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: 0000937567
申報總市值
US$157.7億
US$157.7億
167 檔
15.4%
在 Q4 2025 申報期間，Ontario Teachers Pension Plan Board（CIK: 0000937567）向美國 SEC 提交的 Form 13F 報告顯示，其追蹤之股票投資組合總市值達 US$157.7億，共持有 167 個公開申報部位。
觀察 Q4 2025 的資金脈絡，Ontario Teachers Pension Plan Board 在獲利結算 10 檔個股的同時，將資本重新部署至 8 檔新選標的，展現主動管理機構的輪動節奏。
從部位權重觀察，前 5 大標的（包含 GFL, HYG, COF）累計市值佔比達 15.4%，是驅動 Ontario Teachers Pension Plan Board 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 | GFL | Gfl Environmental Inc-sub Vt | 股票-其他 | 21.33% | -21.85% | -7.60% | |
| 2 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 19.70% | -10.57% | +116.67% | |
| 3 | COF | Capital One Financial CORP | 股票-金融 | 4.57% | -3.60% | EXIT | |
| 4 | WMT | Walmart Inc | 股票-非循環性消費 | 4.08% | +0.16% | -2.16% | |
| 5 | CRM | Salesforce Inc | 股票-科技 | 3.92% | -3.81% | EXIT | |
| 6 | CMI | Cummins Inc | 股票-工業 | 3.55% | -1.31% | EXIT | |
| 7 | BAC | Bank Of America CORP | 股票-金融 | 3.32% | — | -11.57% | |
| 8 | NVDA | Nvidia CORP | 股票-科技 | 3.04% | -2.71% | EXIT | |
| 9 | ROK | Rockwell Automation Inc | 股票-工業 | 3.02% | -2.23% | +1.41% | |
| 10 | TEAM | Atlassian Corp-cl A | 股票-科技 | 2.57% | -1.27% | EXIT | |
| 11 | GE | General Electric | 股票-工業 | 2.52% | — | +4.63% | |
| 12 | CARR | Carrier Global CORP | 股票-工業 | 2.21% | -1.71% | — | |
| 13 | PONY | Pony Ai Inc | 股票-其他 | 2.08% | -0.82% | — | |
| 14 | DIS | Walt Disney Co/the | 股票-通訊服務 | 1.85% | -0.90% | EXIT | |
| 15 | T | At&t Inc | 股票-通訊服務 | 1.83% | -0.04% | EXIT | |
| 16 | ROST | Ross Stores Inc | 股票-循環性消費 | 1.81% | -1.84% | -8.03% | |
| 17 | BURL | Burlington Stores Inc | 股票-循環性消費 | 1.59% | -1.81% | +114.74% | |
| 18 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.41% | -2.05% | EXIT | |
| 19 | AZNN | Astrazeneca Plc-spons Adr | 股票-其他 | 1.16% | — | -29.98% | |
| 20 | SEA1EUR | Seabridge Gold Inc | 股票-其他 | 1.09% | -1.37% | EXIT | |
| 21 | F 0 03-15-26債券 | Ford Motor Company | 債券 | 0.69% | — | — | |
| 22 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.67% | -1.06% | EXIT | |
| 23 | COOK | Traeger, Inc. | 股票-其他 | 0.59% | — | — | |
| 24 | BSX | Boston Scientific CORP | 股票-醫療保健 | 0.47% | — | +9.82% | |
| 25 | HTHT 3 05-01-26債券 | H World Group LTD | 債券 | 0.45% | -0.61% | EXIT | |
| 26 | UBER 0.875 12-01-28 2028債券 | Uber Technologies Inc | 債券 | 0.43% | -0.48% | — | |
| 27 | SPOT 0 03-15-26債券 | Spotify USA Inc | 債券 | 0.38% | — | — | |
| 28 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.29% | -0.85% | EXIT | |
