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
236 檔
22.6%
在 Q1 2026 申報期間，Karpus Management, Inc.（CIK: 0001048703）向美國 SEC 提交的 Form 13F 報告顯示，其追蹤之股票投資組合總市值達 US$34.8億，共持有 236 個公開申報部位。
觀察 Q1 2026 的資金脈絡，Karpus Management, Inc. 在獲利結算 23 檔個股的同時，將資本重新部署至 40 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, MHD, BLV）累計市值佔比達 22.6%，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 236 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 | 7.32% | -0.08% | -7.10% | |
| 2 | MHD | Blackrock Muniholdings Fund | 股票-其他 | 7.05% | -0.27% | +135.95% | |
| 3 | BLV | Vanguard Long-term Bond ETF | ETF-其他 | 4.23% | — | +0.29% | |
| 4 | BTT | Blackrock 2030 Muni Trgt Trm | 股票-其他 | 3.32% | -0.28% | +1.53% | |
| 5 | VB | Vanguard Small-cap ETF | ETF-其他 | 2.63% | +0.16% | -3.89% | |
| 6 | MYN | Blackrock Muniyield Ny Qlty | 股票-其他 | 2.44% | -0.12% | +232.24% | |
| 7 | VEU | Vanguard Ftse All-world Ex-u | ETF-其他 | 2.29% | -0.09% | +5.79% | |
| 8 | VWO | Vanguard Ftse Emerging Marke | ETF-新興市場 | 2.23% | -0.01% | +2.12% | |
| 9 | XWIAX | Western Asset Infl-link Sec | 股票-其他 | 2.10% | -0.08% | +2.49% | |
| 10 | FINS | Angel Oak Financ Strat Inc | 股票-其他 | 1.87% | -0.16% | -8.80% | |
| 11 | MYI | Blackrock Muniyield Qlty Iii | 股票-其他 | 1.86% | -0.12% | +1410.92% | |
| 12 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 1.85% | -0.11% | -14.24% | |
| 13 | MUC | Blackrock Munihold Ca Qlty | 股票-其他 | 1.75% | -0.29% | -0.18% | |
| 14 | VCRM | Vanguard Core Tax-ex Bond | ETF-其他 | 1.38% | -0.03% | +6.48% | |
| 15 | QQQX | Nuveen Nasdaq 100 Dyn Overwr | 股票-其他 | 1.36% | -0.15% | -2.02% | |
| 16 | XGDVX | Gabelli Dividend & Income Tr | 股票-其他 | 1.26% | -0.04% | -9.19% | |
| 17 | NBXG | Neuberger Next Generation Co | 股票-其他 | 1.23% | +0.19% | -0.22% | |
| 18 | VPL | Vanguard Ftse Pacific ETF | ETF-其他 | 1.12% | — | -3.17% | |
| 19 | IEUR | Ishares Core Msci Europe ETF | ETF-其他 | 1.08% | -0.04% | +0.92% | |
| 20 | CSQ | Calamos Strat Ttl Rtrn Fnd | 股票-其他 | 1.04% | +0.17% | +44.50% | |
| 21 | IWB | Ishares Russell 1000 ETF | ETF-其他 | 0.95% | -0.07% | +0.12% | |
| 22 | ✓ | Sc Ii Acquisition CORP | 股票-其他 | 0.94% | -0.09% | — | |
| 23 | KTF | Dws Municipal Income Trust | 股票-其他 | 0.93% | -0.20% | -11.43% | |
| 24 | MQY | Blackrock Muniyield Quality | 股票-其他 | 0.90% | -0.09% | +282.69% | |
| 25 | AFB | Allianceberstein Ntl Muni | 股票-其他 | 0.85% | +0.33% | — | |
| 26 | ✓ | 股票-其他 | 0.85% | — | +65.82% | ||
| 27 | ✓ | Drugs Made In Amer Acqutn Co | 股票-其他 | 0.83% | -0.06% | -0.32% | |
| 28 | ✓ | Drugs Made In Amer Acq Ii Co | 股票-其他 | 0.81% | — | +127.17% | |
| 29 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 0.81% | -0.08% | -14.50% | |
