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: 0001238990
申報總市值
US$20.2億
US$20.2億
164 檔
9.4%
根據最新整理的 13F 季度數據集，Punch & Associates Investment Management, Inc. 於 Q1 2025 結束時的管理資產規模為 US$20.2億。該機構在本季度申報了 164 檔美股持倉，呈現出該時期的主要投資地圖。
Punch & Associates Investment Management, Inc. 在 Q1 2025 的調整主要集中於風險出清，清倉與減碼部位合計達 123 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 SNEX, RDNT, PDX）占據了總市值的 9.4%，展現出該機構在 Q1 2025 的重點資金聚焦與風險分佈特徵。
本季最大新建倉標的
LAUR
市值: US$3045.5萬
本季最大獲利了結 / 清倉標的
RILY
前期市值: US$5931.6萬
| # | 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 | SNEX | Stonex Group Inc | 股票-金融 | 4.22% | -0.32% | +8.73% | |
| 2 | RDNT | Radnet Inc | 股票-醫療保健 | 2.26% | +0.01% | +4.42% | |
| 3 | PDX | Pimco Dynamic Income Strat | 股票-其他 | 2.02% | -0.36% | -1.49% | |
| 4 | LAUR | Laureate Education Inc | 股票-其他 | 2.00% | -0.13% | +5.23% | |
| 5 | SFM | Sprouts Farmers Market Inc | 股票-非循環性消費 | 1.90% | +0.06% | -34.47% | |
| 6 | SILA | Sila Realty Trust Inc | 股票-其他 | 1.86% | -1.84% | EXIT | |
| 7 | ACA | Arcosa Inc | 股票-工業 | 1.83% | +0.28% | +2.80% | |
| 8 | UTI | Universal Technical Institut | 股票-其他 | 1.83% | +0.08% | -31.90% | |
| 9 | GSL | Global Ship Lease, Inc. | 股票-其他 | 1.79% | -0.12% | -14.05% | |
| 10 | VRRM | Verra Mobility CORP | 股票-其他 | 1.65% | -0.95% | EXIT | |
| 11 | VTS | Vitesse Energy Inc | 股票-其他 | 1.64% | -0.16% | -8.22% | |
| 12 | BXC | Bluelinx Holdings Inc | 股票-其他 | 1.60% | +0.02% | -14.02% | |
| 13 | GRBK | Green Brick Partners Inc | 股票-其他 | 1.49% | +0.18% | +1.90% | |
| 14 | ATEN | A10 Networks Inc | 股票-其他 | 1.46% | +0.25% | +2.03% | |
| 15 | CVCO | Cavco Industries Inc | 股票-循環性消費 | 1.45% | +0.22% | +1.51% | |
| 16 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.36% | +0.12% | -0.90% | |
| 17 | HSTM | Healthstream Inc | 股票-其他 | 1.29% | — | -22.74% | |
| 18 | FISV | Fiserv Inc | 股票-其他 | 1.24% | — | -20.38% | |
| 19 | WTTR | Select Water Solutions Inc | 股票-其他 | 1.21% | +0.07% | -13.34% | |
| 20 | RPRX | Royalty Pharma plc | 股票-醫療保健 | 1.17% | — | +21.47% | |
| 21 | KKR | Kkr & Co Inc | 股票-金融 | 1.16% | -0.12% | -6.78% | |
| 22 | APAM | Artisan Partners Asset Ma -a | 股票-金融 | 1.12% | -0.14% | +3362.74% | |
| 23 | FIBK | First Interstate Bancsys-a | 股票-其他 | 1.10% | +0.06% | +150.33% | |
| 24 | FC | Franklin Covey Co | 股票-其他 | 1.06% | — | -13.70% | |
| 25 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.03% | -0.09% | -18.47% | |
| 26 | SKY | Champion Homes Inc | 股票-循環性消費 | 1.02% | — | +2.05% | |
| 27 | CSWC | Capital Southwest CORP | 股票-其他 | 1.00% | — | +2.10% | |
| 28 | BLDR | Builders Firstsource Inc | 股票-工業 | 1.00% | -0.17% | +5.94% | |
