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: 0001273087
申報總市值
US$2762.9億
US$2762.9億
4328 檔
15.5%
在 Q4 2025 的 13F 官方備案中，Millennium Management LLC 管理的美股投資組合規模來到 US$2762.9億，整體持股檔數為 4328 檔。
在 Q4 2025 期間，Millennium Management LLC 展現了靈活的資產再平衡步調，透過出清 9 檔弱勢或達到目標價部位，將資金轉置於 1 檔新建倉標的之中。
在資產配置集中度方面，Millennium Management LLC 的前 5 大核心持股（包含 IWM, IVV, NVDA 等）合計佔整體申報市值的 15.5%，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 4328 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 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 4.86% | -0.20% | +2.24% | |
| 2 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 4.17% | +0.40% | +93.28% | |
| 3 | NVDA | Nvidia CORP | 股票-科技 | 3.55% | +0.25% | -21.63% | |
| 4 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 3.35% | +0.23% | -9.87% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 2.12% | -0.42% | -12.53% | |
| 6 | WMT | Walmart Inc | 股票-非循環性消費 | 2.02% | -0.06% | +679.22% | |
| 7 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 1.98% | +2.43% | +111.87% | |
| 8 | MSFT | Microsoft CORP | 股票-科技 | 1.65% | -0.13% | -34.82% | |
| 9 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.58% | +0.03% | -13.66% | |
| 10 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.57% | -0.40% | +8.94% | |
| 11 | AVGO | Broadcom Inc | 股票-科技 | 1.34% | -0.09% | +35.00% | |
| 12 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.30% | -0.20% | -3.80% | |
| 13 | TSLA | Tesla Inc | 股票-循環性消費 | 0.92% | -0.36% | -24.18% | |
| 14 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.87% | -0.13% | -2.09% | |
| 15 | XLF | Ss Financial Select Sector | ETF-其他 | 0.82% | -0.50% | -10.10% | |
| 16 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 0.77% | -0.19% | +64.44% | |
| 17 | AMD | Advanced Micro Devices | 股票-科技 | 0.57% | +0.88% | -17.23% | |
| 18 | EEM | Ishares Msci Emerging Market | ETF-新興市場 | 0.53% | -0.04% | -40.85% | |
| 19 | XLE | Ss Energy Select Sector | ETF-其他 | 0.51% | -0.17% | +47.62% | |
| 20 | NSC | Norfolk Southern CORP | 股票-工業 | 0.51% | +0.04% | +56.30% | |
| 21 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 0.50% | -0.14% | -35.98% | |
| 22 | BSX | Boston Scientific CORP | 股票-醫療保健 | 0.48% | -0.05% | +40.60% | |
| 23 | WBD | Warner Bros Discovery Inc | 股票-通訊服務 | 0.47% | +0.01% | +228.65% | |
| 24 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.44% | -0.03% | +11.79% | |
| 25 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.44% | -0.01% | +9.33% | |
| 26 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 0.42% | -0.13% | +315.14% | |
| 27 | MU | Micron Technology Inc | 股票-科技 | 0.40% | +1.14% | +29.26% | |
| 28 | WDC 3 11-15-28債券 | Western Digital CORP | 債券 | 0.39% | -0.26% | +10.61% | |
| 29 | ✓ | Cyberark Software LTD. Cmn | 股票-其他 | 0.38% | — | +106.28% | |
| 30 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 0.38% | -0.01% | +7.68% | |
| 31 | MA | Mastercard Inc - A | 股票-金融 | 0.38% | -0.13% | +15.74% | |
| 32 | V | Visa Inc-class A Shares | 股票-金融 | 0.38% | -0.06% | +3.65% | |
| 33 | EA | Electronic Arts Inc | 股票-通訊服務 | 0.38% | -0.07% | +282.45% | |
| 34 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.37% | -0.09% | +167.38% | |
| 35 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.37% | -0.06% | +14.06% | |
| 36 | NFLX | Netflix Inc | 股票-通訊服務 | 0.37% | -0.18% | +759.55% | |
| 37 | ORCL | Oracle CORP | 股票-科技 | 0.36% | +0.01% | +158.85% | |
| 38 | XOM | Exxon Mobil CORP | 股票-能源 | 0.35% | -0.57% | -6.29% | |
| 39 | MRVL | Marvell Technology Inc | 股票-科技 | 0.33% | -0.04% | +179.29% | |
| 40 | XLY | Ss Consumer Disc Select Sect | ETF-其他 | 0.33% | -0.07% | +87.35% | |
| 41 | BLK | Blackrock Inc | 股票-金融 | 0.30% | -0.10% | +55.10% | |
| 42 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.29% | -0.06% | -27.03% | |
| 43 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.29% | +0.06% | +57.56% | |
| 44 | SMH | Vaneck Semiconductor ETF | ETF-其他 | 0.29% | +0.48% | +27.85% | |
