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: 0001673385
申報總市值
US$16.2億
US$16.2億
327 檔
29.4%
Morningstar Investment Management LLC 在 Q4 2025 季度的美股部位總計估值為 US$16.2億，分散於 327 個持倉標的之中，反映其市場參與廣度與投資規模。
從 Q4 2025 申報觀察，Morningstar Investment Management LLC 採取防禦導向的調倉策略，本季減碼 28 檔個股並出清 21 檔部位，顯示機構在該時期進行風險控制與流動性回收。
從部位權重觀察，前 5 大標的（包含 GOVT, VTI, AAPL）累計市值佔比達 29.4%，是驅動 Morningstar Investment Management LLC 該季度整體投資組合績效表現的核心支柱。
僅顯示前 200 大持股（共 327 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 | GOVT | Ishares US Treasury Bond ETF | ETF-政府公債 | 14.55% | -0.06% | — | |
| 2 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 4.22% | -0.01% | -2.74% | |
| 3 | AAPL | Apple Inc | 股票-科技 | 3.33% | -0.01% | -32.87% | |
| 4 | MSFT | Microsoft CORP | 股票-科技 | 3.22% | -0.02% | -30.93% | |
| 5 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.81% | -0.01% | -18.82% | |
| 6 | SPSM | Ss Spdr P S&p 600 Small Cap | ETF-中小型股 | 2.80% | -0.01% | +1.77% | |
| 7 | SCHO | Schwab Short-term US Treas | ETF-其他 | 2.48% | -0.01% | — | |
| 8 | NVDA | Nvidia CORP | 股票-科技 | 2.43% | -0.01% | -61.40% | |
| 9 | SLYV | Ss Spdr S&p 600 Sc Val ETF | ETF-其他 | 2.08% | -0.01% | -3.55% | |
| 10 | BNDX | Vanguard Total Intl Bond ETF | ETF-其他 | 1.63% | -0.01% | +9.51% | |
| 11 | FNDE | Schwab Fndmntl Em Mrk Eq ETF | ETF-其他 | 1.49% | — | +7.34% | |
| 12 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.40% | -0.01% | -48.30% | |
| 13 | FTEC | Fidelity Msci Info Tech Indx | ETF-科技型 | 1.26% | -0.01% | -13.78% | |
| 14 | KXI | Ishares Global Consumer Stap | ETF-其他 | 1.12% | — | — | |
| 15 | V | Visa Inc-class A Shares | 股票-金融 | 1.10% | -0.01% | -46.72% | |
| 16 | ICSH | Ishares Ultra Short Duration | ETF-其他 | 0.84% | — | +2.29% | |
| 17 | BLK | Blackrock Inc | 股票-金融 | 0.81% | — | -27.93% | |
| 18 | MA | Mastercard Inc - A | 股票-金融 | 0.80% | — | -0.68% | |
| 19 | VHT | Vanguard Health Care ETF | ETF-其他 | 0.78% | — | -10.36% | |
| 20 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.71% | — | -71.15% | |
| 21 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.71% | -0.01% | -61.55% | |
| 22 | ORCL | Oracle CORP | 股票-科技 | 0.70% | — | -14.36% | |
| 23 | SCHH | Schwab US Reit ETF | ETF-其他 | 0.70% | -0.01% | +11.31% | |
| 24 | EMR | Emerson Electric Co | 股票-工業 | 0.68% | — | -1.22% | |
| 25 | APH | Amphenol Corp-cl A | 股票-科技 | 0.65% | — | -4.50% | |
| 26 | OMC | Omnicom Group | 股票-通訊服務 | 0.61% | — | -29.78% | |
| 27 | AXP | American Express Co | 股票-金融 | 0.61% | — | -49.37% | |
| 28 | VGLT | Vanguard Long-term Treasury | ETF-政府公債 | 0.60% | -0.01% | -5.37% | |
| 29 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.58% | -0.01% | +4.81% | |
| 30 | XOM | Exxon Mobil CORP | 股票-能源 | 0.57% | — | -43.01% | |
| 31 | NKE | Nike Inc -cl B | 股票-循環性消費 | 0.57% | — | -3.84% | |
| 32 | MCO | Moody's CORP | 股票-金融 | 0.56% | -0.01% | -0.28% | |
| 33 | HON | Honeywell International Inc | 股票-工業 | 0.55% | — | -32.10% | |
| 34 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.54% | -0.01% | -40.89% | |
| 35 | AMAT | Applied Materials Inc | 股票-科技 | 0.53% | -0.01% | -30.13% | |
| 36 | ACN | Accenture plc | 股票-科技 | 0.50% | — | -44.25% | |
| 37 | UNP | Union Pacific CORP | 股票-工業 | 0.50% | -0.01% | -36.56% | |
| 38 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.49% | — | -59.59% | |
| 39 | GD | General Dynamics CORP | 股票-工業 | 0.48% | — | -49.77% | |
| 40 | MOAT | Vaneck Morningstar Wide Moat | ETF-其他 | 0.48% | — | — | |
| 41 | AVGO | Broadcom Inc | 股票-科技 | 0.47% | -0.01% | -31.50% | |
| 42 | STZ | Constellation Brands Inc-a | 股票-非循環性消費 | 0.47% | -0.01% | -21.13% | |
| 43 | BF-B | Brown-forman Corp-class B | 股票-其他 | 0.45% | -0.01% | -20.14% | |