| 29 | EW | Edwards Lifesciences CORP | 股票-醫療保健 | 0.25% | -0.43% | EXIT | |
| 30 | NTNX 0.25 10-01-27債券 | Nutanix Inc | 債券 | 0.25% | -0.15% | EXIT | |
| 31 | ZBH | Zimmer Biomet Holdings Inc | 股票-醫療保健 | 0.23% | -0.71% | EXIT | |
| 32 | MTN 0 01-01-26債券 | Vail Resorts Inc | 債券 | 0.22% | — | — | |
| 33 | SEALTD 0.25 09-15-26債券 | Sea LTD | 債券 | 0.21% | -0.22% | — | |
| 34 | PSA | Public Storage | 股票-房地產 | 0.19% | -0.07% | EXIT | |
| 35 | BZH | Beazer Homes USA Inc | 股票-其他 | 0.18% | -0.15% | — | |
| 36 | NSA | National Storage Affiliates | 股票-房地產 | 0.16% | -0.03% | EXIT | |
| 37 | WPC | Wp Carey Inc | 股票-房地產 | 0.16% | -0.13% | EXIT | |
| 38 | AAL | American Airlines Group Inc | 股票-工業 | 0.16% | -0.10% | +350.79% | |
| 39 | ABNB 0 03-15-26債券 | Airbnb Inc | 債券 | 0.15% | — | — | |
| 40 | CPT | Camden Property Trust | 股票-房地產 | 0.15% | -0.10% | EXIT | |
| 41 | XYZ 0 05-01-26債券 | Block Inc | 債券 | 0.15% | -0.20% | EXIT | |
| 42 | POR | Portland General Electric Co | 股票-公用事業 | 0.15% | -0.15% | EXIT | |
| 43 | DOC | Healthpeak Properties Inc | 股票-房地產 | 0.14% | -0.09% | EXIT | |
| 44 | TRIP 0.25 04-01-26債券 | Tripadvisor Inc | 債券 | 0.14% | — | — | |
| 45 | POST | Post Holdings Inc | 股票-非循環性消費 | 0.13% | -0.13% | +129.95% | |
| 46 | SAM | Boston Beer Company Inc-a | 股票-非循環性消費 | 0.13% | -0.11% | EXIT | |
| 47 | LAMR | Lamar Advertising Co-a | 股票-房地產 | 0.13% | -0.04% | EXIT | |
| 48 | SNAP 0 05-01-27債券 | Snap Inc | 債券 | 0.12% | -0.12% | — | |
| 49 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.12% | -0.07% | EXIT | |
| 50 | PK | Park Hotels & Resorts Inc | 股票-房地產 | 0.12% | -0.14% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | +10.2% | +116.67% | 加碼 |
| 2 | NVDA | Nvidia CORP | +1% | +51.80% | 加碼 |
| 3 | BURL | Burlington Stores Inc | +0.9% | +114.74% | 加碼 |
| 4 | CMI | Cummins Inc | +0.4% | -2.38% | 減碼 |
| 5 | SEA1EUR | Seabridge Gold Inc | +0.3% | +11.69% | 加碼 |
| 6 | DIS | Walt Disney Co/the | +0.3% | +20.72% | 加碼 |
| 7 | COF | Capital One Financial CORP | +0.2% | -3.57% | 減碼 |
| 8 | ROK | Rockwell Automation Inc | +0.2% | +1.41% | 加碼 |
| 9 | ABBV | Abbvie Inc | +0.2% | +18.09% | 加碼 |
| 10 | PSA | Public Storage | +0.1% | +326.65% | 加碼 |
| 11 | AAL | American Airlines Group Inc | +0.1% | +350.79% | 加碼 |
| 12 | TEAM | Atlassian Corp-cl A | +0.1% | +7.60% | 加碼 |
| 13 | ROST | Ross Stores Inc | +0.1% | -8.03% | 減碼 |
| 14 | VTR | Ventas Inc | +0.1% | +883.89% | 加碼 |
| 15 | GE | General Electric | +0.1% | +4.63% | 加碼 |
