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: 0001256071
申報總市值
US$4.1億
US$4.1億
124 檔
27.5%
截至 Q4 2025 季度末，Platinum Investment Management LTD 的美股持倉估值約為 US$4.1億，全數申報部位共有 124 檔。
Platinum Investment Management LTD 在 Q4 2025 的調整主要集中於風險出清，清倉與減碼部位合計達 102 檔，反映機構對當前市場環境或個別公司估值採取較為保留之看法。
檢視投資組合結構，前 5 大主力部位（包含 ZTO, TCOM, DDL）占據了總市值的 27.5%，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 | ZTO | Zto Express Cayman Inc-adr | 股票-其他 | 9.63% | -1.68% | -11.20% | |
| 2 | TCOM | Trip.com Group Ltd-adr | 股票-循環性消費 | 7.37% | -1.32% | -6.41% | |
| 3 | DDL | Dingdong Cayman LTD -spn Adr | 股票-其他 | 3.72% | -1.12% | -3.25% | |
| 4 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.67% | +0.36% | -71.46% | |
| 5 | AVGO | Broadcom Inc | 股票-科技 | 2.47% | +0.39% | -85.51% | |
| 6 | NOAH | Noah Holdings Ltd-spon Ads | 股票-其他 | 2.46% | -0.04% | -17.93% | |
| 7 | BIRK | Birkenstock Holding plc | 股票-其他 | 2.34% | -0.26% | -4.77% | |
| 8 | LRCX | Lam Research CORP | 股票-科技 | 2.21% | +2.45% | -90.29% | |
| 9 | PDD | Pdd Holdings Inc | 股票-循環性消費 | 2.06% | -0.55% | -11.37% | |
| 10 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.66% | — | -26.69% | |
| 11 | MU | Micron Technology Inc | 股票-科技 | 1.64% | +3.04% | -94.70% | |
| 12 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.59% | +0.21% | -91.87% | |
| 13 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 1.54% | +0.08% | -93.26% | |
| 14 | FICO | Fair Isaac CORP | 股票-科技 | 1.51% | -0.03% | -25.20% | |
| 15 | GPCR | Structure Therapeutics Inc | 股票-其他 | 1.41% | +0.38% | -28.42% | |
| 16 | VERA | Vera Therapeutics Inc | 股票-其他 | 1.40% | +0.05% | -25.27% | |
| 17 | YUM | Yum! Brands Inc | 股票-循環性消費 | 1.39% | +0.01% | -90.82% | |
| 18 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 1.39% | +0.12% | -92.74% | |
| 19 | AS | Amer Sports, Inc. | 股票-循環性消費 | 1.38% | -0.08% | -11.11% | |
| 20 | ARWR | Arrowhead Pharmaceuticals In | 股票-醫療保健 | 1.37% | +0.28% | -19.40% | |
| 21 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.33% | +0.03% | -93.48% | |
| 22 | RCI | Rogers Communications Inc-b | 股票-其他 | 1.29% | -0.24% | -91.36% | |
| 23 | HTHT | H World Group Ltd-adr | 股票-其他 | 1.28% | -0.29% | -35.56% | |
| 24 | UBS | UBS Group AG | 股票-金融 | 1.27% | +0.30% | -91.85% | |
| 25 | ZTS | Zoetis Inc | 股票-醫療保健 | 1.22% | -1.07% | +5.00% | |
| 26 | NVDA | Nvidia CORP | 股票-科技 | 1.22% | +0.15% | — | |
| 27 | APGE | Apogee Therapeutics Inc | 股票-其他 | 1.21% | +0.66% | -26.16% | |
| 28 | UBER | Uber Technologies Inc | 股票-工業 | 1.19% | — | -12.57% | |
