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: 0000859872
申報總市值
US$28.6億
US$28.6億
186 檔
22.4%
根據最新整理的 13F 季度數據集，Klingenstein Fields & Co LP 於 Q4 2025 結束時的管理資產規模為 US$28.6億。該機構在本季度申報了 186 檔美股持倉，呈現出該時期的主要投資地圖。
Klingenstein Fields & Co LP 在 Q4 2025 的調整主要集中於風險出清，清倉與減碼部位合計達 38 檔，反映機構對當前市場環境或個別公司估值採取較為保留之看法。
檢視投資組合結構，前 5 大主力部位（包含 AVGO, GOOGL, MSFT）占據了總市值的 22.4%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
| # | 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 | AVGO | Broadcom Inc | 股票-科技 | 6.71% | +0.41% | -1.56% | |
| 2 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 5.10% | +0.45% | -2.50% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 4.29% | -0.35% | -0.88% | |
| 4 | LLY | Eli Lilly & Co | 股票-醫療保健 | 4.18% | +0.10% | -0.14% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 3.71% | +0.06% | -1.29% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 3.60% | -0.27% | -0.71% | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.16% | +0.04% | -1.38% | |
| 8 | PANW | Palo Alto Networks Inc | 股票-科技 | 3.03% | +2.37% | -1.47% | |
| 9 | NVDA | Nvidia CORP | 股票-科技 | 2.93% | +0.18% | -1.71% | |
| 10 | GS | Goldman Sachs Group Inc | 股票-金融 | 2.61% | +0.12% | -2.08% | |
| 11 | DIS | Walt Disney Co/the | 股票-通訊服務 | 2.58% | -0.26% | -0.02% | |
| 12 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 2.36% | -0.05% | +3.33% | |
| 13 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.35% | -0.04% | -1.86% | |
| 14 | PEP | Pepsico Inc | 股票-非循環性消費 | 2.30% | -0.59% | -0.06% | |
| 15 | UNP | Union Pacific CORP | 股票-工業 | 2.30% | -0.03% | -0.14% | |
| 16 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.22% | +0.15% | -0.14% | |
| 17 | RTX | Rtx CORP | 股票-工業 | 2.19% | -0.32% | -1.23% | |
| 18 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.75% | -0.19% | -0.61% | |
| 19 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 1.70% | -0.40% | -1.44% | |
| 20 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 1.63% | -0.33% | -1.11% | |
| 21 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 1.58% | -0.25% | -0.55% | |
| 22 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 1.55% | +0.15% | -0.79% | |
| 23 | NXPI | NXP Semiconductors N.V. | 股票-科技 | 1.35% | +0.34% | -0.42% | |
| 24 | NFLX | Netflix Inc | 股票-通訊服務 | 1.26% | -0.47% | +877.11% | |
| 25 | CB | Chubb Limited | 股票-金融 | 1.21% | -0.09% | -1.42% | |
| 26 | HON | Honeywell International Inc | 股票-工業 | 1.21% | -1.46% | EXIT | |
| 27 | SCHA | Schwab US Small-cap ETF | ETF-其他 | 1.18% | +0.07% | -1.21% | |
| 28 | PLD | Prologis Inc | 股票-房地產 | 1.13% | -0.12% | -1.11% | |
| 29 | VMC | Vulcan Materials Co | 股票-原物料 | 1.12% | -0.04% | -1.10% | |
| 30 | ETN | Eaton Corporation plc | 股票-工業 | 1.08% | +0.06% | -2.38% | |
| 31 | SYK | Stryker CORP | 股票-醫療保健 | 0.98% | -0.47% | -0.99% | |
| 32 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.91% | -0.07% | -1.03% | |
| 33 | HD | Home Depot Inc | 股票-循環性消費 | 0.89% | -0.03% | +0.45% | |
| 34 | CL | Colgate-palmolive Co | 股票-非循環性消費 | 0.87% | -0.07% | -2.07% | |
| 35 | ZS | Zscaler Inc | 股票-科技 | 0.76% | -0.48% | -1.64% | |
| 36 | MMM | 3m Co | 股票-工業 | 0.72% | -0.01% | — | |
| 37 | NOW | Servicenow Inc | 股票-科技 | 0.71% | -0.07% | +392.51% | |
| 38 | PYPL | Paypal Holdings Inc | 股票-金融 | 0.70% | -0.08% | -0.31% | |
| 39 | SCHF | Schwab Intl Equity ETF | ETF-其他 | 0.66% | -0.03% | -1.08% | |
| 40 | SBUX | Starbucks CORP | 股票-循環性消費 | 0.65% | — | -1.07% | |
| 41 | SHEL | Shell Plc-adr | 股票-能源 | 0.65% | -0.24% | -0.67% | |
| 42 | ROP | Roper Technologies Inc | 股票-科技 | 0.64% | — | -0.41% | |
| 43 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 0.63% | +0.10% | +10.64% | |
| 44 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.62% | -0.11% | -0.77% | |
| 45 | ACN | Accenture plc | 股票-科技 | 0.61% | — | -3.08% | |
