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: 0001393825
申報總市值
US$368.3億
US$368.3億
1040 檔
22.7%
在 Q4 2025 的 13F 官方備案中，Hudson Bay Capital Management LP 管理的美股投資組合規模來到 US$368.3億，整體持股檔數為 1040 檔。
觀察 Q4 2025 的資金脈絡，Hudson Bay Capital Management LP 在獲利結算 53 檔個股的同時，將資本重新部署至 30 檔新選標的，展現主動管理機構的輪動節奏。
從部位權重觀察，前 5 大標的（包含 TSLA, NVDA, AMZN）累計市值佔比達 22.7%，是驅動 Hudson Bay Capital Management LP 該季度整體投資組合績效表現的核心支柱。
僅顯示前 200 大持股（共 1040 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 | TSLA | Tesla Inc | 股票-循環性消費 | 9.01% | -0.34% | +37.46% | |
| 2 | NVDA | Nvidia CORP | 股票-科技 | 7.29% | -3.20% | -17.61% | |
| 3 | AMZN | Amazon.com Inc | 股票-循環性消費 | 4.32% | -0.01% | -36.34% | |
| 4 | AMD | Advanced Micro Devices | 股票-科技 | 3.88% | +0.86% | +42.81% | |
| 5 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 3.08% | +0.08% | +409.76% | |
| 6 | MSFT | Microsoft CORP | 股票-科技 | 2.98% | +0.23% | +1435.60% | |
| 7 | NFLX | Netflix Inc | 股票-通訊服務 | 2.35% | -2.02% | +1119.94% | |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 2.23% | -0.14% | +2.90% | |
| 9 | AAPL | Apple Inc | 股票-科技 | 2.07% | -2.38% | -38.23% | |
| 10 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.05% | +2.30% | +272.66% | |
| 11 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 2.01% | -0.96% | -32.12% | |
| 12 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 1.88% | -1.00% | -47.22% | |
| 13 | FLG | Flagstar Bank NA | 股票-金融 | 1.44% | -1.19% | — | |
| 14 | DLTR | Dollar Tree Inc | 股票-非循環性消費 | 1.27% | -0.09% | -29.39% | |
| 15 | BA | Boeing Co/the | 股票-工業 | 1.26% | +0.23% | +133.10% | |
| 16 | HOOD | Robinhood Markets Inc - A | 股票-金融 | 1.20% | -0.04% | -18.10% | |
| 17 | AVGO | Broadcom Inc | 股票-科技 | 1.19% | -0.98% | +8514.23% | |
| 18 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 1.14% | — | +97.00% | |
| 19 | SHOP | Shopify Inc - Class A | 股票-科技 | 1.06% | -0.13% | +2893.49% | |
| 20 | BABA 0.5 06-01-31債券 | Alibaba Group Holding | 債券 | 1.04% | -0.34% | +114.21% | |
| 21 | VRT | Vertiv Holdings Co-a | 股票-工業 | 1.01% | +0.01% | +7438.42% | |
| 22 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.00% | +0.78% | +571.97% | |
| 23 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 0.94% | -0.49% | -36.84% | |
| 24 | ECHO 3.875 11-30-30債券 | Echostar CORP | 債券 | 0.91% | -0.23% | +17.55% | |
| 25 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 0.90% | +0.46% | +640.80% | |
| 26 | PCG 4.25 12-01-27債券 | Pg&e CORP | 債券 | 0.89% | -0.19% | +27.56% | |
| 27 | WMT | Walmart Inc | 股票-非循環性消費 | 0.86% | +0.17% | +399.67% | |
| 28 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.84% | -0.73% | EXIT | |
