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: 0001096978
申報總市值
US$4.6億
US$4.6億
101 檔
133.1%
在 Q4 2025 申報期間，Mariner Investment Group LLC（CIK: 0001096978）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$4.6億，共持有 101 個公開申報部位。
Mariner Investment Group LLC 於 Q4 2025 展現出進攻型調倉步調，本季推動了 47 檔股票的新建倉與 23 檔既有部位加碼，整體資金傾向擴大在美股市場的曝險佈局。
從部位權重觀察，前 5 大標的（包含 MSFT, LRCX, GOOG）累計市值佔比達 133.1%，是驅動 Mariner Investment Group LLC 該季度整體投資組合績效表現的核心支柱。
| # | 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 | MSFT | Microsoft CORP | 股票-科技 | 9.71% | — | — | |
| 2 | LRCX | Lam Research CORP | 股票-科技 | 7.36% | — | — | |
| 3 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 6.41% | — | — | |
| 4 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 6.29% | — | — | |
| 5 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 6.22% | -12.27% | +6.52% | |
| 6 | CSCO | Cisco Systems Inc | 股票-科技 | 6.17% | +0.13% | NEW | |
| 7 | ASML | ASML Holding N.V. | 股票-科技 | 5.81% | — | — | |
| 8 | TXN | Texas Instruments Inc | 股票-科技 | 5.66% | — | — | |
| 9 | NVDA | Nvidia CORP | 股票-科技 | 5.41% | — | +397.00% | |
| 10 | LIN | Linde plc | 股票-原物料 | 4.98% | — | — | |
| 11 | INTC | Intel CORP | 股票-科技 | 4.74% | — | — | |
| 12 | HON | Honeywell International Inc | 股票-工業 | 4.47% | — | — | |
| 13 | AAPL | Apple Inc | 股票-科技 | 3.94% | — | — | |
| 14 | MA | Mastercard Inc - A | 股票-金融 | 3.33% | — | — | |
| 15 | CTAS | Cintas CORP | 股票-工業 | 2.95% | — | — | |
| 16 | MCD | Mcdonald's CORP | 股票-循環性消費 | 2.91% | +0.08% | — | |
| 17 | LOW | Lowe's Cos Inc | 股票-循環性消費 | 1.42% | — | — | |
| 18 | BABA 0.5 06-01-31債券 | Alibaba Group Holding | 債券 | 1.36% | -2.39% | +200.00% | |
| 19 | F 0 03-15-26債券 | Ford Motor Company | 債券 | 1.22% | — | +100.00% | |
| 20 | IGLB | Ishares 10+ Year Inv Gr CORP | ETF-其他 | 1.18% | — | — | |
| 21 | FLR 1.125 08-15-29債券 | Fluor CORP | 債券 | 1.01% | -1.77% | +196.08% | |
| 22 | NEE 3 03-01-27債券 | Nextera Energy Capital | 債券 | 0.73% | — | — | |
| 23 | ON 0.5 03-01-29債券 | On Semiconductor CORP | 債券 | 0.55% | -3.41% | +100.00% | |
| 24 | RITM | Rithm Capital CORP | 股票-房地產 | 0.55% | -0.95% | -10.90% | |
| 25 | FOUR | Shift4 Payments Inc-class A | 股票-科技 | 0.46% | -1.35% | +177.78% | |
| 26 | SNOW 0 10-01-27債券 | Snowflake Inc | 債券 | 0.43% | -5.13% | EXIT | |
| 27 | LYV 3.125 01-15-29債券 | Live Nation Entertainmen | 債券 | 0.42% | -2.20% | EXIT | |
| 28 | DUK | Duke Energy CORP | 股票-公用事業 | 0.35% | — | +17.31% | |
| 29 | LYV 2.875 01-15-30債券 | Live Nation Entertainmen | 債券 | 0.31% | -0.27% | — | |
