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: 0001438848
申報總市值
US$13.1億
US$13.1億
288 檔
26.7%
GAM Holding AG 在 Q4 2025 季度的美股部位總計估值為 US$13.1億，分散於 288 個持倉標的之中，反映其市場參與廣度與投資規模。
觀察 Q4 2025 的資金脈絡，GAM Holding AG 在獲利結算 28 檔個股的同時，將資本重新部署至 35 檔新選標的，展現主動管理機構的輪動節奏。
在資產配置集中度方面，GAM Holding AG 的前 5 大核心持股（包含 MSFT, GOOGL, NVDA 等）合計佔整體申報市值的 26.7%，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 288 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 | MSFT | Microsoft CORP | 股票-科技 | 5.24% | -0.46% | -4.34% | |
| 2 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 5.09% | +0.73% | -18.84% | |
| 3 | NVDA | Nvidia CORP | 股票-科技 | 4.90% | -0.25% | -9.99% | |
| 4 | AAPL | Apple Inc | 股票-科技 | 3.97% | -0.29% | +7.73% | |
| 5 | UBS | UBS Group AG | 股票-金融 | 3.04% | +0.54% | +16.90% | |
| 6 | AMZN | Amazon.com Inc | 股票-循環性消費 | 2.85% | -0.14% | -3.62% | |
| 7 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.83% | +0.04% | -2.66% | |
| 8 | V | Visa Inc-class A Shares | 股票-金融 | 2.02% | -0.37% | +3.96% | |
| 9 | AVGO | Broadcom Inc | 股票-科技 | 1.76% | +0.73% | +0.19% | |
| 10 | URTH | Ishares Msci World ETF | ETF-其他 | 1.63% | -0.20% | +0.18% | |
| 11 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.39% | +0.27% | -1.57% | |
| 12 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.14% | -0.10% | +0.29% | |
| 13 | AMRZ | Amrize Ltd | 股票-原物料 | 1.12% | -0.16% | +7.58% | |
| 14 | CRH | CRH plc | 股票-原物料 | 1.11% | — | -5.12% | |
| 15 | MA | Mastercard Inc - A | 股票-金融 | 1.02% | +0.12% | +0.88% | |
| 16 | ALC | Alcon Inc. | 股票-醫療保健 | 1.00% | -0.14% | -0.57% | |
| 17 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.98% | -0.42% | +10.97% | |
| 18 | IBM | Intl Business Machines CORP | 股票-科技 | 0.96% | -0.28% | +0.96% | |
| 19 | HLT | Hilton Worldwide Holdings In | 股票-循環性消費 | 0.96% | -0.13% | -0.05% | |
| 20 | XOM | Exxon Mobil CORP | 股票-能源 | 0.95% | -0.60% | -1.03% | |
| 21 | LOGI | Logitech International S.A. | 股票-科技 | 0.92% | -0.10% | -18.71% | |
| 22 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.89% | — | -1.77% | |
| 23 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 0.89% | — | — | |
| 24 | NFLX | Netflix Inc | 股票-通訊服務 | 0.88% | -0.20% | +697.61% | |
| 25 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.88% | -0.08% | +6.28% | |
| 26 | ORCL | Oracle CORP | 股票-科技 | 0.86% | -0.06% | -19.41% | |
| 27 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.86% | +0.65% | +17.65% | |
| 28 | RACE | Ferrari N.V. | 股票-循環性消費 | 0.84% | -0.26% | -15.79% | |
| 29 | WFC | Wells Fargo & Co | 股票-金融 | 0.84% | -0.08% | +15.84% | |
| 30 | TTE | TotalEnergies SE | 股票-其他 | 0.81% | -1.10% | EXIT | |
| 31 | TPR | Tapestry Inc | 股票-循環性消費 | 0.78% | -0.06% | -23.59% | |
| 32 | MKL | Markel Group Inc | 股票-金融 | 0.77% | -0.07% | -4.05% | |
| 33 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.76% | -0.07% | -5.39% | |
| 34 | VIK | Viking Holdings Ltd | 股票-循環性消費 | 0.75% | +0.16% | -14.53% | |
| 35 | RL | Ralph Lauren CORP | 股票-循環性消費 | 0.74% | -0.26% | -16.83% | |
| 36 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.74% | -0.13% | -5.94% | |
| 37 | AMAT | Applied Materials Inc | 股票-科技 | 0.69% | +0.92% | -41.91% | |
| 38 | AS | Amer Sports, Inc. | 股票-循環性消費 | 0.64% | -0.12% | -8.91% | |
| 39 | EFIV | Ss Spdr S&p 500 Esg ETF | ETF-大型股與成長 | 0.64% | — | — | |
| 40 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.64% | -0.15% | +25.19% | |
| 41 | RCL | Royal Caribbean Cruises Ltd. | 股票-循環性消費 | 0.64% | -0.15% | -12.62% | |
| 42 | EMR | Emerson Electric Co | 股票-工業 | 0.62% | -0.21% | +25.30% | |
| 43 | WMT | Walmart Inc | 股票-非循環性消費 | 0.57% | -0.20% | +139.35% | |
| 44 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.56% | -0.12% | -5.79% | |
| 45 | SW | Smurfit Westrock Plc | 股票-循環性消費 | 0.55% | +0.09% | -6.36% | |