| 29 | ICE | Intercontinental Exchange In | 股票-金融 | 1.19% | -0.23% | -94.65% | |
| 30 | V | Visa Inc-class A Shares | 股票-金融 | 1.19% | +0.04% | -39.53% | |
| 31 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.16% | -0.87% | EXIT | |
| 32 | ADBE | Adobe Inc | 股票-科技 | 1.12% | -0.20% | -92.75% | |
| 33 | IMVT | Immunovant Inc | 股票-其他 | 1.07% | +0.23% | -7.13% | |
| 34 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.07% | +0.18% | -6.67% | |
| 35 | HD | Home Depot Inc | 股票-循環性消費 | 1.06% | -0.08% | -5.00% | |
| 36 | 430 | Terns Pharmaceuticals Inc | 股票-其他 | 1.03% | -1.47% | EXIT | |
| 37 | CSGP | Costar Group Inc | 股票-房地產 | 1.01% | -0.51% | +18.18% | |
| 38 | COGT | Cogent Biosciences Inc | 股票-其他 | 1.00% | +0.38% | -44.77% | |
| 39 | FND | Floor & Decor Holdings Inc-a | 股票-循環性消費 | 0.97% | +0.05% | +14.83% | |
| 40 | IDYA | Ideaya Biosciences Inc | 股票-其他 | 0.96% | +0.50% | -27.75% | |
| 41 | KR | Kroger Co | 股票-非循環性消費 | 0.96% | — | -84.34% | |
| 42 | MSFT | Microsoft CORP | 股票-科技 | 0.96% | -0.39% | EXIT | |
| 43 | ROIV | Roivant Sciences Ltd. | 股票-醫療保健 | 0.95% | +0.15% | -21.00% | |
| 44 | WVE | Wave Life Sciences Ltd. | 股票-其他 | 0.91% | -0.11% | -13.86% | |
| 45 | 260 | Centessa Pharmaceuticals-adr | 股票-其他 | 0.90% | -1.38% | EXIT | |
| 46 | CCJ | Cameco CORP | 股票-能源 | 0.90% | -0.10% | -93.72% | |
| 47 | TRU | Transunion | 股票-金融 | 0.88% | +0.01% | -92.74% | |
| 48 | BBIO | Bridgebio Pharma Inc | 股票-醫療保健 | 0.84% | -0.19% | -23.28% | |
| 49 | WWW | Wolverine World Wide Inc | 股票-其他 | 0.84% | — | — | |
| 50 | ✓ | Adc Therapeutics SA | 股票-其他 | 0.81% | -0.79% | -14.35% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | ZTO | Zto Express Cayman Inc-adr | +6.8% | -11.20% | 減碼 |
| 2 | TCOM | Trip.com Group Ltd-adr | +5.1% | -6.41% | 減碼 |
| 3 | DDL | Dingdong Cayman LTD -spn Adr | +2.8% | -3.25% | 減碼 |
| 4 | BIRK | Birkenstock Holding plc | +1.6% | -4.77% | 減碼 |
| 5 | NOAH | Noah Holdings Ltd-spon Ads | +1.5% | -17.93% | 減碼 |
| 6 | PDD | Pdd Holdings Inc | +1.3% | -11.37% | 減碼 |
| 7 | GPCR | Structure Therapeutics Inc | +1.2% | -28.42% | 減碼 |
| 8 | ARWR | Arrowhead Pharmaceuticals In | +1.1% | -19.40% | 減碼 |
| 9 | VERA | Vera Therapeutics Inc | +1.1% | -25.27% | 減碼 |
| 10 | AMZN | Amazon.com Inc | +1.1% | -26.69% | 減碼 |
| 11 | FICO | Fair Isaac CORP | +1% | -25.20% | 減碼 |
| 12 | AS | Amer Sports, Inc. | +1% | -11.11% | 減碼 |
| 13 | 430 | Terns Pharmaceuticals Inc | +1% | -11.52% | 減碼 |
| 14 | APGE | Apogee Therapeutics Inc | +1% | -26.16% | 減碼 |
| 15 | NVDA | Nvidia CORP | +0.9% | — | 不變 |
| 16 | IMVT | Immunovant Inc | +0.9% | -7.13% | 減碼 |
