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。
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CIK: 0001048703
申報總市值
US$34.8億
US$34.8億
204 檔
18.9%
Karpus Management, Inc. 在 Q3 2025 季度的美股部位總計估值為 US$34.8億，分散於 204 個持倉標的之中，反映其市場參與廣度與投資規模。
觀察 Q3 2025 的資金脈絡，Karpus Management, Inc. 在獲利結算 40 檔個股的同時，將資本重新部署至 46 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 VOO, BLV, BTT）累計市值佔比達 18.9%，是驅動 Karpus Management, Inc. 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 204 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 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 8.60% | -0.08% | -2.95% | |
| 2 | BLV | Vanguard Long-term Bond ETF | ETF-其他 | 3.65% | — | +74.54% | |
| 3 | BTT | Blackrock 2030 Muni Trgt Trm | 股票-其他 | 3.14% | -0.28% | +22.85% | |
| 4 | NRK | Nuveen Ny Amt-fr Muni Inc | 股票-其他 | 2.81% | — | -39.96% | |
| 5 | MHD | Blackrock Muniholdings Fund | 股票-其他 | 2.66% | -0.27% | -0.37% | |
| 6 | VB | Vanguard Small-cap ETF | ETF-其他 | 2.66% | +0.16% | +1.51% | |
| 7 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 2.65% | -0.11% | -2.36% | |
| 8 | FINS | Angel Oak Financ Strat Inc | 股票-其他 | 2.21% | -0.16% | -3.93% | |
| 9 | VWO | Vanguard Ftse Emerging Marke | ETF-新興市場 | 2.13% | -0.01% | +1.34% | |
| 10 | XWIAX | Western Asset Infl-link Sec | 股票-其他 | 2.09% | -0.08% | -2.85% | |
| 11 | YCY-UN | AA Mission Acquisition Corp. II | 股票-其他 | 1.94% | -0.01% | EXIT | |
| 12 | XMVFX | Blackrock Munivest Fund | 股票-其他 | 1.81% | — | -8.05% | |
| 13 | EIM | Eaton Vance Municipal Bond | 股票-其他 | 1.76% | -0.22% | -23.30% | |
| 14 | VEU | Vanguard Ftse All-world Ex-u | ETF-其他 | 1.68% | -0.09% | +16.05% | |
| 15 | MUC | Blackrock Munihold Ca Qlty | 股票-其他 | 1.63% | -0.29% | +2.12% | |
| 16 | NBXG | Neuberger Next Generation Co | 股票-其他 | 1.56% | +0.19% | -11.76% | |
| 17 | XGDVX | Gabelli Dividend & Income Tr | 股票-其他 | 1.50% | -0.04% | -2.34% | |
| 18 | QQQX | Nuveen Nasdaq 100 Dyn Overwr | 股票-其他 | 1.50% | -0.15% | -4.50% | |
| 19 | BLE | Blackrock Muni Inc Tr Ii | 股票-其他 | 1.46% | — | +3.23% | |
| 20 | MHD | BlackRock MuniHoldings Fund, Inc. | 股票-其他 | 1.43% | — | -0.33% | |
| 21 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 1.39% | -0.08% | -3.00% | |
| 22 | SHM | Ss Spdr N Ice St Muni ETF | ETF-其他 | 1.37% | -0.12% | -2.35% | |
| 23 | IEF | Ishares 7-10 Year Treasury B | ETF-政府公債 | 1.36% | +0.82% | +41.30% | |
| 24 | VCRM | Vanguard Core Tax-ex Bond | ETF-其他 | 1.27% | -0.03% | — | |
| 25 | BND | Vanguard Total Bond Market | ETF-其他 | 1.18% | +0.39% | +42.34% | |
| 26 | MUJ | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 股票-其他 | 1.16% | — | +75.21% | |
| 27 | ✓ | Legato Merger CORP Iii | 股票-其他 | 1.15% | -0.73% | EXIT | |
