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: 0001103882
申報總市值
US$13.6億
US$13.6億
56 檔
16.6%
截至 Q4 2025 季度末，Paloma Partners Management Co 的美股持倉估值約為 US$13.6億，全數申報部位共有 56 檔。
在 Q4 2025，Paloma Partners Management Co 展現出較為審慎的避險與獲利了結姿態。本季共減碼 13 個部位並完全清倉 40 檔持股，調降曝險的部位數量高於加碼動作。
檢視投資組合結構，前 5 大主力部位（包含 BABA, CHTR, BABA 0.5 06-01-31）占據了總市值的 16.6%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
| # | 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 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 10.67% | — | — | |
| 2 | CHTR | Charter Communications Inc-a | 股票-通訊服務 | 9.33% | -12.85% | EXIT | |
| 3 | BABA 0.5 06-01-31債券 | Alibaba Group Holding | 債券 | 7.65% | -4.61% | -56.10% | |
| 4 | NIO 4.625 10-15-30債券 | Nio Inc | 債券 | 7.18% | -0.80% | EXIT | |
| 5 | ✓ | Bitdeer Technologies Group | 股票-其他 | 6.36% | +10.27% | +45.90% | |
| 6 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 5.90% | +39.57% | NEW | |
| 7 | ECHO 3.875 11-30-30債券 | Echostar CORP | 債券 | 4.90% | — | -59.91% | |
| 8 | TCOM 0.75 06-15-29債券 | Trip.com Group LTD | 債券 | 4.83% | +0.93% | -17.43% | |
| 9 | VSAT | Viasat Inc | 股票-科技 | 3.56% | -2.43% | — | |
| 10 | NWL | Newell Brands Inc | 股票-非循環性消費 | 2.58% | -0.18% | +192.54% | |
| 11 | COIN 0.25 04-01-30債券 | Coinbase Global Inc | 債券 | 2.56% | — | — | |
| 12 | TLT | Ishares 20+ Year Treasury Bd | ETF-政府公債 | 2.38% | -2.55% | EXIT | |
| 13 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 2.34% | — | — | |
| 14 | GT | Goodyear Tire & Rubber Co | 股票-循環性消費 | 2.23% | -1.99% | -35.03% | |
| 15 | LITE 1.5 12-15-29債券 | Lumentum Holdings Inc | 債券 | 1.94% | — | -60.00% | |
| 16 | NVDA | Nvidia CORP | 股票-科技 | 1.80% | — | +165.00% | |
| 17 | AVGO | Broadcom Inc | 股票-科技 | 1.76% | -1.34% | EXIT | |
| 18 | INTC | Intel CORP | 股票-科技 | 1.58% | -1.30% | EXIT | |
| 19 | AFRM | Affirm Holdings Inc | 股票-金融 | 1.49% | -0.25% | EXIT | |
| 20 | VFC | Vf CORP | 股票-循環性消費 | 1.41% | — | — | |
| 21 | GES 3.75 04-15-28債券 | Guess Inc | 債券 | 1.39% | — | — | |
| 22 | CTRI | Centuri Holdings Inc | 股票-其他 | 1.38% | -5.03% | — | |
| 23 | TTWO | Take-two Interactive Softwre | 股票-通訊服務 | 1.07% | -0.85% | EXIT | |
| 24 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.01% | -1.02% | EXIT | |
| 25 | HAS | Hasbro Inc | 股票-循環性消費 | 0.94% | -0.18% | EXIT | |
| 26 | AMD | Advanced Micro Devices | 股票-科技 | 0.92% | — | -67.59% | |
| 27 | DKNG | Draftkings Inc-cl A | 股票-循環性消費 | 0.88% | — | — | |
| 28 | RRR | Red Rock Resorts Inc-class A | 股票-其他 | 0.82% | -0.68% | EXIT | |
