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: 0001398739
申報總市值
US$125.9億
US$125.9億
507 檔
30.9%
在 Q3 2025 的 13F 官方備案中，Employees Retirement System of Texas 管理的美股投資組合規模來到 US$125.9億，整體持股檔數為 507 檔。
在 Q3 2025 期間，Employees Retirement System of Texas 展現了靈活的資產再平衡步調，透過出清 45 檔弱勢或達到目標價部位，將資金轉置於 61 檔新建倉標的之中。
在資產配置集中度方面，Employees Retirement System of Texas 的前 5 大核心持股（包含 VGIT, NVDA, MSFT 等）合計佔整體申報市值的 30.9%，反映機構在主要關鍵部位上的權重分佈。
僅顯示前 200 大持股（共 507 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 | VGIT | Vanguard Intermediate-term T | ETF-其他 | 11.45% | -1.22% | — | |
| 2 | NVDA | Nvidia CORP | 股票-科技 | 5.55% | -0.19% | -1.13% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.31% | -0.63% | +0.32% | |
| 4 | AAPL | Apple Inc | 股票-科技 | 4.96% | +0.33% | +1.03% | |
| 5 | HYLB | Xtrackers Usd High Yield Cor | ETF-非投資等級債 | 3.77% | -0.30% | — | |
| 6 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.21% | +0.13% | +3.76% | |
| 7 | VEA | Vanguard Ftse Developed ETF | ETF-其他 | 3.20% | +0.01% | — | |
| 8 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.53% | -0.01% | -1.14% | |
| 9 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.40% | +0.81% | -4.44% | |
| 10 | AVGO | Broadcom Inc | 股票-科技 | 2.04% | +0.08% | -5.90% | |
| 11 | MA | Mastercard Inc - A | 股票-金融 | 1.76% | +0.13% | +17.77% | |
| 12 | TSLA | Tesla Inc | 股票-循環性消費 | 1.45% | +0.01% | -0.88% | |
| 13 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.39% | -0.01% | -10.40% | |
| 14 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.13% | -0.03% | -7.95% | |
| 15 | NFLX | Netflix Inc | 股票-通訊服務 | 1.10% | -0.90% | -3.74% | |
| 16 | XOM | Exxon Mobil CORP | 股票-能源 | 1.08% | -0.49% | +6.65% | |
| 17 | BAC | Bank Of America CORP | 股票-金融 | 1.06% | +0.13% | +11.11% | |
| 18 | WMT | Walmart Inc | 股票-非循環性消費 | 0.94% | -0.34% | -5.35% | |
| 19 | HD | Home Depot Inc | 股票-循環性消費 | 0.91% | -0.20% | +24.54% | |
| 20 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 0.89% | +0.19% | -6.89% | |
| 21 | UBER | Uber Technologies Inc | 股票-工業 | 0.89% | — | +11.69% | |
| 22 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.87% | +0.79% | -28.12% | |
| 23 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.86% | -0.16% | -6.91% | |
| 24 | PH | Parker Hannifin CORP | 股票-工業 | 0.82% | -0.25% | -11.80% | |
| 25 | BA | Boeing Co/the | 股票-工業 | 0.81% | -0.01% | +13.76% | |
| 26 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.79% | +0.82% | -1.66% | |
| 27 | XLI | Ss Industrial Select Sector | ETF-其他 | 0.78% | -0.31% | EXIT | |
| 28 | NEM | Newmont CORP | 股票-原物料 | 0.76% | -0.30% | +7.28% | |
| 29 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.73% | -0.27% | -5.93% | |
| 30 | CDNS | Cadence Design Sys Inc | 股票-科技 | 0.72% | +0.02% | +14.55% | |
| 31 | ICE | Intercontinental Exchange In | 股票-金融 | 0.71% | -0.19% | -0.75% | |
| 32 | NOW | Servicenow Inc | 股票-科技 | 0.70% | -0.08% | +33.68% | |
| 33 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.70% | -0.10% | +16.30% | |
| 34 | ANET | Arista Networks Inc | 股票-科技 | 0.69% | +0.16% | -0.89% | |
| 35 | AZO | Autozone Inc | 股票-循環性消費 | 0.69% | +0.03% | -0.29% | |
| 36 | TJX | Tjx Companies Inc | 股票-循環性消費 | 0.68% | -0.11% | -3.93% | |
| 37 | MDT | Medtronic plc | 股票-醫療保健 | 0.68% | -0.11% | +1117.00% | |
| 38 | MSI | Motorola Solutions Inc | 股票-科技 | 0.65% | -0.27% | +2.70% | |
| 39 | MELI | Mercadolibre Inc | 股票-循環性消費 | 0.63% | — | -0.55% | |
| 40 | FITB | Fifth Third Bancorp | 股票-金融 | 0.62% | +0.06% | +26.56% | |
| 41 | WEC | Wec Energy Group Inc | 股票-公用事業 | 0.61% | -0.06% | -0.92% | |
| 42 | SYK | Stryker CORP | 股票-醫療保健 | 0.59% | -0.08% | -0.79% | |
| 43 | XBI | Ss Spdr S&p Biotech ETF | ETF-科技型 | 0.59% | +0.08% | -13.49% | |
| 44 | MNDY | monday.com Ltd. | 股票-科技 | 0.59% | — | +80.06% | |
