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: 0000928196
申報總市值
US$106.4億
US$106.4億
76 檔
34.2%
在 Q4 2025 的 13F 官方備案中，Harding Loevner LP 管理的美股投資組合規模來到 US$106.4億，整體持股檔數為 76 檔。
數據顯示 Harding Loevner LP 於 Q4 2025 季度持續回收資金，對 54 個既有部位進行裁減並清倉 3 個標的，組合整體流動性比重有所上升。
從部位權重觀察，前 5 大標的（包含 TSM, HDB, FMX）累計市值佔比達 34.2%，是驅動 Harding Loevner LP 該季度整體投資組合績效表現的核心支柱。
| # | 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 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 11.60% | +0.50% | -15.97% | |
| 2 | HDB | Hdfc Bank Ltd-adr | 股票-金融 | 8.10% | -1.10% | -6.98% | |
| 3 | FMX | Fomento Economico Mex-sp Adr | 股票-其他 | 5.28% | +0.13% | +3.51% | |
| 4 | BAP | Credicorp Ltd. | 股票-金融 | 3.59% | +0.07% | -7.92% | |
| 5 | MELI | Mercadolibre Inc | 股票-循環性消費 | 3.48% | -0.33% | -7.89% | |
| 6 | ALC | Alcon Inc. | 股票-醫療保健 | 3.34% | -0.01% | -12.25% | |
| 7 | RYAAY | Ryanair Holdings Plc-sp Adr | 股票-工業 | 3.15% | -0.09% | -7.06% | |
| 8 | NTES | Netease Inc-adr | 股票-通訊服務 | 3.00% | +0.06% | -2.57% | |
| 9 | ASML | ASML Holding N.V. | 股票-科技 | 2.84% | -0.29% | +10.46% | |
| 10 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.77% | -0.51% | -31.81% | |
| 11 | NICE | Nice LTD - Spon Adr | 股票-科技 | 2.57% | -0.67% | +16.49% | |
| 12 | MSFT | Microsoft CORP | 股票-科技 | 2.55% | -0.77% | -12.84% | |
| 13 | AMZN | Amazon.com Inc | 股票-循環性消費 | 2.36% | -0.46% | -14.07% | |
| 14 | SHEL | Shell Plc-adr | 股票-能源 | 1.96% | -0.51% | -7.37% | |
| 15 | CNI | Canadian Natl Railway Co | 股票-工業 | 1.86% | +3.09% | -6.70% | |
| 16 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.81% | -0.49% | -11.81% | |
| 17 | SE | Sea Ltd-adr | 股票-通訊服務 | 1.68% | +1.75% | -4.11% | |
| 18 | NFLX | Netflix Inc | 股票-通訊服務 | 1.59% | -0.87% | +758.48% | |
| 19 | SONY | Sony Group CORP - Sp Adr | 股票-科技 | 1.59% | -0.10% | -6.56% | |
| 20 | VRTX | Vertex Pharmaceuticals Inc | 股票-醫療保健 | 1.56% | -1.43% | -14.06% | |
| 21 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 1.53% | -0.16% | -14.59% | |
| 22 | MFC | Manulife Financial CORP | 股票-金融 | 1.51% | +0.64% | -6.90% | |
| 23 | HLN | Haleon Plc-adr | 股票-醫療保健 | 1.48% | -0.23% | -7.22% | |
| 24 | RIO | Rio Tinto Plc-spon Adr | 股票-原物料 | 1.45% | -0.14% | +8.80% | |
| 25 | BBVA | Banco Bilbao Vizcaya-sp Adr | 股票-金融 | 1.43% | +0.66% | -20.51% | |
| 26 | CME | Cme Group Inc | 股票-金融 | 1.43% | -1.03% | EXIT | |
| 27 | NVDA | Nvidia CORP | 股票-科技 | 1.41% | -0.16% | -12.07% | |
| 28 | VEU | Vanguard Ftse All-world Ex-u | ETF-其他 | 1.24% | -1.02% | +128.18% | |
