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: 0001259969
申報總市值
US$41.3億
US$41.3億
1721 檔
22.0%
在 Q4 2025 申報期間，Farmers & Merchants Investments Inc（CIK: 0001259969）向美國 SEC 提交的 Form 13F 報告顯示，其追蹤之股票投資組合總市值達 US$41.3億，共持有 1721 個公開申報部位。
在 Q4 2025，Farmers & Merchants Investments Inc 進行了溫和的常態性持倉調整（包含新建倉 0 檔、加碼 22 檔、減碼 28 檔與清倉 0 檔），整體投資組合架構維持相對穩定。
在資產配置集中度方面，Farmers & Merchants Investments Inc 的前 5 大核心持股（包含 IVV, VEA, NNI 等）合計佔整體申報市值的 22.0%，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 1721 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 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 7.20% | +0.10% | +0.11% | |
| 2 | VEA | Vanguard Ftse Developed ETF | ETF-其他 | 6.13% | +0.03% | +5.51% | |
| 3 | NNI | Nelnet Inc-cl A | 股票-其他 | 4.35% | -0.40% | +0.09% | |
| 4 | IJR | Ishares Core S&p Small-cap E | ETF-中小型股 | 3.93% | -0.15% | +2.71% | |
| 5 | MSFT | Microsoft CORP | 股票-科技 | 3.51% | -0.24% | +1.29% | |
| 6 | IJH | Ishares Core S&p Midcap ETF | ETF-其他 | 3.34% | +0.11% | +3.37% | |
| 7 | AAPL | Apple Inc | 股票-科技 | 3.22% | +0.06% | -1.87% | |
| 8 | VWO | Vanguard Ftse Emerging Marke | ETF-新興市場 | 2.13% | -0.21% | -6.42% | |
| 9 | AVGO | Broadcom Inc | 股票-科技 | 2.05% | +0.06% | -1.68% | |
| 10 | BND | Vanguard Total Bond Market | ETF-其他 | 1.61% | -0.19% | +3.00% | |
| 11 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.55% | +0.15% | +1.04% | |
| 12 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.43% | -0.10% | +0.51% | |
| 13 | SLQD | Ishares 0-5 Yr Inv Grd CORP | ETF-其他 | 1.36% | -0.15% | -1.99% | |
| 14 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.34% | -0.02% | -11.27% | |
| 15 | APH | Amphenol Corp-cl A | 股票-科技 | 1.33% | +0.31% | +0.10% | |
| 16 | WMT | Walmart Inc | 股票-非循環性消費 | 1.32% | -0.33% | -1.71% | |
| 17 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.32% | +0.15% | -0.78% | |
| 18 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.24% | +0.14% | +0.87% | |
| 19 | WCC | Wesco International Inc | 股票-工業 | 1.21% | +0.13% | +0.28% | |
| 20 | AMD | Advanced Micro Devices | 股票-科技 | 1.13% | +1.63% | -0.49% | |
| 21 | ORCL | Oracle CORP | 股票-科技 | 1.10% | -0.10% | +1.91% | |
| 22 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.97% | +0.06% | +12.76% | |
| 23 | NVDA | Nvidia CORP | 股票-科技 | 0.92% | +0.08% | +3.53% | |
| 24 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.89% | -0.08% | -0.43% | |
| 25 | XOM | Exxon Mobil CORP | 股票-能源 | 0.88% | -0.35% | +0.85% | |
| 26 | LOW | Lowe's Cos Inc | 股票-循環性消費 | 0.84% | -0.14% | -0.50% | |
| 27 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 0.79% | -0.08% | -5.00% | |
| 28 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.78% | +0.04% | +0.93% | |
| 29 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.77% | +0.23% | +1.93% | |
| 30 | EMR | Emerson Electric Co | 股票-工業 | 0.67% | -0.02% | +0.19% | |
| 31 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.65% | -0.17% | -0.86% | |
| 32 | V | Visa Inc-class A Shares | 股票-金融 | 0.65% | -0.01% | -0.83% | |
| 33 | CSCO | Cisco Systems Inc | 股票-科技 | 0.64% | +0.21% | -0.22% | |
| 34 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 0.63% | +0.01% | -2.01% | |
| 35 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.60% | -0.10% | -0.66% | |
| 36 | BAC | Bank Of America CORP | 股票-金融 | 0.59% | +0.02% | +1.11% | |
| 37 | RTX | Rtx CORP | 股票-工業 | 0.58% | -0.08% | -0.61% | |
| 38 | COF | Capital One Financial CORP | 股票-金融 | 0.57% | — | +1.22% | |
| 39 | MCD | Mcdonald's CORP | 股票-循環性消費 | 0.56% | -0.13% | -1.82% | |
| 40 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.56% | +0.16% | -0.55% | |
| 41 | CVS | Cvs Health CORP | 股票-醫療保健 | 0.56% | +0.14% | +2.11% | |
| 42 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.53% | -0.06% | -3.34% | |
| 43 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投資等級公司債 | 0.53% | -0.12% | +14.43% | |
| 44 | UNP | Union Pacific CORP | 股票-工業 | 0.51% | -0.01% | -1.82% | |
