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: 0001663865
申報總市值
US$291.0億
US$291.0億
86 檔
20.9%
在 Q3 2025 的 13F 官方備案中，Orbis Allan Gray Ltd 管理的美股投資組合規模來到 US$291.0億，整體持股檔數為 86 檔。
在 Q3 2025 期間，Orbis Allan Gray Ltd 展現了靈活的資產再平衡步調，透過出清 16 檔弱勢或達到目標價部位，將資金轉置於 24 檔新建倉標的之中。
在資產配置集中度方面，Orbis Allan Gray Ltd 的前 5 大核心持股（包含 QXO, NBIS, CPAY 等）合計佔整體申報市值的 20.9%，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 | QXO | Qxo Inc | 股票-工業 | 7.08% | -1.67% | -10.17% | |
| 2 | NBIS | Nebius Group N.V. | 股票-其他 | 6.17% | +2.52% | -27.51% | |
| 3 | CPAY | Corpay Inc | 股票-科技 | 5.10% | -0.37% | +7.07% | |
| 4 | PDD | Pdd Holdings Inc | 股票-循環性消費 | 3.94% | +0.65% | +22.92% | |
| 5 | ALNY | Alnylam Pharmaceuticals Inc | 股票-醫療保健 | 3.82% | +0.20% | -8.03% | |
| 6 | SW | Smurfit Westrock Plc | 股票-循環性消費 | 3.46% | -1.38% | +2.98% | |
| 7 | ICLR | ICON Public Limited Company | 股票-醫療保健 | 3.11% | — | +1132.98% | |
| 8 | GXO | Gxo Logistics Inc | 股票-工業 | 3.04% | -0.60% | +1.63% | |
| 9 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 2.93% | +0.19% | NEW | |
| 10 | IBKR | Interactive Brokers Gro-cl A | 股票-金融 | 2.82% | +0.09% | -2.01% | |
| 11 | NTES | Netease Inc-adr | 股票-通訊服務 | 2.71% | -0.15% | +18.54% | |
| 12 | ITUB | Itau Unibanco H-spon Prf Adr | 股票-金融 | 2.63% | -0.17% | -1.44% | |
| 13 | SE | Sea Ltd-adr | 股票-通訊服務 | 2.38% | -0.47% | +205.22% | |
| 14 | STE | STERIS plc | 股票-醫療保健 | 2.26% | -0.48% | +1.39% | |
| 15 | BTI | British American Tob-sp Adr | 股票-非循環性消費 | 2.17% | -0.33% | -34.35% | |
| 16 | RXO | Rxo Inc | 股票-其他 | 2.15% | +1.21% | +3.82% | |
| 17 | NEM | Newmont CORP | 股票-原物料 | 2.04% | -0.58% | +12.54% | |
| 18 | INSM | Insmed Inc | 股票-醫療保健 | 2.01% | +0.94% | +113.29% | |
| 19 | BRKR | Bruker CORP | 股票-醫療保健 | 1.97% | +0.98% | +202.38% | |
| 20 | NU | Nu Holdings Ltd. | 股票-金融 | 1.88% | +0.13% | +44.65% | |
| 21 | ELV | Elevance Health Inc | 股票-醫療保健 | 1.81% | +0.01% | -54.20% | |
| 22 | KMI | Kinder Morgan, Inc. | 股票-能源 | 1.81% | -0.30% | -34.24% | |
| 23 | DIS | Walt Disney Co/the | 股票-通訊服務 | 1.80% | -0.28% | +9.55% | |
| 24 | XPO | Xpo Inc | 股票-工業 | 1.75% | -0.40% | +0.11% | |
| 25 | MU | Micron Technology Inc | 股票-科技 | 1.56% | — | -37.34% | |
| 26 | AES | Aes CORP | 股票-公用事業 | 1.46% | -0.73% | EXIT | |
| 27 | GMAB | Genmab A/s -sp Adr | 股票-其他 | 1.46% | -0.39% | +39.87% | |
| 28 | CRSP | CRISPR Therapeutics AG | 股票-醫療保健 | 1.39% | -0.21% | +80.21% | |
| 29 | CNK | Cinemark Holdings Inc | 股票-其他 | 1.38% | -0.17% | +13.82% | |
