs Group Inc | 股票-金融 | 1.64% | +0.15% | +0.63% | |
| 17 | NFLX | Netflix Inc | 股票-通訊服務 | 1.47% | -1.78% | +648.28% | |
| 18 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.43% | -0.34% | EXIT | |
| 19 | PANW | Palo Alto Networks Inc | 股票-科技 | 1.21% | +0.41% | +6.15% | |
| 20 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 1.16% | +0.56% | +161.03% | |
| 21 | NEM | Newmont CORP | 股票-原物料 | 1.11% | -1.02% | — | |
| 22 | ORCL | Oracle CORP | 股票-科技 | 1.05% | -0.10% | -34.05% | |
| 23 | MMM | 3m Co | 股票-工業 | 1.03% | — | +11.05% | |
| 24 | TT | Trane Technologies plc | 股票-工業 | 1.02% | +0.05% | +0.67% | |
| 25 | CRM | Salesforce Inc | 股票-科技 | 1.01% | -0.34% | — | |
| 26 | AMD | Advanced Micro Devices | 股票-科技 | 0.96% | +1.61% | +22.48% | |
| 27 | STLA | Stellantis N.V. | 股票-循環性消費 | 0.92% | -0.02% | +415.77% | |
| 28 | DE | Deere & Co | 股票-工業 | 0.89% | -0.14% | -26.79% | |
| 29 | DHI | Dr Horton Inc | 股票-循環性消費 | 0.84% | +0.11% | -3.72% | |
| 30 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 0.79% | -0.16% | — | |
| 31 | ANET | Arista Networks Inc | 股票-科技 | 0.78% | +0.14% | — | |
| 32 | SPOT | Spotify Technology S.A. | 股票-通訊服務 | 0.74% | -0.01% | -31.97% | |
| 33 | ADSK | Autodesk Inc | 股票-科技 | 0.73% | -0.09% | +30.15% | |
| 34 | GM | General Motors Co | 股票-循環性消費 | 0.71% | +0.10% | — | |
| 35 | MU | Micron Technology Inc | 股票-科技 | 0.71% | +2.77% | — | |
| 36 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.71% | -0.03% | -27.31% | |
| 37 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 0.71% | +0.18% | — | |
| 38 | HWM | Howmet Aerospace Inc | 股票-工業 | 0.68% | -0.16% | +475.01% | |
| 39 | APP | Applovin Corp-class A | 股票-科技 | 0.65% | +0.03% | +32.80% | |
| 40 | SGI | Somnigroup International Inc | 股票-循環性消費 | 0.63% | — | +272.31% | |
| 41 | UBER | Uber Technologies Inc | 股票-工業 | 0.62% | -0.05% | -31.82% | |
| 42 | ITUB | Itau Unibanco H-spon Prf Adr | 股票-金融 | 0.60% | +0.15% | — | |
| 43 | DOLE | Dole plc | 股票-其他 | 0.55% | -0.37% | EXIT | |
| 44 | VRT | Vertiv Holdings Co-a | 股票-工業 | 0.51% | -0.29% | -57.41% | |
| 45 | NOW | Servicenow Inc | 股票-科技 | 0.42% | +0.22% | +400.00% | |
| 46 | SNOW | Snowflake Inc | 股票-科技 | 0.39% | +0.15% | — | |
| 47 | DDOG | Datadog Inc - Class A | 股票-科技 | 0.38% | +0.17% | -18.01% | |
| 48 | SNPS | Synopsys Inc | 股票-科技 | 0.37% | — | -34.96% | |
| 49 | VEEV | Veeva Systems Inc-class A | 股票-醫療保健 | 0.35% | -0.02% | -30.06% | |
| 50 | AVAV 0 07-15-30債券 | Aerovironment Inc | 債券 | 0.35% | -0.05% | -16.03% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | RACE | Ferrari N.V. | +2.7% | +225.38% | 加碼 |
| 2 | STLA | Stellantis N.V. | +0.7% | +415.77% | 加碼 |
| 3 | TSM | Taiwan Semiconductor-sp Adr | +0.7% | +161.03% | 加碼 |
| 4 | HWM | Howmet Aerospace Inc | +0.6% | +475.01% | 加碼 |
| 5 | SGI | Somnigroup International Inc | +0.4% | +272.31% | 加碼 |
| 6 | AMD | Advanced Micro Devices | +0.3% | +22.48% | 加碼 |
| 7 | MU | Micron Technology Inc | +0.2% | — | 不變 |
