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: 0001213206
申報總市值
US$4.9億
US$4.9億
166 檔
23.1%
截至 Q2 2025 季度末，Marathon Capital Management 的美股持倉估值約為 US$4.9億，全數申報部位共有 166 檔。
Marathon Capital Management 在 Q2 2025 進行了結構性的板塊輪動與部位換股。在開立 11 個全新部位及加碼 12 檔持股的同時，亦同步清倉 7 檔並減碼 20 檔標的。
整體而言，Marathon Capital Management 的前 5 大持股（包含 TROW, MSFT, AZNN）貢獻了組合市值的 23.1%，形成該機構在 Q2 2025 季度的基本面基石。
| # | 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 | TROW | T Rowe Price Group Inc | 股票-金融 | 17.40% | +0.43% | -5.37% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 3.10% | -0.09% | -9.58% | |
| 3 | AZNN | Astrazeneca Plc-spons Adr | 股票-其他 | 2.91% | — | -1.75% | |
| 4 | GLW | Corning Inc | 股票-科技 | 2.81% | +1.60% | -2.05% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 2.79% | -0.29% | -4.62% | |
| 6 | QCOM | Qualcomm Inc | 股票-科技 | 2.46% | -0.69% | +11.45% | |
| 7 | IBM | Intl Business Machines CORP | 股票-科技 | 2.39% | +0.09% | -0.20% | |
| 8 | CVX | Chevron CORP | 股票-能源 | 2.21% | -0.89% | -1.99% | |
| 9 | MET | Metlife Inc | 股票-金融 | 2.19% | +0.12% | -1.98% | |
| 10 | FANG | Diamondback Energy Inc | 股票-能源 | 2.12% | -0.56% | +3.22% | |
| 11 | VYMI | Vanguard Int High Dvd Yld In | ETF-其他 | 2.08% | -0.13% | +2833.30% | |
| 12 | CPA | Copa Holdings, S.A. | 股票-其他 | 2.04% | +0.03% | -1.03% | |
| 13 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.02% | +0.24% | +1.41% | |
| 14 | FIS | Fidelity National Info Serv | 股票-科技 | 1.88% | -0.33% | +0.55% | |
| 15 | ALSN | Allison Transmission Holding | 股票-循環性消費 | 1.83% | -0.25% | -1.00% | |
| 16 | BLDR | Builders Firstsource Inc | 股票-工業 | 1.72% | +0.26% | — | |
| 17 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.70% | +0.12% | -0.92% | |
| 18 | O | Realty Income CORP | 股票-房地產 | 1.61% | -0.14% | -0.76% | |
| 19 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.57% | +0.01% | -1.85% | |
| 20 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.40% | -0.25% | -1.41% | |
| 21 | WTW | Willis Towers Watson Public Limited Company | 股票-金融 | 1.32% | -0.21% | -11.48% | |
| 22 | ADMA | Adma Biologics Inc | 股票-醫療保健 | 1.32% | -0.37% | +82.88% | |
| 23 | CALX | Calix Inc | 股票-科技 | 1.31% | -0.27% | -15.52% | |
| 24 | ANIP | Ani Pharmaceuticals Inc | 股票-其他 | 1.20% | -0.04% | +4.09% | |
| 25 | DHR | Danaher CORP | 股票-醫療保健 | 1.18% | +0.03% | +30.82% | |
| 26 | DOC | Healthpeak Properties Inc | 股票-房地產 | 1.18% | -0.01% | — | |
| 27 | TTI | Tetra Technologies Inc | 股票-其他 | 1.15% | +0.34% | -5.80% | |
| 28 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.14% | -0.10% | -0.72% | |
