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: 0001315421
申報總市值
US$55.0億
US$55.0億
1183 檔
57.3%
Graham Capital Management, L.P. 在 Q3 2025 季度的美股部位總計估值為 US$55.0億，分散於 1183 個持倉標的之中，反映其市場參與廣度與投資規模。
觀察 Q3 2025 的資金脈絡，Graham Capital Management, L.P. 在獲利結算 60 檔個股的同時，將資本重新部署至 53 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，Graham Capital Management, L.P. 的前 5 大核心持股（包含 MSTR, IWM, IBIT 等）合計佔整體申報市值的 57.3%，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 1183 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 | MSTR | Strategy Inc | 股票-科技 | 21.61% | -0.04% | EXIT | |
| 2 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 17.40% | +8.42% | +93.11% | |
| 3 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 4.82% | -1.81% | -7.37% | |
| 4 | BE 3 06-01-29債券 | Bloom Energy CORP | 債券 | 3.38% | — | +15.08% | |
| 5 | BE 3 06-01-28債券 | Bloom Energy CORP | 債券 | 2.60% | — | — | |
| 6 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 2.27% | +0.88% | -42.52% | |
| 7 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 1.98% | +1.81% | -26.95% | |
| 8 | FBTC | Fidelity Wise Origin Bitcoin | ETF-加密貨幣 | 1.84% | -0.34% | +8.50% | |
| 9 | EOSE | Eos Energy Enterprises Inc | 股票-其他 | 1.40% | +0.06% | +1.88% | |
| 10 | PCT 7.25 08-15-30債券 | Purecycle Technologies | 債券 | 1.19% | -1.44% | EXIT | |
| 11 | GDX | Vaneck Gold Miners ETF | ETF-避險與商品 | 1.10% | -1.89% | +42.58% | |
| 12 | TLRY 5.2 06-15-27債券 | Tilray Brands Inc | 債券 | 1.09% | -0.58% | -1.68% | |
| 13 | RUN 4 03-01-30債券 | Sunrun Inc | 債券 | 1.01% | -0.37% | +49.25% | |
| 14 | XLU | St Sr Utl Sl Se Spdr Etf-usd | ETF-其他 | 0.91% | +0.02% | +30.23% | |
| 15 | RIVN 3.625 10-15-30債券 | Rivian Auto Inc | 債券 | 0.87% | -0.22% | — | |
| 16 | MARA | Mara Holdings Inc | 股票-金融 | 0.80% | — | +1.83% | |
| 17 | BITO | Proshares Bitcoin Etf-usd | ETF-加密貨幣 | 0.78% | — | — | |
| 18 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 0.77% | -4.41% | — | |
| 19 | CLMT | Calumet Inc | 股票-其他 | 0.75% | -0.37% | — | |
| 20 | GME | Gamestop Corp-class A | 股票-循環性消費 | 0.73% | -0.25% | +2043.28% | |
| 21 | GPRE 2.25 03-15-27債券 | Green Plains Inc | 債券 | 0.69% | -0.04% | +6.29% | |
| 22 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.65% | -0.73% | +59.91% | |
| 23 | GRPN 4.875 06-30-30 UNRS債券 | Groupon Inc | 債券 | 0.62% | +0.03% | — | |
| 24 | SLV | Ishares Silver Trust | ETF-避險與商品 | 0.60% | — | -61.31% | |
| 25 | EEM | Ishares Msci Emerging Market | ETF-新興市場 | 0.59% | -0.32% | +119.83% | |
| 26 | BBIO 2.5 03-15-27債券 | Bridgebio Pharma Inc | 債券 | 0.57% | -0.25% | -55.80% | |
| 27 | PCT | Purecycle Technologies Inc | 股票-其他 | 0.52% | -0.32% | -41.92% | |