| 30 | BND | Vanguard Total Bond Market | ETF-其他 | 0.80% | +0.39% | -47.43% | |
| 31 | GPATU | GP-Act III Acquisition Corp. | 股票-其他 | 0.75% | -0.75% | EXIT | |
| 32 | VGK | Vanguard Ftse Europe ETF | ETF-其他 | 0.74% | -0.02% | +4.88% | |
| 33 | TLT | Ishares 20+ Year Treasury Bd | ETF-政府公債 | 0.74% | +1.46% | — | |
| 34 | ✓ | Legato Merger CORP Iii | 股票-其他 | 0.73% | -0.73% | EXIT | |
| 35 | ✓ | Quartzsea Acquisition CORP | 股票-其他 | 0.73% | -0.43% | -0.31% | |
| 36 | ✓ | Tavia Acquisition CORP | 股票-其他 | 0.72% | -0.14% | -0.75% | |
| 37 | EIM | Eaton Vance Municipal Bond | 股票-其他 | 0.70% | -0.22% | -34.52% | |
| 38 | ✓ | Ai Infrastructure Acquisi | 股票-其他 | 0.65% | -0.06% | +66.37% | |
| 39 | BST | Blackrock Science & Tech Tr | 股票-其他 | 0.64% | +0.29% | +3.56% | |
| 40 | ASG | Liberty All-star Growth Fd | 股票-其他 | 0.63% | +0.09% | +20.00% | |
| 41 | XLF | Ss Financial Select Sector | ETF-其他 | 0.63% | +0.01% | +1.51% | |
| 42 | BKT | Blackrock Income Trust | 股票-其他 | 0.61% | -0.05% | -0.57% | |
| 43 | ✓ | 股票-其他 | 0.60% | -0.07% | +55.15% | ||
| 44 | ANSCW | Agriculture & Natural Solutions Acquisition Corporation | 股票-其他 | 0.59% | -0.06% | -1.39% | |
| 45 | SIMA | SIM Acquisition Corp. I | 股票-其他 | 0.58% | -0.58% | EXIT | |
| 46 | GCOW | Pacer Global Cash Cows Divid | ETF-其他 | 0.57% | -0.06% | +10.93% | |
| 47 | ✓ | Rf Acquisition CORP Ii | 股票-其他 | 0.56% | -0.05% | -31.55% | |
| 48 | EZU | Ishares Msci Eurozone ETF | ETF-其他 | 0.55% | +0.01% | +33.46% | |
| 49 | USA | Liberty All Star Equity Fund | 股票-其他 | 0.54% | +0.01% | +70.25% | |
| 50 | EWC | Ishares Msci Canada ETF | ETF-其他 | 0.54% | -0.01% | +9.56% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | MHD | Blackrock Muniholdings Fund | +4% | +135.95% | 加碼 |
| 2 | MYI | Blackrock Muniyield Qlty Iii | +1.7% | +1410.92% | 加碼 |
| 3 | MYN | Blackrock Muniyield Ny Qlty | +1.7% | +232.24% | 加碼 |
| 4 | MQY | Blackrock Muniyield Quality | +0.7% | +282.69% | 加碼 |
| 5 | ✓ | Drugs Made In Amer Acq Ii Co | +0.5% | +127.17% | 加碼 |
| 6 | ✓ | +0.3% | +65.82% | 加碼 | |
| 7 | ✓ | +0.3% | +971.32% | 加碼 | |
| 8 | ✓ | Ai Infrastructure Acquisi | +0.3% | +66.37% | 加碼 |
| 9 | CSQ | Calamos Strat Ttl Rtrn Fnd | +0.3% | +44.50% | 加碼 |
| 10 | ✓ | +0.2% | +55.15% | 加碼 | |
| 11 | ✓ | +0.2% | +90.47% | 加碼 | |
| 12 | VEU | Vanguard Ftse All-world Ex-u | +0.2% | +5.79% | 加碼 |
| 13 | USA | Liberty All Star Equity Fund | +0.2% | +70.25% | 加碼 |
| 14 | IAF | Abrdn Australia Equity Fund | +0.2% | +182.26% | 加碼 |
| 15 | ✓ | Globa Terra Acquisition Cor | +0.2% | +53.72% | 加碼 |
| 16 | ✓ | Harvard Ave Acquisition CORP | +0.2% | +531.28% | 加碼 |
