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: 0001521001
申報總市值
US$588.7億
US$588.7億
820 檔
33.8%
Q4 2025 季度申報顯示，Parallax Volatility Advisers, L.P. 揭露的美股組合總市值為 US$588.7億，涵蓋 820 個不同之權益投資部位。
Parallax Volatility Advisers, L.P. 在 Q4 2025 進行了結構性的板塊輪動與部位換股。在開立 8 個全新部位及加碼 102 檔持股的同時，亦同步清倉 11 檔並減碼 79 檔標的。
檢視投資組合結構，前 5 大主力部位（包含 SPY, QQQ, IWM）占據了總市值的 33.8%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
僅顯示前 200 大持股（共 820 檔）
| # | 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 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 21.36% | +18.22% | -55.73% | |
| 2 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 8.34% | +4.37% | -35.56% | |
| 3 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 3.23% | -1.25% | -37.34% | |
| 4 | TSLA | Tesla Inc | 股票-循環性消費 | 3.20% | -0.32% | +12.47% | |
| 5 | XLF | Ss Financial Select Sector | ETF-其他 | 3.13% | -2.28% | +21.85% | |
| 6 | NVDA | Nvidia CORP | 股票-科技 | 2.53% | -0.30% | -19.34% | |
| 7 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.34% | -1.13% | -12.13% | |
| 8 | GLD | Spdr Gold Shares | ETF-避險與商品 | 2.20% | +0.08% | -52.03% | |
| 9 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.53% | -0.24% | -4.90% | |
| 10 | AAPL | Apple Inc | 股票-科技 | 1.52% | -0.73% | +6.63% | |
| 11 | AVGO | Broadcom Inc | 股票-科技 | 1.25% | -0.12% | -16.92% | |
| 12 | AXP | American Express Co | 股票-金融 | 1.14% | -0.13% | +91.51% | |
| 13 | SMH | Vaneck Semiconductor ETF | ETF-其他 | 1.12% | +0.17% | -1.44% | |
| 14 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.99% | -0.69% | -17.43% | |
| 15 | MSFT | Microsoft CORP | 股票-科技 | 0.96% | -0.30% | +53.01% | |
| 16 | SLV | Ishares Silver Trust | ETF-避險與商品 | 0.90% | -0.38% | +220.79% | |
| 17 | ORCL | Oracle CORP | 股票-科技 | 0.89% | -0.39% | +117.47% | |
| 18 | BA | Boeing Co/the | 股票-工業 | 0.76% | -0.20% | -15.56% | |
| 19 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.71% | -0.19% | -27.44% | |
| 20 | EEM | Ishares Msci Emerging Market | ETF-新興市場 | 0.66% | -0.28% | -27.45% | |
| 21 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 0.65% | -0.31% | +24.88% | |
| 22 | EFA | Ishares Msci Eafe ETF | ETF-其他 | 0.65% | -0.05% | +236.23% | |
| 23 | V | Visa Inc-class A Shares | 股票-金融 | 0.63% | -0.15% | +9.53% | |
| 24 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.63% | -0.31% | +46.42% | |
| 25 | CVNA | Carvana Co | 股票-循環性消費 | 0.62% | -0.11% | -10.81% | |
| 26 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.60% | -0.09% | +9.96% | |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.60% | -0.32% | +75.73% | |
| 28 | C | Citigroup Inc | 股票-金融 | 0.59% | -0.46% | +20.65% | |