| 46 | INTU | Intuit Inc | 股票-科技 | 0.55% | -0.12% | -12.82% | |
| 47 | LIN | Linde plc | 股票-原物料 | 0.54% | -0.31% | -0.57% | |
| 48 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.53% | -0.03% | -28.87% | |
| 49 | VZ | Verizon Communications Inc | 股票-通訊服務 | 0.52% | -0.11% | — | |
| 50 | IEMG | Ishares Core Msci Emerging | ETF-新興市場 | 0.52% | -0.07% | +1.25% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | UBS | UBS Group AG | +0.8% | +16.90% | 加碼 |
| 2 | AAPL | Apple Inc | +0.6% | +7.73% | 加碼 |
| 3 | LLY | Eli Lilly & Co | +0.4% | -1.57% | 減碼 |
| 4 | CSCO | Cisco Systems Inc | +0.4% | +276.80% | 加碼 |
| 5 | GOOGL | Alphabet Inc-cl A | +0.4% | -18.84% | 減碼 |
| 6 | WMT | Walmart Inc | +0.4% | +139.35% | 加碼 |
| 7 | MS | Morgan Stanley | +0.3% | +923.10% | 加碼 |
| 8 | BAC | Bank Of America CORP | +0.3% | +175.66% | 加碼 |
| 9 | MRK | Merck & Co. Inc. | +0.2% | +6.28% | 加碼 |
| 10 | AMRZ | Amrize Ltd | +0.2% | +7.58% | 加碼 |
| 11 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | +17.65% | 加碼 |
| 12 | WFC | Wells Fargo & Co | +0.2% | +15.84% | 加碼 |
| 13 | XPEV | XPeng Inc. | +0.2% | +387.48% | 加碼 |
| 14 | NAK | Northern Dynasty Minerals | +0.2% | +4.52% | 加碼 |
| 15 | ABT | Abbott Laboratories | +0.2% | +690.78% | 加碼 |
| 16 | V | Visa Inc-class A Shares | +0.2% | +3.96% | 加碼 |
| 17 | DUK | Duke Energy CORP | +0.2% | +159.40% | 加碼 |
| 18 | CAT | Caterpillar Inc | +0.2% | +26.00% | 加碼 |
| 19 | RY | Royal Bank Of Canada | +0.2% | +451.61% | 加碼 |
| 20 | SN | SharkNinja, Inc. | +0.2% | +59.43% | 加碼 |
| 21 | AME | Ametek Inc | +0.2% | +59.04% | 加碼 |
| 22 | SO | Southern Co/the | +0.1% | +101.98% | 加碼 |
| 23 | EMR | Emerson Electric Co | +0.1% | +25.30% | 加碼 |
| 24 | AVGO | Broadcom Inc | +0.1% | +0.19% | 加碼 |
| 25 | C | Citigroup Inc | +0.1% | +459.09% | 加碼 |
| 26 | AMZN | Amazon.com Inc | +0.1% | -3.62% | 減碼 |
| 27 | UNP | Union Pacific CORP | +0.1% | +852.00% | 加碼 |
| 28 | TD | Toronto-dominion Bank | +0.1% | +308.47% | 加碼 |
| 29 | GOOG | Alphabet Inc-cl C | +0.1% | -2.87% | 減碼 |
| 30 | HLT | Hilton Worldwide Holdings In | +0.1% | -0.05% | 減碼 |
| 31 | FOX | Fox CORP - Class B | +0.1% | +94.00% | 加碼 |
| 32 | SPGI | S&p Global Inc | +0.1% | +45.63% | 加碼 |
| 33 | BIDU | Baidu Inc - Spon Adr | +0.1% | +97.69% | 加碼 |
| 34 | COST | Costco Wholesale CORP | +0.1% | +25.19% | 加碼 |
| 35 | GM | General Motors Co | +0.1% | +250.51% | 加碼 |
| 36 | FCX | Freeport-mcmoran Inc | +0.1% | +180.00% | 加碼 |
| 37 | F | Ford Motor Co | +0.1% | +331.97% | 加碼 |
| 38 | CP | Canadian Pacific Kansas City | +0.1% | +77.51% | 加碼 |
| 39 | ALC | Alcon Inc. | +0.1% | -0.57% | 減碼 |
| 40 | WELL | Welltower Inc | +0.1% | +360.77% | 加碼 |
| 41 | URTH | Ishares Msci World ETF | +0.1% | +0.18% | 加碼 |
| 42 | CARG | Cargurus Inc | +0.1% | +64.66% | 加碼 |
| 43 | MAR | Marriott International -cl A | +0.1% | — | 不變 |
| 44 | MKL | Markel Group Inc | +0.1% | -4.05% | 減碼 |
| 45 | IBM | Intl Business Machines CORP | +0.1% | +0.96% | 加碼 |
| 46 | XOM | Exxon Mobil CORP | +0.1% | -1.03% | 減碼 |
| 47 | TCOM | Trip.com Group Ltd-adr | +0.1% | +67.39% | 加碼 |
| 48 | GRAB | Grab Holdings Limited | +0.1% | +140.75% | 加碼 |
| 49 | BRK-B | Berkshire Hathaway Inc-cl B | +0.1% | +11.85% | 加碼 |
| 50 | JNJ | Johnson & Johnson | +0.1% | -5.94% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，GAM Holding AG 在 Q4 2025 季度的美股持倉總市值約為 US$13.1億，共申報了 288 個公開持股部位。
在 Q4 2025 季度，GAM Holding AG 按市值排列的前三大核心持股分別為：MSFT (5.2%)、GOOGL (5.1%)、NVDA (4.9%)。其中最大持股部位 MSFT 佔據整體投資組合約 5.2% 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。
本季最大新建倉標的
TTE
市值: US$1271.7萬
本季最大獲利了結 / 清倉標的
LRCX
前期市值: US$1612.6萬
在 Q4 2025 季度中，GAM Holding AG 共進行了 198 項持倉異動，包含新建倉 35 個部位、加碼 53 個部位、減碼 82 個部位以及清倉 28 個部位。 其中最大新建倉標的為 TTE。 本季清倉部位包含 LRCX。
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。