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: 0001509842
申報總市值
US$78.2億
US$78.2億
55 檔
22.6%
Q4 2025 季度申報顯示，PointState Capital LP 揭露的美股組合總市值為 US$78.2億，涵蓋 55 個不同之權益投資部位。
在 Q4 2025，PointState Capital LP 操作展現出積極擴展與加碼意向。本季共新建倉 16 個新部位，並對 24 個既有持股進行加碼（合計增持 40 檔），相較減碼與清倉部位顯著佔優。
檢視投資組合結構，前 5 大主力部位（包含 SMH, STUB, CRS）占據了總市值的 22.6%，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 | SMH | Vaneck Semiconductor ETF | ETF-其他 | 7.32% | +7.68% | NEW | |
| 2 | STUB | Stubhub Holdings Inc-class A | 股票-其他 | 4.95% | +0.05% | +19.88% | |
| 3 | CRS | Carpenter Technology | 股票-工業 | 4.92% | -0.06% | EXIT | |
| 4 | CX | Cemex Sab-spons Adr Part Cer | 股票-其他 | 4.45% | +0.21% | +2.15% | |
| 5 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 4.43% | -0.71% | +132.73% | |
| 6 | CEG | Constellation Energy | 股票-公用事業 | 4.31% | — | — | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 4.27% | +4.34% | NEW | |
| 8 | NVT | nVent Electric plc | 股票-工業 | 3.57% | -3.29% | EXIT | |
| 9 | SCHW | Schwab (charles) CORP | 股票-金融 | 3.54% | — | — | |
| 10 | TEVA | Teva Pharmaceutical-sp Adr | 股票-醫療保健 | 3.43% | -0.75% | EXIT | |
| 11 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 2.92% | -0.01% | EXIT | |
| 12 | PCG | P G & E CORP | 股票-公用事業 | 2.79% | +6.35% | -59.36% | |
| 13 | CPNG | Coupang Inc | 股票-循環性消費 | 2.73% | +0.74% | +54.51% | |
| 14 | COF | Capital One Financial CORP | 股票-金融 | 2.71% | +0.61% | -28.24% | |
| 15 | CAI | Caris Life Sciences Inc | 股票-其他 | 2.67% | -0.11% | +73.00% | |
| 16 | ARMK | Aramark | 股票-工業 | 2.57% | -0.60% | +45.52% | |
| 17 | NTRA | Natera Inc | 股票-醫療保健 | 2.41% | -0.97% | -36.48% | |
| 18 | GRAB | Grab Holdings Limited | 股票-科技 | 2.39% | +2.13% | +411.14% | |
| 19 | RBRK | Rubrik Inc-a | 股票-科技 | 2.36% | -0.36% | +23.36% | |
| 20 | ILMN | Illumina Inc | 股票-醫療保健 | 2.28% | +1.71% | -65.80% | |
| 21 | CCC | Ccc Intelligent Solutions Ho | 股票-科技 | 2.22% | — | +15.64% | |
| 22 | WCC | Wesco International Inc | 股票-工業 | 2.21% | -1.02% | EXIT | |
| 23 | GLNG | Golar LNG Limited | 股票-能源 | 2.15% | -1.61% | EXIT | |
| 24 | XYZ | Block Inc | 股票-金融 | 1.97% | -0.02% | — | |
| 25 | DASH | Doordash Inc - A | 股票-循環性消費 | 1.82% | +0.84% | — | |
| 26 | RKT | Rocket Cos Inc-class A | 股票-金融 | 1.77% | -0.51% | EXIT | |
| 27 | WAB | Wabtec CORP | 股票-工業 | 1.75% | +0.30% | +116.44% | |
| 28 | WAY | Waystar Holding CORP | 股票-其他 | 1.34% | -0.88% | +32.07% | |