| 29 | MSTR | Strategy Inc | 股票-科技 | 0.59% | -0.57% | +31.64% | |
| 30 | BAC | Bank Of America CORP | 股票-金融 | 0.56% | -0.37% | +27.79% | |
| 31 | XLE | Ss Energy Select Sector | ETF-其他 | 0.55% | -0.63% | +105.01% | |
| 32 | NFLX | Netflix Inc | 股票-通訊服務 | 0.54% | -0.29% | +1301.49% | |
| 33 | COIN | Coinbase Global Inc -class A | 股票-金融 | 0.53% | -0.27% | -4.54% | |
| 34 | UBER | Uber Technologies Inc | 股票-工業 | 0.49% | -0.22% | +16.24% | |
| 35 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 0.48% | -0.58% | +150.47% | |
| 36 | APO | Apollo Global Management Inc | 股票-金融 | 0.47% | -0.07% | +26.90% | |
| 37 | CRWV | Coreweave Inc-cl A | 股票-科技 | 0.47% | -0.62% | +385.17% | |
| 38 | MU | Micron Technology Inc | 股票-科技 | 0.45% | +0.36% | +23.03% | |
| 39 | AMD | Advanced Micro Devices | 股票-科技 | 0.45% | +0.16% | -22.35% | |
| 40 | AAL | American Airlines Group Inc | 股票-工業 | 0.44% | -0.05% | -10.91% | |
| 41 | HOOD | Robinhood Markets Inc - A | 股票-金融 | 0.43% | -0.03% | +39.37% | |
| 42 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 0.41% | -0.80% | -34.90% | |
| 43 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.39% | +0.02% | +126.54% | |
| 44 | SNOW | Snowflake Inc | 股票-科技 | 0.38% | +0.01% | +55.73% | |
| 45 | MS | Morgan Stanley | 股票-金融 | 0.35% | -0.12% | -1.34% | |
| 46 | VST | Vistra CORP | 股票-公用事業 | 0.34% | -0.06% | +50.45% | |
| 47 | GEV | GE Vernova Inc | 股票-工業 | 0.34% | -0.09% | +42.95% | |
| 48 | WFC | Wells Fargo & Co | 股票-金融 | 0.33% | -0.05% | +16.19% | |
| 49 | QCOM | Qualcomm Inc | 股票-科技 | 0.33% | +0.12% | -20.65% | |
| 50 | TTWO | Take-two Interactive Softwre | 股票-通訊服務 | 0.32% | +0.04% | +118.37% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | XLF | Ss Financial Select Sector | +1.2% | +21.85% | 加碼 |
| 2 | TSLA | Tesla Inc | +1% | +12.47% | 加碼 |
| 3 | SLV | Ishares Silver Trust | +0.8% | +220.79% | 加碼 |
| 4 | AXP | American Express Co | +0.7% | +91.51% | 加碼 |
| 5 | GOOGL | Alphabet Inc-cl A | +0.6% | -4.90% | 減碼 |
| 6 | EFA | Ishares Msci Eafe ETF | +0.5% | +236.23% | 加碼 |
| 7 | AAPL | Apple Inc | +0.5% | +6.63% | 加碼 |
| 8 | MSFT | Microsoft CORP | +0.5% | +53.01% | 加碼 |
| 9 | ORCL | Oracle CORP | +0.4% | +117.47% | 加碼 |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | +0.3% | +75.73% | 加碼 |
| 11 | CRWV | Coreweave Inc-cl A | +0.3% | +385.17% | 加碼 |
| 12 | SMH | Vaneck Semiconductor ETF | +0.3% | -1.44% | 減碼 |
| 13 | JPM | Jpmorgan Chase & Co | +0.3% | +46.42% | 加碼 |
| 14 | IBIT | Ishares Bitcoin Trust ETF | +0.3% | +150.47% | 加碼 |
| 15 | MU | Micron Technology Inc | +0.3% | +23.03% | 加碼 |