| 45 | SPGI | S&p Global Inc | 股票-金融 | 0.29% | -0.15% | +53.51% | |
| 46 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.28% | -0.04% | +36.88% | |
| 47 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 0.27% | -0.15% | +55.33% | |
| 48 | NVT | nVent Electric plc | 股票-工業 | 0.27% | -0.13% | +24.56% | |
| 49 | HD | Home Depot Inc | 股票-循環性消費 | 0.26% | -0.13% | +26.13% | |
| 50 | GM | General Motors Co | 股票-循環性消費 | 0.26% | -0.05% | -9.82% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | +2% | +93.28% | 加碼 |
| 2 | WMT | Walmart Inc | +1.8% | +679.22% | 加碼 |
| 3 | SPY | Ss Spdr S&p 500 ETF Trust-us | +1.1% | +111.87% | 加碼 |
| 4 | AVGO | Broadcom Inc | +0.4% | +35.00% | 加碼 |
| 5 | WBD | Warner Bros Discovery Inc | +0.4% | +228.65% | 加碼 |
| 6 | ISRG | Intuitive Surgical Inc | +0.3% | +315.14% | 加碼 |
| 7 | EA | Electronic Arts Inc | +0.3% | +282.45% | 加碼 |
| 8 | MRK | Merck & Co. Inc. | +0.3% | +167.38% | 加碼 |
| 9 | GOOGL | Alphabet Inc-cl A | +0.2% | -3.80% | 減碼 |
| 10 | MU | Micron Technology Inc | +0.2% | +29.26% | 加碼 |
| 11 | MRVL | Marvell Technology Inc | +0.2% | +179.29% | 加碼 |
| 12 | ✓ | Cyberark Software LTD. Cmn | +0.2% | +106.28% | 加碼 |
| 13 | GOOG | Alphabet Inc-cl C | +0.2% | -2.09% | 減碼 |
| 14 | NSC | Norfolk Southern CORP | +0.2% | +56.30% | 加碼 |
| 15 | ORCL | Oracle CORP | +0.2% | +158.85% | 加碼 |
| 16 | IBIT | Ishares Bitcoin Trust ETF | +0.2% | +64.44% | 加碼 |
| 17 | LLY | Eli Lilly & Co | +0.2% | +9.33% | 加碼 |
| 18 | STT | State Street CORP | +0.2% | +1326.56% | 加碼 |
| 19 | EW | Edwards Lifesciences CORP | +0.2% | +159.31% | 加碼 |
| 20 | WDC 3 11-15-28債券 | Western Digital CORP | +0.1% | +10.61% | 加碼 |
| 21 | KVUE | Kenvue Inc | +0.1% | +293.38% | 加碼 |
| 22 | BSX | Boston Scientific CORP | +0.1% | +40.60% | 加碼 |
| 23 | STX 3.5 06-01-28債券 | Seagate Hdd Cayman | +0.1% | +514.29% | 加碼 |
| 24 | IWM | Ishares Russell 2000 ETF | +0.1% | +2.24% | 加碼 |
| 25 | DHR | Danaher CORP | +0.1% | +101.63% | 加碼 |
| 26 | IFF | Intl Flavors & Fragrances | +0.1% | +2114.18% | 加碼 |
| 27 | SPGI | S&p Global Inc | +0.1% | +53.51% | 加碼 |
| 28 | URI | United Rentals Inc | +0.1% | +290.81% | 加碼 |
| 29 | EXK | Exact Sciences CORP | +0.1% | +60.15% | 加碼 |
| 30 | FCX | Freeport-mcmoran Inc | +0.1% | +7.68% | 加碼 |
| 31 | LITE 1.5 12-15-29債券 | Lumentum Holdings Inc | +0.1% | +185.38% | 加碼 |
| 32 | BALL | Ball CORP | +0.1% | +475.40% | 加碼 |
| 33 | DTE | Dte Energy Company | +0.1% | +227.40% | 加碼 |
| 34 | JNJ | Johnson & Johnson | +0.1% | +36.88% | 加碼 |
| 35 | SNDK | Sandisk CORP | +0.1% | +31.19% | 加碼 |
| 36 | UNH | Unitedhealth Group Inc | +0.1% | +57.56% | 加碼 |
| 37 | CMCSA | Comcast Corp-class A | +0.1% | +139.16% | 加碼 |
| 38 | BLK | Blackrock Inc | +0.1% | +55.10% | 加碼 |
| 39 | WAT | Waters CORP | +0.1% | +2281.68% | 加碼 |
| 40 | SMH | Vaneck Semiconductor ETF | +0.1% | +27.85% | 加碼 |
| 41 | BKNG | Booking Holdings Inc | +0.1% | +97.36% | 加碼 |
| 42 | SLV | Ishares Silver Trust | +0.1% | +266.22% | 加碼 |
| 43 | OTIS | Otis Worldwide CORP | +0.1% | +1046.98% | 加碼 |
| 44 | DAR | Darling Ingredients Inc | +0.1% | +407.52% | 加碼 |
| 45 | AMAT | Applied Materials Inc | +0.1% | +14.22% | 加碼 |
| 46 | LITE 0.5 06-15-28債券 | Lumentum Holdings Inc | +0.1% | +198.88% | 加碼 |
| 47 | D | Dominion Energy Inc | +0.1% | +712.73% | 加碼 |
| 48 | RAL | Ralliant CORP | +0.1% | +172.44% | 加碼 |
| 49 | VRT | Vertiv Holdings Co-a | +0.1% | +119.57% | 加碼 |
| 50 | REGN | Regeneron Pharmaceuticals | +0.1% | +63.46% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Millennium Management LLC 在 Q4 2025 季度的美股持倉總市值約為 US$2762.9億，共申報了 4328 個公開持股部位。
在 Q4 2025 季度，Millennium Management LLC 按市值排列的前三大核心持股分別為：IWM (4.9%)、IVV (4.2%)、NVDA (3.5%)。其中最大持股部位 IWM 佔據整體投資組合約 4.9% 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
IWB
市值: US$1.7億
本季最大獲利了結 / 清倉標的
KEL
前期市值: US$3.8億
在 Q4 2025 季度中，Millennium Management LLC 共進行了 200 項持倉異動，包含新建倉 1 個部位、加碼 92 個部位、減碼 98 個部位以及清倉 9 個部位。 其中最大新建倉標的為 IWB。 本季清倉部位包含 KEL。
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。