| 29 | AVGO | Broadcom Inc | 股票-科技 | 1.20% | -0.31% | -12.75% | |
| 30 | PGR | Progressive CORP | 股票-金融 | 1.18% | -0.24% | -15.08% | |
| 31 | APH | Amphenol Corp-cl A | 股票-科技 | 1.13% | +0.02% | -23.77% | |
| 32 | TW | Tradeweb Markets Inc-class A | 股票-金融 | 1.06% | -0.52% | -14.00% | |
| 33 | ADBE | Adobe Inc | 股票-科技 | 1.01% | -0.32% | +9.07% | |
| 34 | ACN | Accenture plc | 股票-科技 | 0.97% | -0.44% | -12.96% | |
| 35 | GMAB | Genmab A/s -sp Adr | 股票-其他 | 0.91% | -0.07% | -3.28% | |
| 36 | TLK | Telkom Indonesia Persero-adr | 股票-其他 | 0.83% | -0.28% | -9.11% | |
| 37 | SAP | Sap Se-sponsored Adr | 股票-科技 | 0.83% | -0.22% | -83.18% | |
| 38 | HEI | Heico CORP | 股票-工業 | 0.81% | -0.06% | -13.44% | |
| 39 | AME | Ametek Inc | 股票-工業 | 0.76% | -0.14% | -1.92% | |
| 40 | HON | Honeywell International Inc | 股票-工業 | 0.75% | -0.95% | EXIT | |
| 41 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.75% | -0.14% | -13.86% | |
| 42 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.74% | +0.09% | -13.97% | |
| 43 | V | Visa Inc-class A Shares | 股票-金融 | 0.74% | -0.19% | +17.48% | |
| 44 | NVS | Novartis Ag-sponsored Adr | 股票-醫療保健 | 0.73% | -0.07% | -4.22% | |
| 45 | DHR | Danaher CORP | 股票-醫療保健 | 0.73% | -0.19% | -13.17% | |
| 46 | ELV | Elevance Health Inc | 股票-醫療保健 | 0.68% | -0.03% | -10.41% | |
| 47 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.66% | +0.01% | -14.06% | |
| 48 | SLB | Slb LTD | 股票-能源 | 0.62% | -0.34% | -5.88% | |
| 49 | EFX | Equifax Inc | 股票-工業 | 0.61% | -0.22% | — | |
| 50 | DE | Deere & Co | 股票-工業 | 0.58% | -0.16% | -56.16% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | HDB | Hdfc Bank Ltd-adr | +1.3% | -6.98% | 減碼 |
| 2 | FMX | Fomento Economico Mex-sp Adr | +1.1% | +3.51% | 加碼 |
| 3 | TSM | Taiwan Semiconductor-sp Adr | +1% | -15.97% | 減碼 |
| 4 | ASML | ASML Holding N.V. | +0.9% | +10.46% | 加碼 |
| 5 | VEU | Vanguard Ftse All-world Ex-u | +0.8% | +128.18% | 加碼 |
| 6 | RYAAY | Ryanair Holdings Plc-sp Adr | +0.8% | -7.06% | 減碼 |
| 7 | BAP | Credicorp Ltd. | +0.6% | -7.92% | 減碼 |
| 8 | RIO | Rio Tinto Plc-spon Adr | +0.5% | +8.80% | 加碼 |
| 9 | MFC | Manulife Financial CORP | +0.4% | -6.90% | 減碼 |
| 10 | HON | Honeywell International Inc | +0.3% | +65.14% | 加碼 |
| 11 | ALC | Alcon Inc. | +0.3% | -12.25% | 減碼 |
| 12 | HLN | Haleon Plc-adr | +0.3% | -7.22% | 減碼 |
| 13 | CNI | Canadian Natl Railway Co | +0.3% | -6.70% | 減碼 |
| 14 | VRTX | Vertex Pharmaceuticals Inc | +0.3% | -14.06% | 減碼 |
| 15 | SHEL | Shell Plc-adr | +0.2% | -7.37% | 減碼 |
