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: 0001053914
申報總市值
US$3.9億
US$3.9億
71 檔
24.9%
在 Q3 2025 的 13F 官方備案中，Puzo Michael J 管理的美股投資組合規模來到 US$3.9億，整體持股檔數為 71 檔。
從 Q3 2025 申報觀察，Puzo Michael J 採取防禦導向的調倉策略，本季減碼 35 檔個股並出清 5 檔部位，顯示機構在該時期進行風險控制與流動性回收。
在資產配置集中度方面，Puzo Michael J 的前 5 大核心持股（包含 GOOGL, NVDA, AAPL 等）合計佔整體申報市值的 24.9%，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 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 5.90% | +0.02% | -1.18% | |
| 2 | NVDA | Nvidia CORP | 股票-科技 | 5.70% | -0.05% | -5.30% | |
| 3 | AAPL | Apple Inc | 股票-科技 | 5.39% | -0.15% | +0.01% | |
| 4 | MSFT | Microsoft CORP | 股票-科技 | 5.22% | -0.40% | -0.24% | |
| 5 | MA | Mastercard Inc - A | 股票-金融 | 4.14% | -0.30% | -4.06% | |
| 6 | RTX | Rtx CORP | 股票-工業 | 3.65% | -0.65% | -2.51% | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.47% | +0.07% | -0.61% | |
| 8 | ADI | Analog Devices Inc | 股票-科技 | 3.46% | -0.04% | -0.61% | |
| 9 | ABT | Abbott Laboratories | 股票-醫療保健 | 3.38% | -0.61% | +0.72% | |
| 10 | JNJ | Johnson & Johnson | 股票-醫療保健 | 3.36% | -0.46% | -1.68% | |
| 11 | ADP | Automatic Data Processing | 股票-科技 | 3.28% | -0.09% | -1.73% | |
| 12 | TJX | Tjx Companies Inc | 股票-循環性消費 | 3.13% | -0.61% | +0.04% | |
| 13 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 2.92% | -0.33% | -0.18% | |
| 14 | AMD | Advanced Micro Devices | 股票-科技 | 2.80% | +4.02% | -5.82% | |
| 15 | HD | Home Depot Inc | 股票-循環性消費 | 2.80% | -0.11% | -0.12% | |
| 16 | SBGSY | Schneider Elect Se-unsp Adr | 股票-其他 | 2.64% | +0.14% | +0.39% | |
| 17 | ATR | Aptargroup Inc | 股票-醫療保健 | 2.59% | -0.51% | +0.06% | |
| 18 | XYL | Xylem Inc | 股票-工業 | 2.58% | -0.29% | -0.27% | |
| 19 | ROK | Rockwell Automation Inc | 股票-工業 | 2.58% | +0.53% | -3.30% | |
| 20 | DHR | Danaher CORP | 股票-醫療保健 | 2.52% | -0.31% | +0.33% | |
| 21 | FISV | Fiserv Inc | 股票-其他 | 2.36% | -0.57% | +0.34% | |
| 22 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 2.06% | -0.34% | -9.09% | |
| 23 | CVX | Chevron CORP | 股票-能源 | 1.97% | -0.79% | +0.32% | |
| 24 | CARR | Carrier Global CORP | 股票-工業 | 1.86% | -0.31% | -1.04% | |
| 25 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.85% | -0.76% | +17.73% | |
| 26 | VRTX | Vertex Pharmaceuticals Inc | 股票-醫療保健 | 1.66% | +0.04% | +1.05% | |
| 27 | CNI | Canadian Natl Railway Co | 股票-工業 | 1.62% | -0.06% | -10.18% | |
| 28 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.57% | +0.54% | +65.01% | |
| 29 | MKC | Mccormick & Co-non Vtg Shrs | 股票-非循環性消費 | 1.38% | -0.37% | EXIT | |
| 30 | XOM | Exxon Mobil CORP | 股票-能源 | 1.16% | -0.48% | -0.32% | |
| 31 | UBER | Uber Technologies Inc | 股票-工業 | 1.10% | -0.03% | +24.28% | |
| 32 | AMAT | Applied Materials Inc | 股票-科技 | 0.96% | +2.12% | +85.15% | |
| 33 | AXP | American Express Co | 股票-金融 | 0.96% | +0.26% | +36.03% | |
| 34 | CRM | Salesforce Inc | 股票-科技 | 0.92% | — | +5.92% | |
| 35 | ✓ | Munich Re Group | 股票-其他 | 0.77% | -0.17% | -1.11% | |
| 36 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.62% | -0.04% | +34.45% | |
| 37 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.60% | -0.03% | -0.26% | |
| 38 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.40% | -0.04% | -2.26% | |
| 39 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.36% | -0.06% | -6.96% | |
| 40 | WMT | Walmart Inc | 股票-非循環性消費 | 0.32% | -0.05% | -0.88% | |
| 41 | EMR | Emerson Electric Co | 股票-工業 | 0.31% | -0.01% | -0.46% | |
| 42 | CAT | Caterpillar Inc | 股票-工業 | 0.30% | +0.06% | -3.77% | |
| 43 | NSRGY | Nestle Sa-spons Adr | 股票-其他 | 0.28% | — | -52.64% | |
| 44 | RHHBY | Roche Holdings Ltd-spons Adr | 股票-其他 | 0.27% | -0.03% | — | |
| 45 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.26% | -0.13% | -12.56% | |
