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
33.1%
在 Q4 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 Q4 2025 期間，Narwhal Capital Management 展現了靈活的資產再平衡步調，透過出清 3 檔弱勢或達到目標價部位，將資金轉置於 2 檔新建倉標的之中。
在資產配置集中度方面，Narwhal Capital Management 的前 5 大核心持股（包含 IVV, NVDA, GOOG 等）合計佔整體申報市值的 33.1%，反映機構在主要關鍵部位上的權重分佈。
| # | 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 | 10.48% | +0.77% | +3.26% | |
| 2 | NVDA | Nvidia CORP | 股票-科技 | 6.75% | +0.46% | -1.99% | |
| 3 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 6.49% | +0.76% | +0.15% | |
| 4 | MSFT | Microsoft CORP | 股票-科技 | 5.67% | -0.30% | +3.41% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 5.45% | +0.37% | +1.31% | |
| 6 | IAU | Ishares Gold Trust | ETF-避險與商品 | 3.97% | -0.87% | +0.09% | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.63% | +0.36% | +2.29% | |
| 8 | JPM | Jpmorgan Chase & Co | 股票-金融 | 3.04% | +0.11% | +1.42% | |
| 9 | VMC | Vulcan Materials Co | 股票-原物料 | 2.75% | +0.02% | -0.38% | |
| 10 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.33% | -0.21% | -4.98% | |
| 11 | BLK | Blackrock Inc | 股票-金融 | 1.65% | -0.18% | +1.70% | |
| 12 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.63% | +0.23% | -9.85% | |
| 13 | GS | Goldman Sachs Group Inc | 股票-金融 | 1.60% | +0.12% | -5.97% | |
| 14 | HD | Home Depot Inc | 股票-循環性消費 | 1.60% | -0.05% | +4.94% | |
| 15 | V | Visa Inc-class A Shares | 股票-金融 | 1.52% | -0.11% | -0.35% | |
| 16 | AXP | American Express Co | 股票-金融 | 1.51% | +0.10% | -5.18% | |
| 17 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.44% | -0.06% | -0.61% | |
| 18 | IVE | Ishares S&p 500 Value ETF | ETF-大型股與成長 | 1.43% | — | — | |
| 19 | ADI | Analog Devices Inc | 股票-科技 | 1.30% | +0.30% | +9.16% | |
| 20 | LMT | Lockheed Martin CORP | 股票-工業 | 1.17% | -0.55% | -8.85% | |
| 21 | CSCO | Cisco Systems Inc | 股票-科技 | 1.14% | +0.48% | +23.71% | |
| 22 | LHX | L3harris Technologies Inc | 股票-工業 | 1.09% | -0.38% | +2.31% | |
| 23 | IWF | Ishares Russell 1000 Growth | ETF-其他 | 1.08% | +0.09% | — | |
| 24 | XOM | Exxon Mobil CORP | 股票-能源 | 1.06% | -0.44% | +16.42% | |
| 25 | NEE | Nextera Energy Inc | 股票-公用事業 | 1.04% | -0.24% | +1.27% | |
| 26 | RTX | Rtx CORP | 股票-工業 | 0.96% | +0.02% | -10.33% | |
| 27 | AVGO | Broadcom Inc | 股票-科技 | 0.92% | +0.27% | -20.22% | |
| 28 | GD | General Dynamics CORP | 股票-工業 | 0.92% | -0.02% | +0.71% | |
| 29 | CAT | Caterpillar Inc | 股票-工業 | 0.90% | +0.42% | -5.05% | |
| 30 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.86% | -0.08% | -0.54% | |
| 31 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.85% | -0.11% | -18.02% | |
| 32 | NOC | Northrop Grumman CORP | 股票-工業 | 0.82% | -0.26% | +19.97% | |
| 33 | BX | Blackstone Inc | 股票-金融 | 0.80% | -0.10% | +4.83% | |
| 34 | PM | Philip Morris International | 股票-非循環性消費 | 0.79% | -0.06% | -10.84% | |
| 35 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.70% | -0.37% | +7.52% | |
| 36 | AVB | Avalonbay Communities Inc | 股票-房地產 | 0.68% | -0.06% | -14.97% | |
| 37 | BTT | Blackrock 2030 Muni Trgt Trm | 股票-其他 | 0.64% | -0.60% | EXIT | |
| 38 | CP | Canadian Pacific Kansas City | 股票-工業 | 0.62% | +0.10% | -5.81% | |
| 39 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.60% | -0.23% | -15.22% | |
| 40 | CINF | Cincinnati Financial CORP | 股票-金融 | 0.59% | +0.05% | +10.13% | |
| 41 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 0.56% | +0.10% | +0.47% | |
| 42 | NVS | Novartis Ag-sponsored Adr | 股票-醫療保健 | 0.54% | -0.02% | +3.63% | |
| 43 | MLI | Mueller Industries Inc | 股票-工業 | 0.52% | -0.03% | -10.31% | |
| 44 | ORCL | Oracle CORP | 股票-科技 | 0.51% | -0.05% | -15.37% | |