| 30 | FNV | Franco-nevada CORP | 股票-原物料 | 1.36% | -0.20% | +0.44% | |
| 31 | CX | Cemex Sab-spons Adr Part Cer | 股票-其他 | 1.35% | -0.62% | +32.73% | |
| 32 | WLK | Westlake CORP | 股票-原物料 | 1.29% | -2.09% | — | |
| 33 | MSI | Motorola Solutions Inc | 股票-科技 | 1.29% | -0.01% | +273.65% | |
| 34 | GLD | Spdr Gold Shares | ETF-避險與商品 | 1.20% | -0.23% | -2.59% | |
| 35 | FSV | Firstservice CORP | 股票-其他 | 1.19% | -0.35% | +2.13% | |
| 36 | B | Barrick Mining CORP | 股票-原物料 | 0.92% | -0.20% | +4.09% | |
| 37 | VIPS | Vipshop Holdings LTD - Adr | 股票-循環性消費 | 0.81% | -0.19% | +96.68% | |
| 38 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 0.79% | +0.57% | +1753.70% | |
| 39 | IMAX | Imax CORP | 股票-其他 | 0.74% | -0.12% | +2.52% | |
| 40 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.65% | +3.10% | -7.44% | |
| 41 | DEO | Diageo Plc-sponsored Adr | 股票-非循環性消費 | 0.63% | +0.16% | +33.52% | |
| 42 | VALE | Vale Sa-sp Adr | 股票-原物料 | 0.63% | -0.56% | -30.98% | |
| 43 | BIDU | Baidu Inc - Spon Adr | 股票-通訊服務 | 0.59% | -0.09% | EXIT | |
| 44 | BTU | Peabody Energy CORP | 股票-能源 | 0.56% | — | — | |
| 45 | WPM | Wheaton Precious Metals CORP | 股票-原物料 | 0.49% | -0.13% | — | |
| 46 | GFI | Gold Fields Ltd-spons Adr | 股票-原物料 | 0.48% | -0.11% | — | |
| 47 | BUR | Burford Capital Limited | 股票-其他 | 0.47% | -0.04% | +18.88% | |
| 48 | SHEL | Shell Plc-adr | 股票-能源 | 0.44% | +0.75% | -80.63% | |
| 49 | SYNA | Synaptics Inc | 股票-其他 | 0.41% | +0.12% | -23.74% | |
| 50 | R | Ryder System Inc | 股票-工業 | 0.38% | -0.33% | -53.23% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | NBIS | Nebius Group N.V. | +4.3% | -27.51% | 減碼 |
| 2 | PDD | Pdd Holdings Inc | +2.3% | +22.92% | 加碼 |
| 3 | SE | Sea Ltd-adr | +1.8% | +205.22% | 加碼 |
| 4 | ITUB | Itau Unibanco H-spon Prf Adr | +1.3% | -1.44% | 加碼 |
| 5 | ALNY | Alnylam Pharmaceuticals Inc | +1.3% | -8.03% | 加碼 |
| 6 | CRSP | CRISPR Therapeutics AG | +1.1% | +80.21% | 加碼 |
| 7 | NU | Nu Holdings Ltd. | +1% | +44.65% | 加碼 |
| 8 | UNH | Unitedhealth Group Inc | +0.9% | +81.96% | 加碼 |
| 9 | CX | Cemex Sab-spons Adr Part Cer | +0.9% | +32.73% | 加碼 |
| 10 | SW | Smurfit Westrock Plc | +0.9% | +2.98% | 加碼 |
| 11 | GMAB | Genmab A/s -sp Adr | +0.8% | +39.87% | 加碼 |
| 12 | NTES | Netease Inc-adr | +0.6% | +18.54% | 加碼 |
| 13 | NEM | Newmont CORP | +0.5% | +12.54% | 減碼 |
| 14 | MU | Micron Technology Inc | +0.4% | -37.34% | 減碼 |
| 15 | DEO | Diageo Plc-sponsored Adr | +0.4% | +33.52% | 加碼 |