| 46 | FTV | Fortive CORP | 股票-科技 | 0.59% | — | -1.23% | |
| 47 | SCHE | Schwab Emrg Mrkts Eqty ETF | ETF-其他 | 0.55% | -0.04% | -1.26% | |
| 48 | MDLZ | Mondelez International Inc-a | 股票-非循環性消費 | 0.55% | -0.07% | -0.32% | |
| 49 | GE | General Electric | 股票-工業 | 0.54% | +0.09% | -2.27% | |
| 50 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.52% | -0.13% | -0.73% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | LLY | Eli Lilly & Co | +1.2% | -0.14% | 減碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +1% | -2.50% | 減碼 |
| 3 | GOOG | Alphabet Inc-cl C | +0.5% | -0.14% | 減碼 |
| 4 | ISRG | Intuitive Surgical Inc | +0.3% | -1.44% | 減碼 |
| 5 | VONG | Vanguard Russell 1000 Growth | +0.3% | +408.74% | 加碼 |
| 6 | TMO | Thermo Fisher Scientific Inc | +0.2% | -0.55% | 減碼 |
| 7 | GS | Goldman Sachs Group Inc | +0.2% | -2.08% | 減碼 |
| 8 | AVGO | Broadcom Inc | +0.2% | -1.56% | 減碼 |
| 9 | AAPL | Apple Inc | +0.2% | -1.29% | 減碼 |
| 10 | MRK | Merck & Co. Inc. | +0.2% | -1.03% | 減碼 |
| 11 | JNJ | Johnson & Johnson | +0.2% | -0.61% | 減碼 |
| 12 | RTX | Rtx CORP | +0.2% | -1.23% | 減碼 |
| 13 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.1% | +3.33% | 加碼 |
| 14 | IJR | Ishares Core S&p Small-cap E | +0.1% | +104.32% | 加碼 |
| 15 | REGN | Regeneron Pharmaceuticals | +0.1% | -0.86% | 減碼 |
| 16 | EFA | Ishares Msci Eafe ETF | +0.1% | +84.24% | 加碼 |
| 17 | VEA | Vanguard Ftse Developed ETF | +0.1% | +95.73% | 加碼 |
| 18 | AMZN | Amazon.com Inc | +0.1% | -1.38% | 減碼 |
| 19 | PLD | Prologis Inc | +0.1% | -1.11% | 減碼 |
| 20 | CB | Chubb Limited | +0.1% | -1.42% | 減碼 |
| 21 | IVV | Ishares Core S&p 500 ETF | +0.1% | +10.64% | 加碼 |
| 22 | DHR | Danaher CORP | +0.1% | +0.29% | 加碼 |
| 23 | FTV | Fortive CORP | +0.1% | -1.23% | 減碼 |
| 24 | AXP | American Express Co | +0.1% | -0.65% | 減碼 |
| 25 | PEP | Pepsico Inc | 0% | -0.06% | 減碼 |
| 26 | NKE | Nike Inc -cl B | 0% | +0.79% | 加碼 |
| 27 | SO | Southern Co/the | -0.1% | -1.72% | 減碼 |
| 28 | ABT | Abbott Laboratories | -0.1% | -0.73% | 減碼 |
| 29 | META | Meta Platforms Inc-class A | -0.1% | -0.77% | 減碼 |
| 30 | SYK | Stryker CORP | -0.1% | -0.99% | 減碼 |
| 31 | UNP | Union Pacific CORP | -0.1% | -0.14% | 減碼 |
| 32 | NVDA | Nvidia CORP | -0.1% | -1.71% | 減碼 |
| 33 | NXPI | NXP Semiconductors N.V. | -0.1% | -0.42% | 減碼 |
| 34 | MDLZ | Mondelez International Inc-a | -0.1% | -0.32% | 減碼 |
| 35 | ROP | Roper Technologies Inc | -0.1% | -0.41% | 減碼 |
| 36 | PYPL | Paypal Holdings Inc | -0.1% | -0.31% | 減碼 |
| 37 | VMC | Vulcan Materials Co | -0.1% | -1.10% | 減碼 |
| 38 | HON | Honeywell International Inc | -0.1% | -0.13% | 減碼 |
| 39 | COST | Costco Wholesale CORP | -0.2% | -1.11% | 減碼 |
| 40 | NOW | Servicenow Inc | -0.2% | +392.51% | 加碼 |
| 41 | HD | Home Depot Inc | -0.2% | +0.45% | 加碼 |
| 42 | ETN | Eaton Corporation plc | -0.2% | -2.38% | 減碼 |
| 43 | ZS | Zscaler Inc | -0.3% | -1.64% | 減碼 |
| 44 | MSFT | Microsoft CORP | -0.4% | -0.88% | 減碼 |
| 45 | PANW | Palo Alto Networks Inc | -0.4% | -1.47% | 減碼 |
| 46 | NFLX | Netflix Inc | -0.4% | +877.11% | 加碼 |
| 47 | AMT | American Tower CORP | -0.7% | -66.37% | 減碼 |
| 48 | BN | Brookfield CORP | — | EXIT | 清倉 |
| 49 | 6D8 | Dupont De Nemours Inc | — | EXIT | 清倉 |
| 50 | CRCL | Circle Internet Group Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Klingenstein Fields & Co LP 在 Q4 2025 季度的美股持倉總市值約為 US$28.6億，共申報了 186 個公開持股部位。
在 Q4 2025 季度，Klingenstein Fields & Co LP 按市值排列的前三大核心持股分別為：AVGO (6.7%)、GOOGL (5.1%)、MSFT (4.3%)。其中最大持股部位 AVGO 佔據整體投資組合約 6.7% 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
CRCL
市值: US$758.4萬
本季最大獲利了結 / 清倉標的
BN
前期市值: US$3100.5萬
在 Q4 2025 季度中，Klingenstein Fields & Co LP 共進行了 50 項持倉異動，包含新建倉 1 個部位、加碼 11 個部位、減碼 36 個部位以及清倉 2 個部位。 其中最大新建倉標的為 CRCL。 本季清倉部位包含 BN。
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。