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: 0001299351
申報總市值
US$83.9億
US$83.9億
341 檔
16.2%
在 Q4 2025 申報期間，Madison Asset Management, LLC（CIK: 0001299351）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$83.9億，共持有 341 個公開申報部位。
數據顯示 Madison Asset Management, LLC 於 Q4 2025 季度持續回收資金，對 34 個既有部位進行裁減並清倉 1 個標的，組合整體流動性比重有所上升。
在資產配置集中度方面，Madison Asset Management, LLC 的前 5 大核心持股（包含 ACGL, ROST, PCAR 等）合計佔整體申報市值的 16.2%，反映機構在主要關鍵部位上的權重分佈。
僅顯示前 200 大持股（共 341 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 | ACGL | Arch Capital Group Ltd. | 股票-金融 | 4.78% | -0.45% | -7.98% | |
| 2 | ROST | Ross Stores Inc | 股票-循環性消費 | 3.12% | -1.55% | -5.38% | |
| 3 | PCAR | Paccar Inc | 股票-工業 | 2.87% | -0.15% | -7.26% | |
| 4 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.78% | +0.33% | -8.40% | |
| 5 | APH | Amphenol Corp-cl A | 股票-科技 | 2.08% | +0.51% | -45.11% | |
| 6 | IT | Gartner Inc | 股票-科技 | 1.96% | -0.31% | -5.65% | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.87% | +0.14% | -4.51% | |
| 8 | CPRT | Copart Inc | 股票-工業 | 1.83% | -0.25% | -9.72% | |
| 9 | BRO | Brown & Brown Inc | 股票-金融 | 1.82% | -0.22% | -1.08% | |
| 10 | CDW | Cdw Corp/de | 股票-科技 | 1.81% | +0.14% | -10.94% | |
| 11 | MEDP | Medpace Holdings Inc | 股票-醫療保健 | 1.79% | -0.02% | -5.08% | |
| 12 | CSL | Carlisle Cos Inc | 股票-工業 | 1.75% | -0.06% | -6.55% | |
| 13 | MKSI | Mks Inc | 股票-科技 | 1.69% | +0.72% | -5.60% | |
| 14 | LH | Labcorp Holdings Inc | 股票-醫療保健 | 1.52% | -0.03% | -5.44% | |
| 15 | DHR | Danaher CORP | 股票-醫療保健 | 1.43% | -0.14% | -1.47% | |
| 16 | V | Visa Inc-class A Shares | 股票-金融 | 1.43% | +0.11% | -2.92% | |
| 17 | WRB | Wr Berkley CORP | 股票-金融 | 1.39% | -0.07% | -5.82% | |
| 18 | TXN | Texas Instruments Inc | 股票-科技 | 1.35% | +0.59% | -6.54% | |
| 19 | WAT | Waters CORP | 股票-醫療保健 | 1.28% | +0.24% | -4.72% | |
| 20 | TDY | Teledyne Technologies Inc | 股票-科技 | 1.24% | -0.03% | -5.28% | |
| 21 | THO | Thor Industries Inc | 股票-循環性消費 | 1.23% | -0.17% | -5.31% | |
| 22 | KEYS | Keysight Technologies In | 股票-科技 | 1.21% | +0.18% | -9.09% | |
| 23 | SPHQ | Invesco S&p 500 Quality ETF | ETF-大型股與成長 | 1.18% | -0.19% | -5.98% | |
| 24 | ADI | Analog Devices Inc | 股票-科技 | 1.15% | +0.15% | -2.93% | |
| 25 | MSFT | Microsoft CORP | 股票-科技 | 1.10% | -0.02% | +16.05% | |
| 26 | BAM | Brookfield Asset Mgmt-a | 股票-金融 | 1.09% | -0.08% | -5.59% | |
| 27 | ANET | Arista Networks Inc | 股票-科技 | 1.07% | -0.68% | -2.25% | |
| 28 | MSA | Msa Safety Inc | 股票-工業 | 1.05% | +0.18% | — | |
