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: 0001731372
申報總市值
US$6.0億
US$6.0億
230 檔
17.6%
Kendall Capital Management 在 Q4 2025 季度的美股部位總計估值為 US$6.0億，分散於 230 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q4 2025 期間，Kendall Capital Management 展現了靈活的資產再平衡步調，透過出清 12 檔弱勢或達到目標價部位，將資金轉置於 10 檔新建倉標的之中。
從部位權重觀察，前 5 大標的（包含 SMMD, TMSL, JIRE）累計市值佔比達 17.6%，是驅動 Kendall Capital Management 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 230 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 | SMMD | Ishares Russell 2500 ETF | ETF-其他 | 5.53% | -4.43% | +6.51% | |
| 2 | TMSL | T.rowe Prc Small-mid Cap ETF | ETF-其他 | 5.20% | +0.04% | +10.81% | |
| 3 | JIRE | Jpmorgan Int Res Enh Eqty | ETF-其他 | 5.10% | -0.39% | +7.26% | |
| 4 | AVGO | Broadcom Inc | 股票-科技 | 3.33% | +0.04% | -12.56% | |
| 5 | VUG | Vanguard Growth ETF | ETF-其他 | 2.97% | +0.03% | +17.05% | |
| 6 | VWO | Vanguard Ftse Emerging Marke | ETF-新興市場 | 2.45% | -0.11% | +649.03% | |
| 7 | JPST | Jpmorgan Ultra-short Income | ETF-其他 | 2.32% | -0.04% | +12.45% | |
| 8 | AVT | Avnet Inc | 股票-科技 | 1.65% | +0.48% | +4.79% | |
| 9 | OMC | Omnicom Group | 股票-通訊服務 | 1.63% | -0.04% | +14.15% | |
| 10 | VSEC | Vse CORP | 股票-工業 | 1.59% | -0.10% | -7.02% | |
| 11 | DELL | Dell Technologies -c | 股票-科技 | 1.58% | +2.18% | +13.91% | |
| 12 | KLAC | Kla CORP | 股票-科技 | 1.50% | +0.95% | -7.12% | |
| 13 | VV | Vanguard Large-cap ETF | ETF-其他 | 1.45% | -0.09% | — | |
| 14 | CLS | Celestica Inc | 股票-科技 | 1.34% | -0.05% | -27.33% | |
| 15 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.27% | +0.03% | -4.95% | |
| 16 | HPE | Hewlett Packard Enterprise | 股票-科技 | 1.27% | +0.53% | +1.55% | |
| 17 | COR | Cencora Inc | 股票-醫療保健 | 1.23% | -0.30% | -4.72% | |
| 18 | VO | Vanguard Mid-cap ETF | ETF-其他 | 1.22% | -0.10% | — | |
| 19 | NXST | Nexstar Media Group Inc | 股票-通訊服務 | 1.21% | -0.30% | +20.41% | |
| 20 | EQH | Equitable Holdings Inc | 股票-金融 | 1.20% | -0.05% | -2.84% | |
| 21 | AAPL | Apple Inc | 股票-科技 | 1.20% | +0.13% | -4.55% | |
| 22 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.19% | -0.07% | -5.05% | |
| 23 | VCTR | Victory Capital Holding - A | 股票-其他 | 1.18% | +0.03% | +0.39% | |
| 24 | GEN | Gen Digital Inc | 股票-科技 | 1.11% | +0.03% | +55.71% | |
| 25 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 1.00% | -0.03% | -1.42% | |
| 26 | ✓ | Csg Systems International In | 股票-其他 | 0.96% | -0.91% | EXIT | |
| 27 | FHI | Federated Hermes Inc | 股票-金融 | 0.95% | — | +17.39% | |
| 28 | TDTF | Flexshares Iboxx 5-year Targ | ETF-其他 | 0.92% | -0.04% | +14.65% | |