| 29 | HON | Honeywell International Inc | 股票-工業 | 0.81% | -0.05% | EXIT | |
| 30 | ✓ | Cyberark Software LTD. Cmn | 股票-其他 | 0.76% | — | +9.06% | |
| 31 | COIN | Coinbase Global Inc -class A | 股票-金融 | 0.67% | -0.42% | +153.43% | |
| 32 | ADBE | Adobe Inc | 股票-科技 | 0.67% | +0.02% | +49010.92% | |
| 33 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.67% | -0.02% | +14.84% | |
| 34 | NBIS | Nebius Group N.V. | 股票-其他 | 0.64% | +0.01% | +3244.58% | |
| 35 | SNPS | Synopsys Inc | 股票-科技 | 0.56% | +0.96% | +759.76% | |
| 36 | RIG 4.625 09-30-29 *債券 | Transocean Interntnl LTD | 債券 | 0.56% | -0.42% | +4.66% | |
| 37 | CDNS | Cadence Design Sys Inc | 股票-科技 | 0.52% | — | +66.46% | |
| 38 | BP | Bp Plc-spons Adr | 股票-能源 | 0.52% | — | -0.33% | |
| 39 | CNC | Centene CORP | 股票-醫療保健 | 0.51% | -0.06% | EXIT | |
| 40 | FXI | Ishares China Large-cap ETF | ETF-新興市場 | 0.50% | -0.34% | +295.34% | |
| 41 | NOW | Servicenow Inc | 股票-科技 | 0.47% | +0.16% | NEW | |
| 42 | PYPL | Paypal Holdings Inc | 股票-金融 | 0.46% | — | +19883.31% | |
| 43 | MSTR | Strategy Inc | 股票-科技 | 0.46% | -0.01% | -48.70% | |
| 44 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.45% | +1.08% | -38.98% | |
| 45 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 0.45% | -0.40% | -76.50% | |
| 46 | UNIT 7.5 12-01-27債券 | Uniti Group Inc | 債券 | 0.43% | -0.09% | +12.19% | |
| 47 | C | Citigroup Inc | 股票-金融 | 0.42% | -0.18% | +147.70% | |
| 48 | AAL | American Airlines Group Inc | 股票-工業 | 0.40% | +0.09% | +15.84% | |
| 49 | VRTX | Vertex Pharmaceuticals Inc | 股票-醫療保健 | 0.40% | +0.79% | +483.73% | |
| 50 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.38% | +3.47% | -71.46% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +2.8% | +1435.60% | 加碼 |
| 2 | TSLA | Tesla Inc | +2.5% | +37.46% | 加碼 |
| 3 | PLTR | Palantir Technologies Inc-a | +2.5% | +409.76% | 加碼 |
| 4 | AMD | Advanced Micro Devices | +1.8% | +42.81% | 加碼 |
| 5 | GOOGL | Alphabet Inc-cl A | +1.6% | +272.66% | 加碼 |
| 6 | AVGO | Broadcom Inc | +1.2% | +8514.23% | 加碼 |
| 7 | SHOP | Shopify Inc - Class A | +1% | +2893.49% | 加碼 |
| 8 | VRT | Vertiv Holdings Co-a | +1% | +7438.42% | 加碼 |
| 9 | META | Meta Platforms Inc-class A | +0.8% | +571.97% | 加碼 |
| 10 | ISRG | Intuitive Surgical Inc | +0.8% | +640.80% | 加碼 |
| 11 | HON | Honeywell International Inc | +0.8% | +2872.86% | 加碼 |
| 12 | BA | Boeing Co/the | +0.7% | +133.10% | 加碼 |
| 13 | WMT | Walmart Inc | +0.7% | +399.67% | 加碼 |
| 14 | ADBE | Adobe Inc | +0.7% | +49010.92% | 加碼 |
| 15 | NBIS | Nebius Group N.V. | +0.6% | +3244.58% | 加碼 |
| 16 | COST | Costco Wholesale CORP | +0.5% | +97.00% | 加碼 |