| 29 | LOW | Lowe's Cos Inc | 股票-循環性消費 | 1.04% | -0.14% | -7.92% | |
| 30 | FERG | Ferguson Enterprises Inc | 股票-工業 | 1.02% | -0.07% | -10.23% | |
| 31 | LAD | Lithia Motors Inc | 股票-循環性消費 | 1.02% | +0.08% | -6.00% | |
| 32 | FWONK | Liberty Media Corp-formula-c | 股票-通訊服務 | 1.01% | -0.04% | -8.01% | |
| 33 | PH | Parker Hannifin CORP | 股票-工業 | 1.00% | — | -9.42% | |
| 34 | FND | Floor & Decor Holdings Inc-a | 股票-循環性消費 | 0.99% | +0.08% | -14.20% | |
| 35 | MC | Moelis & Co - Class A | 股票-金融 | 0.96% | +0.05% | -5.15% | |
| 36 | PGR | Progressive CORP | 股票-金融 | 0.96% | +0.02% | -7.62% | |
| 37 | A | Agilent Technologies Inc | 股票-醫療保健 | 0.95% | +0.14% | -6.79% | |
| 38 | AOS | Smith (a.o.) CORP | 股票-工業 | 0.93% | +0.17% | — | |
| 39 | ABG | Asbury Automotive Group | 股票-循環性消費 | 0.93% | -0.03% | -7.55% | |
| 40 | EXPD | Expeditors Intl Wash Inc | 股票-工業 | 0.90% | — | -3.88% | |
| 41 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.87% | +0.09% | -5.96% | |
| 42 | HON | Honeywell International Inc | 股票-工業 | 0.87% | -0.86% | EXIT | |
| 43 | JMBS | Janus Henderson Mortg Backed | ETF-其他 | 0.80% | -0.08% | -6.65% | |
| 44 | TECH | Bio-techne CORP | 股票-醫療保健 | 0.80% | +0.19% | +58.64% | |
| 45 | TJX | Tjx Companies Inc | 股票-循環性消費 | 0.79% | -0.08% | -6.33% | |
| 46 | BN | Brookfield CORP | 股票-金融 | 0.79% | -0.03% | +33.69% | |
| 47 | TTAN | Servicetitan Inc-a | 股票-科技 | 0.78% | -0.04% | — | |
| 48 | ACN | Accenture plc | 股票-科技 | 0.75% | -0.16% | -14.13% | |
| 49 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.75% | +0.17% | +3.50% | |
| 50 | MSTI | Madison Shrt Trm Str Inc ETF | ETF-其他 | 0.67% | -0.10% | -7.15% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +0.5% | -8.40% | 減碼 |
| 2 | HON | Honeywell International Inc | +0.5% | +145.95% | 加碼 |
| 3 | ROST | Ross Stores Inc | +0.4% | -5.38% | 減碼 |
| 4 | MDY | State Street Spdr S&p Midcap | +0.4% | +246.42% | 加碼 |
| 5 | MKSI | Mks Inc | +0.4% | -5.60% | 減碼 |
| 6 | TECH | Bio-techne CORP | +0.3% | +58.64% | 加碼 |
| 7 | WAT | Waters CORP | +0.3% | -4.72% | 減碼 |
| 8 | LLY | Eli Lilly & Co | +0.3% | +3.50% | 加碼 |
| 9 | DHR | Danaher CORP | +0.2% | -1.47% | 減碼 |
| 10 | QCOM | Qualcomm Inc | +0.2% | +85.73% | 加碼 |
| 11 | VFLO | Victoryshares Free Cash Flow | +0.2% | +336.63% | 加碼 |
| 12 | EXPD | Expeditors Intl Wash Inc | +0.2% | -3.88% | 減碼 |
| 13 | XOM | Exxon Mobil CORP | +0.1% | +60.59% | 加碼 |
| 14 | IJR | Ishares Core S&p Small-cap E | +0.1% | +55.59% | 加碼 |
| 15 | ACGL | Arch Capital Group Ltd. | +0.1% | -7.98% | 減碼 |