| 17 | ✓ | Vendome Acquisition CORP I C | +0.1% | +69.61% | 加碼 |
| 18 | EZU | Ishares Msci Eurozone ETF | +0.1% | +33.46% | 加碼 |
| 19 | IGI | Western Asst Inv Gr Oppor Tr | +0.1% | +248.71% | 加碼 |
| 20 | ✓ | Lafayette Acquisition CORP | +0.1% | +1576.11% | 加碼 |
| 21 | BSTZ | Blackrock Sci & Tech Trm Tr | +0.1% | +92.70% | 加碼 |
| 22 | ✓ | Chenghe Acquisition Iii Co O | +0.1% | +49.34% | 加碼 |
| 23 | IIF | Morgan Stanley India Invest | +0.1% | +127.80% | 加碼 |
| 24 | GCOW | Pacer Global Cash Cows Divid | +0.1% | +10.93% | 加碼 |
| 25 | ✓ | Stonebridge Acquisition Ii C | +0.1% | +348.00% | 加碼 |
| 26 | ✓ | Figx Cap Acquisition CORP. | +0.1% | +290.14% | 加碼 |
| 27 | STK | Columbia Slgmn Prem Tech Gr | +0.1% | +79.93% | 加碼 |
| 28 | EWZ | Ishares Msci Brazil ETF | +0.1% | +16.37% | 加碼 |
| 29 | VCRM | Vanguard Core Tax-ex Bond | +0.1% | +6.48% | 加碼 |
| 30 | VWO | Vanguard Ftse Emerging Marke | +0.1% | +2.12% | 加碼 |
| 31 | BTT | Blackrock 2030 Muni Trgt Trm | +0.1% | +1.53% | 加碼 |
| 32 | VPL | Vanguard Ftse Pacific ETF | +0.1% | -3.17% | 減碼 |
| 33 | JCE | Nuveen Core Equity Alpha | +0.1% | +275.32% | 加碼 |
| 34 | MIN | Mfs Intermediate Inc Trust | +0.1% | +20.30% | 加碼 |
| 35 | EWC | Ishares Msci Canada ETF | +0.1% | +9.56% | 加碼 |
| 36 | XPCQX | Pimco California Muni Inc Fd | +0.1% | +14.45% | 加碼 |
| 37 | CHW | Calamos Global Dynamic Incom | +0.1% | +12.85% | 加碼 |
| 38 | ASG | Liberty All-star Growth Fd | +0.1% | +20.00% | 加碼 |
| 39 | JHS | John Hancock Income Sec Tr | +0.1% | +44.13% | 加碼 |
| 40 | ✓ | Nmp Acquisition CORP | 0% | +13.10% | 加碼 |
| 41 | BLV | Vanguard Long-term Bond ETF | 0% | +0.29% | 加碼 |
| 42 | BBJP | Jpmorgan Betabuilders Japan | 0% | +1.85% | 加碼 |
| 43 | ✓ | Oxley Bridge Acq LTD | 0% | +12.47% | 加碼 |
| 44 | ✓ | Crown Resv Acquisition CORP I | 0% | +13.10% | 加碼 |
| 45 | ✓ | 0% | +7.37% | 加碼 | |
| 46 | VGK | Vanguard Ftse Europe ETF | 0% | +4.88% | 加碼 |
| 47 | ✓ | Origin Invt CORP I | 0% | +6.87% | 加碼 |
| 48 | XWIAX | Western Asset Infl-link Sec | 0% | +2.49% | 加碼 |
| 49 | TWN | Taiwan Fund Inc/th/md-us Inc | 0% | -3.44% | 減碼 |
| 50 | ✓ | 0% | +25.21% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Karpus Management, Inc. 在 Q1 2026 季度的美股持倉總市值約為 US$34.8億，共申報了 236 個公開持股部位。
在 Q1 2026 季度，Karpus Management, Inc. 按市值排列的前三大核心持股分別為：VOO (7.3%)、MHD (7.0%)、BLV (4.2%)。其中最大持股部位 VOO 佔據整體投資組合約 7.3% 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
SC II ACQUISITION CORP
市值: US$3017.4萬
本季最大獲利了結 / 清倉標的
XMVFX
前期市值: US$5787.2萬
在 Q1 2026 季度中，Karpus Management, Inc. 共進行了 193 項持倉異動，包含新建倉 40 個部位、加碼 60 個部位、減碼 70 個部位以及清倉 23 個部位。 其中最大新建倉標的為 SC II ACQUISITION CORP。 本季清倉部位包含 XMVFX。
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。