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: 0001491998
申報總市值
US$18.5億
US$18.5億
74 檔
11.3%
Ninety One SA 在 Q2 2025 季度的美股部位總計估值為 US$18.5億，分散於 74 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q2 2025 期間，Ninety One SA 展現了靈活的資產再平衡步調，透過出清 6 檔弱勢或達到目標價部位，將資金轉置於 8 檔新建倉標的之中。
從部位權重觀察，前 5 大標的（包含 BRK-A, MSFT, TSM）累計市值佔比達 11.3%，是驅動 Ninety One SA 該季度整體投資組合績效表現的核心支柱。
本季最大新建倉標的
GS
市值: US$2528.3萬
本季最大獲利了結 / 清倉標的
KGC
前期市值: US$2889.8萬
| # | 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 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 10.92% | +0.88% | — | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 7.69% | +1.26% | -0.41% | |
| 3 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 5.90% | +0.38% | +117.18% | |
| 4 | AMZN | Amazon.com Inc | 股票-循環性消費 | 5.58% | +0.30% | -21.21% | |
| 5 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 4.19% | +0.70% | +0.47% | |
| 6 | GS | Goldman Sachs Group Inc | 股票-金融 | 4.15% | -0.01% | — | |
| 7 | V | Visa Inc-class A Shares | 股票-金融 | 3.63% | +0.38% | -27.54% | |
| 8 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 3.61% | +0.33% | -0.46% | |
| 9 | NVDA | Nvidia CORP | 股票-科技 | 3.34% | +1.24% | +28.93% | |
| 10 | ADSK | Autodesk Inc | 股票-科技 | 2.79% | +0.01% | +0.34% | |
| 11 | NFLX | Netflix Inc | 股票-通訊服務 | 2.77% | — | — | |
| 12 | JNJ | Johnson & Johnson | 股票-醫療保健 | 2.50% | +0.36% | +46.25% | |
| 13 | PM | Philip Morris International | 股票-非循環性消費 | 2.32% | -0.24% | -0.11% | |
| 14 | TECK | Teck Resources Ltd-cls B | 股票-原物料 | 2.14% | — | +425.09% | |
| 15 | TKO | Tko Group Holdings Inc | 股票-通訊服務 | 2.12% | +0.16% | -0.46% | |
| 16 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.88% | +0.10% | -61.42% | |
| 17 | EW | Edwards Lifesciences CORP | 股票-醫療保健 | 1.79% | +0.42% | -3.59% | |
| 18 | INTU | Intuit Inc | 股票-科技 | 1.65% | -0.02% | +220.52% | |
| 19 | MCO | Moody's CORP | 股票-金融 | 1.54% | +0.12% | +0.83% | |
| 20 | TTWO | Take-two Interactive Softwre | 股票-通訊服務 | 1.53% | +0.19% | -0.25% | |
| 21 | AVGO | Broadcom Inc | 股票-科技 | 1.47% | +0.28% | -1.96% | |
| 22 | EA | Electronic Arts Inc | 股票-通訊服務 | 1.36% | -0.01% | +0.77% | |
| 23 | MA | Mastercard Inc - A | 股票-金融 | 1.34% | +0.18% | -0.46% | |
| 24 | NTES | Netease Inc-adr | 股票-通訊服務 | 1.29% | +0.16% | — | |
| 25 | VRSK | Verisk Analytics Inc | 股票-工業 | 1.29% | +0.23% | +0.97% | |
| 26 | J | Jacobs Solutions Inc | 股票-工業 | 1.16% | +0.18% | +34.19% | |