| 16 | VRT | Vertiv Holdings Co-a | +0.3% | +583.65% | 加碼 |
| 17 | GOOG | Alphabet Inc-cl C | +0.3% | +9.96% | 加碼 |
| 18 | C | Citigroup Inc | +0.3% | +20.65% | 加碼 |
| 19 | UNH | Unitedhealth Group Inc | +0.3% | +126.54% | 加碼 |
| 20 | BAC | Bank Of America CORP | +0.2% | +27.79% | 加碼 |
| 21 | IBM | Intl Business Machines CORP | +0.2% | +785.50% | 加碼 |
| 22 | WMT | Walmart Inc | +0.2% | +178.18% | 加碼 |
| 23 | APO | Apollo Global Management Inc | +0.2% | +26.90% | 加碼 |
| 24 | V | Visa Inc-class A Shares | +0.2% | +9.53% | 加碼 |
| 25 | TTWO | Take-two Interactive Softwre | +0.2% | +118.37% | 加碼 |
| 26 | TLT | Ishares 20+ Year Treasury Bd | +0.2% | +283.22% | 加碼 |
| 27 | SNOW | Snowflake Inc | +0.2% | +55.73% | 加碼 |
| 28 | GEV | GE Vernova Inc | +0.2% | +42.95% | 加碼 |
| 29 | FCX | Freeport-mcmoran Inc | +0.2% | +179.86% | 加碼 |
| 30 | AAL | American Airlines Group Inc | +0.2% | -10.91% | 減碼 |
| 31 | NFLX | Netflix Inc | +0.2% | +1301.49% | 加碼 |
| 32 | AVGO | Broadcom Inc | +0.2% | -16.92% | 減碼 |
| 33 | CMG | Chipotle Mexican Grill Inc | +0.2% | +255.89% | 加碼 |
| 34 | DDOG | Datadog Inc - Class A | +0.1% | +100.23% | 加碼 |
| 35 | CVX | Chevron CORP | +0.1% | +236.72% | 加碼 |
| 36 | WFC | Wells Fargo & Co | +0.1% | +16.19% | 加碼 |
| 37 | VST | Vistra CORP | +0.1% | +50.45% | 加碼 |
| 38 | HOOD | Robinhood Markets Inc - A | +0.1% | +39.37% | 加碼 |
| 39 | NVDA | Nvidia CORP | +0.1% | -19.34% | 減碼 |
| 40 | WULF | Terawulf Inc | +0.1% | +86.73% | 加碼 |
| 41 | XOM | Exxon Mobil CORP | +0.1% | +18.10% | 加碼 |
| 42 | AMZN | Amazon.com Inc | +0.1% | -17.43% | 減碼 |
| 43 | MS | Morgan Stanley | +0.1% | -1.34% | 減碼 |
| 44 | TFC | Truist Financial CORP | +0.1% | +7084.26% | 加碼 |
| 45 | SHOP | Shopify Inc - Class A | +0.1% | +93.43% | 加碼 |
| 46 | CSCO | Cisco Systems Inc | +0.1% | +29.30% | 加碼 |
| 47 | GS | Goldman Sachs Group Inc | +0.1% | +2.45% | 加碼 |
| 48 | DIA | Ss Spdr Dow Jones Indus Avg | +0.1% | +220.10% | 加碼 |
| 49 | SLB | Slb LTD | +0.1% | +94.34% | 加碼 |
| 50 | RIVN | Rivian Automotive Inc-a | +0.1% | +63.33% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Parallax Volatility Advisers, L.P. 在 Q4 2025 季度的美股持倉總市值約為 US$588.7億，共申報了 820 個公開持股部位。
在 Q4 2025 季度，Parallax Volatility Advisers, L.P. 按市值排列的前三大核心持股分別為：SPY (21.4%)、QQQ (8.3%)、IWM (3.2%)。其中最大持股部位 SPY 佔據整體投資組合約 21.4% 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
ARES
市值: US$3988.4萬
本季最大獲利了結 / 清倉標的
AXON 0.5 12-15-27
前期市值: US$3135.0萬
在 Q4 2025 季度中，Parallax Volatility Advisers, L.P. 共進行了 200 項持倉異動，包含新建倉 8 個部位、加碼 102 個部位、減碼 79 個部位以及清倉 11 個部位。 其中最大新建倉標的為 ARES。 本季清倉部位包含 AXON 0.5 12-15-27。
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。