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: 0001442573
申報總市值
US$5.1億
US$5.1億
114 檔
13.6%
Q4 2025 季度申報顯示，Hourglass Capital, LLC 揭露的美股組合總市值為 US$5.1億，涵蓋 114 個不同之權益投資部位。
在 Q4 2025，Hourglass Capital, LLC 展現出較為審慎的避險與獲利了結姿態。本季共減碼 28 個部位並完全清倉 1 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Hourglass Capital, LLC 的前 5 大持股（包含 NEM, GOOGL, C）貢獻了組合市值的 13.6%，形成該機構在 Q4 2025 季度的基本面基石。
| # | 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 | NEM | Newmont CORP | 股票-原物料 | 3.35% | -0.42% | -3.51% | |
| 2 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 3.26% | +0.45% | -5.35% | |
| 3 | C | Citigroup Inc | 股票-金融 | 2.92% | +0.37% | -0.59% | |
| 4 | MS | Morgan Stanley | 股票-金融 | 2.69% | +0.41% | -1.43% | |
| 5 | GS | Goldman Sachs Group Inc | 股票-金融 | 2.67% | +0.29% | -2.15% | |
| 6 | CSCO | Cisco Systems Inc | 股票-科技 | 2.47% | +0.56% | -6.11% | |
| 7 | CNR | Core Natural Resources Inc | 股票-能源 | 2.39% | -0.25% | +7.08% | |
| 8 | PFE | Pfizer Inc | 股票-醫療保健 | 2.35% | -0.34% | -6.88% | |
| 9 | ORCL | Oracle CORP | 股票-科技 | 2.07% | +0.04% | +4.45% | |
| 10 | SLB | Slb LTD | 股票-能源 | 1.94% | -0.30% | -1.77% | |
| 11 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.92% | +0.09% | -9.24% | |
| 12 | PM | Philip Morris International | 股票-非循環性消費 | 1.85% | +0.03% | +0.83% | |
| 13 | HCA | Hca Healthcare Inc | 股票-醫療保健 | 1.82% | -0.36% | -3.41% | |
| 14 | WMT | Walmart Inc | 股票-非循環性消費 | 1.82% | -0.27% | -0.25% | |
| 15 | KEX | Kirby CORP | 股票-工業 | 1.78% | -0.07% | +1.83% | |
| 16 | DAL | Delta Air Lines Inc | 股票-工業 | 1.70% | -0.21% | -1.99% | |
| 17 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 1.70% | -0.28% | -4.43% | |
| 18 | KMI | Kinder Morgan, Inc. | 股票-能源 | 1.66% | -0.17% | -0.47% | |
| 19 | NVDA | Nvidia CORP | 股票-科技 | 1.65% | +0.18% | -0.26% | |
| 20 | AAPL | Apple Inc | 股票-科技 | 1.64% | +0.10% | -0.67% | |
| 21 | MAIN | Main Street Capital CORP | 股票-金融 | 1.63% | -0.12% | +2.03% | |
| 22 | IBM | Intl Business Machines CORP | 股票-科技 | 1.59% | +0.12% | +1.06% | |
| 23 | WMB | Williams Cos Inc | 股票-能源 | 1.56% | -0.07% | -1.50% | |
| 24 | AVGO | Broadcom Inc | 股票-科技 | 1.56% | +0.16% | +0.22% | |
| 25 | CVX | Chevron CORP | 股票-能源 | 1.52% | -0.43% | +6.65% | |
| 26 | ZBH | Zimmer Biomet Holdings Inc | 股票-醫療保健 | 1.52% | -0.25% | -2.50% | |
| 27 | HD | Home Depot Inc | 股票-循環性消費 | 1.50% | -0.06% | +0.62% | |
| 28 | BKR | Baker Hughes Co | 股票-能源 | 1.47% | -0.10% | -0.31% | |