| 28 | VTV | Vanguard Value ETF | ETF-其他 | 0.52% | +0.04% | NEW | |
| 29 | RUN | Sunrun Inc | 股票-科技 | 0.48% | -0.01% | -27.80% | |
| 30 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.46% | -0.12% | +30.65% | |
| 31 | GRPN 4.875 06-30-30 RSTR債券 | Groupon Inc | 債券 | 0.42% | — | — | |
| 32 | REAL 4 02-15-31債券 | THE Realreal Inc | 債券 | 0.41% | -0.14% | +54.70% | |
| 33 | TVTX 2.25 03-01-29債券 | Travere Therapeutics Inc | 債券 | 0.40% | -0.52% | EXIT | |
| 34 | XLI | Ss Industrial Select Sector | ETF-其他 | 0.39% | +0.14% | +513.42% | |
| 35 | NVAX | Novavax Inc | 股票-醫療保健 | 0.35% | -0.05% | +2.93% | |
| 36 | BYND | Beyond Meat Inc | 股票-非循環性消費 | 0.34% | — | — | |
| 37 | CME | Cme Group Inc | 股票-金融 | 0.33% | -0.22% | -12.20% | |
| 38 | BXMT 5.5 03-15-27債券 | Blackstone Mortgage Tr | 債券 | 0.32% | -0.06% | -1.20% | |
| 39 | OPEN | Opendoor Technologies Inc | 股票-房地產 | 0.30% | -0.10% | — | |
| 40 | NVDA | Nvidia CORP | 股票-科技 | 0.28% | +0.26% | -22.73% | |
| 41 | BA | Boeing Co/the | 股票-工業 | 0.27% | -0.17% | -14.63% | |
| 42 | ETHA | Ishares Ethereum Trust ETF | ETF-其他 | 0.26% | -0.06% | +0.36% | |
| 43 | PLUG | Plug Power Inc | 股票-工業 | 0.25% | -0.01% | +0.15% | |
| 44 | AAPL | Apple Inc | 股票-科技 | 0.24% | +0.33% | -44.26% | |
| 45 | BBIO | Bridgebio Pharma Inc | 股票-醫療保健 | 0.23% | — | +1018.82% | |
| 46 | MU | Micron Technology Inc | 股票-科技 | 0.22% | — | -18.48% | |
| 47 | EWY | Ishares Msci South Korea ETF | ETF-其他 | 0.21% | -0.54% | — | |
| 48 | FSLR | First Solar Inc | 股票-科技 | 0.21% | -0.04% | +3900.00% | |
| 49 | LCID | Lucid Group Inc | 股票-循環性消費 | 0.21% | -0.79% | — | |
| 50 | TER | Teradyne Inc | 股票-科技 | 0.20% | -0.05% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | +8.2% | +93.11% | 加碼 |
| 2 | QQQ | Invesco Qqq Trust Series 1 | +1.8% | -26.95% | 加碼 |
| 3 | BE 3 06-01-28債券 | Bloom Energy CORP | +1.8% | — | 不變 |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | +1.2% | -42.52% | 加碼 |
| 5 | IBIT | Ishares Bitcoin Trust ETF | +1.1% | -7.37% | 加碼 |
| 6 | PCT 7.25 08-15-30債券 | Purecycle Technologies | +0.6% | — | 加碼 |
| 7 | GDX | Vaneck Gold Miners ETF | +0.6% | +42.58% | 加碼 |
| 8 | SLV | Ishares Silver Trust | +0.6% | -61.31% | 加碼 |
| 9 | XLU | St Sr Utl Sl Se Spdr Etf-usd | +0.4% | +30.23% | 加碼 |
| 10 | AMZN | Amazon.com Inc | +0.4% | +59.91% | 加碼 |
| 11 | PCT | Purecycle Technologies Inc | +0.4% | -41.92% | 加碼 |
| 12 | CLMT | Calumet Inc | +0.3% | — | 加碼 |
| 13 | XLI | Ss Industrial Select Sector | +0.3% | +513.42% | 加碼 |
| 14 | NVAX | Novavax Inc | +0.3% | +2.93% | 加碼 |
| 15 | MARA | Mara Holdings Inc | +0.3% | +1.83% | 加碼 |
| 16 | REAL 4 02-15-31債券 | THE Realreal Inc | +0.2% | +54.70% | 加碼 |