| 29 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.72% | -0.53% | EXIT | |
| 30 | OPTU | Optimum Communications Inc-a | 股票-通訊服務 | 0.71% | -0.60% | EXIT | |
| 31 | WMT | Walmart Inc | 股票-非循環性消費 | 0.67% | — | — | |
| 32 | CHDN | Churchill Downs Inc | 股票-循環性消費 | 0.66% | — | — | |
| 33 | SNPS | Synopsys Inc | 股票-科技 | 0.51% | — | — | |
| 34 | CORZ | Core Scientific Inc | 股票-科技 | 0.49% | — | -93.23% | |
| 35 | CRWV | Coreweave Inc-cl A | 股票-科技 | 0.49% | — | +275.04% | |
| 36 | MTN | Vail Resorts Inc | 股票-循環性消費 | 0.48% | -0.43% | EXIT | |
| 37 | WH | Wyndham Hotels & Resorts Inc | 股票-循環性消費 | 0.46% | -0.65% | EXIT | |
| 38 | LVS | Las Vegas Sands CORP | 股票-循環性消費 | 0.42% | -0.37% | EXIT | |
| 39 | ASML | ASML Holding N.V. | 股票-科技 | 0.39% | -0.39% | EXIT | |
| 40 | PI | Impinj Inc | 股票-科技 | 0.38% | — | — | |
| 41 | LRCX | Lam Research CORP | 股票-科技 | 0.34% | -0.46% | EXIT | |
| 42 | CNF | Cnfinance Holdings LTD | 股票-其他 | 0.34% | -0.17% | — | |
| 43 | ROKU | Roku Inc | 股票-通訊服務 | 0.34% | — | — | |
| 44 | NBIS | Nebius Group N.V. | 股票-其他 | 0.21% | — | -38.64% | |
| 45 | STM | Stmicroelectronics Nv-ny Shs | 股票-科技 | 0.20% | -0.24% | EXIT | |
| 46 | CIEN | Ciena CORP | 股票-科技 | 0.17% | — | — | |
| 47 | COHR | Coherent CORP | 股票-科技 | 0.17% | — | -75.00% | |
| 48 | BROS | Dutch Bros Inc-class A | 股票-循環性消費 | 0.17% | -0.42% | EXIT | |
| 49 | TNL | Travel + Leisure Co | 股票-循環性消費 | 0.17% | -0.30% | EXIT | |
| 50 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 0.14% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | NWL | Newell Brands Inc | +1.5% | +192.54% | 加碼 |
| 2 | NIO 4.625 10-15-30債券 | Nio Inc | +1.3% | +28.18% | 加碼 |
| 3 | NVDA | Nvidia CORP | +1.2% | +165.00% | 加碼 |
| 4 | TLT | Ishares 20+ Year Treasury Bd | +0.9% | +50.00% | 加碼 |
| 5 | AMZN | Amazon.com Inc | +0.8% | +300.00% | 加碼 |
| 6 | AVGO | Broadcom Inc | +0.7% | +40.00% | 加碼 |
| 7 | AFRM | Affirm Holdings Inc | +0.5% | +29.28% | 加碼 |
| 8 | TTWO | Take-two Interactive Softwre | +0.5% | +58.62% | 加碼 |
| 9 | INTC | Intel CORP | +0.5% | +14.63% | 加碼 |
| 10 | ✓ | Bitdeer Technologies Group | +0.4% | +45.90% | 加碼 |
| 11 | CRWV | Coreweave Inc-cl A | +0.3% | +275.04% | 加碼 |
| 12 | RRR | Red Rock Resorts Inc-class A | +0.2% | +15.87% | 加碼 |
| 13 | CNF | Cnfinance Holdings LTD | +0.1% | — | 不變 |
| 14 | GES 3.75 04-15-28債券 | Guess Inc | +0.1% | — | 不變 |
| 15 | HAS | Hasbro Inc | +0.1% | -4.55% | 減碼 |
| 16 | TNL | Travel + Leisure Co | +0.1% | +30.00% | 加碼 |
| 17 | WH | Wyndham Hotels & Resorts Inc | +0.1% | +11.67% | 加碼 |