| 30 | JFR | Nuveen Floating Rate Income | 股票-其他 | 0.29% | — | -71.93% | |
| 31 | ETR | Entergy CORP | 股票-公用事業 | 0.24% | -0.31% | — | |
| 32 | RWT | Redwood Trust Inc | 股票-其他 | 0.24% | -0.33% | -12.04% | |
| 33 | LECO | Lincoln Electric Holdings | 股票-工業 | 0.22% | +0.47% | +6.67% | |
| 34 | AERO | Grupo Aeromexico Sab De Cv | 股票-其他 | 0.22% | -0.03% | — | |
| 35 | CIM | Chimera Investment CORP | 股票-其他 | 0.21% | -0.28% | +152.17% | |
| 36 | MTZ | Mastec Inc | 股票-工業 | 0.18% | +0.16% | +806.25% | |
| 37 | WMB | Williams Cos Inc | 股票-能源 | 0.17% | -0.10% | +116.67% | |
| 38 | TLN | Talen Energy CORP | 股票-公用事業 | 0.11% | -0.12% | EXIT | |
| 39 | FIX | Comfort Systems USA Inc | 股票-工業 | 0.11% | +0.32% | NEW | |
| 40 | RWT 7.75 06-15-27債券 | Redwood Trust Inc | 債券 | 0.10% | -0.14% | -45.45% | |
| 41 | RRC | Range Resources CORP | 股票-能源 | 0.10% | -0.15% | -41.33% | |
| 42 | RDFN 0.5 04-01-27債券 | Redfin CORP | 債券 | 0.09% | -0.12% | — | |
| 43 | FERG | Ferguson Enterprises Inc | 股票-工業 | 0.08% | +0.62% | NEW | |
| 44 | AR | Antero Resources CORP | 股票-能源 | 0.08% | — | -23.00% | |
| 45 | LYB | LyondellBasell Industries N.V. | 股票-原物料 | 0.08% | -0.03% | EXIT | |
| 46 | CMCSA | Comcast Corp-class A | 股票-通訊服務 | 0.08% | — | +35.42% | |
| 47 | EQT | Eqt CORP | 股票-能源 | 0.06% | -0.14% | — | |
| 48 | PMT 8.5 06-01-29債券 | Pennymac CORP | 債券 | 0.06% | +0.14% | — | |
| 49 | DY | Dycom Industries Inc | 股票-工業 | 0.06% | — | — | |
| 50 | VST | Vistra CORP | 股票-公用事業 | 0.06% | -0.01% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +5.4% | +397.00% | 加碼 |
| 2 | MTZ | Mastec Inc | +0.1% | +806.25% | 加碼 |
| 3 | AR | Antero Resources CORP | +0.1% | -23.00% | 減碼 |
| 4 | CMCSA | Comcast Corp-class A | 0% | +35.42% | 加碼 |
| 5 | BRLSW | Oxus Acquisition CORP -cw23 | — | — | 不變 |
| 6 | BSLKW | Golden Arrow Merger A -cw26 | — | — | 不變 |
| 7 | CYCUW | Cycurion Inc-cw27 | — | — | 不變 |
| 8 | FERG | Ferguson Enterprises Inc | 0% | -91.43% | 減碼 |
| 9 | POST | Post Holdings Inc | 0% | +50.00% | 加碼 |
| 10 | DOCS | Doximity Inc-class A | 0% | -0.25% | 減碼 |
| 11 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | 0% | +195.91% | 加碼 |
| 12 | OLN | Olin CORP | 0% | +100.00% | 加碼 |
| 13 | IGV | Ishares Expanded Tech-softwa | 0% | — | 不變 |
| 14 | OKE | Oneok Inc | 0% | +100.00% | 加碼 |
| 15 | XPRO | Expro Group Holdings N.V. | -0.1% | — | 不變 |
| 16 | CRWV | Coreweave Inc-cl A | -0.1% | +1250.00% | 加碼 |
| 17 | VMC | Vulcan Materials Co | -0.1% | — | 不變 |