| 27 | ACM | Aecom | 股票-工業 | 1.11% | — | — | |
| 28 | VRSN | Verisign Inc | 股票-科技 | 1.03% | -0.13% | -24.13% | |
| 29 | SNX | TD Synnex CORP | 股票-科技 | 1.00% | +0.44% | +1.93% | |
| 30 | SPGI | S&p Global Inc | 股票-金融 | 0.98% | +0.28% | +1.07% | |
| 31 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.97% | +0.05% | -0.27% | |
| 32 | HDB | Hdfc Bank Ltd-adr | 股票-金融 | 0.94% | — | +49.59% | |
| 33 | CHKP | Check Point Software Technologies Ltd. | 股票-科技 | 0.93% | +0.03% | — | |
| 34 | LNG | Cheniere Energy Inc | 股票-能源 | 0.93% | — | +1044.99% | |
| 35 | CRH | CRH plc | 股票-原物料 | 0.92% | +0.24% | -0.37% | |
| 36 | CNI | Canadian Natl Railway Co | 股票-工業 | 0.84% | — | -3.50% | |
| 37 | OKTA | Okta Inc | 股票-科技 | 0.81% | — | +57.91% | |
| 38 | PLNT | Planet Fitness Inc - Cl A | 股票-循環性消費 | 0.81% | -0.49% | +7.89% | |
| 39 | ICLR | ICON Public Limited Company | 股票-醫療保健 | 0.78% | — | — | |
| 40 | TW | Tradeweb Markets Inc-class A | 股票-金融 | 0.64% | -0.27% | — | |
| 41 | AMT | American Tower CORP | 股票-房地產 | 0.64% | -0.01% | EXIT | |
| 42 | Z | Zillow Group Inc - C | 股票-通訊服務 | 0.56% | -0.12% | — | |
| 43 | IDXX | Idexx Laboratories Inc | 股票-醫療保健 | 0.55% | — | +3.56% | |
| 44 | PINS | Pinterest Inc- Class A | 股票-通訊服務 | 0.52% | — | -0.49% | |
| 45 | TWLO | Twilio Inc - A | 股票-科技 | 0.52% | — | — | |
| 46 | TSLA | Tesla Inc | 股票-循環性消費 | 0.49% | +0.13% | -43.02% | |
| 47 | NEM | Newmont CORP | 股票-原物料 | 0.49% | +0.02% | — | |
| 48 | GM | General Motors Co | 股票-循環性消費 | 0.49% | +0.53% | -0.57% | |
| 49 | DAL | Delta Air Lines Inc | 股票-工業 | 0.46% | +0.30% | -0.31% | |
| 50 | RBLX | Roblox CORP -class A | 股票-通訊服務 | 0.44% | — | -40.14% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GS | Goldman Sachs Group Inc | +4.2% | NEW | 新建倉 |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +3.7% | +117.18% | 加碼 |
| 3 | NFLX | Netflix Inc | +2.8% | NEW | 新建倉 |
| 4 | TECK | Teck Resources Ltd-cls B | +1.7% | +425.09% | 加碼 |
| 5 | NVDA | Nvidia CORP | +1.3% | +28.93% | 加碼 |
| 6 | INTU | Intuit Inc | +1.2% | +220.52% | 加碼 |
| 7 | MSFT | Microsoft CORP | +1.2% | -0.41% | 減碼 |
| 8 | LNG | Cheniere Energy Inc | +0.8% | +1044.99% | 加碼 |
| 9 | TW | Tradeweb Markets Inc-class A | +0.6% | NEW | 新建倉 |
| 10 | TWLO | Twilio Inc - A | +0.5% | NEW | 新建倉 |
| 11 | BKNG | Booking Holdings Inc | +0.5% | +0.47% | 加碼 |
| 12 | NEM | Newmont CORP | +0.5% | NEW | 新建倉 |
| 13 | AVGO | Broadcom Inc | +0.4% | -1.96% | 減碼 |
| 14 | JNJ | Johnson & Johnson | +0.4% | +46.25% | 加碼 |