| 44 | ADBE | Adobe Inc | 股票-科技 | 0.43% | — | -24.13% | |
| 45 | YUMC | Yum China Holdings Inc | 股票-循環性消費 | 0.42% | — | +9.94% | |
| 46 | CRM | Salesforce Inc | 股票-科技 | 0.42% | — | -34.96% | |
| 47 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.42% | -0.01% | -1.05% | |
| 48 | FAST | Fastenal Co | 股票-工業 | 0.42% | — | -0.02% | |
| 49 | FOXA | Fox CORP - Class A | 股票-通訊服務 | 0.41% | — | -8.56% | |
| 50 | HD | Home Depot Inc | 股票-循環性消費 | 0.41% | — | -0.28% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc | +0.4% | -32.87% | 減碼 |
| 2 | MSFT | Microsoft CORP | +0.1% | -30.93% | 減碼 |
| 3 | BLK | Blackrock Inc | +0.1% | -27.93% | 減碼 |
| 4 | ORCL | Oracle CORP | 0% | -14.36% | 減碼 |
| 5 | AXP | American Express Co | -0.1% | -49.37% | 減碼 |
| 6 | GD | General Dynamics CORP | -0.1% | -49.77% | 減碼 |
| 7 | ISRG | Intuitive Surgical Inc | -0.1% | -63.22% | 減碼 |
| 8 | V | Visa Inc-class A Shares | -0.2% | -46.72% | 減碼 |
| 9 | MRK | Merck & Co. Inc. | -0.2% | -68.76% | 減碼 |
| 10 | JNJ | Johnson & Johnson | -0.2% | -59.59% | 減碼 |
| 11 | COP | Conocophillips | -0.2% | -75.52% | 減碼 |
| 12 | DUK | Duke Energy CORP | -0.2% | -72.96% | 減碼 |
| 13 | NDAQ | Nasdaq Inc | -0.2% | -87.75% | 減碼 |
| 14 | PNC | Pnc Financial Services Group | -0.2% | -96.02% | 減碼 |
| 15 | PYPL | Paypal Holdings Inc | -0.2% | -73.73% | 減碼 |
| 16 | D | Dominion Energy Inc | -0.2% | -96.14% | 減碼 |
| 17 | PLD | Prologis Inc | -0.3% | -82.78% | 減碼 |
| 18 | PANW | Palo Alto Networks Inc | -0.3% | -81.40% | 減碼 |
| 19 | BA | Boeing Co/the | -0.3% | -83.59% | 減碼 |
| 20 | INTU | Intuit Inc | -0.3% | -92.40% | 減碼 |
| 21 | TSM | Taiwan Semiconductor-sp Adr | -0.3% | -61.55% | 減碼 |
| 22 | KVUE | Kenvue Inc | -0.3% | -79.91% | 減碼 |
| 23 | META | Meta Platforms Inc-class A | -0.5% | -48.30% | 減碼 |
| 24 | NFLX | Netflix Inc | -0.5% | -41.26% | 減碼 |
| 25 | IXUS | Ishares Core Intl Stock ETF | -0.7% | -90.75% | 減碼 |
| 26 | JPM | Jpmorgan Chase & Co | -0.7% | -98.51% | 減碼 |
| 27 | AMZN | Amazon.com Inc | -0.8% | -71.15% | 減碼 |
| 28 | NVDA | Nvidia CORP | -1.5% | -61.40% | 減碼 |
| 29 | RTX | Rtx CORP | — | EXIT | 清倉 |
| 30 | PGR | Progressive CORP | — | EXIT | 清倉 |
| 31 | ETN | Eaton Corporation plc | — | EXIT | 清倉 |
| 32 | MRSH | Marsh & Mclennan Cos | — | EXIT | 清倉 |
| 33 | MCK | Mckesson CORP | — | EXIT | 清倉 |
| 34 | CI | THE Cigna Group | — | EXIT | 清倉 |
| 35 | TSLA | Tesla Inc | — | EXIT | 清倉 |
| 36 | MS | Morgan Stanley | — | EXIT | 清倉 |
| 37 | ASML | ASML Holding N.V. | — | EXIT | 清倉 |
| 38 | GWW | Ww Grainger Inc | — | EXIT | 清倉 |
| 39 | SHW | Sherwin-williams Co/the | — | EXIT | 清倉 |
| 40 | ADI | Analog Devices Inc | — | EXIT | 清倉 |
| 41 | LOW | Lowe's Cos Inc | — | EXIT | 清倉 |
| 42 | LIN | Linde plc | — | EXIT | 清倉 |
| 43 | SO | Southern Co/the | — | EXIT | 清倉 |
| 44 | C | Citigroup Inc | — | EXIT | 清倉 |
| 45 | TTE | TotalEnergies SE | — | NEW | 新建倉 |
| 46 | TRV | Travelers Cos Inc/the | — | EXIT | 清倉 |
| 47 | UBER | Uber Technologies Inc | — | EXIT | 清倉 |
| 48 | HDB | Hdfc Bank Ltd-adr | — | EXIT | 清倉 |
| 49 | AON | Aon plc | — | EXIT | 清倉 |
| 50 | FMX | Fomento Economico Mex-sp Adr | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Morningstar Investment Management LLC 在 Q4 2025 季度的美股持倉總市值約為 US$16.2億，共申報了 327 個公開持股部位。
在 Q4 2025 季度，Morningstar Investment Management LLC 按市值排列的前三大核心持股分別為：GOVT (14.6%)、VTI (4.2%)、AAPL (3.3%)。其中最大持股部位 GOVT 佔據整體投資組合約 14.6% 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
TTE
市值: US$685.2萬
本季最大獲利了結 / 清倉標的
RTX
前期市值: US$1540.8萬
在 Q4 2025 季度中，Morningstar Investment Management LLC 共進行了 50 項持倉異動，包含新建倉 1 個部位、加碼 0 個部位、減碼 28 個部位以及清倉 21 個部位。 其中最大新建倉標的為 TTE。 本季清倉部位包含 RTX。
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。