| 45 | DPZ | Domino's Pizza Inc | 股票-循環性消費 | 0.51% | -0.33% | +29.62% | |
| 46 | SBUX | Starbucks CORP | 股票-循環性消費 | 0.50% | -0.13% | +29.18% | |
| 47 | IVW | Ishares S&p 500 Growth ETF | ETF-大型股與成長 | 0.50% | +0.06% | — | |
| 48 | VLO | Valero Energy CORP | 股票-能源 | 0.46% | -0.02% | -22.77% | |
| 49 | CRH | CRH plc | 股票-原物料 | 0.46% | -0.01% | -1.14% | |
| 50 | HCA | Hca Healthcare Inc | 股票-醫療保健 | 0.45% | -0.22% | +88.16% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +1.4% | +0.15% | 加碼 |
| 2 | IVV | Ishares Core S&p 500 ETF | +0.4% | +3.26% | 加碼 |
| 3 | IAU | Ishares Gold Trust | +0.4% | +0.09% | 加碼 |
| 4 | LLY | Eli Lilly & Co | +0.3% | -9.85% | 減碼 |
| 5 | AAPL | Apple Inc | +0.3% | +1.31% | 加碼 |
| 6 | CSCO | Cisco Systems Inc | +0.3% | +23.71% | 加碼 |
| 7 | HCA | Hca Healthcare Inc | +0.2% | +88.16% | 加碼 |
| 8 | ADI | Analog Devices Inc | +0.2% | +9.16% | 加碼 |
| 9 | AMZN | Amazon.com Inc | +0.2% | +2.29% | 加碼 |
| 10 | XOM | Exxon Mobil CORP | +0.2% | +16.42% | 加碼 |
| 11 | JNJ | Johnson & Johnson | +0.1% | -0.61% | 減碼 |
| 12 | SBUX | Starbucks CORP | +0.1% | +29.18% | 加碼 |
| 13 | MU | Micron Technology Inc | +0.1% | +8.89% | 加碼 |
| 14 | DPZ | Domino's Pizza Inc | +0.1% | +29.62% | 加碼 |
| 15 | ADBE | Adobe Inc | +0.1% | +43.72% | 加碼 |
| 16 | CAT | Caterpillar Inc | +0.1% | -5.05% | 減碼 |
| 17 | NOC | Northrop Grumman CORP | +0.1% | +19.97% | 加碼 |
| 18 | KR | Kroger Co | +0.1% | +163.13% | 加碼 |
| 19 | NEE | Nextera Energy Inc | +0.1% | +1.27% | 加碼 |
| 20 | CINF | Cincinnati Financial CORP | +0.1% | +10.13% | 加碼 |
| 21 | JPM | Jpmorgan Chase & Co | +0.1% | +1.42% | 加碼 |
| 22 | AXP | American Express Co | +0.1% | -5.18% | 減碼 |
| 23 | FTHY | First Trust Hi Yld Opp 2027 | -0.1% | -30.38% | 減碼 |
| 24 | GRMN | Garmin Ltd. | -0.1% | -3.21% | 減碼 |
| 25 | TSLA | Tesla Inc | -0.1% | -30.79% | 減碼 |
| 26 | RELX | Relx PLC - Spon Adr | -0.1% | -2.93% | 減碼 |
| 27 | PEP | Pepsico Inc | -0.1% | -15.22% | 減碼 |
| 28 | DE | Deere & Co | -0.1% | -82.71% | 減碼 |
| 29 | PM | Philip Morris International | -0.1% | -10.84% | 減碼 |
| 30 | STZ | Constellation Brands Inc-a | -0.1% | -71.19% | 減碼 |
| 31 | CSGP | Costar Group Inc | -0.2% | -65.62% | 減碼 |
| 32 | BLK | Blackrock Inc | -0.2% | +1.70% | 加碼 |
| 33 | QCOM | Qualcomm Inc | -0.2% | -27.97% | 減碼 |
| 34 | VLO | Valero Energy CORP | -0.2% | -22.77% | 減碼 |
| 35 | LMT | Lockheed Martin CORP | -0.2% | -8.85% | 減碼 |
| 36 | CPRT | Copart Inc | -0.2% | -84.94% | 減碼 |
| 37 | AVB | Avalonbay Communities Inc | -0.2% | -14.97% | 減碼 |
| 38 | MUSA | Murphy USA Inc | -0.2% | -81.28% | 減碼 |
| 39 | AVGO | Broadcom Inc | -0.2% | -20.22% | 減碼 |
| 40 | HD | Home Depot Inc | -0.2% | +4.94% | 加碼 |
| 41 | NVDA | Nvidia CORP | -0.3% | -1.99% | 減碼 |
| 42 | VMC | Vulcan Materials Co | -0.3% | -0.38% | 減碼 |
| 43 | MSFT | Microsoft CORP | -0.3% | +3.41% | 加碼 |
| 44 | ORCL | Oracle CORP | -0.4% | -15.37% | 減碼 |
| 45 | META | Meta Platforms Inc-class A | -0.5% | -4.98% | 減碼 |
| 46 | ICE | Intercontinental Exchange In | — | NEW | 新建倉 |
| 47 | ZTS | Zoetis Inc | — | EXIT | 清倉 |
| 48 | UL | Unilever PLC | — | EXIT | 清倉 |
| 49 | UL | Unilever Plc-sponsored Adr | — | NEW | 新建倉 |
| 50 | RH | Rh | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Narwhal Capital Management 在 Q4 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 Q4 2025 季度，Narwhal Capital Management 按市值排列的前三大核心持股分別為：IVV (10.5%)、NVDA (6.8%)、GOOG (6.5%)。其中最大持股部位 IVV 佔據整體投資組合約 10.5% 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
ICE
市值: US$276.7萬
本季最大獲利了結 / 清倉標的
ZTS
前期市值: US$232.0萬
在 Q4 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 21 個部位、減碼 24 個部位以及清倉 3 個部位。 其中最大新建倉標的為 ICE。 本季清倉部位包含 ZTS。
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。