| 8 | QGEN | Qiagen N.V. | +0.1% | +23.88% | 加碼 |
| 9 | KLAR | Klarna Group plc | +0.1% | +134.00% | 加碼 |
| 10 | ISRG | Intuitive Surgical Inc | +0.1% | — | 不變 |
| 11 | APP | Applovin Corp-class A | 0% | +32.80% | 加碼 |
| 12 | ADSK | Autodesk Inc | 0% | +30.15% | 加碼 |
| 13 | AMAT | Applied Materials Inc | 0% | +2.44% | 加碼 |
| 14 | LLY | Eli Lilly & Co | 0% | -6.90% | 減碼 |
| 15 | SPOT 0 03-15-26債券 | Spotify USA Inc | 0% | +49.35% | 加碼 |
| 16 | MKSI 1.25 06-01-30債券 | Mks Inc | — | — | 不變 |
| 17 | FWONK 2.25 08-15-27債券 | Liberty Media CORP | — | +33.33% | 加碼 |
| 18 | VLTO | Veralto CORP | — | +14.82% | 加碼 |
| 19 | EXPE 0 02-15-26債券 | Expedia Group Inc | — | — | 不變 |
| 20 | EXAS 0.375 03-01-28債券 | Exact Sciences CORP | — | — | 不變 |
| 21 | NIO 4.625 10-15-30債券 | Nio Inc | — | — | 不變 |
| 22 | FOUR 0.5 08-01-27債券 | Shift4 Payments Inc | — | — | 不變 |
| 23 | WK 1.25 08-15-28債券 | Workiva Inc | — | — | 不變 |
| 24 | DHR | Danaher CORP | 0% | — | 不變 |
| 25 | INTC | Intel CORP | 0% | — | 不變 |
| 26 | NEE | Nextera Energy Inc | 0% | +7.68% | 加碼 |
| 27 | TMO | Thermo Fisher Scientific Inc | 0% | -9.14% | 減碼 |
| 28 | WAB | Wabtec CORP | 0% | — | 不變 |
| 29 | JNJ | Johnson & Johnson | 0% | — | 不變 |
| 30 | HTHT 3 05-01-26債券 | H World Group LTD | 0% | -33.33% | 減碼 |
| 31 | PSN 2.625 03-01-29債券 | Parsons CORP | 0% | — | 不變 |
| 32 | HALO 1 08-15-28債券 | Halozyme Therapeutics In | 0% | — | 不變 |
| 33 | JD 0.25 06-01-29債券 | Jd.com Inc | 0% | — | 不變 |
| 34 | NEE 3 03-01-27債券 | Nextera Energy Capital | 0% | — | 不變 |
| 35 | F 0 03-15-26債券 | Ford Motor Company | 0% | — | 不變 |
| 36 | FLR 1.125 08-15-29債券 | Fluor CORP | 0% | — | 不變 |
| 37 | DBX 0 03-01-28債券 | Dropbox Inc | 0% | — | 不變 |
| 38 | RIVN 3.625 10-15-30債券 | Rivian Auto Inc | 0% | -16.67% | 減碼 |
| 39 | DBX 0 03-01-26債券 | Dropbox Inc | 0% | — | 不變 |
| 40 | BSY 0.375 07-01-27債券 | Bentley Systems | 0% | — | 不變 |
| 41 | NDAQ | Nasdaq Inc | 0% | — | 不變 |
| 42 | ACN | Accenture plc | 0% | — | 不變 |
| 43 | W 3.25 09-15-27債券 | Wayfair Inc | 0% | -53.13% | 減碼 |
| 44 | RGEN 1 12-15-28債券 | Repligen CORP | 0% | -31.25% | 減碼 |
| 45 | UBER 0.875 12-01-28 2028債券 | Uber Technologies Inc | 0% | — | 不變 |
| 46 | TCOM 0.75 06-15-29債券 | Trip.com Group LTD | 0% | -14.29% | 減碼 |
| 47 | AKAM 1.125 02-15-29債券 | Akamai Technologies Inc | 0% | -37.50% | 減碼 |
| 48 | NET 0 08-15-26債券 | Cloudflare Inc | 0% | — | 不變 |
| 49 | MMM | 3m Co | 0% | +11.05% | 加碼 |
| 50 | DOLE | Dole plc | 0% | — | 不變 |
根據 SEC 官方 Form 13F 申報備案，Dnca Finance 在 Q4 2025 季度的美股持倉總市值約為 US$20.6億，共申報了 108 個公開持股部位。
在 Q4 2025 季度，Dnca Finance 按市值排列的前三大核心持股分別為：TTE (17.0%)、GOOGL (5.1%)、MSFT (5.0%)。其中最大持股部位 TTE 佔據整體投資組合約 17.0% 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
TTE
市值: US$2.9億
本季最大獲利了結 / 清倉標的
HD
前期市值: US$1519.5萬
在 Q4 2025 季度中，Dnca Finance 共進行了 86 項持倉異動，包含新建倉 14 個部位、加碼 26 個部位、減碼 31 個部位以及清倉 15 個部位。 其中最大新建倉標的為 TTE。 本季清倉部位包含 HD。
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。