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
160 檔
11.6%
在 Q3 2025 的 13F 官方備案中，Punch & Associates Investment Management, Inc. 管理的美股投資組合規模來到 US$20.2億，整體持股檔數為 160 檔。
Q3 2025 數據顯示 Punch & Associates Investment Management, Inc. 積極進場，新開立 20 個部位並同步加碼 100 檔個股，反映機構在該季度的資金注入與籌碼積累。
在資產配置集中度方面，Punch & Associates Investment Management, Inc. 的前 5 大核心持股（包含 SNEX, RDNT, LAUR 等）合計佔整體申報市值的 11.6%，反映機構在主要關鍵部位上的權重分佈。
| # | 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 | 4.16% | -0.32% | -2.14% | |
| 2 | RDNT | Radnet Inc | 股票-醫療保健 | 2.87% | +0.01% | -6.87% | |
| 3 | LAUR | Laureate Education Inc | 股票-其他 | 2.35% | -0.13% | -14.38% | |
| 4 | UTI | Universal Technical Institut | 股票-其他 | 2.19% | +0.08% | +14.38% | |
| 5 | ACA | Arcosa Inc | 股票-工業 | 1.98% | +0.28% | -0.06% | |
| 6 | GSL | Global Ship Lease, Inc. | 股票-其他 | 1.95% | -0.12% | -8.75% | |
| 7 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.89% | +0.12% | -2.97% | |
| 8 | VTS | Vitesse Energy Inc | 股票-其他 | 1.71% | -0.16% | +17.89% | |
| 9 | SILA | Sila Realty Trust Inc | 股票-其他 | 1.65% | -1.84% | EXIT | |
| 10 | VRRM | Verra Mobility CORP | 股票-其他 | 1.62% | -0.95% | EXIT | |
| 11 | PDX | Pimco Dynamic Income Strat | 股票-其他 | 1.53% | -0.36% | -0.95% | |
| 12 | GRBK | Green Brick Partners Inc | 股票-其他 | 1.52% | +0.18% | -4.06% | |
| 13 | ATEN | A10 Networks Inc | 股票-其他 | 1.51% | +0.25% | +4.03% | |
| 14 | PARR | Par Pacific Holdings Inc | 股票-能源 | 1.46% | -0.40% | -9.88% | |
| 15 | IIIV | I3 Verticals Inc-class A | 股票-其他 | 1.46% | -0.17% | +1.41% | |
| 16 | LQDT | Liquidity Services Inc | 股票-其他 | 1.45% | +0.23% | +38.92% | |
| 17 | CVCO | Cavco Industries Inc | 股票-循環性消費 | 1.44% | +0.22% | +0.03% | |
| 18 | BXC | Bluelinx Holdings Inc | 股票-其他 | 1.36% | +0.02% | -0.77% | |
| 19 | FIBK | First Interstate Bancsys-a | 股票-其他 | 1.34% | +0.06% | +4.39% | |
| 20 | TREE | Lendingtree Inc | 股票-其他 | 1.30% | -0.01% | +0.89% | |
| 21 | LZ | Legalzoomcom Inc | 股票-其他 | 1.28% | -0.02% | +33.65% | |
| 22 | NPKI | Npk International Inc | 股票-其他 | 1.24% | -0.15% | +1.46% | |
| 23 | RPRX | Royalty Pharma plc | 股票-醫療保健 | 1.22% | — | -0.01% | |
| 24 | KKR | Kkr & Co Inc | 股票-金融 | 1.20% | -0.12% | +0.22% | |
| 25 | PSMT | Pricesmart Inc | 股票-非循環性消費 | 1.12% | +0.25% | +5.61% | |
| 26 | PLOW | Douglas Dynamics Inc | 股票-其他 | 1.11% | +0.25% | +0.36% | |
| 27 | APAM | Artisan Partners Asset Ma -a | 股票-金融 | 1.11% | -0.14% | +0.51% | |
| 28 | WTTR | Select Water Solutions Inc | 股票-其他 | 1.10% | +0.07% | +0.16% | |
| 29 | MSFT | Microsoft CORP | 股票-科技 | 1.10% | -0.12% | +0.13% | |
