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: 0000949509
申報總市值
US$72.1億
US$72.1億
170 檔
28.1%
根據最新整理的 13F 季度數據集，Oaktree Capital Management LP 於 Q4 2025 結束時的管理資產規模為 US$72.1億。該機構在本季度申報了 170 檔美股持倉，呈現出該時期的主要投資地圖。
Q4 2025 的申報記錄反映 Oaktree Capital Management LP 的板塊替換策略：機構本季推動了 92 筆增持與 84 筆減持，籌碼呈現明顯的結構重組。
整體而言，Oaktree Capital Management LP 的前 5 大持股（包含 EXE, TRMD, AU）貢獻了組合市值的 28.1%，形成該機構在 Q4 2025 季度的基本面基石。
本季最大新建倉標的
SMH
市值: US$3.1億
本季最大獲利了結 / 清倉標的
IWM
前期市值: US$5323.1萬
| # | 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 | EXE | Expand Energy CORP | 股票-能源 | 7.95% | -2.14% | — | |
| 2 | TRMD | TORM plc | 股票-其他 | 7.50% | -3.02% | -34.88% | |
| 3 | AU | AngloGold Ashanti plc | 股票-原物料 | 4.67% | -1.22% | -8.06% | |
| 4 | SMH | Vaneck Semiconductor ETF | ETF-其他 | 4.43% | — | — | |
| 5 | GTX | Garrett Motion Inc | 股票-循環性消費 | 4.24% | -0.22% | -46.40% | |
| 6 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 3.74% | +14.04% | NEW | |
| 7 | INDV | Indivior Pharmaceuticals, Inc. | 股票-其他 | 3.63% | — | -97.24% | |
| 8 | VNOM | Viper Energy Inc-cl A | 股票-能源 | 3.45% | -0.49% | — | |
| 9 | TLN | Talen Energy CORP | 股票-公用事業 | 3.37% | -0.57% | +77.22% | |
| 10 | TDS | Telephone And Data Systems | 股票-通訊服務 | 2.15% | -0.05% | — | |
| 11 | CORZ | Core Scientific Inc | 股票-科技 | 2.14% | +0.62% | +61.71% | |
| 12 | B | Barrick Mining CORP | 股票-原物料 | 1.84% | — | -9.90% | |
| 13 | NOK | Nokia Corp-spon Adr | 股票-科技 | 1.73% | -1.37% | EXIT | |
| 14 | FTAI | FTAI Aviation Ltd. | 股票-工業 | 1.45% | — | -11.59% | |
| 15 | ITUB | Itau Unibanco H-spon Prf Adr | 股票-金融 | 1.41% | -0.20% | +9.13% | |
| 16 | ORCL | Oracle CORP | 股票-科技 | 1.39% | — | — | |
| 17 | LBTYA | Liberty Global Ltd. | 股票-其他 | 1.36% | -0.23% | — | |
| 18 | CBL | Cbl & Associates Properties | 股票-其他 | 1.33% | -1.26% | EXIT | |
| 19 | RIOT 0.75 01-15-30債券 | Riot Platforms Inc | 債券 | 1.32% | -0.67% | — | |
| 20 | JBLU 0.5 04-01-26債券 | Jetblue Airways CORP | 債券 | 1.27% | -1.45% | EXIT | |
| 21 | AERO | Grupo Aeromexico Sab De Cv | 股票-其他 | 1.18% | +0.14% | — | |
| 22 | TAC | Transalta CORP | 股票-其他 | 1.16% | -0.70% | — | |
| 23 | STKL | Sunopta Inc | 股票-其他 | 1.12% | -2.04% | — | |
| 24 | NU | Nu Holdings Ltd. | 股票-金融 | 1.07% | — | -0.88% | |
| 25 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 1.00% | -0.04% | -7.63% | |
| 26 | KRC | Kilroy Realty CORP | 股票-房地產 | 0.98% | +0.16% | — | |
| 27 | CX | Cemex Sab-spons Adr Part Cer | 股票-其他 | 0.94% | -0.46% | -44.98% | |
| 28 | RWAY | Runway Growth Finance CORP | 股票-其他 | 0.89% | -0.19% | -15.10% | |
| 29 | ECHO 3.875 11-30-30債券 | Echostar CORP | 債券 | 0.86% | -0.20% | — | |
| 30 | CABO 0 03-15-26債券 | Cable One Inc | 債券 | 0.83% | — | +0.22% | |
| 31 | BLCO | Bausch + Lomb CORP | 股票-其他 | 0.82% | -0.03% | +4.23% | |