| 16 | WMT | Walmart Inc | +0.1% | -2.16% | 減碼 |
| 17 | POST | Post Holdings Inc | +0.1% | +129.95% | 加碼 |
| 18 | WEC | Wec Energy Group Inc | +0.1% | +156.25% | 加碼 |
| 19 | CRM | Salesforce Inc | 0% | -6.44% | 減碼 |
| 20 | UGI | Ugi CORP | -0.1% | -56.79% | 減碼 |
| 21 | LAMR | Lamar Advertising Co-a | -0.1% | -37.19% | 減碼 |
| 22 | DTE | Dte Energy Company | -0.1% | -53.70% | 減碼 |
| 23 | INGR | Ingredion Inc | -0.1% | -68.99% | 減碼 |
| 24 | SPOT 0 03-15-26債券 | Spotify USA Inc | -0.1% | — | 不變 |
| 25 | COOK | Traeger, Inc. | -0.1% | — | 不變 |
| 26 | MAA | Mid-america Apartment Comm | -0.1% | -90.28% | 減碼 |
| 27 | SWX | Southwest Gas Holdings Inc | -0.2% | -83.65% | 減碼 |
| 28 | AZNN | Astrazeneca Plc-spons Adr | -0.3% | -29.98% | 減碼 |
| 29 | BAC | Bank Of America CORP | -0.3% | -11.57% | 減碼 |
| 30 | T | At&t Inc | -0.6% | -10.14% | 減碼 |
| 31 | PONY | Pony Ai Inc | -1.3% | — | 不變 |
| 32 | GFL | Gfl Environmental Inc-sub Vt | -5.2% | -7.60% | 減碼 |
| 33 | HON | Honeywell International Inc | — | EXIT | 清倉 |
| 34 | MSFT | Microsoft CORP | — | EXIT | 清倉 |
| 35 | CARR | Carrier Global CORP | — | NEW | 新建倉 |
| 36 | BLK | Blackrock Inc | — | EXIT | 清倉 |
| 37 | PINS | Pinterest Inc- Class A | — | EXIT | 清倉 |
| 38 | LLY | Eli Lilly & Co | — | EXIT | 清倉 |
| 39 | META | Meta Platforms Inc-class A | — | NEW | 新建倉 |
| 40 | EW | Edwards Lifesciences CORP | — | NEW | 新建倉 |
| 41 | ZBH | Zimmer Biomet Holdings Inc | — | NEW | 新建倉 |
| 42 | HST | Host Hotels & Resorts Inc | — | EXIT | 清倉 |
| 43 | DHR | Danaher CORP | — | EXIT | 清倉 |
| 44 | CUBE | Cubesmart | — | NEW | 新建倉 |
| 45 | KBH | Kb Home | — | NEW | 新建倉 |
| 46 | INVH | Invitation Homes Inc | — | NEW | 新建倉 |
| 47 | AVTR | Avantor Inc | — | EXIT | 清倉 |
| 48 | EA | Electronic Arts Inc | — | EXIT | 清倉 |
| 49 | GLPI | Gaming And Leisure Propertie | — | EXIT | 清倉 |
| 50 | AFRM 0.75 12-15-29債券 | Affirm Holdings Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Ontario Teachers Pension Plan Board 在 Q4 2025 季度的美股持倉總市值約為 US$157.7億，共申報了 167 個公開持股部位。
在 Q4 2025 季度，Ontario Teachers Pension Plan Board 按市值排列的前三大核心持股分別為：GFL (21.3%)、HYG (19.7%)、COF (4.6%)。其中最大持股部位 GFL 佔據整體投資組合約 21.3% 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
CARR
市值: US$9983.9萬
本季最大獲利了結 / 清倉標的
HON
前期市值: US$1.4億
在 Q4 2025 季度中，Ontario Teachers Pension Plan Board 共進行了 47 項持倉異動，包含新建倉 8 個部位、加碼 14 個部位、減碼 15 個部位以及清倉 10 個部位。 其中最大新建倉標的為 CARR。 本季清倉部位包含 HON。
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。