| 29 | CMI | Cummins Inc | 股票-工業 | 0.85% | +0.05% | -3.82% | |
| 30 | CMRE | Costamare Inc. | 股票-其他 | 0.84% | -0.23% | +7.62% | |
| 31 | MA | Mastercard Inc - A | 股票-金融 | 0.81% | -0.06% | +7.27% | |
| 32 | JXN | Jackson Financial Inc-a | 股票-金融 | 0.79% | -0.19% | -6.73% | |
| 33 | CDW | Cdw Corp/de | 股票-科技 | 0.79% | -0.07% | -6.31% | |
| 34 | EXPE | Expedia Group Inc | 股票-循環性消費 | 0.78% | -0.06% | +2.07% | |
| 35 | NVDA | Nvidia CORP | 股票-科技 | 0.72% | +0.11% | +22.48% | |
| 36 | ACMR | Acm Research Inc-class A | 股票-其他 | 0.70% | +0.87% | +9.70% | |
| 37 | UTHR | United Therapeutics CORP | 股票-醫療保健 | 0.67% | -0.23% | -8.27% | |
| 38 | ACN | Accenture plc | 股票-科技 | 0.66% | -0.31% | +61.17% | |
| 39 | VTV | Vanguard Value ETF | ETF-其他 | 0.65% | +0.15% | +133.97% | |
| 40 | HRB | H&r Block Inc | 股票-循環性消費 | 0.65% | -0.09% | +8.50% | |
| 41 | BMY | Bristol-myers Squibb Co | 股票-醫療保健 | 0.64% | -0.11% | -4.53% | |
| 42 | UNM | Unum Group | 股票-金融 | 0.60% | -0.03% | -9.79% | |
| 43 | R | Ryder System Inc | 股票-工業 | 0.59% | +0.01% | -2.23% | |
| 44 | ARW | Arrow Electronics Inc | 股票-科技 | 0.58% | +0.15% | +3.55% | |
| 45 | HPQ | Hp Inc | 股票-科技 | 0.57% | +0.01% | -11.18% | |
| 46 | IWC | Ishares Micro-cap ETF | ETF-其他 | 0.57% | — | +0.71% | |
| 47 | WLY | Wiley (john) & Sons-class A | 股票-其他 | 0.57% | +0.13% | -10.21% | |
| 48 | VEU | Vanguard Ftse All-world Ex-u | ETF-其他 | 0.56% | +0.08% | +182.40% | |
| 49 | MCK | Mckesson CORP | 股票-醫療保健 | 0.56% | -0.14% | -1.64% | |
| 50 | VTRS | Viatris Inc | 股票-醫療保健 | 0.55% | — | +14.48% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | VWO | Vanguard Ftse Emerging Marke | +2.1% | +649.03% | 加碼 |
| 2 | VTV | Vanguard Value ETF | +0.4% | +133.97% | 加碼 |
| 3 | VEU | Vanguard Ftse All-world Ex-u | +0.4% | +182.40% | 加碼 |
| 4 | GEN | Gen Digital Inc | +0.3% | +55.71% | 加碼 |
| 5 | VUG | Vanguard Growth ETF | +0.3% | +17.05% | 加碼 |
| 6 | TMSL | T.rowe Prc Small-mid Cap ETF | +0.3% | +10.81% | 加碼 |
| 7 | ACN | Accenture plc | +0.3% | +61.17% | 加碼 |
| 8 | CMRE | Costamare Inc. | +0.2% | +7.62% | 加碼 |
| 9 | QCOM | Qualcomm Inc | +0.2% | +77.86% | 加碼 |
| 10 | NXST | Nexstar Media Group Inc | +0.2% | +20.41% | 加碼 |
| 11 | EXPE | Expedia Group Inc | +0.2% | +2.07% | 加碼 |
| 12 | TNL | Travel + Leisure Co | +0.2% | +29.44% | 加碼 |
| 13 | AAMI | Acadian Asset Management Inc | +0.2% | +112.94% | 加碼 |
| 14 | GOOGL | Alphabet Inc-cl A | +0.2% | -4.95% | 減碼 |
| 15 | VTRS | Viatris Inc | +0.1% | +14.48% | 加碼 |
| 16 | F | Ford Motor Co | +0.1% | +84.37% | 加碼 |