| 46 | ASML | ASML Holding N.V. | 股票-科技 | 0.21% | +0.11% | -0.63% | |
| 47 | DE | Deere & Co | 股票-工業 | 0.18% | -0.01% | -0.67% | |
| 48 | RELX | Relx PLC - Spon Adr | 股票-工業 | 0.18% | -0.06% | EXIT | |
| 49 | UNP | Union Pacific CORP | 股票-工業 | 0.15% | — | — | |
| 50 | ECL | Ecolab Inc | 股票-原物料 | 0.13% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +1.8% | -5.30% | 減碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +1.8% | -1.18% | 減碼 |
| 3 | MSFT | Microsoft CORP | +1.1% | -0.24% | 減碼 |
| 4 | LLY | Eli Lilly & Co | +1% | +65.01% | 加碼 |
| 5 | UBER | Uber Technologies Inc | +0.8% | +24.28% | 加碼 |
| 6 | AXP | American Express Co | +0.7% | +36.03% | 加碼 |
| 7 | SCHW | Schwab (charles) CORP | +0.5% | +34.45% | 加碼 |
| 8 | AMD | Advanced Micro Devices | +0.5% | -5.82% | 減碼 |
| 9 | ADI | Analog Devices Inc | +0.4% | -0.61% | 減碼 |
| 10 | RTX | Rtx CORP | +0.3% | -2.51% | 減碼 |
| 11 | SBGSY | Schneider Elect Se-unsp Adr | +0.3% | +0.39% | 減碼 |
| 12 | XYL | Xylem Inc | +0.3% | -0.27% | 減碼 |
| 13 | AAPL | Apple Inc | +0.3% | +0.01% | 減碼 |
| 14 | TJX | Tjx Companies Inc | +0.3% | +0.04% | 減碼 |
| 15 | AMZN | Amazon.com Inc | +0.2% | -0.61% | 減碼 |
| 16 | ROK | Rockwell Automation Inc | +0.1% | -3.30% | 減碼 |
| 17 | HD | Home Depot Inc | +0.1% | -0.12% | 減碼 |
| 18 | CRM | Salesforce Inc | +0.1% | +5.92% | 加碼 |
| 19 | CAT | Caterpillar Inc | +0.1% | -3.77% | 減碼 |
| 20 | ASML | ASML Holding N.V. | +0.1% | -0.63% | 減碼 |
| 21 | JNJ | Johnson & Johnson | 0% | -1.68% | 減碼 |
| 22 | MRK | Merck & Co. Inc. | -0.1% | -2.26% | 減碼 |
| 23 | V | Visa Inc-class A Shares | -0.1% | — | 減碼 |
| 24 | PEP | Pepsico Inc | -0.1% | -12.56% | 減碼 |
| 25 | XOM | Exxon Mobil CORP | -0.2% | -0.32% | 減碼 |
| 26 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -6.96% | 減碼 |
| 27 | CARR | Carrier Global CORP | -0.2% | -1.04% | 減碼 |
| 28 | DHR | Danaher CORP | -0.3% | +0.33% | 減碼 |
| 29 | CVX | Chevron CORP | -0.3% | +0.32% | 減碼 |
| 30 | ABT | Abbott Laboratories | -0.4% | +0.72% | 減碼 |
| 31 | NVO | Novo-nordisk A/s-spons Adr | -0.4% | -86.86% | 減碼 |
| 32 | MKC | Mccormick & Co-non Vtg Shrs | -0.4% | -0.53% | 減碼 |
| 33 | VRTX | Vertex Pharmaceuticals Inc | -0.5% | +1.05% | 加碼 |
| 34 | BRK-A | Berkshire Hathaway Inc-cl A | -0.5% | -9.09% | 減碼 |
| 35 | MA | Mastercard Inc - A | -0.5% | -4.06% | 減碼 |
| 36 | CNI | Canadian Natl Railway Co | -0.5% | -10.18% | 減碼 |
| 37 | UNH | Unitedhealth Group Inc | -0.6% | +17.73% | 加碼 |
| 38 | ATR | Aptargroup Inc | -0.6% | +0.06% | 減碼 |
| 39 | PG | Procter & Gamble Co/the | -0.6% | -0.18% | 減碼 |
| 40 | ADP | Automatic Data Processing | -0.7% | -1.73% | 減碼 |
| 41 | NSRGY | Nestle Sa-spons Adr | -1.2% | -52.64% | 減碼 |
| 42 | FISV | Fiserv Inc | -2.1% | +0.34% | 減碼 |
| 43 | AMAT | Applied Materials Inc | — | NEW | 新建倉 |
| 44 | BALL | Ball CORP | — | EXIT | 清倉 |
| 45 | BDX | Becton Dickinson And Co | — | EXIT | 清倉 |
| 46 | ADBE | Adobe Inc | — | EXIT | 清倉 |
| 47 | CL | Colgate-palmolive Co | — | EXIT | 清倉 |
| 48 | NVS | Novartis Ag-sponsored Adr | — | EXIT | 清倉 |
| 49 | IDXX | Idexx Laboratories Inc | — | NEW | 新建倉 |
| 50 | VSMAX | Vanguard Sml Cap Indx-adm | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Puzo Michael J 在 Q3 2025 季度的美股持倉總市值約為 US$3.9億，共申報了 71 個公開持股部位。
在 Q3 2025 季度，Puzo Michael J 按市值排列的前三大核心持股分別為：GOOGL (5.9%)、NVDA (5.7%)、AAPL (5.4%)。其中最大持股部位 GOOGL 佔據整體投資組合約 5.9% 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
AMAT
市值: US$352.4萬
本季最大獲利了結 / 清倉標的
BALL
前期市值: US$283.8萬
在 Q3 2025 季度中，Puzo Michael J 共進行了 50 項持倉異動，包含新建倉 3 個部位、加碼 7 個部位、減碼 35 個部位以及清倉 5 個部位。 其中最大新建倉標的為 AMAT。 本季清倉部位包含 BALL。
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。