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
156 檔
11.7%
Q4 2025 季度申報顯示，Punch & Associates Investment Management, Inc. 揭露的美股組合總市值為 US$20.2億，涵蓋 156 個不同之權益投資部位。
在 Q4 2025，Punch & Associates Investment Management, Inc. 操作展現出積極擴展與加碼意向。本季共新建倉 7 個新部位，並對 80 個既有持股進行加碼（合計增持 87 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 SNEX, RDNT, LAUR）占據了總市值的 11.7%，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 | SNEX | Stonex Group Inc | 股票-金融 | 3.93% | -0.32% | -0.42% | |
| 2 | RDNT | Radnet Inc | 股票-醫療保健 | 2.71% | +0.01% | +0.28% | |
| 3 | LAUR | Laureate Education Inc | 股票-其他 | 2.50% | -0.13% | -1.04% | |
| 4 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.41% | +0.12% | -1.81% | |
| 5 | ACA | Arcosa Inc | 股票-工業 | 2.24% | +0.28% | -0.58% | |
| 6 | GSL | Global Ship Lease, Inc. | 股票-其他 | 1.99% | -0.12% | -11.45% | |
| 7 | UTI | Universal Technical Institut | 股票-其他 | 1.78% | +0.08% | +0.65% | |
| 8 | SPNT | SiriusPoint Ltd. | 股票-其他 | 1.78% | +0.02% | +47.67% | |
| 9 | SILA | Sila Realty Trust Inc | 股票-其他 | 1.71% | -1.84% | EXIT | |
| 10 | VTS | Vitesse Energy Inc | 股票-其他 | 1.62% | -0.16% | +13.00% | |
| 11 | LQDT | Liquidity Services Inc | 股票-其他 | 1.61% | +0.23% | +0.06% | |
| 12 | LZ | Legalzoomcom Inc | 股票-其他 | 1.52% | -0.02% | +23.55% | |
| 13 | ATEN | A10 Networks Inc | 股票-其他 | 1.48% | +0.25% | +0.30% | |
| 14 | VRRM | Verra Mobility CORP | 股票-其他 | 1.48% | -0.95% | EXIT | |
| 15 | FIBK | First Interstate Bancsys-a | 股票-其他 | 1.46% | +0.06% | -0.05% | |
| 16 | TREE | Lendingtree Inc | 股票-其他 | 1.46% | -0.01% | +35.09% | |
| 17 | CVCO | Cavco Industries Inc | 股票-循環性消費 | 1.45% | +0.22% | -1.49% | |
| 18 | ENVA | Enova International Inc | 股票-金融 | 1.38% | +0.74% | +56.12% | |
| 19 | RPRX | Royalty Pharma plc | 股票-醫療保健 | 1.35% | — | +0.72% | |
| 20 | NPKI | Npk International Inc | 股票-其他 | 1.29% | -0.15% | -2.21% | |
| 21 | GRBK | Green Brick Partners Inc | 股票-其他 | 1.29% | +0.18% | -0.75% | |
| 22 | KKR | Kkr & Co Inc | 股票-金融 | 1.20% | -0.12% | +1.13% | |
| 23 | PARR | Par Pacific Holdings Inc | 股票-能源 | 1.19% | -0.40% | -18.51% | |
| 24 | PLOW | Douglas Dynamics Inc | 股票-其他 | 1.17% | +0.25% | -0.02% | |
| 25 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 1.16% | -0.07% | +1.11% | |
| 26 | PDX | Pimco Dynamic Income Strat | 股票-其他 | 1.16% | -0.36% | -0.55% | |
| 27 | ADUS | Addus Homecare CORP | 股票-其他 | 1.15% | -0.02% | +27.36% | |
| 28 | IIIV | I3 Verticals Inc-class A | 股票-其他 | 1.14% | -0.17% | +0.01% | |
| 29 | PSMT | Pricesmart Inc | 股票-非循環性消費 | 1.14% | +0.25% | -0.04% | |