| 17 | AAPL | Apple Inc | +0.2% | -44.26% | 加碼 |
| 18 | TER | Teradyne Inc | +0.2% | — | 加碼 |
| 19 | PLUG | Plug Power Inc | +0.2% | +0.15% | 加碼 |
| 20 | ETHA | Ishares Ethereum Trust ETF | +0.2% | +0.36% | 加碼 |
| 21 | GPRE 2.25 03-15-27債券 | Green Plains Inc | +0.1% | +6.29% | 加碼 |
| 22 | ✓ | Bitdeer Technologies Group | +0.1% | +4.36% | 加碼 |
| 23 | XLF | Ss Financial Select Sector | +0.1% | +328.00% | 加碼 |
| 24 | META | Meta Platforms Inc-class A | +0.1% | +30.65% | 加碼 |
| 25 | GTES | Gates Industrial Corporation plc | +0.1% | +55.18% | 加碼 |
| 26 | EZA | Ishares Msci South Africa Et | +0.1% | — | 加碼 |
| 27 | JPM | Jpmorgan Chase & Co | +0.1% | — | 加碼 |
| 28 | KWEB | Kranesh Csi China Internet | +0.1% | — | 加碼 |
| 29 | AME | Ametek Inc | +0.1% | +27.31% | 加碼 |
| 30 | URI | United Rentals Inc | +0.1% | -18.84% | 加碼 |
| 31 | CMI | Cummins Inc | +0.1% | +250.65% | 加碼 |
| 32 | VRSK | Verisk Analytics Inc | +0.1% | +154.25% | 加碼 |
| 33 | APH | Amphenol Corp-cl A | +0.1% | — | 加碼 |
| 34 | MSFT | Microsoft CORP | +0.1% | — | 加碼 |
| 35 | KRE | Ss Spdr S&p Regional Bank | +0.1% | — | 加碼 |
| 36 | AWI | Armstrong World Industries | +0.1% | -8.67% | 加碼 |
| 37 | MU | Micron Technology Inc | +0.1% | -18.48% | 減碼 |
| 38 | TVTX | Travere Therapeutics Inc | +0.1% | — | 加碼 |
| 39 | BXMT 5.5 03-15-27債券 | Blackstone Mortgage Tr | +0.1% | -1.20% | 加碼 |
| 40 | BX | Blackstone Inc | +0.1% | -38.41% | 加碼 |
| 41 | TVTX 2.25 03-01-29債券 | Travere Therapeutics Inc | 0% | -46.63% | 加碼 |
| 42 | TLRY 5.2 06-15-27債券 | Tilray Brands Inc | 0% | -1.68% | 減碼 |
| 43 | EWBC | East West Bancorp Inc | -0.1% | +92.90% | 減碼 |
| 44 | SNOW | Snowflake Inc | -0.1% | -9.47% | 減碼 |
| 45 | YPF | Ypf S.a.-sponsored Adr | -0.1% | +24.16% | 減碼 |
| 46 | IFF | Intl Flavors & Fragrances | -0.1% | — | 減碼 |
| 47 | LMT | Lockheed Martin CORP | -0.1% | -79.93% | 減碼 |
| 48 | SPGI | S&p Global Inc | -0.1% | -73.91% | 減碼 |
| 49 | LRCX | Lam Research CORP | -0.1% | -85.90% | 減碼 |
| 50 | LUMN | Lumen Technologies Inc | -0.1% | -74.13% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Graham Capital Management, L.P. 在 Q3 2025 季度的美股持倉總市值約為 US$55.0億，共申報了 1183 個公開持股部位。
在 Q3 2025 季度，Graham Capital Management, L.P. 按市值排列的前三大核心持股分別為：MSTR (21.6%)、IWM (17.4%)、IBIT (4.8%)。其中最大持股部位 MSTR 佔據整體投資組合約 21.6% 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
BE 3 06-01-29
市值: US$2.1億
本季最大獲利了結 / 清倉標的
PR 3.25 04-01-28
前期市值: US$1.7億
在 Q3 2025 季度中，Graham Capital Management, L.P. 共進行了 199 項持倉異動，包含新建倉 53 個部位、加碼 39 個部位、減碼 47 個部位以及清倉 60 個部位。 其中最大新建倉標的為 BE 3 06-01-29。 本季清倉部位包含 PR 3.25 04-01-28。
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。