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: 0000053417
申報總市值
US$1667.2億
US$1667.2億
574 檔
31.2%
在 Q4 2025 的 13F 官方備案中，Jennison Associates LLC 管理的美股投資組合規模來到 US$1667.2億，整體持股檔數為 574 檔。
觀察 Q4 2025 的資金脈絡，Jennison Associates LLC 在獲利結算 2 檔個股的同時，將資本重新部署至 1 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 NVDA, MSFT, AMZN）累計市值佔比達 31.2%，是驅動 Jennison Associates LLC 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 574 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 | NVDA | Nvidia CORP | 股票-科技 | 8.74% | -1.15% | -11.52% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 6.11% | -0.90% | -1.95% | |
| 3 | AMZN | Amazon.com Inc | 股票-循環性消費 | 6.02% | -0.72% | -1.87% | |
| 4 | AAPL | Apple Inc | 股票-科技 | 5.82% | -0.17% | -4.78% | |
| 5 | AVGO | Broadcom Inc | 股票-科技 | 4.55% | — | -1.69% | |
| 6 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 4.11% | +0.10% | +14.27% | |
| 7 | LLY | Eli Lilly & Co | 股票-醫療保健 | 3.31% | +0.73% | +22.33% | |
| 8 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 3.31% | -0.60% | -28.64% | |
| 9 | TSLA | Tesla Inc | 股票-循環性消費 | 2.83% | -0.39% | -3.89% | |
| 10 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.75% | +0.15% | +2.86% | |
| 11 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 2.44% | +0.27% | +6.38% | |
| 12 | NFLX | Netflix Inc | 股票-通訊服務 | 1.96% | -0.69% | +639.90% | |
| 13 | SHOP | Shopify Inc - Class A | 股票-科技 | 1.83% | -0.86% | +0.23% | |
| 14 | MA | Mastercard Inc - A | 股票-金融 | 1.59% | -0.22% | -11.87% | |
| 15 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 1.55% | +0.69% | -3.46% | |
| 16 | SNOW | Snowflake Inc | 股票-科技 | 1.53% | +0.23% | +27.73% | |
| 17 | V | Visa Inc-class A Shares | 股票-金融 | 1.49% | -0.01% | -5.42% | |
| 18 | GE | General Electric | 股票-工業 | 1.48% | +0.29% | -5.01% | |
| 19 | CEG | Constellation Energy | 股票-公用事業 | 1.48% | -0.44% | +18.00% | |
| 20 | CDNS | Cadence Design Sys Inc | 股票-科技 | 1.45% | -0.09% | -11.64% | |
| 21 | AMD | Advanced Micro Devices | 股票-科技 | 1.40% | +2.15% | +181.61% | |
| 22 | WMT | Walmart Inc | 股票-非循環性消費 | 1.34% | -0.45% | -4.61% | |
| 23 | BA | Boeing Co/the | 股票-工業 | 1.32% | -0.16% | -10.57% | |
| 24 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 1.15% | -0.36% | -21.12% | |
| 25 | DIS | Walt Disney Co/the | 股票-通訊服務 | 1.14% | -0.24% | -17.24% | |
| 26 | APP | Applovin Corp-class A | 股票-科技 | 1.11% | -0.07% | -29.57% | |
| 27 | ORCL | Oracle CORP | 股票-科技 | 1.10% | -0.19% | +2.03% | |
| 28 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 1.09% | -0.08% | +11.14% | |