| 16 | STE | STERIS plc | +0.3% | +1.39% | 加碼 |
| 17 | VIPS | Vipshop Holdings LTD - Adr | +0.2% | +96.68% | 加碼 |
| 18 | IMAX | Imax CORP | +0.2% | +2.52% | 加碼 |
| 19 | EME | Emcor Group Inc | +0.1% | +27.44% | 加碼 |
| 20 | XPO | Xpo Inc | +0.1% | +0.11% | 加碼 |
| 21 | GNRC | Generac Holdings Inc | +0.1% | +0.16% | 加碼 |
| 22 | MTZ | Mastec Inc | +0.1% | -5.27% | 減碼 |
| 23 | GFI | Gold Fields Ltd-spons Adr | 0% | — | 減碼 |
| 24 | ✓ | Caledonia Mng CORP PLC | 0% | -17.68% | 減碼 |
| 25 | GXO | Gxo Logistics Inc | 0% | +1.63% | 減碼 |
| 26 | CRC | California Resources CORP | 0% | +24.00% | 加碼 |
| 27 | ENB | Enbridge Inc | 0% | +4.68% | 加碼 |
| 28 | KB | Kb Financial Group Inc-adr | 0% | -1.66% | 減碼 |
| 29 | NAVI | Navient CORP | — | +6.13% | 加碼 |
| 30 | AU | AngloGold Ashanti plc | — | — | 減碼 |
| 31 | MCS | Marcus Corporation | — | +29.06% | 加碼 |
| 32 | INTC | Intel CORP | 0% | -22.96% | 減碼 |
| 33 | FBIN | Fortune Brands Innovations I | 0% | +4.60% | 加碼 |
| 34 | DAO | Youdao Inc - Adr | -0.1% | -2.88% | 減碼 |
| 35 | CNK | Cinemark Holdings Inc | -0.1% | +13.82% | 加碼 |
| 36 | HDB | Hdfc Bank Ltd-adr | -0.1% | +80.47% | 加碼 |
| 37 | MAR | Marriott International -cl A | -0.1% | — | 不變 |
| 38 | BUR | Burford Capital Limited | -0.1% | +18.88% | 加碼 |
| 39 | MSFT | Microsoft CORP | -0.1% | -24.38% | 減碼 |
| 40 | WPM | Wheaton Precious Metals CORP | -0.1% | — | 減碼 |
| 41 | FSV | Firstservice CORP | -0.2% | +2.13% | 加碼 |
| 42 | PTLO | Portillo's Inc-cl A | -0.2% | +7.57% | 加碼 |
| 43 | DIS | Walt Disney Co/the | -0.2% | +9.55% | 加碼 |
| 44 | R | Ryder System Inc | -0.3% | -53.23% | 減碼 |
| 45 | FNV | Franco-nevada CORP | -0.4% | +0.44% | 減碼 |
| 46 | GLD | Spdr Gold Shares | -0.4% | -2.59% | 減碼 |
| 47 | G | Genpact Limited | -0.4% | -40.36% | 減碼 |
| 48 | SYNA | Synaptics Inc | -0.4% | -23.74% | 減碼 |
| 49 | BKNG | Booking Holdings Inc | -0.5% | -7.44% | 減碼 |
| 50 | IBKR | Interactive Brokers Gro-cl A | -0.5% | -2.01% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Orbis Allan Gray Ltd 在 Q3 2025 季度的美股持倉總市值約為 US$291.0億，共申報了 86 個公開持股部位。
在 Q3 2025 季度，Orbis Allan Gray Ltd 按市值排列的前三大核心持股分別為：QXO (7.1%)、NBIS (6.2%)、CPAY (5.1%)。其中最大持股部位 QXO 佔據整體投資組合約 7.1% 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
ICLR
市值: US$7.2億
本季最大獲利了結 / 清倉標的
RNR
前期市值: US$4.2億
在 Q3 2025 季度中，Orbis Allan Gray Ltd 共進行了 101 項持倉異動，包含新建倉 24 個部位、加碼 32 個部位、減碼 29 個部位以及清倉 16 個部位。 其中最大新建倉標的為 ICLR。 本季清倉部位包含 RNR。
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。