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
163 檔
10.2%
截至 Q2 2025 季度末，Punch & Associates Investment Management, Inc. 的美股持倉估值約為 US$20.2億，全數申報部位共有 163 檔。
觀察 Q2 2025 的申報異動，Punch & Associates Investment Management, Inc. 採取了強勁的買進策略，建倉與加碼動作（合計 107 筆）涵蓋多個核心板塊，展現機構對特定產業前景之樂觀態度。
檢視投資組合結構，前 5 大主力部位（包含 SNEX, RDNT, LAUR）占據了總市值的 10.2%，展現出該機構在 Q2 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 | SNEX | Stonex Group Inc | 股票-金融 | 4.07% | -0.32% | -13.88% | |
| 2 | RDNT | Radnet Inc | 股票-醫療保健 | 2.44% | +0.01% | +0.44% | |
| 3 | LAUR | Laureate Education Inc | 股票-其他 | 2.16% | -0.13% | +0.84% | |
| 4 | UTI | Universal Technical Institut | 股票-其他 | 2.12% | +0.08% | -6.35% | |
| 5 | GSL | Global Ship Lease, Inc. | 股票-其他 | 1.95% | -0.12% | +0.48% | |
| 6 | ACA | Arcosa Inc | 股票-工業 | 1.94% | +0.28% | +0.61% | |
| 7 | VRRM | Verra Mobility CORP | 股票-其他 | 1.76% | -0.95% | EXIT | |
| 8 | SFM | Sprouts Farmers Market Inc | 股票-非循環性消費 | 1.74% | +0.06% | -9.56% | |
| 9 | SILA | Sila Realty Trust Inc | 股票-其他 | 1.65% | -1.84% | EXIT | |
| 10 | ATEN | A10 Networks Inc | 股票-其他 | 1.64% | +0.25% | +1.00% | |
| 11 | PDX | Pimco Dynamic Income Strat | 股票-其他 | 1.62% | -0.36% | -14.67% | |
| 12 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.50% | +0.12% | +2.90% | |
| 13 | BXC | Bluelinx Holdings Inc | 股票-其他 | 1.48% | +0.02% | -0.39% | |
| 14 | VTS | Vitesse Energy Inc | 股票-其他 | 1.47% | -0.16% | +5.82% | |
| 15 | GRBK | Green Brick Partners Inc | 股票-其他 | 1.43% | +0.18% | -5.13% | |
| 16 | RPRX | Royalty Pharma plc | 股票-醫療保健 | 1.32% | — | +3.90% | |
| 17 | KKR | Kkr & Co Inc | 股票-金融 | 1.30% | -0.12% | +4.30% | |
| 18 | IIIV | I3 Verticals Inc-class A | 股票-其他 | 1.30% | -0.17% | +68.76% | |
| 19 | PARR | Par Pacific Holdings Inc | 股票-能源 | 1.29% | -0.40% | -6.67% | |
| 20 | MELI | Mercadolibre Inc | 股票-循環性消費 | 1.25% | -0.15% | +15.99% | |
| 21 | FIBK | First Interstate Bancsys-a | 股票-其他 | 1.23% | +0.06% | +17.89% | |
| 22 | APAM | Artisan Partners Asset Ma -a | 股票-金融 | 1.20% | -0.14% | +0.58% | |
| 23 | CVCO | Cavco Industries Inc | 股票-循環性消費 | 1.14% | +0.22% | +0.36% | |
| 24 | BV | Brightview Holdings Inc | 股票-其他 | 1.12% | +0.07% | +0.75% | |
| 25 | MSFT | Microsoft CORP | 股票-科技 | 1.12% | -0.12% | +4.35% | |
| 26 | PLOW | Douglas Dynamics Inc | 股票-其他 | 1.11% | +0.25% | +0.65% | |
| 27 | ORCL | Oracle CORP | 股票-科技 | 1.10% | -0.08% | -9.20% | |
| 28 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.06% | -0.03% | +4.11% | |
| 29 | ALG | Alamo Group Inc | 股票-其他 | 0.98% | -0.06% | +1.32% | |
