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: 0001048703
申報總市值
US$34.8億
US$34.8億
214 檔
19.9%
截至 Q4 2025 季度末，Karpus Management, Inc. 的美股持倉估值約為 US$34.8億，全數申報部位共有 214 檔。
Q4 2025 的申報記錄反映 Karpus Management, Inc. 的板塊替換策略：機構本季推動了 104 筆增持與 92 筆減持，籌碼呈現明顯的結構重組。
整體而言，Karpus Management, Inc. 的前 5 大持股（包含 VOO, BLV, BTT）貢獻了組合市值的 19.9%，形成該機構在 Q4 2025 季度的基本面基石。
僅顯示前 200 大持股（共 214 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 | 8.15% | -0.08% | -4.65% | |
| 2 | BLV | Vanguard Long-term Bond ETF | ETF-其他 | 4.19% | — | +20.87% | |
| 3 | BTT | Blackrock 2030 Muni Trgt Trm | 股票-其他 | 3.24% | -0.28% | +4.78% | |
| 4 | MHD | Blackrock Muniholdings Fund | 股票-其他 | 3.06% | -0.27% | +18.63% | |
| 5 | VB | Vanguard Small-cap ETF | ETF-其他 | 2.65% | +0.16% | +1.46% | |
| 6 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 2.23% | -0.11% | -15.26% | |
| 7 | VWO | Vanguard Ftse Emerging Marke | ETF-新興市場 | 2.14% | -0.01% | +4.40% | |
| 8 | FINS | Angel Oak Financ Strat Inc | 股票-其他 | 2.09% | -0.16% | -3.07% | |
| 9 | VEU | Vanguard Ftse All-world Ex-u | ETF-其他 | 2.09% | -0.09% | +24.42% | |
| 10 | XWIAX | Western Asset Infl-link Sec | 股票-其他 | 2.07% | -0.08% | +3.78% | |
| 11 | YCY-UN | AA Mission Acquisition Corp. II | 股票-其他 | 1.87% | -0.01% | EXIT | |
| 12 | XMVFX | Blackrock Munivest Fund | 股票-其他 | 1.78% | — | +0.08% | |
| 13 | MUC | Blackrock Munihold Ca Qlty | 股票-其他 | 1.75% | -0.29% | +13.27% | |
| 14 | BLE | Blackrock Muni Inc Tr Ii | 股票-其他 | 1.57% | — | +10.64% | |
| 15 | MHD | BlackRock MuniHoldings Fund, Inc. | 股票-其他 | 1.53% | — | +10.34% | |
| 16 | BND | Vanguard Total Bond Market | ETF-其他 | 1.51% | +0.39% | +32.50% | |
| 17 | QQQX | Nuveen Nasdaq 100 Dyn Overwr | 股票-其他 | 1.46% | -0.15% | -2.99% | |
| 18 | XGDVX | Gabelli Dividend & Income Tr | 股票-其他 | 1.41% | -0.04% | -5.42% | |
| 19 | IEF | Ishares 7-10 Year Treasury B | ETF-政府公債 | 1.41% | +0.82% | +7.34% | |
| 20 | NBXG | Neuberger Next Generation Co | 股票-其他 | 1.36% | +0.19% | -3.90% | |
| 21 | VCRM | Vanguard Core Tax-ex Bond | ETF-其他 | 1.29% | -0.03% | +3.88% | |
| 22 | MUJ | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 股票-其他 | 1.15% | — | +1.98% | |
| 23 | ✓ | Legato Merger CORP Iii | 股票-其他 | 1.11% | -0.73% | EXIT | |
| 24 | NRK | Nuveen Ny Amt-fr Muni Inc | 股票-其他 | 1.10% | — | -59.34% | |
| 25 | VUG | Vanguard Growth ETF | ETF-其他 | 1.09% | +0.04% | +1.61% | |
| 26 | IEUR | Ishares Core Msci Europe ETF | ETF-其他 | 1.06% | -0.04% | +0.67% | |
| 27 | VPL | Vanguard Ftse Pacific ETF | ETF-其他 | 1.05% | — | +0.06% | |
| 28 | EIM | Eaton Vance Municipal Bond | 股票-其他 | 1.05% | -0.22% | -37.33% | |
| 29 | KTF | Dws Municipal Income Trust | 股票-其他 | 1.04% | -0.20% | +12.56% | |