| 17 | SNPS | Synopsys Inc | +0.5% | +759.76% | 加碼 |
| 18 | CNC | Centene CORP | +0.5% | +1314.29% | 加碼 |
| 19 | BABA 0.5 06-01-31債券 | Alibaba Group Holding | +0.5% | +114.21% | 加碼 |
| 20 | PYPL | Paypal Holdings Inc | +0.5% | +19883.31% | 加碼 |
| 21 | NOW | Servicenow Inc | +0.4% | +5692.95% | 加碼 |
| 22 | FXI | Ishares China Large-cap ETF | +0.4% | +295.34% | 加碼 |
| 23 | ALNY | Alnylam Pharmaceuticals Inc | +0.4% | +2928.37% | 加碼 |
| 24 | GS | Goldman Sachs Group Inc | +0.3% | +4360.01% | 加碼 |
| 25 | VRTX | Vertex Pharmaceuticals Inc | +0.3% | +483.73% | 加碼 |
| 26 | ECHO 3.875 11-30-30債券 | Echostar CORP | +0.3% | +17.55% | 加碼 |
| 27 | INTC | Intel CORP | +0.3% | +626.50% | 加碼 |
| 28 | LIN | Linde plc | +0.3% | +12547.61% | 加碼 |
| 29 | COIN | Coinbase Global Inc -class A | +0.3% | +153.43% | 加碼 |
| 30 | C | Citigroup Inc | +0.3% | +147.70% | 加碼 |
| 31 | CAT | Caterpillar Inc | +0.2% | +5302.01% | 加碼 |
| 32 | PCG 4.25 12-01-27債券 | Pg&e CORP | +0.2% | +27.56% | 加碼 |
| 33 | NSC | Norfolk Southern CORP | +0.2% | +121.39% | 加碼 |
| 34 | CDNS | Cadence Design Sys Inc | +0.2% | +66.46% | 加碼 |
| 35 | AAL | American Airlines Group Inc | +0.1% | +15.84% | 加碼 |
| 36 | LITE | Lumentum Holdings Inc | +0.1% | +545.98% | 加碼 |
| 37 | AHR | American Healthcare Reit Inc | +0.1% | +87.92% | 加碼 |
| 38 | NBIX | Neurocrine Biosciences Inc | +0.1% | +652.90% | 加碼 |
| 39 | KVUE | Kenvue Inc | +0.1% | +276.34% | 加碼 |
| 40 | FLG | Flagstar Bank NA | +0.1% | — | 不變 |
| 41 | QRVO | Qorvo Inc | +0.1% | +9817.97% | 加碼 |
| 42 | LVS | Las Vegas Sands CORP | +0.1% | +3567.76% | 加碼 |
| 43 | CRCL | Circle Internet Group Inc | +0.1% | +184.90% | 加碼 |
| 44 | NNN | Nnn Reit Inc | +0.1% | +135.61% | 加碼 |
| 45 | RIG 4.625 09-30-29 *債券 | Transocean Interntnl LTD | +0.1% | +4.66% | 加碼 |
| 46 | COP | Conocophillips | +0.1% | +3147.81% | 加碼 |
| 47 | SNY | Sanofi-adr | +0.1% | +414.18% | 加碼 |
| 48 | MS | Morgan Stanley | +0.1% | +162.99% | 加碼 |
| 49 | TVTX | Travere Therapeutics Inc | +0.1% | +184.63% | 加碼 |
| 50 | UDR | Udr Inc | +0.1% | +182.25% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Hudson Bay Capital Management LP 在 Q4 2025 季度的美股持倉總市值約為 US$368.3億，共申報了 1040 個公開持股部位。
在 Q4 2025 季度，Hudson Bay Capital Management LP 按市值排列的前三大核心持股分別為：TSLA (9.0%)、NVDA (7.3%)、AMZN (4.3%)。其中最大持股部位 TSLA 佔據整體投資組合約 9.0% 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
DIS
市值: US$2.5億
本季最大獲利了結 / 清倉標的
SO 3.875 12-15-25
前期市值: US$3.1億
在 Q4 2025 季度中，Hudson Bay Capital Management LP 共進行了 199 項持倉異動，包含新建倉 30 個部位、加碼 64 個部位、減碼 52 個部位以及清倉 53 個部位。 其中最大新建倉標的為 DIS。 本季清倉部位包含 SO 3.875 12-15-25。
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。