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: 0002011081
申報總市值
US$18.3億
US$18.3億
48 檔
24.2%
在 Q4 2025 的 13F 官方備案中，Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 管理的美股投資組合規模來到 US$18.3億，整體持股檔數為 48 檔。
在 Q4 2025 期間，Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 展現了靈活的資產再平衡步調，透過出清 5 檔弱勢或達到目標價部位，將資金轉置於 7 檔新建倉標的之中。
在資產配置集中度方面，Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 的前 5 大核心持股（包含 GOOG, ABVX, AMZN 等）合計佔整體申報市值的 24.2%，反映機構在主要關鍵部位上的權重分佈。
本季最大新建倉標的
MU
市值: US$6891.3萬
本季最大獲利了結 / 清倉標的
RBLX
前期市值: US$1.0億
| # | 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 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 12.02% | -7.02% | +23.35% | |
| 2 | ABVX | Abivax Sa-adr | 股票-其他 | 8.28% | -1.64% | -5.41% | |
| 3 | AMZN | Amazon.com Inc | 股票-循環性消費 | 7.48% | +0.77% | +53.56% | |
| 4 | MU | Micron Technology Inc | 股票-科技 | 6.12% | +3.61% | — | |
| 5 | NVDA | Nvidia CORP | 股票-科技 | 5.37% | -1.77% | -36.40% | |
| 6 | AXSM | Axsome Therapeutics Inc | 股票-醫療保健 | 4.52% | — | -14.55% | |
| 7 | PTGX | Protagonist Therapeutics Inc | 股票-其他 | 4.43% | -5.11% | EXIT | |
| 8 | CYTK | Cytokinetics Inc | 股票-醫療保健 | 4.22% | -0.61% | -37.28% | |
| 9 | MSFT | Microsoft CORP | 股票-科技 | 4.04% | +6.76% | +104.15% | |
| 10 | SNOW | Snowflake Inc | 股票-科技 | 4.00% | — | EXIT | |
| 11 | WDC | Western Digital CORP | 股票-科技 | 3.48% | +1.65% | -33.89% | |
| 12 | AVGO | Broadcom Inc | 股票-科技 | 3.28% | -0.46% | -29.74% | |
| 13 | SRRK | Scholar Rock Holding CORP | 股票-其他 | 3.01% | — | — | |
| 14 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 2.94% | +0.72% | -50.52% | |
| 15 | VRT | Vertiv Holdings Co-a | 股票-工業 | 2.61% | -2.24% | EXIT | |
| 16 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 2.50% | -0.86% | — | |
| 17 | LIN | Linde plc | 股票-原物料 | 2.43% | -2.84% | EXIT | |
| 18 | MLYS | Mineralys Therapeutics Inc | 股票-其他 | 2.12% | -0.24% | EXIT | |
| 19 | WM | Waste Management Inc | 股票-工業 | 1.93% | -0.68% | -0.01% | |
| 20 | AMAT | Applied Materials Inc | 股票-科技 | 1.76% | +0.72% | -4.25% | |
| 21 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.26% | -0.21% | -73.99% | |
| 22 | VRDN | Viridian Therapeutics Inc | 股票-其他 | 1.17% | — | — | |
| 23 | MELI | Mercadolibre Inc | 股票-循環性消費 | 1.11% | -2.44% | — | |
| 24 | QURE | uniQure N.V. | 股票-其他 | 1.11% | +0.60% | — | |
| 25 | AMD | Advanced Micro Devices | 股票-科技 | 0.96% | +6.01% | +69.08% | |
| 26 | INTC | Intel CORP | 股票-科技 | 0.95% | +2.65% | -86.19% | |
| 27 | NKTR | Nektar Therapeutics | 股票-其他 | 0.71% | -0.28% | +22.27% | |
| 28 | MRVL | Marvell Technology Inc | 股票-科技 | 0.64% | +0.67% | -3.88% | |
| 29 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.52% | -0.02% | +314.62% | |
| 30 | JANX | Janux Therapeutics Inc | 股票-其他 | 0.46% | -0.12% | — | |
| 31 | WFC | Wells Fargo & Co | 股票-金融 | 0.46% | -0.01% | +501.58% | |
| 32 | SCCO | Southern Copper CORP | 股票-原物料 | 0.43% | -0.16% | +0.85% | |
| 33 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.43% | -0.16% | EXIT | |
| 34 | ORCL | Oracle CORP | 股票-科技 | 0.42% | — | -80.58% | |
| 35 | GE | General Electric | 股票-工業 | 0.38% | -0.18% | EXIT | |
| 36 | RTX | Rtx CORP | 股票-工業 | 0.36% | -0.14% | EXIT | |
| 37 | CAT | Caterpillar Inc | 股票-工業 | 0.34% | -0.01% | — | |
| 38 | AAPL | Apple Inc | 股票-科技 | 0.30% | +0.03% | +0.01% | |
| 39 | WMT | Walmart Inc | 股票-非循環性消費 | 0.29% | -0.13% | -0.07% | |
| 40 | BAC | Bank Of America CORP | 股票-金融 | 0.24% | -0.01% | +340.94% | |
| 41 | CRM | Salesforce Inc | 股票-科技 | 0.22% | -0.07% | — | |
| 42 | GEV | GE Vernova Inc | 股票-工業 | 0.20% | -0.16% | — | |
| 43 | FISV | Fiserv Inc | 股票-其他 | 0.18% | -0.14% | EXIT | |