| 29 | GSK | Gsk Plc-spon Adr | 股票-醫療保健 | 1.46% | -0.17% | +5.36% | |
| 30 | IRM | Iron Mountain Inc | 股票-房地產 | 1.43% | +0.16% | +136.44% | |
| 31 | GM | General Motors Co | 股票-循環性消費 | 1.43% | — | -2.07% | |
| 32 | XOM | Exxon Mobil CORP | 股票-能源 | 1.40% | -0.48% | +0.02% | |
| 33 | MSFT | Microsoft CORP | 股票-科技 | 1.38% | -0.09% | -0.71% | |
| 34 | VLY | Valley National Bancorp | 股票-金融 | 1.32% | +0.16% | +1.35% | |
| 35 | LAMR | Lamar Advertising Co-a | 股票-房地產 | 1.31% | +0.18% | +1.43% | |
| 36 | NRG | Nrg Energy Inc | 股票-公用事業 | 1.30% | — | -2.42% | |
| 37 | VICI | Vici Properties Inc | 股票-房地產 | 1.27% | -0.10% | +19.45% | |
| 38 | BHP | Bhp Group Ltd-spon Adr | 股票-原物料 | 1.23% | +0.12% | +10.71% | |
| 39 | RF | Regions Financial CORP | 股票-金融 | 1.22% | +0.09% | +14.30% | |
| 40 | HPQ | Hp Inc | 股票-科技 | 1.19% | +0.08% | +5.62% | |
| 41 | VLO | Valero Energy CORP | 股票-能源 | 1.18% | — | -2.01% | |
| 42 | T | At&t Inc | 股票-通訊服務 | 1.12% | -0.43% | +3.13% | |
| 43 | MCK | Mckesson CORP | 股票-醫療保健 | 1.06% | — | -2.25% | |
| 44 | SJM | Jm Smucker Co/the | 股票-非循環性消費 | 1.04% | +0.13% | -3.87% | |
| 45 | KHC | Kraft Heinz Co/the | 股票-非循環性消費 | 1.04% | +0.09% | -16.06% | |
| 46 | WDS | Woodside Energy Group-adr | 股票-其他 | 1.04% | -0.37% | -1.12% | |
| 47 | QCOM | Qualcomm Inc | 股票-科技 | 1.00% | +0.19% | +4.47% | |
| 48 | LYB | LyondellBasell Industries N.V. | 股票-原物料 | 0.95% | -0.77% | -17.36% | |
| 49 | UPS | United Parcel Service-cl B | 股票-工業 | 0.88% | +0.16% | +2.06% | |
| 50 | DOW | Dow Inc | 股票-原物料 | 0.85% | -0.22% | +1.69% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | IRM | Iron Mountain Inc | +0.7% | +136.44% | 加碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +0.5% | -5.35% | 減碼 |
| 3 | KEX | Kirby CORP | +0.4% | +1.83% | 加碼 |
| 4 | CMCSA | Comcast Corp-class A | +0.3% | +89.98% | 加碼 |
| 5 | NEM | Newmont CORP | +0.3% | -3.51% | 減碼 |
| 6 | GM | General Motors Co | +0.3% | -2.07% | 減碼 |
| 7 | FCX | Freeport-mcmoran Inc | +0.3% | -4.43% | 減碼 |
| 8 | C | Citigroup Inc | +0.3% | -0.59% | 減碼 |
| 9 | IWD | Ishares Russell 1000 Value E | +0.2% | +492.98% | 加碼 |
| 10 | DAL | Delta Air Lines Inc | +0.2% | -1.99% | 減碼 |
| 11 | CNR | Core Natural Resources Inc | +0.2% | +7.08% | 加碼 |
| 12 | GSK | Gsk Plc-spon Adr | +0.2% | +5.36% | 加碼 |
| 13 | BHP | Bhp Group Ltd-spon Adr | +0.2% | +10.71% | 加碼 |
| 14 | MS | Morgan Stanley | +0.2% | -1.43% | 減碼 |
| 15 | RF | Regions Financial CORP | +0.1% | +14.30% | 加碼 |