| 30 | IWB | Ishares Russell 1000 ETF | ETF-其他 | 0.97% | -0.07% | -0.91% | |
| 31 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 0.97% | -0.08% | -29.51% | |
| 32 | VTES | Vanguard Sh Term Tax-ex Bond | ETF-其他 | 0.82% | -0.01% | -12.47% | |
| 33 | ✓ | Drugs Made In Amer Acqutn Co | 股票-其他 | 0.81% | -0.06% | -0.35% | |
| 34 | CSQ | Calamos Strat Ttl Rtrn Fnd | 股票-其他 | 0.79% | +0.17% | +781.49% | |
| 35 | ✓ | Rf Acquisition CORP Ii | 股票-其他 | 0.79% | -0.05% | -0.36% | |
| 36 | GPATU | GP-Act III Acquisition Corp. | 股票-其他 | 0.77% | -0.75% | EXIT | |
| 37 | MYN | Blackrock Muniyield Ny Qlty | 股票-其他 | 0.75% | -0.12% | -3.62% | |
| 38 | ✓ | Quartzsea Acquisition CORP | 股票-其他 | 0.71% | -0.43% | -0.55% | |
| 39 | VGK | Vanguard Ftse Europe ETF | ETF-其他 | 0.71% | -0.02% | +0.91% | |
| 40 | ✓ | Tavia Acquisition CORP | 股票-其他 | 0.70% | -0.14% | -0.40% | |
| 41 | BST | Blackrock Science & Tech Tr | 股票-其他 | 0.68% | +0.29% | +50.53% | |
| 42 | XLF | Ss Financial Select Sector | ETF-其他 | 0.67% | +0.01% | +0.39% | |
| 43 | BKT | Blackrock Income Trust | 股票-其他 | 0.63% | -0.05% | +538.94% | |
| 44 | SHM | Ss Spdr N Ice St Muni ETF | ETF-其他 | 0.59% | -0.12% | -55.55% | |
| 45 | ANSCW | Agriculture & Natural Solutions Acquisition Corporation | 股票-其他 | 0.58% | -0.06% | +25.85% | |
| 46 | VGT | Vanguard Info Tech ETF | ETF-科技型 | 0.58% | +0.10% | -2.06% | |
| 47 | ASG | Liberty All-star Growth Fd | 股票-其他 | 0.57% | +0.09% | +4.91% | |
| 48 | ETO | Eaton Vance T/a Glbl Dvd Opp | 股票-其他 | 0.57% | +0.08% | -1.96% | |
| 49 | SIMA | SIM Acquisition Corp. I | 股票-其他 | 0.56% | -0.58% | EXIT | |
| 50 | BHK | Blackrock Core Bond Trust | 股票-其他 | 0.55% | -0.05% | -2.77% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | CSQ | Calamos Strat Ttl Rtrn Fnd | +0.7% | +781.49% | 加碼 |
| 2 | BLV | Vanguard Long-term Bond ETF | +0.5% | +20.87% | 加碼 |
| 3 | BKT | Blackrock Income Trust | +0.5% | +538.94% | 加碼 |
| 4 | VEU | Vanguard Ftse All-world Ex-u | +0.4% | +24.42% | 加碼 |
| 5 | MHD | Blackrock Muniholdings Fund | +0.4% | +18.63% | 加碼 |
| 6 | BND | Vanguard Total Bond Market | +0.3% | +32.50% | 加碼 |
| 7 | ✓ | Blackrock New York Municipal Income Trust | +0.3% | +141.73% | 加碼 |
| 8 | ✓ | Globa Terra Acquisition Cor | +0.3% | +522.99% | 加碼 |
| 9 | BST | Blackrock Science & Tech Tr | +0.2% | +50.53% | 加碼 |
| 10 | MHD | BlackRock MuniHoldings Fund, Inc. | +0.2% | +3196.74% | 加碼 |
| 11 | ✓ | Kochav Defense Acqui Co S | +0.2% | +564.44% | 加碼 |
| 12 | XMYDX | Blackrock Muniyield Fund | +0.2% | +289.85% | 加碼 |
| 13 | ✓ | Indigo Acquisition CORP | +0.2% | +527.10% | 加碼 |
| 14 | EOD | Allspring Global Dividend Op | +0.2% | +109.24% | 加碼 |
| 15 | BLK | BlackRock, Inc. | +0.2% | +442.97% | 加碼 |