| 30 | SFM | Sprouts Farmers Market Inc | 股票-非循環性消費 | 1.09% | +0.06% | +0.68% | |
| 31 | MELI | Mercadolibre Inc | 股票-循環性消費 | 1.06% | -0.15% | +0.69% | |
| 32 | TDW | Tidewater Inc | 股票-能源 | 1.06% | -0.55% | +0.71% | |
| 33 | ULTA | Ulta Beauty Inc | 股票-循環性消費 | 1.04% | -0.15% | +0.19% | |
| 34 | CLMB | Climb Global Solutions Inc | 股票-其他 | 1.00% | — | — | |
| 35 | SPNT | SiriusPoint Ltd. | 股票-其他 | 0.99% | +0.02% | +27.86% | |
| 36 | ADUS | Addus Homecare CORP | 股票-其他 | 0.98% | -0.02% | +29.07% | |
| 37 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 0.96% | -0.07% | +0.29% | |
| 38 | ORCL | Oracle CORP | 股票-科技 | 0.96% | -0.08% | -27.88% | |
| 39 | HLMN | Hillman Solutions CORP | 股票-其他 | 0.93% | -0.06% | +0.05% | |
| 40 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.90% | -0.09% | +0.21% | |
| 41 | BLDR | Builders Firstsource Inc | 股票-工業 | 0.90% | -0.17% | -0.14% | |
| 42 | BG | Bunge Global SA | 股票-非循環性消費 | 0.89% | -0.65% | -0.46% | |
| 43 | RTO | Rentokil Initial Plc-sp Adr | 股票-其他 | 0.87% | -0.24% | -0.07% | |
| 44 | BV | Brightview Holdings Inc | 股票-其他 | 0.85% | +0.07% | +0.43% | |
| 45 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.83% | -0.03% | -23.52% | |
| 46 | MDXG | Mimedx Group Inc | 股票-其他 | 0.81% | -0.07% | +1.57% | |
| 47 | ALG | Alamo Group Inc | 股票-其他 | 0.77% | -0.06% | -4.17% | |
| 48 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.76% | -0.10% | +0.29% | |
| 49 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.76% | -0.11% | -0.04% | |
| 50 | AMP | Ameriprise Financial Inc | 股票-金融 | 0.75% | — | -1.03% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | LQDT | Liquidity Services Inc | +0.8% | +38.92% | 加碼 |
| 2 | LZ | Legalzoomcom Inc | +0.8% | +33.65% | 加碼 |
| 3 | NPKI | Npk International Inc | +0.8% | +1.46% | 加碼 |
| 4 | IIIV | I3 Verticals Inc-class A | +0.7% | +1.41% | 加碼 |
| 5 | PARR | Par Pacific Holdings Inc | +0.7% | -9.88% | 減碼 |
| 6 | RDNT | Radnet Inc | +0.6% | -6.87% | 減碼 |
| 7 | GOOGL | Alphabet Inc-cl A | +0.5% | -2.97% | 減碼 |
| 8 | UTI | Universal Technical Institut | +0.4% | +14.38% | 加碼 |
| 9 | LAUR | Laureate Education Inc | +0.4% | -14.38% | 減碼 |
| 10 | CSV | Carriage Services Inc | +0.3% | +59.33% | 加碼 |
| 11 | ULTA | Ulta Beauty Inc | +0.3% | +0.19% | 加碼 |
| 12 | ADUS | Addus Homecare CORP | +0.3% | +29.07% | 加碼 |
| 13 | INFU | Infusystem Holdings Inc | +0.3% | -7.83% | 加碼 |
| 14 | PSMT | Pricesmart Inc | +0.3% | +5.61% | 加碼 |
| 15 | FIBK | First Interstate Bancsys-a | +0.2% | +4.39% | 加碼 |