| 29 | SLB | Slb LTD | 股票-能源 | 1.14% | -0.29% | +4.33% | |
| 30 | ACA | Arcosa Inc | 股票-工業 | 1.05% | +0.25% | -0.58% | |
| 31 | SYM | Symbotic Inc | 股票-工業 | 1.05% | +0.18% | -2.00% | |
| 32 | CEF | Sprott Physical Gold And Sil | 股票-其他 | 1.01% | -0.31% | -10.36% | |
| 33 | ARCC | Ares Capital CORP | 股票-金融 | 0.90% | -0.55% | -1.09% | |
| 34 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-政府公債 | 0.89% | -0.11% | +66.86% | |
| 35 | GLD | Spdr Gold Shares | ETF-避險與商品 | 0.88% | -0.21% | -0.91% | |
| 36 | ZETA | Zeta Global Holdings Corp-a | 股票-科技 | 0.88% | +0.13% | -9.16% | |
| 37 | NPKI | Npk International Inc | 股票-其他 | 0.86% | -0.02% | -4.36% | |
| 38 | CB | Chubb Limited | 股票-金融 | 0.79% | -0.08% | -1.60% | |
| 39 | B | Barrick Mining CORP | 股票-原物料 | 0.78% | -0.19% | — | |
| 40 | CECO | Ceco Environmental CORP | 股票-其他 | 0.75% | +0.43% | +6.08% | |
| 41 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.70% | -0.03% | -1.38% | |
| 42 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.68% | -0.05% | -0.07% | |
| 43 | ATEC | Alphatec Holdings Inc | 股票-其他 | 0.65% | -0.15% | -3.10% | |
| 44 | PFE | Pfizer Inc | 股票-醫療保健 | 0.61% | -0.02% | -4.73% | |
| 45 | ENPH | Enphase Energy Inc | 股票-科技 | 0.56% | +0.08% | -4.72% | |
| 46 | DAR | Darling Ingredients Inc | 股票-非循環性消費 | 0.55% | -0.08% | +27.27% | |
| 47 | TRGP | Targa Resources CORP | 股票-能源 | 0.53% | -0.08% | — | |
| 48 | HDSN | Hudson Technologies Inc | 股票-其他 | 0.52% | -0.03% | -34.82% | |
| 49 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.51% | +0.08% | +21.17% | |
| 50 | KRNT | Kornit Digital Ltd. | 股票-其他 | 0.47% | — | -7.04% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | VYMI | Vanguard Int High Dvd Yld In | +2% | +2833.30% | 加碼 |
| 2 | BLDR | Builders Firstsource Inc | +1.7% | NEW | 新建倉 |
| 3 | DOC | Healthpeak Properties Inc | +1.2% | NEW | 新建倉 |
| 4 | B | Barrick Mining CORP | +0.8% | NEW | 新建倉 |
| 5 | ADMA | Adma Biologics Inc | +0.5% | +82.88% | 加碼 |
| 6 | SYM | Symbotic Inc | +0.5% | -2.00% | 減碼 |
| 7 | MSFT | Microsoft CORP | +0.4% | -9.58% | 減碼 |
| 8 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.3% | +66.86% | 加碼 |
| 9 | GDX | Vaneck Gold Miners ETF | +0.3% | NEW | 新建倉 |
| 10 | IBM | Intl Business Machines CORP | +0.3% | -0.20% | 減碼 |
| 11 | PAR | Par Technology Corp/del | +0.3% | NEW | 新建倉 |
| 12 | QCOM | Qualcomm Inc | +0.2% | +11.45% | 加碼 |
| 13 | CPA | Copa Holdings, S.A. | +0.2% | -1.03% | 減碼 |
| 14 | CALX | Calix Inc | +0.2% | -15.52% | 減碼 |
| 15 | GEHC | GE Healthcare Technology | +0.2% | NEW | 新建倉 |