| 29 | HLMN | Hillman Solutions CORP | 股票-其他 | 1.00% | -0.06% | +1.72% | |
| 30 | CLMB | Climb Global Solutions Inc | 股票-其他 | 0.95% | — | -30.89% | |
| 31 | CSW | Csw Industrials Inc | 股票-工業 | 0.93% | -0.02% | +3.34% | |
| 32 | TDW | Tidewater Inc | 股票-能源 | 0.93% | -0.55% | +4.44% | |
| 33 | PLOW | Douglas Dynamics Inc | 股票-其他 | 0.93% | +0.25% | -16.46% | |
| 34 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.92% | -0.03% | -0.23% | |
| 35 | BG | Bunge Global SA | 股票-非循環性消費 | 0.92% | -0.65% | +87.35% | |
| 36 | BV | Brightview Holdings Inc | 股票-其他 | 0.91% | +0.07% | +1.97% | |
| 37 | EFC | Ellington Financial Inc | 股票-其他 | 0.90% | — | -44.37% | |
| 38 | MDXG | Mimedx Group Inc | 股票-其他 | 0.87% | -0.07% | +0.72% | |
| 39 | RTO | Rentokil Initial Plc-sp Adr | 股票-其他 | 0.87% | -0.24% | +1.56% | |
| 40 | MSFT | Microsoft CORP | 股票-科技 | 0.86% | -0.12% | -1.86% | |
| 41 | MELI | Mercadolibre Inc | 股票-循環性消費 | 0.86% | -0.15% | — | |
| 42 | PSMT | Pricesmart Inc | 股票-非循環性消費 | 0.86% | +0.25% | — | |
| 43 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.86% | -0.11% | +18.74% | |
| 44 | ALG | Alamo Group Inc | 股票-其他 | 0.84% | -0.06% | +2.07% | |
| 45 | AMP | Ameriprise Financial Inc | 股票-金融 | 0.83% | — | -0.40% | |
| 46 | ORCL | Oracle CORP | 股票-科技 | 0.82% | -0.08% | +0.47% | |
| 47 | SPNT | SiriusPoint Ltd. | 股票-其他 | 0.82% | +0.02% | — | |
| 48 | DSP | Viant Technology Inc-a | 股票-其他 | 0.80% | +0.07% | +37.00% | |
| 49 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 0.79% | -0.07% | +16.60% | |
| 50 | PARR | Par Pacific Holdings Inc | 股票-能源 | 0.79% | -0.40% | -8.92% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | SNEX | Stonex Group Inc | +2.2% | +8.73% | 加碼 |
| 2 | UTI | Universal Technical Institut | +1.5% | -31.90% | 加碼 |
| 3 | PDX | Pimco Dynamic Income Strat | +1.3% | -1.49% | 加碼 |
| 4 | ACA | Arcosa Inc | +1.2% | +2.80% | 加碼 |
| 5 | SFM | Sprouts Farmers Market Inc | +1.2% | -34.47% | 減碼 |
| 6 | CLMB | Climb Global Solutions Inc | +0.9% | -30.89% | 加碼 |
| 7 | RDNT | Radnet Inc | +0.8% | +4.42% | 減碼 |
| 8 | FISV | Fiserv Inc | +0.7% | -20.38% | 加碼 |
| 9 | BLDR | Builders Firstsource Inc | +0.5% | +5.94% | 減碼 |
| 10 | TMO | Thermo Fisher Scientific Inc | +0.5% | +18.74% | 加碼 |
| 11 | BV | Brightview Holdings Inc | +0.5% | +1.97% | 加碼 |
| 12 | HSTM | Healthstream Inc | +0.4% | -22.74% | 加碼 |
| 13 | PTB | Potbelly CORP | +0.4% | -34.96% | 加碼 |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | +0.3% | -18.47% | 減碼 |
| 15 | CSWC | Capital Southwest CORP | +0.3% | +2.10% | 加碼 |