| 16 | ✓ | Blackrock Investment Quality M | +0.1% | +299.59% | 加碼 |
| 17 | ANSCW | Agriculture & Natural Solutions Acquisition Corporation | +0.1% | +25.85% | 加碼 |
| 18 | ✓ | Silver Pegasus Acquisition C Shs Cl | +0.1% | +3136.34% | 加碼 |
| 19 | MUC | Blackrock Munihold Ca Qlty | +0.1% | +13.27% | 加碼 |
| 20 | BLE | Blackrock Muni Inc Tr Ii | +0.1% | +10.64% | 加碼 |
| 21 | ✓ | Origin Invt CORP I | +0.1% | +90.96% | 加碼 |
| 22 | XMQTX | Blackrock Muniyield Qlty Ii | +0.1% | +102.09% | 加碼 |
| 23 | MYI | Blackrock Muniyield Qlty Iii | +0.1% | +566.15% | 加碼 |
| 24 | BTT | Blackrock 2030 Muni Trgt Trm | +0.1% | +4.78% | 加碼 |
| 25 | MHD | BlackRock MuniHoldings Fund, Inc. | +0.1% | +10.34% | 加碼 |
| 26 | XBMEX | Blackrock Health Sciences | +0.1% | +107.35% | 加碼 |
| 27 | ✓ | +0.1% | +200.68% | 加碼 | |
| 28 | ✓ | Blue Acquisition CORP. | +0.1% | +94.69% | 加碼 |
| 29 | KTF | Dws Municipal Income Trust | +0.1% | +12.56% | 加碼 |
| 30 | EDEN | Ishares Msci Denmark ETF | +0.1% | +42.04% | 加碼 |
| 31 | ✓ | +0.1% | +20.12% | 加碼 | |
| 32 | ✓ | Vendome Acquisition CORP I C | +0.1% | +59.93% | 加碼 |
| 33 | JHS | John Hancock Income Sec Tr | +0.1% | +123.65% | 加碼 |
| 34 | ✓ | Solarius Capital Acqu CORP S | +0.1% | +255.24% | 加碼 |
| 35 | IEF | Ishares 7-10 Year Treasury B | +0.1% | +7.34% | 加碼 |
| 36 | ✓ | +0.1% | +15.87% | 加碼 | |
| 37 | EWC | Ishares Msci Canada ETF | +0.1% | +6.43% | 加碼 |
| 38 | ✓ | Blue Wtr Acquisition CORP. I | +0.1% | +164.66% | 加碼 |
| 39 | ✓ | 0% | +12.88% | 加碼 | |
| 40 | CHW | Calamos Global Dynamic Incom | 0% | +16.58% | 加碼 |
| 41 | XPCQX | Pimco California Muni Inc Fd | 0% | +13.36% | 加碼 |
| 42 | EWY | Ishares Msci South Korea ETF | 0% | -1.79% | 減碼 |
| 43 | EZU | Ishares Msci Eurozone ETF | 0% | +8.65% | 加碼 |
| 44 | GCOW | Pacer Global Cash Cows Divid | 0% | +5.02% | 加碼 |
| 45 | ✓ | Best Spac I Acquisition CORP | 0% | +164.62% | 加碼 |
| 46 | ✓ | Newbury Str Ii Acquisition C | 0% | +16.22% | 加碼 |
| 47 | VCRM | Vanguard Core Tax-ex Bond | 0% | +3.88% | 加碼 |
| 48 | ETO | Eaton Vance T/a Glbl Dvd Opp | 0% | -1.96% | 減碼 |
| 49 | VGK | Vanguard Ftse Europe ETF | 0% | +0.91% | 加碼 |
| 50 | DSM | Bnym Strat Muni Bnd | 0% | +10.57% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Karpus Management, Inc. 在 Q4 2025 季度的美股持倉總市值約為 US$34.8億，共申報了 214 個公開持股部位。
在 Q4 2025 季度，Karpus Management, Inc. 按市值排列的前三大核心持股分別為：VOO (8.2%)、BLV (4.2%)、BTT (3.2%)。其中最大持股部位 VOO 佔據整體投資組合約 8.2% 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
市值: US$1768.1萬
本季最大獲利了結 / 清倉標的
IBAC
前期市值: US$2724.6萬
在 Q4 2025 季度中，Karpus Management, Inc. 共進行了 196 項持倉異動，包含新建倉 35 個部位、加碼 69 個部位、減碼 67 個部位以及清倉 25 個部位。 其中最大新建倉標的為 。 本季清倉部位包含 IBAC。
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。