| 16 | NPKI | Npk International Inc | +0.2% | -4.36% | 減碼 |
| 17 | GLW | Corning Inc | +0.2% | -2.05% | 減碼 |
| 18 | DHR | Danaher CORP | +0.2% | +30.82% | 加碼 |
| 19 | GOOG | Alphabet Inc-cl C | +0.2% | +1.41% | 加碼 |
| 20 | DAR | Darling Ingredients Inc | +0.2% | +27.27% | 加碼 |
| 21 | SRPT | Sarepta Therapeutics Inc | +0.2% | NEW | 新建倉 |
| 22 | CECO | Ceco Environmental CORP | +0.2% | +6.08% | 加碼 |
| 23 | JPM | Jpmorgan Chase & Co | +0.2% | -1.85% | 減碼 |
| 24 | AMZN | Amazon.com Inc | +0.2% | -0.92% | 減碼 |
| 25 | CRBG | Corebridge Financial Inc | +0.1% | NEW | 新建倉 |
| 26 | PCH | Potlatchdeltic CORP | +0.1% | NEW | 新建倉 |
| 27 | MU | Micron Technology Inc | +0.1% | +11.56% | 加碼 |
| 28 | XRAY | Dentsply Sirona Inc | +0.1% | NEW | 新建倉 |
| 29 | RIO | Rio Tinto Plc-spon Adr | +0.1% | NEW | 新建倉 |
| 30 | FIS | Fidelity National Info Serv | +0.1% | +0.55% | 加碼 |
| 31 | ACA | Arcosa Inc | +0.1% | -0.58% | 減碼 |
| 32 | QTRX | Quanterix CORP | -0.1% | EXIT | 清倉 |
| 33 | MRK | Merck & Co. Inc. | -0.1% | -1.38% | 減碼 |
| 34 | SPARUSD | Shyft Group Inc/the | -0.2% | EXIT | 清倉 |
| 35 | JNJ | Johnson & Johnson | -0.2% | -0.72% | 減碼 |
| 36 | RIG | Transocean Ltd. | -0.2% | EXIT | 清倉 |
| 37 | DCGO | Docgo Inc | -0.2% | EXIT | 清倉 |
| 38 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -1.41% | 減碼 |
| 39 | SLB | Slb LTD | -0.3% | +4.33% | 加碼 |
| 40 | AZNN | Astrazeneca Plc-spons Adr | -0.4% | -1.75% | 減碼 |
| 41 | FANG | Diamondback Energy Inc | -0.4% | +3.22% | 加碼 |
| 42 | WTW | Willis Towers Watson Public Limited Company | -0.4% | -11.48% | 減碼 |
| 43 | ENPH | Enphase Energy Inc | -0.4% | -4.72% | 減碼 |
| 44 | AAPL | Apple Inc | -0.5% | -4.62% | 減碼 |
| 45 | CVX | Chevron CORP | -0.6% | -1.99% | 減碼 |
| 46 | ABX | Barrick Gold CORP | -0.7% | EXIT | 清倉 |
| 47 | TROW | T Rowe Price Group Inc | -0.9% | -5.37% | 減碼 |
| 48 | LULU | Lululemon Athletica Inc | -1.3% | EXIT | 清倉 |
| 49 | DOW | Dow Inc | -1.4% | EXIT | 清倉 |
| 50 | HLMN | Hillman Solutions CORP | -1.4% | -85.51% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Marathon Capital Management 在 Q2 2025 季度的美股持倉總市值約為 US$4.9億，共申報了 166 個公開持股部位。
在 Q2 2025 季度，Marathon Capital Management 按市值排列的前三大核心持股分別為：TROW (17.4%)、MSFT (3.1%)、AZNN (2.9%)。其中最大持股部位 TROW 佔據整體投資組合約 17.4% 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
BLDR
市值: US$673.6萬
本季最大獲利了結 / 清倉標的
DOW
前期市值: US$520.4萬
在 Q2 2025 季度中，Marathon Capital Management 共進行了 50 項持倉異動，包含新建倉 11 個部位、加碼 12 個部位、減碼 20 個部位以及清倉 7 個部位。 其中最大新建倉標的為 BLDR。 本季清倉部位包含 DOW。
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。