| 29 | GGAL | Grupo Financiero Galicia-adr | 股票-其他 | 1.27% | +0.12% | +170.63% | |
| 30 | BAC | Bank Of America CORP | 股票-金融 | 1.15% | — | — | |
| 31 | BMA | Banco Macro Sa-adr | 股票-其他 | 1.14% | +0.21% | +266.87% | |
| 32 | GLW | Corning Inc | 股票-科技 | 1.10% | — | -91.60% | |
| 33 | IOT | Samsara Inc-cl A | 股票-科技 | 0.91% | — | +44.36% | |
| 34 | TSEM | Tower Semiconductor Ltd. | 股票-科技 | 0.83% | — | +69.53% | |
| 35 | VST | Vistra CORP | 股票-公用事業 | 0.81% | — | +444.53% | |
| 36 | COPX | Global X Copper Miners ETF | ETF-其他 | 0.80% | -0.07% | EXIT | |
| 37 | TLN | Talen Energy CORP | 股票-公用事業 | 0.75% | — | -74.50% | |
| 38 | BBAR | Bbva Argentina Sa-adr | 股票-其他 | 0.71% | +0.15% | +60.53% | |
| 39 | CRH | CRH plc | 股票-原物料 | 0.65% | — | -73.04% | |
| 40 | EXE | Expand Energy CORP | 股票-能源 | 0.59% | — | +35.61% | |
| 41 | ETR | Entergy CORP | 股票-公用事業 | 0.42% | — | — | |
| 42 | PAM | Pampa Energia Sa-spon Adr | 股票-其他 | 0.35% | -0.02% | — | |
| 43 | VALE | Vale Sa-sp Adr | 股票-原物料 | 0.30% | — | — | |
| 44 | LSCC | Lattice Semiconductor CORP | 股票-科技 | 0.29% | — | — | |
| 45 | METC | Ramaco Resources Inc-a | 股票-其他 | 0.26% | — | +206.55% | |
| 46 | SUPV | Grupo Supervielle Sa-sp Adr | 股票-其他 | 0.26% | -0.15% | EXIT | |
| 47 | LOMA | Loma Negra Cia Ind-spon Adr | 股票-其他 | 0.22% | +0.01% | +245.32% | |
| 48 | HUT | Hut 8 CORP | 股票-金融 | 0.16% | — | — | |
| 49 | UNP | Union Pacific CORP | 股票-工業 | 0.15% | +1.75% | NEW | |
| 50 | EQT | Eqt CORP | 股票-能源 | 0.15% | — | -25.00% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | FLUT | Flutter Entertainment plc | +2.2% | +132.73% | 加碼 |
| 2 | CRS | Carpenter Technology | +1.9% | +26.74% | 加碼 |
| 3 | GRAB | Grab Holdings Limited | +1.8% | +411.14% | 加碼 |
| 4 | AMZN | Amazon.com Inc | +1.4% | +44.03% | 加碼 |
| 5 | GGAL | Grupo Financiero Galicia-adr | +1% | +170.63% | 加碼 |
| 6 | CX | Cemex Sab-spons Adr Part Cer | +1% | +2.15% | 加碼 |
| 7 | BMA | Banco Macro Sa-adr | +1% | +266.87% | 加碼 |
| 8 | WAB | Wabtec CORP | +1% | +116.44% | 加碼 |
| 9 | CAI | Caris Life Sciences Inc | +0.9% | +73.00% | 加碼 |
| 10 | ARMK | Aramark | +0.7% | +45.52% | 加碼 |
| 11 | VST | Vistra CORP | +0.6% | +444.53% | 加碼 |
| 12 | TSEM | Tower Semiconductor Ltd. | +0.5% | +69.53% | 加碼 |
| 13 | BBAR | Bbva Argentina Sa-adr | +0.5% | +60.53% | 加碼 |
| 14 | CPNG | Coupang Inc | +0.3% | +54.51% | 加碼 |
| 15 | RBRK | Rubrik Inc-a | +0.3% | +23.36% | 加碼 |
| 16 | IOT | Samsara Inc-cl A | +0.2% | +44.36% | 加碼 |
