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
1174 檔
21.7%
截至 Q4 2025 季度末，Graham Capital Management, L.P. 的美股持倉估值約為 US$55.0億，全數申報部位共有 1174 檔。
Graham Capital Management, L.P. 在 Q4 2025 進行了結構性的板塊輪動與部位換股。在開立 60 個全新部位及加碼 48 檔持股的同時，亦同步清倉 45 檔並減碼 43 檔標的。
檢視投資組合結構，前 5 大主力部位（包含 MSTR, IBIT, APLD 2.75 06-01-30）占據了總市值的 21.7%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
僅顯示前 200 大持股（共 1174 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 | 15.13% | -0.04% | EXIT | |
| 2 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 4.41% | -1.81% | -20.91% | |
| 3 | APLD 2.75 06-01-30債券 | Applied Digital CORP | 債券 | 4.11% | -0.56% | — | |
| 4 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 2.79% | +1.81% | -8.74% | |
| 5 | FBTC | Fidelity Wise Origin Bitcoin | ETF-加密貨幣 | 2.13% | -0.34% | — | |
| 6 | RUN 4 03-01-30債券 | Sunrun Inc | 債券 | 1.79% | -0.37% | +12.50% | |
| 7 | PCT 7.25 08-15-30債券 | Purecycle Technologies | 債券 | 1.65% | -1.44% | EXIT | |
| 8 | RIVN 3.625 10-15-30債券 | Rivian Auto Inc | 債券 | 1.61% | -0.22% | — | |
| 9 | GPRE 5.25 11-01-30 UNRS債券 | Green Plains Inc | 債券 | 1.47% | -0.56% | — | |
| 10 | TLRY 5.2 06-15-27債券 | Tilray Brands Inc | 債券 | 1.46% | -0.58% | +1.71% | |
| 11 | REAL 4 02-15-31債券 | THE Realreal Inc | 債券 | 1.44% | -0.14% | +76.39% | |
| 12 | GRPN 4.875 06-30-30 UNRS債券 | Groupon Inc | 債券 | 1.39% | +0.03% | +55.56% | |
| 13 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.36% | -0.73% | +32.23% | |
| 14 | CLMT | Calumet Inc | 股票-其他 | 1.24% | -0.37% | — | |
| 15 | EOSE | Eos Energy Enterprises Inc | 股票-其他 | 1.22% | +0.06% | -42.58% | |
| 16 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.19% | -0.12% | +89.74% | |
| 17 | KWEB | Kranesh Csi China Internet | ETF-新興市場 | 1.16% | -0.11% | +749.67% | |
| 18 | EWC | Ishares Msci Canada ETF | ETF-其他 | 1.04% | — | +525.46% | |
| 19 | TLT | Ishares 20+ Year Treasury Bd | ETF-政府公債 | 1.02% | -0.21% | +253.62% | |
| 20 | BBIO 2.5 03-15-27債券 | Bridgebio Pharma Inc | 債券 | 1.00% | -0.25% | -13.60% | |
| 21 | NVDA | Nvidia CORP | 股票-科技 | 0.99% | +0.26% | +134.38% | |
| 22 | METC 0 11-01-31債券 | Ramaco Resources Inc | 債券 | 0.96% | -0.28% | — | |
| 23 | NFLX | Netflix Inc | 股票-通訊服務 | 0.88% | -0.80% | +9342.07% | |
| 24 | CLSK 0 06-15-30債券 | Cleanspark Inc | 債券 | 0.86% | +0.01% | — | |
| 25 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 0.83% | -4.41% | -28.28% | |
| 26 | GME | Gamestop Corp-class A | 股票-循環性消費 | 0.82% | -0.25% | +1.18% | |
| 27 | CIFR | Cipher Digital Inc | 股票-科技 | 0.80% | -0.01% | — | |
| 28 | BITO | Proshares Bitcoin Etf-usd | ETF-加密貨幣 | 0.73% | — | — | |