| 16 | UPS | United Parcel Service-cl B | +0.1% | +2.06% | 加碼 |
| 17 | CLF | Cleveland-cliffs Inc | +0.1% | +88.89% | 加碼 |
| 18 | BIIB | Biogen Inc | +0.1% | -2.34% | 減碼 |
| 19 | GS | Goldman Sachs Group Inc | +0.1% | -2.15% | 減碼 |
| 20 | SLB | Slb LTD | +0.1% | -1.77% | 減碼 |
| 21 | VLY | Valley National Bancorp | +0.1% | +1.35% | 加碼 |
| 22 | CPRI | Capri Holdings Limited | +0.1% | -2.05% | 減碼 |
| 23 | WMT | Walmart Inc | +0.1% | -0.25% | 減碼 |
| 24 | TNL | Travel + Leisure Co | +0.1% | -2.14% | 減碼 |
| 25 | CSCO | Cisco Systems Inc | 0% | -6.11% | 減碼 |
| 26 | HCA | Hca Healthcare Inc | 0% | -3.41% | 減碼 |
| 27 | AAPL | Apple Inc | 0% | -0.67% | 減碼 |
| 28 | XOM | Exxon Mobil CORP | 0% | +0.02% | 加碼 |
| 29 | IBM | Intl Business Machines CORP | 0% | +1.06% | 加碼 |
| 30 | AVGO | Broadcom Inc | 0% | +0.22% | 加碼 |
| 31 | VLO | Valero Energy CORP | -0.1% | -2.01% | 減碼 |
| 32 | JEPI | Jpmorgan Equity Premium Inco | -0.1% | -33.17% | 減碼 |
| 33 | LNG | Cheniere Energy Inc | -0.1% | -2.12% | 減碼 |
| 34 | T | At&t Inc | -0.2% | +3.13% | 加碼 |
| 35 | MSFT | Microsoft CORP | -0.2% | -0.71% | 減碼 |
| 36 | BKR | Baker Hughes Co | -0.2% | -0.31% | 減碼 |
| 37 | WMB | Williams Cos Inc | -0.2% | -1.50% | 減碼 |
| 38 | SJM | Jm Smucker Co/the | -0.2% | -3.87% | 減碼 |
| 39 | HPQ | Hp Inc | -0.2% | +5.62% | 加碼 |
| 40 | ZBH | Zimmer Biomet Holdings Inc | -0.3% | -2.50% | 減碼 |
| 41 | ABBV | Abbvie Inc | -0.3% | -9.24% | 減碼 |
| 42 | HD | Home Depot Inc | -0.3% | +0.62% | 加碼 |
| 43 | PFE | Pfizer Inc | -0.3% | -6.88% | 減碼 |
| 44 | KHC | Kraft Heinz Co/the | -0.4% | -16.06% | 減碼 |
| 45 | LYB | LyondellBasell Industries N.V. | -0.4% | -17.36% | 減碼 |
| 46 | ORCL | Oracle CORP | -0.9% | +4.45% | 加碼 |
| 47 | MAN | Manpowergroup Inc | — | EXIT | 清倉 |
| 48 | UNP | Union Pacific CORP | — | NEW | 新建倉 |
| 49 | MO | Altria Group Inc | — | NEW | 新建倉 |
| 50 | UBER | Uber Technologies Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Hourglass Capital, LLC 在 Q4 2025 季度的美股持倉總市值約為 US$5.1億，共申報了 114 個公開持股部位。
在 Q4 2025 季度，Hourglass Capital, LLC 按市值排列的前三大核心持股分別為：NEM (3.4%)、GOOGL (3.3%)、C (2.9%)。其中最大持股部位 NEM 佔據整體投資組合約 3.4% 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
UNP
市值: US$151.6萬
本季最大獲利了結 / 清倉標的
MAN
前期市值: US$278.9萬
在 Q4 2025 季度中，Hourglass Capital, LLC 共進行了 50 項持倉異動，包含新建倉 3 個部位、加碼 18 個部位、減碼 28 個部位以及清倉 1 個部位。 其中最大新建倉標的為 UNP。 本季清倉部位包含 MAN。
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。