| 16 | MSFT | Microsoft CORP | +0.2% | +0.13% | 加碼 |
| 17 | MELI | Mercadolibre Inc | +0.2% | +0.69% | 加碼 |
| 18 | PLOW | Douglas Dynamics Inc | +0.2% | +0.36% | 加碼 |
| 19 | CLFD | Clearfield Inc | +0.2% | +48.37% | 加碼 |
| 20 | SPNT | SiriusPoint Ltd. | +0.2% | +27.86% | 加碼 |
| 21 | IQV | Iqvia Holdings Inc | +0.2% | +0.29% | 加碼 |
| 22 | RFIL | Rf Industries LTD | +0.2% | -0.96% | 加碼 |
| 23 | GSL | Global Ship Lease, Inc. | +0.2% | -8.75% | 減碼 |
| 24 | ACA | Arcosa Inc | +0.2% | -0.06% | 加碼 |
| 25 | MYFW | First Western Financial Inc | +0.2% | -1.03% | 加碼 |
| 26 | ORCL | Oracle CORP | +0.1% | -27.88% | 減碼 |
| 27 | RSSS | Research Solutions Inc | +0.1% | +3.36% | 加碼 |
| 28 | TDW | Tidewater Inc | +0.1% | +0.71% | 加碼 |
| 29 | ACIC | American Coastal Insurance C | +0.1% | +21.39% | 加碼 |
| 30 | ISSC | Innovative Solutions & Supp | +0.1% | +46.05% | 加碼 |
| 31 | KEQU | Kewaunee Scientific Cp | +0.1% | +61.86% | 加碼 |
| 32 | NVEC | Nve CORP | +0.1% | +57.46% | 加碼 |
| 33 | OPXS | Optex Systems Holdings Inc | +0.1% | -3.51% | 減碼 |
| 34 | FLXS | Flexsteel Inds | +0.1% | +22.50% | 加碼 |
| 35 | BWB | Bridgewater Bancshares Inc | +0.1% | +2.35% | 加碼 |
| 36 | AGYS | Agilysys Inc | +0.1% | +0.13% | 加碼 |
| 37 | GHM | Graham CORP | +0.1% | -7.51% | 減碼 |
| 38 | VTS | Vitesse Energy Inc | +0.1% | +17.89% | 加碼 |
| 39 | BRSP | Brightspire Capital Inc | +0.1% | +13.84% | 加碼 |
| 40 | SHOO | Steven Madden LTD | +0.1% | +0.34% | 加碼 |
| 41 | RCMT | Rcm Technologies Inc | +0.1% | +28.58% | 加碼 |
| 42 | ALNT | Allient Inc | +0.1% | -12.25% | 減碼 |
| 43 | ATEN | A10 Networks Inc | +0.1% | +4.03% | 加碼 |
| 44 | RPRX | Royalty Pharma plc | +0.1% | -0.01% | 加碼 |
| 45 | CLMB | Climb Global Solutions Inc | +0.1% | — | 減碼 |
| 46 | ARHS | Arhaus Inc | +0.1% | +1.09% | 加碼 |
| 47 | LGCY | Legacy Education Inc | +0.1% | +5.44% | 加碼 |
| 48 | TAYD | Taylor Devices Inc | +0.1% | +2.65% | 加碼 |
| 49 | KKR | Kkr & Co Inc | 0% | +0.22% | 加碼 |
| 50 | DIS | Walt Disney Co/the | 0% | +0.29% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Punch & Associates Investment Management, Inc. 在 Q3 2025 季度的美股持倉總市值約為 US$20.2億，共申報了 160 個公開持股部位。
在 Q3 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 (2.9%)、LAUR (2.4%)。其中最大持股部位 SNEX 佔據整體投資組合約 4.2% 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$2250.4萬
本季最大獲利了結 / 清倉標的
CSWC
前期市值: US$1532.3萬
在 Q3 2025 季度中，Punch & Associates Investment Management, Inc. 共進行了 177 項持倉異動，包含新建倉 20 個部位、加碼 100 個部位、減碼 33 個部位以及清倉 24 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。