| 45 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.51% | +0.03% | -4.47% | |
| 46 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 0.49% | +0.04% | -0.84% | |
| 47 | TXN | Texas Instruments Inc | 股票-科技 | 0.49% | +0.21% | -0.90% | |
| 48 | APD | Air Products & Chemicals Inc | 股票-原物料 | 0.48% | -0.06% | -2.27% | |
| 49 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.47% | +0.42% | +2.58% | |
| 50 | CVX | Chevron CORP | 股票-能源 | 0.46% | -0.19% | -10.48% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | VEA | Vanguard Ftse Developed ETF | +0.4% | +5.51% | 加碼 |
| 2 | LLY | Eli Lilly & Co | +0.4% | -0.78% | 減碼 |
| 3 | GOOGL | Alphabet Inc-cl A | +0.3% | +1.04% | 加碼 |
| 4 | META | Meta Platforms Inc-class A | +0.3% | +679.56% | 加碼 |
| 5 | GOOG | Alphabet Inc-cl C | +0.3% | +0.87% | 加碼 |
| 6 | AMD | Advanced Micro Devices | +0.3% | -0.49% | 減碼 |
| 7 | NNI | Nelnet Inc-cl A | +0.1% | +0.09% | 加碼 |
| 8 | WCC | Wesco International Inc | +0.1% | +0.28% | 加碼 |
| 9 | AMZN | Amazon.com Inc | +0.1% | +12.76% | 加碼 |
| 10 | APH | Amphenol Corp-cl A | +0.1% | +0.10% | 加碼 |
| 11 | ALB | Albemarle CORP | +0.1% | +4.70% | 加碼 |
| 12 | AAPL | Apple Inc | +0.1% | -1.87% | 減碼 |
| 13 | GS | Goldman Sachs Group Inc | +0.1% | +0.93% | 加碼 |
| 14 | CRM | Salesforce Inc | +0.1% | +10.39% | 加碼 |
| 15 | COF | Capital One Financial CORP | +0.1% | +1.22% | 加碼 |
| 16 | IJH | Ishares Core S&p Midcap ETF | +0.1% | +3.37% | 加碼 |
| 17 | JNJ | Johnson & Johnson | +0.1% | -0.43% | 減碼 |
| 18 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +1.93% | 加碼 |
| 19 | VCSH | Vanguard S/t CORP Bond ETF | +0.1% | +14.43% | 加碼 |
| 20 | FRT | Federal Realty Invs Trust | +0.1% | +42977.55% | 加碼 |
| 21 | IJR | Ishares Core S&p Small-cap E | +0.1% | +2.71% | 加碼 |
| 22 | CSCO | Cisco Systems Inc | +0.1% | -0.22% | 減碼 |
| 23 | ROST | Ross Stores Inc | +0.1% | -1.00% | 減碼 |
| 24 | NUE | Nucor CORP | +0.1% | -1.14% | 減碼 |
| 25 | MRK | Merck & Co. Inc. | +0.1% | -5.41% | 減碼 |
| 26 | WMT | Walmart Inc | 0% | -1.71% | 減碼 |
| 27 | XOM | Exxon Mobil CORP | 0% | +0.85% | 加碼 |
| 28 | DOV | Dover CORP | 0% | -2.61% | 減碼 |
| 29 | CAT | Caterpillar Inc | 0% | -5.08% | 減碼 |
| 30 | RTX | Rtx CORP | 0% | -0.61% | 減碼 |
| 31 | AVGO | Broadcom Inc | 0% | -1.68% | 減碼 |
| 32 | IVV | Ishares Core S&p 500 ETF | 0% | +0.11% | 加碼 |
| 33 | MDLZ | Mondelez International Inc-a | -0.1% | -1.44% | 減碼 |
| 34 | BAH | Booz Allen Hamilton Holdings | -0.1% | -2.55% | 減碼 |
| 35 | DELL | Dell Technologies -c | -0.1% | -0.71% | 減碼 |
| 36 | ABT | Abbott Laboratories | -0.1% | -0.66% | 減碼 |
| 37 | SYY | Sysco CORP | -0.1% | -0.38% | 減碼 |
| 38 | APD | Air Products & Chemicals Inc | -0.1% | -2.27% | 減碼 |
| 39 | ADP | Automatic Data Processing | -0.1% | -3.65% | 減碼 |
| 40 | PG | Procter & Gamble Co/the | -0.1% | -3.34% | 減碼 |
| 41 | ROP | Roper Technologies Inc | -0.1% | -0.48% | 減碼 |
| 42 | HD | Home Depot Inc | -0.1% | -0.15% | 減碼 |
| 43 | DAL | Delta Air Lines Inc | -0.1% | -53.09% | 減碼 |
| 44 | CVX | Chevron CORP | -0.1% | -10.48% | 減碼 |
| 45 | FISV | Fiserv Inc | -0.1% | +6.92% | 加碼 |
| 46 | JPM | Jpmorgan Chase & Co | -0.2% | -11.27% | 減碼 |
| 47 | CMCSA | Comcast Corp-class A | -0.2% | -47.31% | 減碼 |
| 48 | VWO | Vanguard Ftse Emerging Marke | -0.2% | -6.42% | 減碼 |
| 49 | MSFT | Microsoft CORP | -0.3% | +1.29% | 加碼 |
| 50 | ORCL | Oracle CORP | -0.5% | +1.91% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Farmers & Merchants Investments Inc 在 Q4 2025 季度的美股持倉總市值約為 US$41.3億，共申報了 1721 個公開持股部位。
在 Q4 2025 季度，Farmers & Merchants Investments Inc 按市值排列的前三大核心持股分別為：IVV (7.2%)、VEA (6.1%)、NNI (4.3%)。其中最大持股部位 IVV 佔據整體投資組合約 7.2% 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。
本季最大獲利了結 / 清倉標的
AAPL
前期市值: US$1.1億
在 Q4 2025 季度中，Farmers & Merchants Investments Inc 共進行了 50 項持倉異動，包含新建倉 0 個部位、加碼 22 個部位、減碼 28 個部位以及清倉 0 個部位。
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。