| 29 | SPOT | Spotify Technology S.A. | 股票-通訊服務 | 1.05% | -0.16% | -2.66% | |
| 30 | VRTX | Vertex Pharmaceuticals Inc | 股票-醫療保健 | 0.88% | +0.05% | -5.95% | |
| 31 | APH | Amphenol Corp-cl A | 股票-科技 | 0.83% | +0.09% | +340.83% | |
| 32 | NOW | Servicenow Inc | 股票-科技 | 0.78% | — | +280.07% | |
| 33 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.71% | -0.03% | +40.84% | |
| 34 | EW | Edwards Lifesciences CORP | 股票-醫療保健 | 0.71% | -0.71% | -1.28% | |
| 35 | ORLY | O'reilly Automotive Inc | 股票-循環性消費 | 0.66% | -0.09% | -13.76% | |
| 36 | DDOG | Datadog Inc - Class A | 股票-科技 | 0.62% | +0.59% | +43.66% | |
| 37 | HLT | Hilton Worldwide Holdings In | 股票-循環性消費 | 0.57% | -0.04% | -30.09% | |
| 38 | MELI | Mercadolibre Inc | 股票-循環性消費 | 0.45% | -0.18% | -65.96% | |
| 39 | NU | Nu Holdings Ltd. | 股票-金融 | 0.40% | -0.35% | +82.60% | |
| 40 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.35% | -0.31% | — | |
| 41 | TOST | Toast Inc-class A | 股票-科技 | 0.32% | -0.01% | +1.05% | |
| 42 | UBER | Uber Technologies Inc | 股票-工業 | 0.32% | -0.04% | -40.64% | |
| 43 | BSX | Boston Scientific CORP | 股票-醫療保健 | 0.31% | -0.04% | EXIT | |
| 44 | AXON | Axon Enterprise Inc | 股票-工業 | 0.31% | -0.21% | -4.61% | |
| 45 | HOOD | Robinhood Markets Inc - A | 股票-金融 | 0.30% | +0.03% | +95.68% | |
| 46 | NEE | Nextera Energy Inc | 股票-公用事業 | 0.29% | -0.09% | +23.02% | |
| 47 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.27% | -0.04% | -5.01% | |
| 48 | GEV | GE Vernova Inc | 股票-工業 | 0.25% | +0.05% | +1300.39% | |
| 49 | NI | Nisource Inc | 股票-公用事業 | 0.24% | -0.04% | -1.03% | |
| 50 | DXCM | Dexcom Inc | 股票-醫療保健 | 0.23% | -0.05% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | LLY | Eli Lilly & Co | +1.5% | +22.33% | 加碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +1.4% | +14.27% | 加碼 |
| 3 | AMD | Advanced Micro Devices | +1% | +181.61% | 加碼 |
| 4 | GOOG | Alphabet Inc-cl C | +0.7% | +2.86% | 加碼 |
| 5 | APH | Amphenol Corp-cl A | +0.7% | +340.83% | 加碼 |
| 6 | TSM | Taiwan Semiconductor-sp Adr | +0.4% | +6.38% | 加碼 |
| 7 | AMZN | Amazon.com Inc | +0.4% | -1.87% | 減碼 |
| 8 | CEG | Constellation Energy | +0.4% | +18.00% | 加碼 |
| 9 | ISRG | Intuitive Surgical Inc | +0.3% | +11.14% | 加碼 |
| 10 | SNOW | Snowflake Inc | +0.3% | +27.73% | 加碼 |
| 11 | AVGO | Broadcom Inc | +0.3% | -1.69% | 減碼 |
| 12 | AAPL | Apple Inc | +0.3% | -4.78% | 減碼 |
| 13 | GS | Goldman Sachs Group Inc | +0.3% | +40.84% | 加碼 |
| 14 | GEV | GE Vernova Inc | +0.2% | +1300.39% | 加碼 |
| 15 | NU | Nu Holdings Ltd. | +0.2% | +82.60% | 加碼 |
