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: 0001461287
申報總市值
US$14.5億
US$14.5億
162 檔
26.7%
在 Q2 2025 的 13F 官方備案中，Narwhal Capital Management 管理的美股投資組合規模來到 US$14.5億，整體持股檔數為 162 檔。
在 Q2 2025，Narwhal Capital Management 進行了溫和的常態性持倉調整（包含新建倉 2 檔、加碼 24 檔、減碼 24 檔與清倉 0 檔），整體投資組合架構維持相對穩定。
從部位權重觀察，前 5 大標的（包含 IVV, NVDA, MSFT）累計市值佔比達 26.7%，是驅動 Narwhal Capital Management 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 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 9.79% | +0.77% | +12.00% | |
| 2 | NVDA | Nvidia CORP | 股票-科技 | 6.34% | +0.46% | -2.25% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 6.28% | -0.30% | -2.15% | |
| 4 | AAPL | Apple Inc | 股票-科技 | 4.53% | +0.37% | -0.85% | |
| 5 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 4.15% | +0.76% | -5.33% | |
| 6 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.76% | +0.36% | +1.17% | |
| 7 | IAU | Ishares Gold Trust | ETF-避險與商品 | 3.36% | -0.87% | -0.97% | |
| 8 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.96% | -0.21% | +11.47% | |
| 9 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.94% | +0.11% | -3.13% | |
| 10 | VMC | Vulcan Materials Co | 股票-原物料 | 2.57% | +0.02% | -0.50% | |
| 11 | HD | Home Depot Inc | 股票-循環性消費 | 1.97% | -0.05% | +12.81% | |
| 12 | BLK | Blackrock Inc | 股票-金融 | 1.95% | -0.18% | +4.66% | |
| 13 | GS | Goldman Sachs Group Inc | 股票-金融 | 1.76% | +0.12% | -7.73% | |
| 14 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.59% | +0.23% | +17.86% | |
| 15 | AXP | American Express Co | 股票-金融 | 1.52% | +0.10% | +17.59% | |
| 16 | IVE | Ishares S&p 500 Value ETF | ETF-大型股與成長 | 1.46% | — | — | |
| 17 | V | Visa Inc-class A Shares | 股票-金融 | 1.43% | -0.11% | -4.49% | |
| 18 | AVGO | Broadcom Inc | 股票-科技 | 1.28% | +0.27% | -5.44% | |
| 19 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.28% | -0.08% | -1.97% | |
| 20 | ADI | Analog Devices Inc | 股票-科技 | 1.22% | +0.30% | +48.28% | |
| 21 | LMT | Lockheed Martin CORP | 股票-工業 | 1.19% | -0.55% | +1.18% | |
| 22 | PM | Philip Morris International | 股票-非循環性消費 | 1.12% | -0.06% | -10.31% | |
| 23 | IWF | Ishares Russell 1000 Growth | ETF-其他 | 1.07% | +0.09% | +0.95% | |
| 24 | NEE | Nextera Energy Inc | 股票-公用事業 | 1.00% | -0.24% | +18.48% | |
| 25 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.99% | -0.06% | -21.67% | |
| 26 | GD | General Dynamics CORP | 股票-工業 | 0.97% | -0.02% | -9.28% | |
| 27 | CP | Canadian Pacific Kansas City | 股票-工業 | 0.95% | +0.10% | +3.42% | |
| 28 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.93% | -0.11% | -15.13% | |
| 29 | AVB | Avalonbay Communities Inc | 股票-房地產 | 0.88% | -0.06% | +36.43% | |
| 30 | LHX | L3harris Technologies Inc | 股票-工業 | 0.87% | -0.38% | -22.24% | |
| 31 | BX | Blackstone Inc | 股票-金融 | 0.84% | -0.10% | +8.31% | |
| 32 | CAT | Caterpillar Inc | 股票-工業 | 0.82% | +0.42% | +6.50% | |
| 33 | XOM | Exxon Mobil CORP | 股票-能源 | 0.79% | -0.44% | +0.54% | |
| 34 | CSCO | Cisco Systems Inc | 股票-科技 | 0.77% | +0.48% | -24.33% | |
| 35 | BTT | Blackrock 2030 Muni Trgt Trm | 股票-其他 | 0.74% | -0.60% | EXIT | |
| 36 | RTX | Rtx CORP | 股票-工業 | 0.72% | +0.02% | -2.50% | |
| 37 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.72% | -0.37% | +9.18% | |
| 38 | QCOM | Qualcomm Inc | 股票-科技 | 0.68% | +0.30% | -13.23% | |
| 39 | VLO | Valero Energy CORP | 股票-能源 | 0.67% | -0.02% | +21.45% | |
| 40 | NOC | Northrop Grumman CORP | 股票-工業 | 0.66% | -0.26% | -0.56% | |
| 41 | MLI | Mueller Industries Inc | 股票-工業 | 0.59% | -0.03% | +5.32% | |
| 42 | GGG | Graco Inc | 股票-工業 | 0.57% | +0.05% | -8.48% | |
| 43 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.57% | -0.04% | -5.89% | |
| 44 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 0.55% | +0.10% | +1.83% | |