| 15 | HDB | Hdfc Bank Ltd-adr | +0.3% | +49.59% | 加碼 |
| 16 | J | Jacobs Solutions Inc | +0.3% | +34.19% | 加碼 |
| 17 | OKTA | Okta Inc | +0.2% | +57.91% | 加碼 |
| 18 | NTES | Netease Inc-adr | +0.2% | — | 不變 |
| 19 | SNX | TD Synnex CORP | +0.2% | +1.93% | 加碼 |
| 20 | ADSK | Autodesk Inc | +0.1% | +0.34% | 加碼 |
| 21 | BSX | Boston Scientific CORP | +0.1% | NEW | 新建倉 |
| 22 | TKO | Tko Group Holdings Inc | +0.1% | -0.46% | 減碼 |
| 23 | ACM | Aecom | +0.1% | — | 不變 |
| 24 | IDXX | Idexx Laboratories Inc | +0.1% | +3.56% | 加碼 |
| 25 | B | Barrick Mining CORP | +0.1% | NEW | 新建倉 |
| 26 | AER | AerCap Holdings N.V. | +0.1% | NEW | 新建倉 |
| 27 | TTWO | Take-two Interactive Softwre | +0.1% | -0.25% | 減碼 |
| 28 | PLNT | Planet Fitness Inc - Cl A | +0.1% | +7.89% | 加碼 |
| 29 | GOOGL | Alphabet Inc-cl A | +0.1% | -0.46% | 減碼 |
| 30 | EL | Estee Lauder Companies-cl A | +0.1% | +3.56% | 加碼 |
| 31 | PM | Philip Morris International | 0% | -0.11% | 減碼 |
| 32 | PINS | Pinterest Inc- Class A | 0% | -0.49% | 減碼 |
| 33 | EA | Electronic Arts Inc | 0% | +0.77% | 加碼 |
| 34 | MCO | Moody's CORP | -0.1% | +0.83% | 加碼 |
| 35 | VALE | Vale Sa-sp Adr | -0.1% | EXIT | 清倉 |
| 36 | ABX | Barrick Gold CORP | -0.1% | EXIT | 清倉 |
| 37 | EW | Edwards Lifesciences CORP | -0.2% | -3.59% | 減碼 |
| 38 | ICLR | ICON Public Limited Company | -0.3% | — | 不變 |
| 39 | TSLA | Tesla Inc | -0.3% | -43.02% | 減碼 |
| 40 | VRSN | Verisign Inc | -0.3% | -24.13% | 減碼 |
| 41 | TMO | Thermo Fisher Scientific Inc | -0.4% | -0.27% | 減碼 |
| 42 | EPAM | Epam Systems Inc | -0.4% | EXIT | 清倉 |
| 43 | COIN | Coinbase Global Inc -class A | -0.8% | EXIT | 清倉 |
| 44 | AMZN | Amazon.com Inc | -1.2% | -21.21% | 減碼 |
| 45 | AAPL | Apple Inc | -1.3% | -91.61% | 減碼 |
| 46 | V | Visa Inc-class A Shares | -1.9% | -27.54% | 減碼 |
| 47 | BRK-A | Berkshire Hathaway Inc-cl A | -2.4% | — | 不變 |
| 48 | JPM | Jpmorgan Chase & Co | -2.7% | -61.42% | 減碼 |
| 49 | META | Meta Platforms Inc-class A | -2.9% | EXIT | 清倉 |
| 50 | KGC | Kinross Gold CORP | -5.4% | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Ninety One SA 在 Q2 2025 季度的美股持倉總市值約為 US$18.5億，共申報了 74 個公開持股部位。
在 Q2 2025 季度，Ninety One SA 按市值排列的前三大核心持股分別為：BRK-A (10.9%)、MSFT (7.7%)、TSM (5.9%)。其中最大持股部位 BRK-A 佔據整體投資組合約 10.9% 的權重。
在 Q2 2025 季度中，Ninety One SA 共進行了 46 項持倉異動，包含新建倉 8 個部位、加碼 17 個部位、減碼 15 個部位以及清倉 6 個部位。 其中最大新建倉標的為 GS。 本季清倉部位包含 KGC。
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。