| 16 | NET | Cloudflare Inc - Class A | +0.2% | +802.62% | 加碼 |
| 17 | SHOP | Shopify Inc - Class A | +0.2% | +0.23% | 加碼 |
| 18 | DDOG | Datadog Inc - Class A | +0.2% | +43.66% | 加碼 |
| 19 | BAC | Bank Of America CORP | +0.1% | +193.61% | 加碼 |
| 20 | HOOD | Robinhood Markets Inc - A | +0.1% | +95.68% | 加碼 |
| 21 | NOC | Northrop Grumman CORP | +0.1% | +272.76% | 加碼 |
| 22 | CRWD | Crowdstrike Holdings Inc - A | -0.1% | -3.46% | 減碼 |
| 23 | AXON | Axon Enterprise Inc | -0.1% | -4.61% | 減碼 |
| 24 | LNG | Cheniere Energy Inc | -0.1% | -30.49% | 減碼 |
| 25 | JNJ | Johnson & Johnson | -0.1% | -66.22% | 減碼 |
| 26 | PH | Parker Hannifin CORP | -0.1% | -67.11% | 減碼 |
| 27 | BA | Boeing Co/the | -0.1% | -10.57% | 減碼 |
| 28 | HUBS | Hubspot Inc | -0.1% | -97.08% | 減碼 |
| 29 | MA | Mastercard Inc - A | -0.2% | -11.87% | 減碼 |
| 30 | HLT | Hilton Worldwide Holdings In | -0.2% | -30.09% | 減碼 |
| 31 | DXCM | Dexcom Inc | -0.2% | -42.62% | 減碼 |
| 32 | LPLA | Lpl Financial Holdings Inc | -0.2% | -89.89% | 減碼 |
| 33 | DIS | Walt Disney Co/the | -0.2% | -17.24% | 減碼 |
| 34 | SPOT | Spotify Technology S.A. | -0.2% | -2.66% | 減碼 |
| 35 | ORLY | O'reilly Automotive Inc | -0.2% | -13.76% | 減碼 |
| 36 | UBER | Uber Technologies Inc | -0.3% | -40.64% | 減碼 |
| 37 | CDNS | Cadence Design Sys Inc | -0.3% | -11.64% | 減碼 |
| 38 | MSFT | Microsoft CORP | -0.4% | -1.95% | 減碼 |
| 39 | COST | Costco Wholesale CORP | -0.4% | -21.12% | 減碼 |
| 40 | ORCL | Oracle CORP | -0.4% | +2.03% | 加碼 |
| 41 | NOW | Servicenow Inc | -0.4% | +280.07% | 加碼 |
| 42 | SE | Sea Ltd-adr | -0.5% | -72.96% | 減碼 |
| 43 | APP | Applovin Corp-class A | -0.5% | -29.57% | 減碼 |
| 44 | NVDA | Nvidia CORP | -0.8% | -11.52% | 減碼 |
| 45 | MELI | Mercadolibre Inc | -1% | -65.96% | 減碼 |
| 46 | NFLX | Netflix Inc | -1.3% | +639.90% | 加碼 |
| 47 | META | Meta Platforms Inc-class A | -1.7% | -28.64% | 減碼 |
| 48 | NKE | Nike Inc -cl B | — | EXIT | 清倉 |
| 49 | MRK | Merck & Co. Inc. | — | NEW | 新建倉 |
| 50 | UL | Unilever PLC | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Jennison Associates LLC 在 Q4 2025 季度的美股持倉總市值約為 US$1667.2億，共申報了 574 個公開持股部位。
在 Q4 2025 季度，Jennison Associates LLC 按市值排列的前三大核心持股分別為：NVDA (8.7%)、MSFT (6.1%)、AMZN (6.0%)。其中最大持股部位 NVDA 佔據整體投資組合約 8.7% 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
MRK
市值: US$5.9億
本季最大獲利了結 / 清倉標的
NKE
前期市值: US$8.3億
在 Q4 2025 季度中，Jennison Associates LLC 共進行了 50 項持倉異動，包含新建倉 1 個部位、加碼 21 個部位、減碼 26 個部位以及清倉 2 個部位。 其中最大新建倉標的為 MRK。 本季清倉部位包含 NKE。
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。