| 16 | T | At&t Inc | +0.3% | -16.93% | 加碼 |
| 17 | PLOW | Douglas Dynamics Inc | +0.3% | -16.46% | 加碼 |
| 18 | AMP | Ameriprise Financial Inc | +0.3% | -0.40% | 減碼 |
| 19 | RSG | Republic Services Inc | +0.3% | -16.08% | 減碼 |
| 20 | CSW | Csw Industrials Inc | +0.3% | +3.34% | 減碼 |
| 21 | ORCL | Oracle CORP | +0.3% | +0.47% | 減碼 |
| 22 | KMI | Kinder Morgan, Inc. | +0.3% | -23.78% | 減碼 |
| 23 | ALG | Alamo Group Inc | +0.3% | +2.07% | 加碼 |
| 24 | GRBK | Green Brick Partners Inc | -0.1% | +1.90% | 減碼 |
| 25 | MSFT | Microsoft CORP | -0.1% | -1.86% | 減碼 |
| 26 | DIS | Walt Disney Co/the | -0.1% | -13.60% | 加碼 |
| 27 | AMLP | Alerian Mlp ETF | -0.1% | -16.41% | 減碼 |
| 28 | UFPT | Ufp Technologies Inc | -0.1% | -38.98% | 減碼 |
| 29 | PARR | Par Pacific Holdings Inc | -0.2% | -8.92% | 減碼 |
| 30 | TGT | Target CORP | -0.2% | +48.06% | 加碼 |
| 31 | SAMG | Silvercrest Asset Manageme-a | -0.2% | -46.68% | 減碼 |
| 32 | ALOT | Astronova Inc | -0.2% | -37.70% | 減碼 |
| 33 | BWB | Bridgewater Bancshares Inc | -0.2% | -39.76% | 減碼 |
| 34 | BXC | Bluelinx Holdings Inc | -0.3% | -14.02% | 減碼 |
| 35 | NTIC | Northern Technologies Intl | -0.3% | -60.61% | 減碼 |
| 36 | TRNS | Transcat Inc | -0.4% | -38.49% | 減碼 |
| 37 | DLHC | Dlh Holdings CORP | -0.4% | -49.56% | 減碼 |
| 38 | IVE | Ishares S&p 500 Value ETF | -0.4% | — | 減碼 |
| 39 | HCKT | Hackett Group Inc/the | -0.5% | +1.64% | 減碼 |
| 40 | INFU | Infusystem Holdings Inc | -0.5% | -35.95% | 減碼 |
| 41 | AGYS | Agilysys Inc | -0.5% | -38.54% | 減碼 |
| 42 | ALNT | Allient Inc | -0.6% | -43.27% | 減碼 |
| 43 | XPEL | Xpel Inc | -0.6% | -58.15% | 減碼 |
| 44 | HBIOUSD | Harvard Bioscience Inc | -0.8% | -99.07% | 減碼 |
| 45 | GSL | Global Ship Lease, Inc. | -0.8% | -14.05% | 減碼 |
| 46 | ETSY | Etsy Inc | -0.8% | +2.59% | 加碼 |
| 47 | RILY | Brc Group Holdings Inc | — | EXIT | 清倉 |
| 48 | LAUR | Laureate Education Inc | — | NEW | 新建倉 |
| 49 | IVW | Ishares S&p 500 Growth ETF | — | EXIT | 清倉 |
| 50 | CALY | Callaway Golf Company | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Punch & Associates Investment Management, Inc. 在 Q1 2025 季度的美股持倉總市值約為 US$20.2億，共申報了 164 個公開持股部位。
在 Q1 2025 季度，Punch & Associates Investment Management, Inc. 按市值排列的前三大核心持股分別為：SNEX (4.2%)、RDNT (2.3%)、PDX (2.0%)。其中最大持股部位 SNEX 佔據整體投資組合約 4.2% 的權重。
在 Q1 2025 季度中，Punch & Associates Investment Management, Inc. 共進行了 200 項持倉異動，包含新建倉 60 個部位、加碼 17 個部位、減碼 29 個部位以及清倉 94 個部位。 其中最大新建倉標的為 LAUR。 本季清倉部位包含 RILY。
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。
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。
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。