| 16 | V | Visa Inc-class A Shares | +0.2% | +17.48% | 加碼 |
| 17 | ADBE | Adobe Inc | +0.2% | +9.07% | 加碼 |
| 18 | NICE | Nice LTD - Spon Adr | +0.2% | +16.49% | 加碼 |
| 19 | BBVA | Banco Bilbao Vizcaya-sp Adr | +0.2% | -20.51% | 減碼 |
| 20 | AMZN | Amazon.com Inc | +0.2% | -14.07% | 減碼 |
| 21 | NTES | Netease Inc-adr | +0.2% | -2.57% | 減碼 |
| 22 | AME | Ametek Inc | +0.2% | -1.92% | 減碼 |
| 23 | ACWX | Ishares Msci Acwi Ex US ETF | +0.2% | +1328.56% | 加碼 |
| 24 | TLK | Telkom Indonesia Persero-adr | +0.2% | -9.11% | 減碼 |
| 25 | GOOGL | Alphabet Inc-cl A | +0.1% | -31.81% | 減碼 |
| 26 | NVS | Novartis Ag-sponsored Adr | +0.1% | -4.22% | 減碼 |
| 27 | TMO | Thermo Fisher Scientific Inc | +0.1% | -13.97% | 減碼 |
| 28 | GMAB | Genmab A/s -sp Adr | +0.1% | -3.28% | 減碼 |
| 29 | DHR | Danaher CORP | +0.1% | -13.17% | 減碼 |
| 30 | ACN | Accenture plc | +0.1% | -12.96% | 減碼 |
| 31 | SLB | Slb LTD | +0.1% | -5.88% | 減碼 |
| 32 | AVGO | Broadcom Inc | +0.1% | -12.75% | 減碼 |
| 33 | ELV | Elevance Health Inc | +0.1% | -10.41% | 減碼 |
| 34 | VEA | Vanguard Ftse Developed ETF | +0.1% | +844.09% | 加碼 |
| 35 | JNJ | Johnson & Johnson | +0.1% | -14.06% | 減碼 |
| 36 | NVDA | Nvidia CORP | +0.1% | -12.07% | 減碼 |
| 37 | CME | Cme Group Inc | +0.1% | -14.07% | 減碼 |
| 38 | IBN | Icici Bank Ltd-spon Adr | +0.1% | +295.77% | 加碼 |
| 39 | INDA | Ishares Msci India ETF | +0.1% | +60.46% | 加碼 |
| 40 | BKNG | Booking Holdings Inc | 0% | -14.59% | 減碼 |
| 41 | HEI | Heico CORP | 0% | -13.44% | 減碼 |
| 42 | ABBV | Abbvie Inc | 0% | -13.86% | 減碼 |
| 43 | EFA | Ishares Msci Eafe ETF | 0% | +692.83% | 加碼 |
| 44 | EPAM | Epam Systems Inc | 0% | -17.67% | 減碼 |
| 45 | ACWI | Ishares Msci Acwi ETF | 0% | -13.30% | 減碼 |
| 46 | CIB | Grupo Cibest Sa-adr | 0% | -17.38% | 減碼 |
| 47 | SONY | Sony Group CORP - Sp Adr | — | -6.56% | 減碼 |
| 48 | TW | Tradeweb Markets Inc-class A | — | -14.00% | 減碼 |
| 49 | ATKR | Atkore Inc | — | -18.22% | 減碼 |
| 50 | TS | Tenaris Sa-adr | — | -23.73% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Harding Loevner LP 在 Q4 2025 季度的美股持倉總市值約為 US$106.4億，共申報了 76 個公開持股部位。
在 Q4 2025 季度，Harding Loevner LP 按市值排列的前三大核心持股分別為：TSM (11.6%)、HDB (8.1%)、FMX (5.3%)。其中最大持股部位 TSM 佔據整體投資組合約 11.6% 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
EFX
市值: US$6972.5萬
本季最大獲利了結 / 清倉標的
SNPS
前期市值: US$1.2億
在 Q4 2025 季度中，Harding Loevner LP 共進行了 79 項持倉異動，包含新建倉 8 個部位、加碼 14 個部位、減碼 54 個部位以及清倉 3 個部位。 其中最大新建倉標的為 EFX。 本季清倉部位包含 SNPS。
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。