| 30 | BXC | Bluelinx Holdings Inc | 股票-其他 | 1.13% | +0.02% | -1.84% | |
| 31 | ULTA | Ulta Beauty Inc | 股票-循環性消費 | 1.10% | -0.15% | -5.54% | |
| 32 | MSFT | Microsoft CORP | 股票-科技 | 1.04% | -0.12% | +0.66% | |
| 33 | APAM | Artisan Partners Asset Ma -a | 股票-金融 | 1.04% | -0.14% | -0.91% | |
| 34 | RTO | Rentokil Initial Plc-sp Adr | 股票-其他 | 1.04% | -0.24% | +0.92% | |
| 35 | MELI | Mercadolibre Inc | 股票-循環性消費 | 1.01% | -0.15% | +9.16% | |
| 36 | BG | Bunge Global SA | 股票-非循環性消費 | 0.99% | -0.65% | +1.03% | |
| 37 | TDW | Tidewater Inc | 股票-能源 | 0.98% | -0.55% | -2.46% | |
| 38 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.92% | -0.11% | +0.61% | |
| 39 | WTTR | Select Water Solutions Inc | 股票-其他 | 0.92% | +0.07% | -15.78% | |
| 40 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.91% | -0.09% | +0.98% | |
| 41 | HLMN | Hillman Solutions CORP | 股票-其他 | 0.88% | -0.06% | +0.03% | |
| 42 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.87% | -0.03% | +1.02% | |
| 43 | CSW | Csw Industrials Inc | 股票-工業 | 0.86% | -0.02% | +0.18% | |
| 44 | DSP | Viant Technology Inc-a | 股票-其他 | 0.81% | +0.07% | -3.55% | |
| 45 | BV | Brightview Holdings Inc | 股票-其他 | 0.81% | +0.07% | -0.42% | |
| 46 | CLMB | Climb Global Solutions Inc | 股票-其他 | 0.81% | — | +4.97% | |
| 47 | SHOO | Steven Madden LTD | 股票-其他 | 0.81% | +0.08% | +0.12% | |
| 48 | SFM | Sprouts Farmers Market Inc | 股票-非循環性消費 | 0.80% | +0.06% | -0.16% | |
| 49 | MDXG | Mimedx Group Inc | 股票-其他 | 0.79% | -0.07% | +0.11% | |
| 50 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.77% | -0.10% | +1.01% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | SPNT | SiriusPoint Ltd. | +0.8% | +47.67% | 加碼 |
| 2 | ENVA | Enova International Inc | +0.7% | +56.12% | 加碼 |
| 3 | GOOGL | Alphabet Inc-cl A | +0.5% | -1.81% | 減碼 |
| 4 | ISSC | Innovative Solutions & Supp | +0.4% | +94.06% | 加碼 |
| 5 | TCMD | Tactile Systems Technology I | +0.4% | +8.05% | 加碼 |
| 6 | ACA | Arcosa Inc | +0.3% | -0.58% | 減碼 |
| 7 | PAYS | Paysign Inc | +0.2% | +164.60% | 加碼 |
| 8 | LZ | Legalzoomcom Inc | +0.2% | +23.55% | 加碼 |
| 9 | DSP | Viant Technology Inc-a | +0.2% | -3.55% | 減碼 |
| 10 | FTHY | First Trust Hi Yld Opp 2027 | +0.2% | +48.56% | 加碼 |
| 11 | IQV | Iqvia Holdings Inc | +0.2% | +1.11% | 加碼 |
| 12 | APO | Apollo Global Management Inc | +0.2% | +25.29% | 加碼 |
| 13 | SHOO | Steven Madden LTD | +0.2% | +0.12% | 加碼 |
| 14 | ADUS | Addus Homecare CORP | +0.2% | +27.36% | 加碼 |
| 15 | RTO | Rentokil Initial Plc-sp Adr | +0.2% | +0.92% | 加碼 |