| 17 | SUPV | Grupo Supervielle Sa-sp Adr | +0.2% | +81.54% | 加碼 |
| 18 | LOMA | Loma Negra Cia Ind-spon Adr | +0.2% | +245.32% | 加碼 |
| 19 | EXE | Expand Energy CORP | +0.2% | +35.61% | 加碼 |
| 20 | GLNG | Golar LNG Limited | +0.2% | +19.33% | 加碼 |
| 21 | WAY | Waystar Holding CORP | +0.2% | +32.07% | 加碼 |
| 22 | SCHW | Schwab (charles) CORP | +0.1% | — | 不變 |
| 23 | METC | Ramaco Resources Inc-a | +0.1% | +206.55% | 加碼 |
| 24 | WCC | Wesco International Inc | 0% | -11.12% | 減碼 |
| 25 | CCC | Ccc Intelligent Solutions Ho | 0% | +15.64% | 加碼 |
| 26 | ALVO | Alvotech | -0.1% | — | 不變 |
| 27 | EQT | Eqt CORP | -0.1% | -25.00% | 減碼 |
| 28 | NVT | nVent Electric plc | -0.1% | -3.78% | 減碼 |
| 29 | STUB | Stubhub Holdings Inc-class A | -0.3% | +19.88% | 加碼 |
| 30 | NTRA | Natera Inc | -0.3% | -36.48% | 減碼 |
| 31 | COF | Capital One Financial CORP | -0.6% | -28.24% | 減碼 |
| 32 | RKT | Rocket Cos Inc-class A | -0.7% | -25.61% | 減碼 |
| 33 | OKTA | Okta Inc | -1.2% | -91.52% | 減碼 |
| 34 | CRH | CRH plc | -1.7% | -73.04% | 減碼 |
| 35 | ILMN | Illumina Inc | -2.6% | -65.80% | 減碼 |
| 36 | TLN | Talen Energy CORP | -2.6% | -74.50% | 減碼 |
| 37 | PCG | P G & E CORP | -3.7% | -59.36% | 減碼 |
| 38 | TEVA | Teva Pharmaceutical-sp Adr | -3.9% | -69.38% | 減碼 |
| 39 | GLW | Corning Inc | -11.4% | -91.60% | 減碼 |
| 40 | SMH | Vaneck Semiconductor ETF | — | NEW | 新建倉 |
| 41 | CEG | Constellation Energy | — | NEW | 新建倉 |
| 42 | FCX | Freeport-mcmoran Inc | — | NEW | 新建倉 |
| 43 | EEM | Ishares Msci Emerging Market | — | EXIT | 清倉 |
| 44 | XYZ | Block Inc | — | NEW | 新建倉 |
| 45 | DASH | Doordash Inc - A | — | NEW | 新建倉 |
| 46 | EXPE | Expedia Group Inc | — | EXIT | 清倉 |
| 47 | BAC | Bank Of America CORP | — | NEW | 新建倉 |
| 48 | MSFT | Microsoft CORP | — | EXIT | 清倉 |
| 49 | RGEN | Repligen CORP | — | EXIT | 清倉 |
| 50 | COPX | Global X Copper Miners ETF | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，PointState Capital LP 在 Q4 2025 季度的美股持倉總市值約為 US$78.2億，共申報了 55 個公開持股部位。
在 Q4 2025 季度，PointState Capital LP 按市值排列的前三大核心持股分別為：SMH (7.3%)、STUB (5.0%)、CRS (4.9%)。其中最大持股部位 SMH 佔據整體投資組合約 7.3% 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
SMH
市值: US$5.0億
本季最大獲利了結 / 清倉標的
EEM
前期市值: US$1.9億
在 Q4 2025 季度中，PointState Capital LP 共進行了 66 項持倉異動，包含新建倉 16 個部位、加碼 24 個部位、減碼 13 個部位以及清倉 13 個部位。 其中最大新建倉標的為 SMH。 本季清倉部位包含 EEM。
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。