| 18 | PRMB | Primo Brands CORP | 0% | +50.00% | 加碼 |
| 19 | LITE 1.5 12-15-29債券 | Lumentum Holdings Inc | -0.1% | -60.00% | 減碼 |
| 20 | LINTA 4 11-15-29債券 | Liberty Interactive LLC | -0.1% | — | 不變 |
| 21 | LCID | Lucid Group Inc | -0.1% | — | 不變 |
| 22 | OPTU | Optimum Communications Inc-a | -0.2% | +4.45% | 加碼 |
| 23 | COHR | Coherent CORP | -0.2% | -75.00% | 減碼 |
| 24 | NBIS | Nebius Group N.V. | -0.2% | -38.64% | 減碼 |
| 25 | AIFC | Ai Financial CORP | -0.2% | -89.18% | 減碼 |
| 26 | COIN 0.25 04-01-30債券 | Coinbase Global Inc | -0.3% | — | 不變 |
| 27 | LVS | Las Vegas Sands CORP | -0.3% | -53.99% | 減碼 |
| 28 | GT | Goodyear Tire & Rubber Co | -0.4% | -35.03% | 減碼 |
| 29 | TER | Teradyne Inc | -0.6% | -90.00% | 減碼 |
| 30 | TCOM 0.75 06-15-29債券 | Trip.com Group LTD | -0.7% | -17.43% | 減碼 |
| 31 | AMD | Advanced Micro Devices | -1% | -67.59% | 減碼 |
| 32 | ECHO 3.875 11-30-30債券 | Echostar CORP | -3.2% | -59.91% | 減碼 |
| 33 | CORZ | Core Scientific Inc | -7.6% | -93.23% | 減碼 |
| 34 | BABA 0.5 06-01-31債券 | Alibaba Group Holding | -11% | -56.10% | 減碼 |
| 35 | BABA | Alibaba Group Holding-sp Adr | — | NEW | 新建倉 |
| 36 | CHTR | Charter Communications Inc-a | — | NEW | 新建倉 |
| 37 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | NEW | 新建倉 |
| 38 | VSAT | Viasat Inc | — | NEW | 新建倉 |
| 39 | WOLF | Wolfspeed Inc | — | EXIT | 清倉 |
| 40 | QQQ | Invesco Qqq Trust Series 1 | — | NEW | 新建倉 |
| 41 | LI 0.25 05-01-28債券 | Li Auto Inc | — | EXIT | 清倉 |
| 42 | CIFR | Cipher Digital Inc | — | EXIT | 清倉 |
| 43 | VFC | Vf CORP | — | NEW | 新建倉 |
| 44 | CTRI | Centuri Holdings Inc | — | NEW | 新建倉 |
| 45 | HPE | Hewlett Packard Enterprise | — | EXIT | 清倉 |
| 46 | HUBS | Hubspot Inc | — | EXIT | 清倉 |
| 47 | RIG | Transocean Ltd. | — | EXIT | 清倉 |
| 48 | TSEM | Tower Semiconductor Ltd. | — | EXIT | 清倉 |
| 49 | NOW | Servicenow Inc | — | EXIT | 清倉 |
| 50 | TEAM | Atlassian Corp-cl A | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Paloma Partners Management Co 在 Q4 2025 季度的美股持倉總市值約為 US$13.6億，共申報了 56 個公開持股部位。
在 Q4 2025 季度，Paloma Partners Management Co 按市值排列的前三大核心持股分別為：BABA (10.7%)、CHTR (9.3%)、BABA 0.5 06-01-31 (7.7%)。其中最大持股部位 BABA 佔據整體投資組合約 10.7% 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
BABA
市值: US$5863.2萬
本季最大獲利了結 / 清倉標的
WOLF
前期市值: US$1612.9萬
在 Q4 2025 季度中，Paloma Partners Management Co 共進行了 91 項持倉異動，包含新建倉 22 個部位、加碼 16 個部位、減碼 13 個部位以及清倉 40 個部位。 其中最大新建倉標的為 BABA。 本季清倉部位包含 WOLF。
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。