| 16 | NRIM | Northrim Bancorp Inc | +0.2% | +22.39% | 加碼 |
| 17 | TMO | Thermo Fisher Scientific Inc | +0.2% | +0.61% | 加碼 |
| 18 | LQDT | Liquidity Services Inc | +0.2% | +0.06% | 加碼 |
| 19 | CSW | Csw Industrials Inc | +0.2% | +0.18% | 加碼 |
| 20 | TREE | Lendingtree Inc | +0.2% | +35.09% | 加碼 |
| 21 | NATR | Natures Sunshine Prods Inc | +0.2% | +8.97% | 加碼 |
| 22 | ALEX | Alexander & Baldwin Inc | +0.2% | +33.87% | 加碼 |
| 23 | LAUR | Laureate Education Inc | +0.2% | -1.04% | 減碼 |
| 24 | FFWM | First Foundation Inc | +0.1% | +1477.18% | 加碼 |
| 25 | RPRX | Royalty Pharma plc | +0.1% | +0.72% | 加碼 |
| 26 | FIBK | First Interstate Bancsys-a | +0.1% | -0.05% | 減碼 |
| 27 | BG | Bunge Global SA | +0.1% | +1.03% | 加碼 |
| 28 | ACIC | American Coastal Insurance C | +0.1% | +7.25% | 加碼 |
| 29 | IJR | Ishares Core S&p Small-cap E | +0.1% | +12927.37% | 加碼 |
| 30 | JNJ | Johnson & Johnson | +0.1% | +1.49% | 加碼 |
| 31 | IDR | Idaho Strategic Resources In | +0.1% | -1.57% | 減碼 |
| 32 | SJT | San Juan Basin Royalty Tr | +0.1% | +57.76% | 加碼 |
| 33 | ELMD | Electromed Inc | +0.1% | +6.55% | 加碼 |
| 34 | CSV | Carriage Services Inc | +0.1% | +16.68% | 加碼 |
| 35 | UNH | Unitedhealth Group Inc | +0.1% | +15.63% | 加碼 |
| 36 | PLOW | Douglas Dynamics Inc | +0.1% | -0.02% | 減碼 |
| 37 | ULTA | Ulta Beauty Inc | +0.1% | -5.54% | 減碼 |
| 38 | SILA | Sila Realty Trust Inc | +0.1% | +10.57% | 加碼 |
| 39 | AGYS | Agilysys Inc | +0.1% | -0.37% | 減碼 |
| 40 | ALNT | Allient Inc | +0.1% | — | 不變 |
| 41 | NPKI | Npk International Inc | +0.1% | -2.21% | 減碼 |
| 42 | ARHS | Arhaus Inc | +0.1% | +0.18% | 加碼 |
| 43 | TGT | Target CORP | 0% | -0.57% | 減碼 |
| 44 | JPM | Jpmorgan Chase & Co | 0% | +1.02% | 加碼 |
| 45 | GSL | Global Ship Lease, Inc. | 0% | -11.45% | 減碼 |
| 46 | PDEX | Pro-dex Inc | 0% | +23.44% | 加碼 |
| 47 | UFPT | Ufp Technologies Inc | 0% | — | 不變 |
| 48 | MAMA | Mama's Creations Inc | 0% | — | 不變 |
| 49 | GHM | Graham CORP | 0% | -3.32% | 減碼 |
| 50 | TAYD | Taylor Devices Inc | 0% | — | 不變 |
根據 SEC 官方 Form 13F 申報備案，Punch & Associates Investment Management, Inc. 在 Q4 2025 季度的美股持倉總市值約為 US$20.2億，共申報了 156 個公開持股部位。
在 Q4 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 (3.9%)、RDNT (2.7%)、LAUR (2.5%)。其中最大持股部位 SNEX 佔據整體投資組合約 3.9% 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
MRVL
市值: US$659.4萬
本季最大獲利了結 / 清倉標的
SKY
前期市值: US$1252.8萬
在 Q4 2025 季度中，Punch & Associates Investment Management, Inc. 共進行了 150 項持倉異動，包含新建倉 7 個部位、加碼 80 個部位、減碼 52 個部位以及清倉 11 個部位。 其中最大新建倉標的為 MRVL。 本季清倉部位包含 SKY。
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。