| 45 | VRT | Vertiv Holdings Co-a | 股票-工業 | 0.59% | +0.08% | -23.14% | |
| 46 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.58% | -0.17% | -10.56% | |
| 47 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.58% | -0.02% | -0.87% | |
| 48 | CL | Colgate-palmolive Co | 股票-非循環性消費 | 0.57% | — | +39.46% | |
| 49 | KKR | Kkr & Co Inc | 股票-金融 | 0.56% | — | +54.95% | |
| 50 | NXPI | NXP Semiconductors N.V. | 股票-科技 | 0.55% | +0.13% | +8.51% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +1.8% | -1.13% | 減碼 |
| 2 | MSFT | Microsoft CORP | +1.1% | +0.32% | 加碼 |
| 3 | AAPL | Apple Inc | +1% | +1.03% | 加碼 |
| 4 | AVGO | Broadcom Inc | +0.7% | -5.90% | 減碼 |
| 5 | MDT | Medtronic plc | +0.6% | +1117.00% | 加碼 |
| 6 | VEA | Vanguard Ftse Developed ETF | +0.6% | — | 加碼 |
| 7 | META | Meta Platforms Inc-class A | +0.6% | -1.14% | 加碼 |
| 8 | TSLA | Tesla Inc | +0.5% | -0.88% | 減碼 |
| 9 | AMZN | Amazon.com Inc | +0.4% | +3.76% | 加碼 |
| 10 | BA | Boeing Co/the | +0.3% | +13.76% | 加碼 |
| 11 | PANW | Palo Alto Networks Inc | +0.3% | -28.12% | 加碼 |
| 12 | MA | Mastercard Inc - A | +0.3% | +17.77% | 加碼 |
| 13 | UBER | Uber Technologies Inc | +0.3% | +11.69% | 加碼 |
| 14 | GOOGL | Alphabet Inc-cl A | +0.2% | -6.89% | 減碼 |
| 15 | NEM | Newmont CORP | +0.2% | +7.28% | 減碼 |
| 16 | CDNS | Cadence Design Sys Inc | +0.2% | +14.55% | 加碼 |
| 17 | KKR | Kkr & Co Inc | +0.2% | +54.95% | 加碼 |
| 18 | VRT | Vertiv Holdings Co-a | +0.2% | -23.14% | 減碼 |
| 19 | NFLX | Netflix Inc | +0.1% | -3.74% | 減碼 |
| 20 | SCHW | Schwab (charles) CORP | +0.1% | +16.30% | 加碼 |
| 21 | FITB | Fifth Third Bancorp | +0.1% | +26.56% | 加碼 |
| 22 | PSA | Public Storage | +0.1% | +120.69% | 加碼 |
| 23 | MNDY | monday.com Ltd. | +0.1% | +80.06% | 加碼 |
| 24 | NOW | Servicenow Inc | +0.1% | +33.68% | 加碼 |
| 25 | MELI | Mercadolibre Inc | +0.1% | -0.55% | 加碼 |
| 26 | TJX | Tjx Companies Inc | +0.1% | -3.93% | 加碼 |
| 27 | MS | Morgan Stanley | +0.1% | -0.90% | 減碼 |
| 28 | RBLX | Roblox CORP -class A | +0.1% | -10.86% | 加碼 |
| 29 | SYK | Stryker CORP | +0.1% | -0.79% | 加碼 |
| 30 | CLS | Celestica Inc | +0.1% | +201.02% | 加碼 |
| 31 | NXPI | NXP Semiconductors N.V. | +0.1% | +8.51% | 加碼 |
| 32 | CL | Colgate-palmolive Co | 0% | +39.46% | 加碼 |
| 33 | ALLY | Ally Financial Inc | 0% | +18.31% | 加碼 |
| 34 | MO | Altria Group Inc | 0% | -14.24% | 加碼 |
| 35 | BMY | Bristol-myers Squibb Co | 0% | -12.33% | 加碼 |
| 36 | AEM | Agnico Eagle Mines LTD | 0% | +60.47% | 加碼 |
| 37 | LOGI | Logitech International S.A. | 0% | — | 加碼 |
| 38 | DIS | Walt Disney Co/the | 0% | -0.87% | 加碼 |
| 39 | AXP | American Express Co | 0% | -0.91% | 減碼 |
| 40 | FCX | Freeport-mcmoran Inc | 0% | -0.69% | 加碼 |
| 41 | SE | Sea Ltd-adr | 0% | — | 不變 |
| 42 | SNOW | Snowflake Inc | 0% | +62.32% | 加碼 |
| 43 | WEC | Wec Energy Group Inc | 0% | -0.92% | 加碼 |
| 44 | ICE | Intercontinental Exchange In | — | -0.75% | 加碼 |
| 45 | VB | Vanguard Small-cap ETF | — | — | 不變 |
| 46 | ET | Energy Transfer LP | — | -0.92% | 加碼 |
| 47 | ETR | Entergy CORP | 0% | +21.48% | 減碼 |
| 48 | FMX | Fomento Economico Mex-sp Adr | 0% | +7.03% | 加碼 |
| 49 | NVS | Novartis Ag-sponsored Adr | 0% | — | 減碼 |
| 50 | BRX | Brixmor Property Group Inc | 0% | -98.69% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Employees Retirement System of Texas 在 Q3 2025 季度的美股持倉總市值約為 US$125.9億，共申報了 507 個公開持股部位。
在 Q3 2025 季度，Employees Retirement System of Texas 按市值排列的前三大核心持股分別為：VGIT (11.4%)、NVDA (5.5%)、MSFT (5.3%)。其中最大持股部位 VGIT 佔據整體投資組合約 11.4% 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$3.0億
本季最大獲利了結 / 清倉標的
RSP
前期市值: US$4.6億
在 Q3 2025 季度中，Employees Retirement System of Texas 共進行了 196 項持倉異動，包含新建倉 61 個部位、加碼 42 個部位、減碼 48 個部位以及清倉 45 個部位。 其中最大新建倉標的為 GOOG。 本季清倉部位包含 RSP。
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。