| 29 | UPS | United Parcel Service-cl B | 股票-工業 | 0.72% | -0.32% | EXIT | |
| 30 | MARA 0 03-01-30債券 | Mara Holdings Inc | 債券 | 0.68% | +0.48% | — | |
| 31 | C | Citigroup Inc | 股票-金融 | 0.67% | -0.20% | +115.83% | |
| 32 | MU | Micron Technology Inc | 股票-科技 | 0.66% | — | +15.29% | |
| 33 | ✓ | Applied Optoele | 股票-其他 | 0.63% | -0.35% | EXIT | |
| 34 | BA | Boeing Co/the | 股票-工業 | 0.61% | -0.17% | +52.10% | |
| 35 | FSLR | First Solar Inc | 股票-科技 | 0.61% | -0.04% | +63.46% | |
| 36 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.61% | -0.06% | +58.82% | |
| 37 | PCT | Purecycle Technologies Inc | 股票-其他 | 0.54% | -0.32% | +3.79% | |
| 38 | CRM | Salesforce Inc | 股票-科技 | 0.53% | -0.96% | +241.40% | |
| 39 | CME | Cme Group Inc | 股票-金融 | 0.52% | -0.22% | +4.35% | |
| 40 | MCD | Mcdonald's CORP | 股票-循環性消費 | 0.50% | — | +249.43% | |
| 41 | BXMT 5.5 03-15-27債券 | Blackstone Mortgage Tr | 債券 | 0.49% | -0.06% | — | |
| 42 | SEI 0.25 10-01-31債券 | Solaris Energy Infrastru | 債券 | 0.47% | -0.40% | EXIT | |
| 43 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 0.46% | +0.88% | -87.02% | |
| 44 | NVAX | Novavax Inc | 股票-醫療保健 | 0.41% | -0.05% | +0.57% | |
| 45 | BE 3 06-01-28債券 | Bloom Energy CORP | 債券 | 0.40% | — | -99.46% | |
| 46 | OPEN | Opendoor Technologies Inc | 股票-房地產 | 0.39% | -0.10% | +14.83% | |
| 47 | XLU | St Sr Utl Sl Se Spdr Etf-usd | ETF-其他 | 0.39% | +0.02% | -42.77% | |
| 48 | EMBJ | Embraer Sa-spon Adr | 股票-工業 | 0.38% | +0.01% | +27.57% | |
| 49 | OIH | Vaneck Oil Services ETF | ETF-其他 | 0.33% | — | — | |
| 50 | INTC | Intel CORP | 股票-科技 | 0.32% | -0.09% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | KWEB | Kranesh Csi China Internet | +1.1% | +749.67% | 加碼 |
| 2 | REAL 4 02-15-31債券 | THE Realreal Inc | +1% | +76.39% | 加碼 |
| 3 | EWC | Ishares Msci Canada ETF | +0.9% | +525.46% | 加碼 |
| 4 | TLT | Ishares 20+ Year Treasury Bd | +0.8% | +253.62% | 加碼 |
| 5 | QQQ | Invesco Qqq Trust Series 1 | +0.8% | -8.74% | 減碼 |
| 6 | NFLX | Netflix Inc | +0.8% | +9342.07% | 加碼 |
| 7 | RUN 4 03-01-30債券 | Sunrun Inc | +0.8% | +12.50% | 加碼 |
| 8 | GRPN 4.875 06-30-30 UNRS債券 | Groupon Inc | +0.8% | +55.56% | 加碼 |
| 9 | RIVN 3.625 10-15-30債券 | Rivian Auto Inc | +0.7% | — | 不變 |
| 10 | META | Meta Platforms Inc-class A | +0.7% | +89.74% | 加碼 |
| 11 | NVDA | Nvidia CORP | +0.7% | +134.38% | 加碼 |
| 12 | AMZN | Amazon.com Inc | +0.7% | +32.23% | 加碼 |
| 13 | UPS | United Parcel Service-cl B | +0.7% | +1271.31% | 加碼 |
| 14 | ✓ | Applied Optoele | +0.6% | +361.80% | 加碼 |
| 15 | C | Citigroup Inc | +0.5% | +115.83% | 加碼 |