| 44 | V | Visa Inc-class A Shares | 股票-金融 | 0.17% | +4.46% | NEW | |
| 45 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.05% | -0.02% | -0.29% | |
| 46 | NFLX | Netflix Inc | 股票-通訊服務 | 0.05% | -0.05% | EXIT | |
| 47 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.04% | -0.02% | -0.06% | |
| 48 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.03% | -0.01% | -0.51% |
| # | 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 | +5.4% | +23.35% | 加碼 |
| 2 | ABVX | Abivax Sa-adr | +3.5% | -5.41% | 減碼 |
| 3 | AMZN | Amazon.com Inc | +3.5% | +53.56% | 加碼 |
| 4 | MSFT | Microsoft CORP | +2.2% | +104.15% | 加碼 |
| 5 | AXSM | Axsome Therapeutics Inc | +1.5% | -14.55% | 減碼 |
| 6 | FCX | Freeport-mcmoran Inc | +0.8% | — | 不變 |
| 7 | SRRK | Scholar Rock Holding CORP | +0.8% | — | 不變 |
| 8 | AMD | Advanced Micro Devices | +0.6% | +69.08% | 加碼 |
| 9 | AMAT | Applied Materials Inc | +0.5% | -4.25% | 減碼 |
| 10 | VRDN | Viridian Therapeutics Inc | +0.5% | — | 不變 |
| 11 | SNOW | Snowflake Inc | +0.4% | +0.25% | 加碼 |
| 12 | JPM | Jpmorgan Chase & Co | +0.4% | +314.62% | 加碼 |
| 13 | WFC | Wells Fargo & Co | +0.4% | +501.58% | 加碼 |
| 14 | WDC | Western Digital CORP | +0.3% | -33.89% | 減碼 |
| 15 | WM | Waste Management Inc | +0.2% | -0.01% | 減碼 |
| 16 | BAC | Bank Of America CORP | +0.2% | +340.94% | 加碼 |
| 17 | SCCO | Southern Copper CORP | +0.1% | +0.85% | 加碼 |
| 18 | MRVL | Marvell Technology Inc | +0.1% | -3.88% | 減碼 |
| 19 | WMT | Walmart Inc | +0.1% | -0.07% | 減碼 |
| 20 | AAPL | Apple Inc | +0.1% | +0.01% | 加碼 |
| 21 | CRM | Salesforce Inc | +0.1% | — | 不變 |
| 22 | NKTR | Nektar Therapeutics | 0% | +22.27% | 加碼 |
| 23 | V | Visa Inc-class A Shares | 0% | -0.21% | 減碼 |
| 24 | PG | Procter & Gamble Co/the | — | -0.29% | 減碼 |
| 25 | MELI | Mercadolibre Inc | 0% | — | 不變 |
| 26 | FISV | Fiserv Inc | -0.1% | — | 不變 |
| 27 | JANX | Janux Therapeutics Inc | -0.3% | — | 不變 |
| 28 | NFLX | Netflix Inc | -0.3% | +61.40% | 加碼 |
| 29 | LIN | Linde plc | -0.4% | -16.27% | 減碼 |
| 30 | AVGO | Broadcom Inc | -0.6% | -29.74% | 減碼 |
| 31 | CYTK | Cytokinetics Inc | -0.8% | -37.28% | 減碼 |
| 32 | QURE | uniQure N.V. | -1.2% | — | 不變 |
| 33 | VRT | Vertiv Holdings Co-a | -2% | -53.57% | 減碼 |
| 34 | NVDA | Nvidia CORP | -2% | -36.40% | 減碼 |
| 35 | ORCL | Oracle CORP | -2.3% | -80.58% | 減碼 |
| 36 | CRWD | Crowdstrike Holdings Inc - A | -2.5% | -50.52% | 減碼 |
| 37 | META | Meta Platforms Inc-class A | -3.5% | -73.99% | 減碼 |
| 38 | INTC | Intel CORP | -4.5% | -86.19% | 減碼 |
| 39 | RBLX | Roblox CORP -class A | — | EXIT | 清倉 |
| 40 | MU | Micron Technology Inc | — | NEW | 新建倉 |
| 41 | PTGX | Protagonist Therapeutics Inc | — | NEW | 新建倉 |
| 42 | S | Sentinelone Inc -class A | — | EXIT | 清倉 |
| 43 | XYZ | Block Inc | — | EXIT | 清倉 |
| 44 | MLYS | Mineralys Therapeutics Inc | — | NEW | 新建倉 |
| 45 | ETN | Eaton Corporation plc | — | EXIT | 清倉 |
| 46 | GE | General Electric | — | NEW | 新建倉 |
| 47 | RTX | Rtx CORP | — | NEW | 新建倉 |
| 48 | CAT | Caterpillar Inc | — | NEW | 新建倉 |
| 49 | GEV | GE Vernova Inc | — | NEW | 新建倉 |
| 50 | NOW | Servicenow Inc | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 在 Q4 2025 季度的美股持倉總市值約為 US$18.3億，共申報了 48 個公開持股部位。
在 Q4 2025 季度，Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 按市值排列的前三大核心持股分別為：GOOG (12.0%)、ABVX (8.3%)、AMZN (7.5%)。其中最大持股部位 GOOG 佔據整體投資組合約 12.0% 的權重。
在 Q4 2025 季度中，Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 共進行了 42 項持倉異動，包含新建倉 7 個部位、加碼 12 個部位、減碼 18 個部位以及清倉 5 個部位。 其中最大新建倉標的為 MU。 本季清倉部位包含 RBLX。
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。
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。
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。