| 28 | VUG | Vanguard Growth ETF | ETF-其他 | 1.09% | +0.04% | +5.98% | |
| 29 | VPL | Vanguard Ftse Pacific ETF | ETF-其他 | 1.06% | — | +8.81% | |
| 30 | IEUR | Ishares Core Msci Europe ETF | ETF-其他 | 1.05% | -0.04% | +1.93% | |
| 31 | IWB | Ishares Russell 1000 ETF | ETF-其他 | 0.99% | -0.07% | +0.36% | |
| 32 | VTES | Vanguard Sh Term Tax-ex Bond | ETF-其他 | 0.97% | -0.01% | +29.36% | |
| 33 | KTF | Dws Municipal Income Trust | 股票-其他 | 0.96% | -0.20% | +7.94% | |
| 34 | IBAC | Ib Acquisition CORP | 股票-其他 | 0.86% | — | -0.55% | |
| 35 | ✓ | Drugs Made In Amer Acqutn Co | 股票-其他 | 0.83% | -0.06% | -7.16% | |
| 36 | ✓ | Rf Acquisition CORP Ii | 股票-其他 | 0.82% | -0.05% | -0.64% | |
| 37 | MYN | Blackrock Muniyield Ny Qlty | 股票-其他 | 0.80% | -0.12% | +27.59% | |
| 38 | GPATU | GP-Act III Acquisition Corp. | 股票-其他 | 0.77% | -0.75% | EXIT | |
| 39 | ✓ | Quartzsea Acquisition CORP | 股票-其他 | 0.73% | -0.43% | -1.05% | |
| 40 | ✓ | Tavia Acquisition CORP | 股票-其他 | 0.72% | -0.14% | -4.85% | |
| 41 | VGK | Vanguard Ftse Europe ETF | ETF-其他 | 0.69% | -0.02% | -0.06% | |
| 42 | XLF | Ss Financial Select Sector | ETF-其他 | 0.68% | +0.01% | -0.10% | |
| 43 | BHK | Blackrock Core Bond Trust | 股票-其他 | 0.61% | -0.05% | -2.48% | |
| 44 | VGT | Vanguard Info Tech ETF | ETF-科技型 | 0.60% | +0.10% | -0.50% | |
| 45 | SIMA | SIM Acquisition Corp. I | 股票-其他 | 0.59% | -0.58% | EXIT | |
| 46 | ASG | Liberty All-star Growth Fd | 股票-其他 | 0.59% | +0.09% | +2.05% | |
| 47 | ✓ | 股票-其他 | 0.58% | — | -0.14% | ||
| 48 | ✓ | 股票-其他 | 0.57% | — | -2.24% | ||
| 49 | XBGYX | Blackrock Enh Intl Dvd Tr | 股票-其他 | 0.57% | +0.05% | -10.96% | |
| 50 | ETO | Eaton Vance T/a Glbl Dvd Opp | 股票-其他 | 0.55% | +0.08% | -2.98% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | BLV | Vanguard Long-term Bond ETF | +3.4% | +74.54% | 加碼 |
| 2 | BTT | Blackrock 2030 Muni Trgt Trm | +1.1% | +22.85% | 加碼 |
| 3 | VOO | Vanguard S&p 500 ETF | +0.9% | -2.95% | 減碼 |
| 4 | VTES | Vanguard Sh Term Tax-ex Bond | +0.9% | +29.36% | 加碼 |
| 5 | VEU | Vanguard Ftse All-world Ex-u | +0.7% | +16.05% | 加碼 |
| 6 | FINS | Angel Oak Financ Strat Inc | +0.7% | -3.93% | 加碼 |
| 7 | IWB | Ishares Russell 1000 ETF | +0.6% | +0.36% | 加碼 |
| 8 | MUJ | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | +0.5% | +75.21% | 加碼 |
| 9 | VWO | Vanguard Ftse Emerging Marke | +0.4% | +1.34% | 加碼 |
| 10 | VB | Vanguard Small-cap ETF | +0.3% | +1.51% | 加碼 |
| 11 | BND | Vanguard Total Bond Market | +0.3% | +42.34% | 加碼 |
| 12 | VUG | Vanguard Growth ETF | +0.3% | +5.98% | 加碼 |
| 13 | SHM | Ss Spdr N Ice St Muni ETF | +0.3% | -2.35% | 加碼 |
| 14 | VPL | Vanguard Ftse Pacific ETF | +0.3% | +8.81% | 加碼 |
| 15 | KTF | Dws Municipal Income Trust | +0.2% | +7.94% | 加碼 |
| 16 | EWC | Ishares Msci Canada ETF | +0.2% | +35.04% | 加碼 |