| 32 | GRAB | Grab Holdings Limited | 股票-科技 | 0.80% | — | -7.33% | |
| 33 | XPEV | XPeng Inc. | 股票-其他 | 0.77% | -0.22% | +63.32% | |
| 34 | ABNB 0 03-15-26債券 | Airbnb Inc | 債券 | 0.71% | — | +28.66% | |
| 35 | MAR | Marriott International -cl A | 股票-循環性消費 | 0.66% | — | — | |
| 36 | ETSY 0.25 06-15-28債券 | Etsy Inc | 債券 | 0.64% | +0.01% | +27.55% | |
| 37 | LILA | Liberty Latin America Ltd. | 股票-其他 | 0.61% | +0.05% | -13.81% | |
| 38 | ECVT | Ecovyst Inc | 股票-其他 | 0.59% | -0.47% | EXIT | |
| 39 | BMRN 1.25 05-15-27債券 | Biomarin Pharmaceutical | 債券 | 0.58% | +0.05% | +113.59% | |
| 40 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | 債券 | 0.57% | -0.01% | +144.48% | |
| 41 | AD | Array Digital Infrastructure | 股票-其他 | 0.55% | -0.16% | — | |
| 42 | CNMD 2.25 06-15-27債券 | Conmed CORP | 債券 | 0.55% | +0.19% | -0.47% | |
| 43 | VAC 3.25 12-15-27債券 | Marriott Vacation Worldw | 債券 | 0.55% | +0.02% | +12.66% | |
| 44 | PEB 1.75 12-15-26債券 | Pebblebrook Hotel Trust | 債券 | 0.55% | +0.02% | +51.69% | |
| 45 | VIST | Vista Energy Sab De Cv | 股票-其他 | 0.54% | — | -57.52% | |
| 46 | YMM | Full Truck Alliance -spn Adr | 股票-其他 | 0.54% | — | -7.32% | |
| 47 | SEALTD 0.25 09-15-26債券 | Sea LTD | 債券 | 0.54% | +0.14% | +4.93% | |
| 48 | SBLK | Star Bulk Carriers Corp. | 股票-其他 | 0.54% | — | — | |
| 49 | TDOC 1.25 06-01-27債券 | Teladoc Health Inc | 債券 | 0.52% | +0.25% | -5.31% | |
| 50 | ENPH 0 03-01-28債券 | Enphase Energy Inc | 債券 | 0.47% | +0.03% | +33.39% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | INDV | Indivior Pharmaceuticals, Inc. | +3.5% | -97.24% | 減碼 |
| 2 | TLN | Talen Energy CORP | +1% | +77.22% | 加碼 |
| 3 | CORZ | Core Scientific Inc | +0.4% | +61.71% | 加碼 |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.4% | +16.67% | 加碼 |
| 5 | NOK | Nokia Corp-spon Adr | +0.3% | — | 不變 |
| 6 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | +0.3% | +144.48% | 加碼 |
| 7 | BMRN 1.25 05-15-27債券 | Biomarin Pharmaceutical | +0.3% | +113.59% | 加碼 |
| 8 | FIVN 1 03-15-29債券 | Five9 Inc | +0.3% | +289.99% | 加碼 |
| 9 | JBLU 0.5 04-01-26債券 | Jetblue Airways CORP | +0.2% | +32.62% | 加碼 |
| 10 | ECVT | Ecovyst Inc | +0.2% | +48.81% | 加碼 |
| 11 | WGO 3.25 01-15-30債券 | Winnebago Industries | +0.2% | +311.98% | 加碼 |
| 12 | XPEV | XPeng Inc. | +0.2% | +63.32% | 加碼 |
| 13 | B | Barrick Mining CORP | +0.2% | -9.90% | 減碼 |
| 14 | PEB 1.75 12-15-26債券 | Pebblebrook Hotel Trust | +0.2% | +51.69% | 加碼 |
| 15 | OKTA 0.375 06-15-26債券 | Okta Inc | +0.2% | +67.46% | 加碼 |
| 16 | SPB 3.375 06-01-29債券 | Spectrum Brands Inc | +0.1% | +69.51% | 加碼 |
| 17 | AU | AngloGold Ashanti plc | +0.1% | -8.06% | 減碼 |
| 18 | XYZ 0 05-01-26債券 | Block Inc | +0.1% | +102.15% | 加碼 |