| 17 | ZTS | Zoetis Inc | +0.8% | +5.00% | 加碼 |
| 18 | HTHT | H World Group Ltd-adr | +0.8% | -35.56% | 減碼 |
| 19 | COGT | Cogent Biosciences Inc | +0.8% | -44.77% | 減碼 |
| 20 | WVE | Wave Life Sciences Ltd. | +0.8% | -13.86% | 減碼 |
| 21 | UBER | Uber Technologies Inc | +0.7% | -12.57% | 減碼 |
| 22 | ROIV | Roivant Sciences Ltd. | +0.7% | -21.00% | 減碼 |
| 23 | META | Meta Platforms Inc-class A | +0.7% | -6.67% | 減碼 |
| 24 | CSGP | Costar Group Inc | +0.7% | +18.18% | 加碼 |
| 25 | HD | Home Depot Inc | +0.7% | -5.00% | 減碼 |
| 26 | FND | Floor & Decor Holdings Inc-a | +0.7% | +14.83% | 加碼 |
| 27 | IDYA | Ideaya Biosciences Inc | +0.7% | -27.75% | 減碼 |
| 28 | MSFT | Microsoft CORP | +0.7% | — | 不變 |
| 29 | V | Visa Inc-class A Shares | +0.7% | -39.53% | 減碼 |
| 30 | GOOG | Alphabet Inc-cl C | +0.6% | -71.46% | 減碼 |
| 31 | BBIO | Bridgebio Pharma Inc | +0.6% | -23.28% | 減碼 |
| 32 | 260 | Centessa Pharmaceuticals-adr | +0.6% | -16.79% | 減碼 |
| 33 | RCUS | Arcus Biosciences Inc | +0.6% | -12.72% | 減碼 |
| 34 | MA | Mastercard Inc - A | +0.6% | +10.06% | 加碼 |
| 35 | ✓ | Adc Therapeutics SA | +0.5% | -14.35% | 減碼 |
| 36 | ZYME | Zymeworks Inc | +0.5% | -15.71% | 減碼 |
| 37 | WWW | Wolverine World Wide Inc | +0.5% | — | 不變 |
| 38 | ISRG | Intuitive Surgical Inc | +0.5% | — | 不變 |
| 39 | ELF | Elf Beauty Inc | +0.5% | +40.00% | 加碼 |
| 40 | BROS | Dutch Bros Inc-class A | +0.5% | +50.00% | 加碼 |
| 41 | ✓ | Proqr Therapeutics N.v. | +0.4% | — | 不變 |
| 42 | KLAC | Kla CORP | +0.4% | -20.41% | 減碼 |
| 43 | VEEV | Veeva Systems Inc-class A | +0.4% | — | 不變 |
| 44 | WING | Wingstop Inc | +0.3% | +33.33% | 加碼 |
| 45 | IDXX | Idexx Laboratories Inc | +0.3% | -14.29% | 減碼 |
| 46 | RVMD | Revolution Medicines Inc | +0.3% | -9.35% | 減碼 |
| 47 | DRUG | Bright Minds Biosciences Inc | +0.3% | -23.24% | 減碼 |
| 48 | GOSS | Gossamer Bio Inc | +0.3% | -26.46% | 減碼 |
| 49 | VRT | Vertiv Holdings Co-a | +0.3% | -37.04% | 減碼 |
| 50 | STOK | Stoke Therapeutics Inc | +0.3% | +24.05% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Platinum Investment Management LTD 在 Q4 2025 季度的美股持倉總市值約為 US$4.1億，共申報了 124 個公開持股部位。
在 Q4 2025 季度，Platinum Investment Management LTD 按市值排列的前三大核心持股分別為：ZTO (9.6%)、TCOM (7.4%)、DDL (3.7%)。其中最大持股部位 ZTO 佔據整體投資組合約 9.6% 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
CAT
市值: US$315.1萬
本季最大獲利了結 / 清倉標的
FLUT
前期市值: US$592.5萬
在 Q4 2025 季度中，Platinum Investment Management LTD 共進行了 132 項持倉異動，包含新建倉 22 個部位、加碼 8 個部位、減碼 84 個部位以及清倉 18 個部位。 其中最大新建倉標的為 CAT。 本季清倉部位包含 FLUT。
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。