| 45 | MLR | Miller Industries Inc/tenn | 股票-其他 | 0.55% | — | +26.32% | |
| 46 | RELX | Relx PLC - Spon Adr | 股票-工業 | 0.55% | -0.02% | — | |
| 47 | GRMN | Garmin Ltd. | 股票-科技 | 0.52% | +0.03% | +196.77% | |
| 48 | CSGP | Costar Group Inc | 股票-房地產 | 0.52% | — | -7.08% | |
| 49 | BWXT | Bwx Technologies Inc | 股票-工業 | 0.50% | -0.20% | +126.09% | |
| 50 | IVW | Ishares S&p 500 Growth ETF | ETF-大型股與成長 | 0.50% | +0.06% | -0.51% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +1.4% | -2.25% | 減碼 |
| 2 | IVV | Ishares Core S&p 500 ETF | +1% | +12.00% | 加碼 |
| 3 | MSFT | Microsoft CORP | +0.9% | -2.15% | 減碼 |
| 4 | META | Meta Platforms Inc-class A | +0.7% | +11.47% | 加碼 |
| 5 | RELX | Relx PLC - Spon Adr | +0.6% | NEW | 新建倉 |
| 6 | ADI | Analog Devices Inc | +0.4% | +48.28% | 加碼 |
| 7 | AVGO | Broadcom Inc | +0.4% | -5.44% | 減碼 |
| 8 | BWXT | Bwx Technologies Inc | +0.3% | +126.09% | 加碼 |
| 9 | GRMN | Garmin Ltd. | +0.3% | +196.77% | 加碼 |
| 10 | AXP | American Express Co | +0.3% | +17.59% | 加碼 |
| 11 | FTHY | First Trust Hi Yld Opp 2027 | +0.3% | NEW | 新建倉 |
| 12 | ORCL | Oracle CORP | +0.2% | +22.61% | 加碼 |
| 13 | AMZN | Amazon.com Inc | +0.2% | +1.17% | 加碼 |
| 14 | GS | Goldman Sachs Group Inc | +0.1% | -7.73% | 減碼 |
| 15 | CEG | Constellation Energy | +0.1% | +0.38% | 加碼 |
| 16 | AVB | Avalonbay Communities Inc | +0.1% | +36.43% | 加碼 |
| 17 | SLB | Slb LTD | +0.1% | +105.97% | 加碼 |
| 18 | CAT | Caterpillar Inc | +0.1% | +6.50% | 加碼 |
| 19 | JPM | Jpmorgan Chase & Co | +0.1% | -3.13% | 減碼 |
| 20 | BLK | Blackrock Inc | +0.1% | +4.66% | 加碼 |
| 21 | MLR | Miller Industries Inc/tenn | +0.1% | +26.32% | 加碼 |
| 22 | TSLA | Tesla Inc | +0.1% | +58.75% | 加碼 |
| 23 | IWF | Ishares Russell 1000 Growth | +0.1% | +0.95% | 加碼 |
| 24 | VLO | Valero Energy CORP | +0.1% | +21.45% | 加碼 |
| 25 | CP | Canadian Pacific Kansas City | +0.1% | +3.42% | 加碼 |
| 26 | UFPI | Ufp Industries Inc | +0.1% | +37.75% | 加碼 |
| 27 | NEE | Nextera Energy Inc | 0% | +18.48% | 加碼 |
| 28 | BX | Blackstone Inc | 0% | +8.31% | 加碼 |
| 29 | QQQ | Invesco Qqq Trust Series 1 | 0% | +1.83% | 加碼 |
| 30 | HD | Home Depot Inc | 0% | +12.81% | 加碼 |
| 31 | LLY | Eli Lilly & Co | 0% | +17.86% | 加碼 |
| 32 | VMC | Vulcan Materials Co | — | -0.50% | 減碼 |
| 33 | AMGN | Amgen Inc | -0.1% | -76.86% | 減碼 |
| 34 | VAW | Vanguard Materials ETF | -0.1% | -56.00% | 減碼 |
| 35 | GOOG | Alphabet Inc-cl C | -0.1% | -5.33% | 減碼 |
| 36 | NOV | Nov Inc | -0.1% | -42.48% | 減碼 |
| 37 | VNQ | Vanguard Real Estate ETF | -0.2% | -78.15% | 減碼 |
| 38 | PEP | Pepsico Inc | -0.2% | -5.88% | 減碼 |
| 39 | STZ | Constellation Brands Inc-a | -0.2% | -13.57% | 減碼 |
| 40 | CINF | Cincinnati Financial CORP | -0.2% | -26.73% | 減碼 |
| 41 | TGT | Target CORP | -0.2% | -73.46% | 減碼 |
| 42 | DIS | Walt Disney Co/the | -0.2% | -54.60% | 減碼 |
| 43 | IAU | Ishares Gold Trust | -0.2% | -0.97% | 減碼 |
| 44 | CSCO | Cisco Systems Inc | -0.2% | -24.33% | 減碼 |
| 45 | PG | Procter & Gamble Co/the | -0.3% | -1.97% | 減碼 |
| 46 | MUSA | Murphy USA Inc | -0.3% | -38.54% | 減碼 |
| 47 | MRK | Merck & Co. Inc. | -0.5% | -15.13% | 減碼 |
| 48 | JNJ | Johnson & Johnson | -0.5% | -21.67% | 減碼 |
| 49 | UNH | Unitedhealth Group Inc | -0.8% | -42.38% | 減碼 |
| 50 | AAPL | Apple Inc | -1% | -0.85% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Narwhal Capital Management 在 Q2 2025 季度的美股持倉總市值約為 US$14.5億，共申報了 162 個公開持股部位。
在 Q2 2025 季度，Narwhal Capital Management 按市值排列的前三大核心持股分別為：IVV (9.8%)、NVDA (6.3%)、MSFT (6.3%)。其中最大持股部位 IVV 佔據整體投資組合約 9.8% 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
RELX
市值: US$678.8萬
本季最大獲利了結 / 清倉標的
AAPL
前期市值: US$6160.4萬
在 Q2 2025 季度中，Narwhal Capital Management 共進行了 50 項持倉異動，包含新建倉 2 個部位、加碼 24 個部位、減碼 24 個部位以及清倉 0 個部位。 其中最大新建倉標的為 RELX。
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。