| 18 | NE | Noble Corporation plc | -0.1% | — | 不變 |
| 19 | CCOI | Cogent Communications Holdin | -0.1% | — | 不變 |
| 20 | FSK | Fs Kkr Capital CORP | -0.1% | +112.50% | 加碼 |
| 21 | MLM | Martin Marietta Materials | -0.1% | — | 不變 |
| 22 | LUMN | Lumen Technologies Inc | -0.1% | — | 不變 |
| 23 | BLDR | Builders Firstsource Inc | -0.1% | — | 不變 |
| 24 | KR | Kroger Co | -0.2% | +50.00% | 加碼 |
| 25 | RRC | Range Resources CORP | -0.2% | -41.33% | 減碼 |
| 26 | LYB | LyondellBasell Industries N.V. | -0.2% | +150.00% | 加碼 |
| 27 | VMI | Valmont Industries | -0.2% | — | 不變 |
| 28 | DOW | Dow Inc | -0.2% | +26.87% | 加碼 |
| 29 | WOLF | Wolfspeed Inc | -0.2% | -20.00% | 減碼 |
| 30 | GLW | Corning Inc | -0.2% | — | 不變 |
| 31 | CC | Chemours Co/the | -0.2% | — | 不變 |
| 32 | CIM | Chimera Investment CORP | -0.3% | +152.17% | 加碼 |
| 33 | PMT 8.5 06-01-29債券 | Pennymac CORP | -0.3% | — | 不變 |
| 34 | EIM | Eaton Vance Municipal Bond | -0.3% | -89.58% | 減碼 |
| 35 | RDFN 0.5 04-01-27債券 | Redfin CORP | -0.4% | — | 不變 |
| 36 | FOUR | Shift4 Payments Inc-class A | -0.6% | +177.78% | 加碼 |
| 37 | WMB | Williams Cos Inc | -0.6% | +116.67% | 加碼 |
| 38 | CEG | Constellation Energy | -0.8% | +270.37% | 加碼 |
| 39 | FLR 1.125 08-15-29債券 | Fluor CORP | -0.8% | +196.08% | 加碼 |
| 40 | ON 0.5 03-01-29債券 | On Semiconductor CORP | -0.9% | +100.00% | 加碼 |
| 41 | LECO | Lincoln Electric Holdings | -0.9% | +6.67% | 加碼 |
| 42 | RWT 7.75 06-15-27債券 | Redwood Trust Inc | -0.9% | -45.45% | 減碼 |
| 43 | VST | Vistra CORP | -0.9% | -38.46% | 減碼 |
| 44 | ETR | Entergy CORP | -1% | — | 不變 |
| 45 | DUK | Duke Energy CORP | -1.2% | +17.31% | 加碼 |
| 46 | RWT | Redwood Trust Inc | -1.2% | -12.04% | 減碼 |
| 47 | BABA 0.5 06-01-31債券 | Alibaba Group Holding | -1.4% | +200.00% | 加碼 |
| 48 | F 0 03-15-26債券 | Ford Motor Company | -1.9% | +100.00% | 加碼 |
| 49 | SNOW 0 10-01-27債券 | Snowflake Inc | -1.9% | — | 不變 |
| 50 | RITM | Rithm Capital CORP | -2.8% | -10.90% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Mariner Investment Group LLC 在 Q4 2025 季度的美股持倉總市值約為 US$4.6億，共申報了 101 個公開持股部位。
在 Q4 2025 季度，Mariner Investment Group LLC 按市值排列的前三大核心持股分別為：MSFT (9.7%)、LRCX (7.4%)、GOOG (6.4%)。其中最大持股部位 MSFT 佔據整體投資組合約 9.7% 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
MSFT
市值: US$1.7億
本季最大獲利了結 / 清倉標的
LQD
前期市值: US$2095.6萬
在 Q4 2025 季度中，Mariner Investment Group LLC 共進行了 97 項持倉異動，包含新建倉 47 個部位、加碼 23 個部位、減碼 12 個部位以及清倉 15 個部位。 其中最大新建倉標的為 MSFT。 本季清倉部位包含 LQD。
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。