| 30 | NPKI | Npk International Inc | 股票-其他 | 0.98% | -0.15% | +54.70% | |
| 31 | PSMT | Pricesmart Inc | 股票-非循環性消費 | 0.98% | +0.25% | +1.33% | |
| 32 | TDW | Tidewater Inc | 股票-能源 | 0.96% | -0.55% | +1.01% | |
| 33 | LQDT | Liquidity Services Inc | 股票-其他 | 0.95% | +0.23% | +115.87% | |
| 34 | ULTA | Ulta Beauty Inc | 股票-循環性消費 | 0.95% | -0.15% | +4.21% | |
| 35 | WTTR | Select Water Solutions Inc | 股票-其他 | 0.95% | +0.07% | +0.79% | |
| 36 | DSP | Viant Technology Inc-a | 股票-其他 | 0.94% | +0.07% | +16.71% | |
| 37 | FISV | Fiserv Inc | 股票-其他 | 0.94% | — | +3.18% | |
| 38 | BG | Bunge Global SA | 股票-非循環性消費 | 0.93% | -0.65% | +3.30% | |
| 39 | HSTM | Healthstream Inc | 股票-其他 | 0.93% | — | -11.07% | |
| 40 | SPNT | SiriusPoint Ltd. | 股票-其他 | 0.92% | +0.02% | +1.68% | |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.92% | -0.09% | +4.06% | |
| 42 | BLDR | Builders Firstsource Inc | 股票-工業 | 0.92% | -0.17% | +4.39% | |
| 43 | RTO | Rentokil Initial Plc-sp Adr | 股票-其他 | 0.88% | -0.24% | +3.59% | |
| 44 | CSW | Csw Industrials Inc | 股票-工業 | 0.88% | -0.02% | +1.72% | |
| 45 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.88% | -0.10% | +3.86% | |
| 46 | LZ | Legalzoomcom Inc | 股票-其他 | 0.87% | -0.02% | +98.60% | |
| 47 | AMP | Ameriprise Financial Inc | 股票-金融 | 0.87% | — | +1.38% | |
| 48 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 0.84% | -0.07% | +26.76% | |
| 49 | CLMB | Climb Global Solutions Inc | 股票-其他 | 0.84% | — | -1.47% | |
| 50 | FC | Franklin Covey Co | 股票-其他 | 0.83% | — | +0.59% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | TREE | Lendingtree Inc | +0.8% | NEW | 新建倉 |
| 2 | IIIV | I3 Verticals Inc-class A | +0.6% | +68.76% | 加碼 |
| 3 | NPKI | Npk International Inc | +0.5% | +54.70% | 加碼 |
| 4 | PARR | Par Pacific Holdings Inc | +0.5% | -6.67% | 減碼 |
| 5 | LZ | Legalzoomcom Inc | +0.4% | +98.60% | 加碼 |
| 6 | MELI | Mercadolibre Inc | +0.4% | +15.99% | 加碼 |
| 7 | DUK | Duke Energy CORP | +0.3% | NEW | 新建倉 |
| 8 | LQDT | Liquidity Services Inc | +0.3% | +115.87% | 加碼 |
| 9 | UTI | Universal Technical Institut | +0.3% | -6.35% | 減碼 |
| 10 | ORCL | Oracle CORP | +0.3% | -9.20% | 減碼 |
| 11 | NATR | Natures Sunshine Prods Inc | +0.3% | NEW | 新建倉 |
| 12 | APEI | American Public Education | +0.3% | NEW | 新建倉 |
| 13 | MSFT | Microsoft CORP | +0.3% | +4.35% | 加碼 |
| 14 | QXO 5.5 05-15-28債券 | Qxo Inc | +0.2% | NEW | 新建倉 |
| 15 | BV | Brightview Holdings Inc | +0.2% | +0.75% | 加碼 |
| 16 | PTB | Potbelly CORP | +0.2% | +13.97% | 加碼 |
| 17 | ULTA | Ulta Beauty Inc | +0.2% | +4.21% | 加碼 |