| 17 | ✓ | +0.2% | +11.95% | 加碼 | |
| 18 | DSM | Bnym Strat Muni Bnd | +0.2% | +0.46% | 加碼 |
| 19 | MYN | Blackrock Muniyield Ny Qlty | +0.2% | +27.59% | 加碼 |
| 20 | VGT | Vanguard Info Tech ETF | +0.2% | -0.50% | 減碼 |
| 21 | BST | Blackrock Science & Tech Tr | +0.2% | +11.80% | 加碼 |
| 22 | BBJP | Jpmorgan Betabuilders Japan | +0.1% | +13.56% | 加碼 |
| 23 | BLE | Blackrock Muni Inc Tr Ii | +0.1% | +3.23% | 加碼 |
| 24 | IEUR | Ishares Core Msci Europe ETF | +0.1% | +1.93% | 加碼 |
| 25 | VTI | Vanguard Total Stock Mkt ETF | +0.1% | -3.00% | 減碼 |
| 26 | CHW | Calamos Global Dynamic Incom | +0.1% | +0.58% | 加碼 |
| 27 | XGDVX | Gabelli Dividend & Income Tr | +0.1% | -2.34% | 減碼 |
| 28 | IVV | Ishares Core S&p 500 ETF | +0.1% | -2.36% | 減碼 |
| 29 | QQQX | Nuveen Nasdaq 100 Dyn Overwr | +0.1% | -4.50% | 減碼 |
| 30 | NBXG | Neuberger Next Generation Co | +0.1% | -11.76% | 減碼 |
| 31 | EWZ | Ishares Msci Brazil ETF | +0.1% | +31.18% | 加碼 |
| 32 | XMQTX | Blackrock Muniyield Qlty Ii | +0.1% | +6.18% | 加碼 |
| 33 | TWN | Taiwan Fund Inc/th/md-us Inc | +0.1% | -11.51% | 加碼 |
| 34 | ✓ | Drugs Made In Amer Acqutn Co | +0.1% | -7.16% | 加碼 |
| 35 | XLF | Ss Financial Select Sector | +0.1% | -0.10% | 加碼 |
| 36 | VGK | Vanguard Ftse Europe ETF | +0.1% | -0.06% | 加碼 |
| 37 | ASG | Liberty All-star Growth Fd | +0.1% | +2.05% | 加碼 |
| 38 | ✓ | +0.1% | -1.10% | 加碼 | |
| 39 | IEF | Ishares 7-10 Year Treasury B | +0.1% | +41.30% | 加碼 |
| 40 | CSQ | Calamos Strat Ttl Rtrn Fnd | +0.1% | +175.92% | 加碼 |
| 41 | ✓ | Inflection Point Acqu CORP V Ord Sh | +0.1% | -0.54% | 加碼 |
| 42 | XCAFX | Morgan Stanley China A Share | +0.1% | -2.19% | 減碼 |
| 43 | PMO | Putnam Municipal Oppor | +0.1% | +10.56% | 加碼 |
| 44 | TDF | Templeton Dragon Fund Inc | 0% | -4.16% | 減碼 |
| 45 | ✓ | Blackrock Investment Quality M | 0% | — | 加碼 |
| 46 | ✓ | Blackrock New York Municipal Income Trust | 0% | +12.18% | 加碼 |
| 47 | ✓ | Stellar V Cap CORP | 0% | -5.57% | 加碼 |
| 48 | XMYDX | Blackrock Muniyield Fund | 0% | +12.33% | 加碼 |
| 49 | XMVTX | Blackrock Munivest Fund Ii | 0% | +2.73% | 加碼 |
| 50 | MHD | BlackRock MuniHoldings Fund, Inc. | 0% | -0.33% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Karpus Management, Inc. 在 Q3 2025 季度的美股持倉總市值約為 US$34.8億，共申報了 204 個公開持股部位。
在 Q3 2025 季度，Karpus Management, Inc. 按市值排列的前三大核心持股分別為：VOO (8.6%)、BLV (3.6%)、BTT (3.1%)。其中最大持股部位 VOO 佔據整體投資組合約 8.6% 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
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本季最大獲利了結 / 清倉標的
XNEAX
前期市值: US$6867.4萬
在 Q3 2025 季度中，Karpus Management, Inc. 共進行了 200 項持倉異動，包含新建倉 46 個部位、加碼 48 個部位、減碼 66 個部位以及清倉 40 個部位。 其中最大新建倉標的為 VCRM。 本季清倉部位包含 XNEAX。
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。