| 17 | PR | Permian Resources Corp-cl A | +0.1% | +106.00% | 加碼 |
| 18 | PKW | Invesco Buyback Achievers Et | +0.1% | +121.61% | 加碼 |
| 19 | GSK | Gsk Plc-spon Adr | +0.1% | +27.37% | 加碼 |
| 20 | RITM | Rithm Capital CORP | +0.1% | +69.41% | 加碼 |
| 21 | JPST | Jpmorgan Ultra-short Income | +0.1% | +12.45% | 加碼 |
| 22 | ✓ | Fidelis Insurance Hldgs Ltd | +0.1% | +39.07% | 加碼 |
| 23 | IWR | Ishares Russell Mid-cap ETF | +0.1% | +89.66% | 加碼 |
| 24 | FHI | Federated Hermes Inc | +0.1% | +17.39% | 加碼 |
| 25 | NVDA | Nvidia CORP | +0.1% | +22.48% | 加碼 |
| 26 | VVX | V2x Inc | +0.1% | +45.33% | 加碼 |
| 27 | JIRE | Jpmorgan Int Res Enh Eqty | +0.1% | +7.26% | 加碼 |
| 28 | OMC | Omnicom Group | +0.1% | +14.15% | 加碼 |
| 29 | MAR | Marriott International -cl A | +0.1% | +13.41% | 加碼 |
| 30 | REGN | Regeneron Pharmaceuticals | +0.1% | +0.05% | 加碼 |
| 31 | PLAB | Photronics Inc | +0.1% | +1.21% | 加碼 |
| 32 | CPAY | Corpay Inc | +0.1% | +32.71% | 加碼 |
| 33 | PFE | Pfizer Inc | +0.1% | +56.31% | 加碼 |
| 34 | CMI | Cummins Inc | +0.1% | -3.82% | 減碼 |
| 35 | MSFT | Microsoft CORP | +0.1% | +42.61% | 加碼 |
| 36 | INCY | Incyte CORP | +0.1% | +34.96% | 加碼 |
| 37 | MRK | Merck & Co. Inc. | +0.1% | -1.41% | 減碼 |
| 38 | ACI | Albertsons Cos Inc - Class A | +0.1% | +61.27% | 加碼 |
| 39 | JAZZ | Jazz Pharmaceuticals plc | +0.1% | -1.77% | 減碼 |
| 40 | TDTF | Flexshares Iboxx 5-year Targ | 0% | +14.65% | 加碼 |
| 41 | BMY | Bristol-myers Squibb Co | 0% | -4.53% | 減碼 |
| 42 | UGI | Ugi CORP | 0% | +7.12% | 加碼 |
| 43 | ENVA | Enova International Inc | 0% | +3.88% | 加碼 |
| 44 | ALSN | Allison Transmission Holding | 0% | +4.50% | 加碼 |
| 45 | LDOS | Leidos Holdings Inc | 0% | +29.68% | 加碼 |
| 46 | IWB | Ishares Russell 1000 ETF | 0% | +12.89% | 加碼 |
| 47 | INVA | Innoviva Inc | 0% | +34.52% | 加碼 |
| 48 | ✓ | Hamilton Insurance Group LTD | 0% | +7.92% | 加碼 |
| 49 | AMG | Affiliated Managers Group | 0% | — | 不變 |
| 50 | AMRX | Amneal Pharmaceuticals Inc | 0% | +33.48% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Kendall Capital Management 在 Q4 2025 季度的美股持倉總市值約為 US$6.0億，共申報了 230 個公開持股部位。
在 Q4 2025 季度，Kendall Capital Management 按市值排列的前三大核心持股分別為：SMMD (5.5%)、TMSL (5.2%)、JIRE (5.1%)。其中最大持股部位 SMMD 佔據整體投資組合約 5.5% 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
LNC
市值: US$70.7萬
本季最大獲利了結 / 清倉標的
IPG
前期市值: US$39.8萬
在 Q4 2025 季度中，Kendall Capital Management 共進行了 190 項持倉異動，包含新建倉 10 個部位、加碼 84 個部位、減碼 84 個部位以及清倉 12 個部位。 其中最大新建倉標的為 LNC。 本季清倉部位包含 IPG。
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。