| 16 | CLMT | Calumet Inc | +0.5% | — | 不變 |
| 17 | PCT 7.25 08-15-30債券 | Purecycle Technologies | +0.5% | +8.95% | 加碼 |
| 18 | CRM | Salesforce Inc | +0.4% | +241.40% | 加碼 |
| 19 | MU | Micron Technology Inc | +0.4% | +15.29% | 加碼 |
| 20 | BBIO 2.5 03-15-27債券 | Bridgebio Pharma Inc | +0.4% | -13.60% | 減碼 |
| 21 | MCD | Mcdonald's CORP | +0.4% | +249.43% | 加碼 |
| 22 | GOOG | Alphabet Inc-cl C | +0.4% | +58.82% | 加碼 |
| 23 | FSLR | First Solar Inc | +0.4% | +63.46% | 加碼 |
| 24 | TLRY 5.2 06-15-27債券 | Tilray Brands Inc | +0.4% | +1.71% | 加碼 |
| 25 | BA | Boeing Co/the | +0.3% | +52.10% | 加碼 |
| 26 | FBTC | Fidelity Wise Origin Bitcoin | +0.3% | — | 不變 |
| 27 | PG | Procter & Gamble Co/the | +0.3% | +726.70% | 加碼 |
| 28 | IEX | Idex CORP | +0.2% | +2499.61% | 加碼 |
| 29 | AVGO | Broadcom Inc | +0.2% | +925.01% | 加碼 |
| 30 | MSFT | Microsoft CORP | +0.2% | +144.71% | 加碼 |
| 31 | EMBJ | Embraer Sa-spon Adr | +0.2% | +27.57% | 加碼 |
| 32 | FXI | Ishares China Large-cap ETF | +0.2% | +65.67% | 加碼 |
| 33 | ADBE | Adobe Inc | +0.2% | +106.65% | 加碼 |
| 34 | CHKP | Check Point Software Technologies Ltd. | +0.2% | +373.24% | 加碼 |
| 35 | WMT | Walmart Inc | +0.2% | +327.60% | 加碼 |
| 36 | HD | Home Depot Inc | +0.2% | +67.05% | 加碼 |
| 37 | RL | Ralph Lauren CORP | +0.1% | +658.68% | 加碼 |
| 38 | CTAS | Cintas CORP | +0.1% | +490.74% | 加碼 |
| 39 | V | Visa Inc-class A Shares | +0.1% | +53.36% | 加碼 |
| 40 | CNI | Canadian Natl Railway Co | +0.1% | +1541.00% | 加碼 |
| 41 | NTRA | Natera Inc | +0.1% | +729.75% | 加碼 |
| 42 | COR | Cencora Inc | +0.1% | +95.63% | 加碼 |
| 43 | RTX | Rtx CORP | +0.1% | +348.33% | 加碼 |
| 44 | T | At&t Inc | +0.1% | +590.48% | 加碼 |
| 45 | SBUX | Starbucks CORP | +0.1% | +809.26% | 加碼 |
| 46 | GME | Gamestop Corp-class A | +0.1% | +1.18% | 加碼 |
| 47 | OPEN | Opendoor Technologies Inc | +0.1% | +14.83% | 加碼 |
| 48 | RMD | Resmed Inc | +0.1% | +179.79% | 加碼 |
| 49 | FCX | Freeport-mcmoran Inc | +0.1% | +116.56% | 加碼 |
| 50 | AMD | Advanced Micro Devices | +0.1% | +421.38% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Graham Capital Management, L.P. 在 Q4 2025 季度的美股持倉總市值約為 US$55.0億，共申報了 1174 個公開持股部位。
在 Q4 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 (15.1%)、IBIT (4.4%)、APLD 2.75 06-01-30 (4.1%)。其中最大持股部位 MSTR 佔據整體投資組合約 15.1% 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
APLD 2.75 06-01-30
市值: US$1.7億
本季最大獲利了結 / 清倉標的
IWM
前期市值: US$11.0億
在 Q4 2025 季度中，Graham Capital Management, L.P. 共進行了 196 項持倉異動，包含新建倉 60 個部位、加碼 48 個部位、減碼 43 個部位以及清倉 45 個部位。 其中最大新建倉標的為 APLD 2.75 06-01-30。 本季清倉部位包含 IWM。
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。