| 18 | RDNT | Radnet Inc | +0.2% | +0.44% | 加碼 |
| 19 | ATEN | A10 Networks Inc | +0.2% | +1.00% | 加碼 |
| 20 | PLOW | Douglas Dynamics Inc | +0.2% | +0.65% | 加碼 |
| 21 | MYFW | First Western Financial Inc | +0.2% | +49.54% | 加碼 |
| 22 | LAUR | Laureate Education Inc | +0.2% | +0.84% | 加碼 |
| 23 | GSL | Global Ship Lease, Inc. | +0.2% | +0.48% | 加碼 |
| 24 | DIS | Walt Disney Co/the | +0.2% | +3.86% | 加碼 |
| 25 | PFMTUSD | Performant Financial CORP | +0.2% | +9.50% | 加碼 |
| 26 | RPRX | Royalty Pharma plc | +0.2% | +3.90% | 加碼 |
| 27 | AGYS | Agilysys Inc | +0.2% | +0.67% | 加碼 |
| 28 | IDR | Idaho Strategic Resources In | +0.2% | NEW | 新建倉 |
| 29 | GOOGL | Alphabet Inc-cl A | +0.1% | +2.90% | 加碼 |
| 30 | KKR | Kkr & Co Inc | +0.1% | +4.30% | 加碼 |
| 31 | JPM | Jpmorgan Chase & Co | +0.1% | +4.11% | 加碼 |
| 32 | ALG | Alamo Group Inc | +0.1% | +1.32% | 加碼 |
| 33 | DSP | Viant Technology Inc-a | +0.1% | +16.71% | 加碼 |
| 34 | CSV | Carriage Services Inc | +0.1% | +45.02% | 加碼 |
| 35 | FIBK | First Interstate Bancsys-a | +0.1% | +17.89% | 加碼 |
| 36 | CLFD | Clearfield Inc | +0.1% | — | 不變 |
| 37 | PSMT | Pricesmart Inc | +0.1% | +1.33% | 加碼 |
| 38 | INFU | Infusystem Holdings Inc | +0.1% | +42.93% | 加碼 |
| 39 | ACA | Arcosa Inc | +0.1% | +0.61% | 加碼 |
| 40 | VRRM | Verra Mobility CORP | +0.1% | +0.63% | 加碼 |
| 41 | RFIL | Rf Industries LTD | +0.1% | +19.46% | 加碼 |
| 42 | NRIM | Northrim Bancorp Inc | +0.1% | NEW | 新建倉 |
| 43 | KEQU | Kewaunee Scientific Cp | +0.1% | +116.50% | 加碼 |
| 44 | SPNT | SiriusPoint Ltd. | +0.1% | +1.68% | 加碼 |
| 45 | LINC | Lincoln Educational Services | +0.1% | -11.28% | 減碼 |
| 46 | OPXS | Optex Systems Holdings Inc | +0.1% | -11.01% | 減碼 |
| 47 | ISSC | Innovative Solutions & Supp | +0.1% | — | 不變 |
| 48 | APAM | Artisan Partners Asset Ma -a | +0.1% | +0.58% | 加碼 |
| 49 | ADUS | Addus Homecare CORP | +0.1% | +0.92% | 加碼 |
| 50 | GHM | Graham CORP | +0.1% | -3.93% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Punch & Associates Investment Management, Inc. 在 Q2 2025 季度的美股持倉總市值約為 US$20.2億，共申報了 163 個公開持股部位。
在 Q2 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 (4.1%)、RDNT (2.4%)、LAUR (2.2%)。其中最大持股部位 SNEX 佔據整體投資組合約 4.1% 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
TREE
市值: US$1277.4萬
本季最大獲利了結 / 清倉標的
CSWC
前期市值: US$1532.3萬
在 Q2 2025 季度中，Punch & Associates Investment Management, Inc. 共進行了 150 項持倉異動，包含新建倉 11 個部位、加碼 96 個部位、減碼 31 個部位以及清倉 12 個部位。 其中最大新建倉標的為 TREE。 本季清倉部位包含 CSWC。
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。