| 19 | DAY 0.25 03-15-26債券 | Dayforce Inc | +0.1% | +106.26% | 加碼 |
| 20 | NBR 1.75 06-15-29債券 | Nabors Industries Inc | +0.1% | +87.51% | 加碼 |
| 21 | ABNB 0 03-15-26債券 | Airbnb Inc | +0.1% | +28.66% | 加碼 |
| 22 | ETSY 0.25 06-15-28債券 | Etsy Inc | +0.1% | +27.55% | 加碼 |
| 23 | ARRY 1 12-01-28債券 | Array Technologies Inc | +0.1% | +34.81% | 加碼 |
| 24 | TEO | Telecom Argentina Sa-sp Adr | +0.1% | -10.72% | 減碼 |
| 25 | FCX | Freeport-mcmoran Inc | +0.1% | -7.63% | 減碼 |
| 26 | ENPH 0 03-01-28債券 | Enphase Energy Inc | +0.1% | +33.39% | 加碼 |
| 27 | CBRL 0.625 06-15-26債券 | Cracker Barrel Old Count | +0.1% | +33.62% | 加碼 |
| 28 | LNTH 2.625 12-15-27債券 | Lantheus Holdings Inc | +0.1% | +83.67% | 加碼 |
| 29 | SNAP 0 05-01-27債券 | Snap Inc | +0.1% | +50.85% | 加碼 |
| 30 | PMT 5.5 03-15-26債券 | Pennymac CORP | +0.1% | +102.09% | 加碼 |
| 31 | BLCO | Bausch + Lomb CORP | +0.1% | +4.23% | 加碼 |
| 32 | HAE 0 03-01-26債券 | Haemonetics CORP | +0.1% | +62.56% | 加碼 |
| 33 | U 0 11-15-26債券 | Unity Software Inc | +0.1% | +141.96% | 加碼 |
| 34 | CALY 2.75 05-01-26債券 | Callaway Golf Co | +0.1% | +115.83% | 加碼 |
| 35 | MAR | Marriott International -cl A | +0.1% | — | 不變 |
| 36 | MGPI 1.875 11-15-41債券 | Mgp Ingredients Inc | +0.1% | +34.44% | 加碼 |
| 37 | BXMT 5.5 03-15-27債券 | Blackstone Mortgage Tr | +0.1% | +72.92% | 加碼 |
| 38 | SMRT | Smartrent Inc | +0.1% | — | 不變 |
| 39 | BSY 0.375 07-01-27債券 | Bentley Systems | +0.1% | +256.84% | 加碼 |
| 40 | BAND 0.5 04-01-28債券 | Bandwidth Inc | +0.1% | +58.17% | 加碼 |
| 41 | NVST 1.75 08-15-28債券 | Envista Holdings CORP | +0.1% | +20.83% | 加碼 |
| 42 | ZD 1.75 11-01-26債券 | Ziff Davis Inc | +0.1% | +58.27% | 加碼 |
| 43 | MGNI 0.25 03-15-26債券 | Magnite Inc | +0.1% | +55.27% | 加碼 |
| 44 | FRPT 3 04-01-28債券 | Freshpet Inc | +0.1% | +69.77% | 加碼 |
| 45 | LCII 1.125 05-15-26債券 | Lci Industries | +0.1% | +54.96% | 加碼 |
| 46 | VALE | Vale Sa-sp Adr | 0% | -0.49% | 減碼 |
| 47 | TTEK 2.25 08-15-28債券 | Tetra Tech Inc | 0% | +28.43% | 加碼 |
| 48 | RDFN 0.5 04-01-27債券 | Redfin CORP | 0% | +45.83% | 加碼 |
| 49 | NEO 0.25 01-15-28債券 | Neogenomics Inc | 0% | +80.61% | 加碼 |
| 50 | CRNC 1.5 07-01-28債券 | Cerence Inc | 0% | +62.64% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Oaktree Capital Management LP 在 Q4 2025 季度的美股持倉總市值約為 US$72.1億，共申報了 170 個公開持股部位。
在 Q4 2025 季度，Oaktree Capital Management LP 按市值排列的前三大核心持股分別為：EXE (8.0%)、TRMD (7.5%)、AU (4.7%)。其中最大持股部位 EXE 佔據整體投資組合約 8.0% 的權重。
在 Q4 2025 季度中，Oaktree Capital Management LP 共進行了 176 項持倉異動，包含新建倉 37 個部位、加碼 55 個部位、減碼 53 個部位以及清倉 31 個部位。 其中最大新建倉標的為 SMH。 本季清倉部位包含 IWM。
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。
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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。