| 16 | ABG | Asbury Automotive Group | -0.1% | -7.55% | 減碼 |
| 17 | FERG | Ferguson Enterprises Inc | -0.1% | -10.23% | 減碼 |
| 18 | LOW | Lowe's Cos Inc | -0.1% | -7.92% | 減碼 |
| 19 | MRSH | Marsh & Mclennan Cos | -0.1% | -9.20% | 減碼 |
| 20 | CSL | Carlisle Cos Inc | -0.1% | -6.55% | 減碼 |
| 21 | ANET | Arista Networks Inc | -0.1% | -2.25% | 減碼 |
| 22 | BAM | Brookfield Asset Mgmt-a | -0.1% | -5.59% | 減碼 |
| 23 | FWONK | Liberty Media Corp-formula-c | -0.1% | -8.01% | 減碼 |
| 24 | KNSL | Kinsale Capital Group Inc | -0.1% | -12.02% | 減碼 |
| 25 | IT | Gartner Inc | -0.1% | -5.65% | 減碼 |
| 26 | TXN | Texas Instruments Inc | -0.1% | -6.54% | 減碼 |
| 27 | PGR | Progressive CORP | -0.1% | -7.62% | 減碼 |
| 28 | CMCSA | Comcast Corp-class A | -0.1% | -75.76% | 減碼 |
| 29 | WRB | Wr Berkley CORP | -0.2% | -5.82% | 減碼 |
| 30 | AMT | American Tower CORP | -0.2% | -74.08% | 減碼 |
| 31 | TDY | Teledyne Technologies Inc | -0.2% | -5.28% | 減碼 |
| 32 | ORCL | Oracle CORP | -0.2% | -22.34% | 減碼 |
| 33 | LH | Labcorp Holdings Inc | -0.2% | -5.44% | 減碼 |
| 34 | BRO | Brown & Brown Inc | -0.3% | -1.08% | 減碼 |
| 35 | LBRDK | Liberty Broadband-c | -0.3% | -11.01% | 減碼 |
| 36 | NKE | Nike Inc -cl B | -0.3% | -67.65% | 減碼 |
| 37 | FND | Floor & Decor Holdings Inc-a | -0.4% | -14.20% | 減碼 |
| 38 | CPRT | Copart Inc | -0.4% | -9.72% | 減碼 |
| 39 | CDW | Cdw Corp/de | -0.5% | -10.94% | 減碼 |
| 40 | FISV | Fiserv Inc | -0.7% | -85.14% | 減碼 |
| 41 | MCHP | Microchip Technology Inc | -1% | -89.72% | 減碼 |
| 42 | APH | Amphenol Corp-cl A | -1.3% | -45.11% | 減碼 |
| 43 | TREX | Trex Company Inc | — | EXIT | 清倉 |
| 44 | MSA | Msa Safety Inc | — | NEW | 新建倉 |
| 45 | AOS | Smith (a.o.) CORP | — | NEW | 新建倉 |
| 46 | TTAN | Servicetitan Inc-a | — | NEW | 新建倉 |
| 47 | WDAY | Workday Inc-class A | — | NEW | 新建倉 |
| 48 | EMLC | Vaneck JPM Em Local Curr Bnd | — | NEW | 新建倉 |
| 49 | CRM | Salesforce Inc | — | NEW | 新建倉 |
| 50 | SBGSY | Schneider Elect Se-unsp Adr | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Madison Asset Management, LLC 在 Q4 2025 季度的美股持倉總市值約為 US$83.9億，共申報了 341 個公開持股部位。
在 Q4 2025 季度，Madison Asset Management, LLC 按市值排列的前三大核心持股分別為：ACGL (4.8%)、ROST (3.1%)、PCAR (2.9%)。其中最大持股部位 ACGL 佔據整體投資組合約 4.8% 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
MSA
市值: US$9099.9萬
本季最大獲利了結 / 清倉標的
TREX
前期市值: US$9781.5萬
在 Q4 2025 季度中，Madison Asset Management, LLC 共進行了 50 項持倉異動，包含新建倉 7 個部位、加碼 8 個部位、減碼 34 個部位以及清倉 1 個部位。 其中最大新建倉標的為 MSA。 本季清倉部位包含 TREX。
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。