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
25.4%
截至 Q4 2025 季度末，Puzo Michael J 的美股持倉估值約為 US$3.9億，全數申報部位共有 71 檔。
在 Q4 2025，Puzo Michael J 展現出較為審慎的避險與獲利了結姿態。本季共減碼 25 個部位並完全清倉 1 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Puzo Michael J 的前 5 大持股（包含 GOOGL, AAPL, NVDA）貢獻了組合市值的 25.4%，形成該機構在 Q4 2025 季度的基本面基石。
| # | 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 | 6.86% | +0.02% | -9.46% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 5.59% | -0.15% | -2.70% | |
| 3 | NVDA | Nvidia CORP | 股票-科技 | 5.53% | -0.05% | -2.71% | |
| 4 | MSFT | Microsoft CORP | 股票-科技 | 4.89% | -0.40% | +0.47% | |
| 5 | MA | Mastercard Inc - A | 股票-金融 | 3.99% | -0.30% | -3.85% | |
| 6 | RTX | Rtx CORP | 股票-工業 | 3.86% | -0.65% | -3.29% | |
| 7 | ADI | Analog Devices Inc | 股票-科技 | 3.79% | -0.04% | -0.46% | |
| 8 | JNJ | Johnson & Johnson | 股票-醫療保健 | 3.68% | -0.46% | -1.54% | |
| 9 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.61% | +0.07% | -1.02% | |
| 10 | TJX | Tjx Companies Inc | 股票-循環性消費 | 3.35% | -0.61% | +0.89% | |
| 11 | AMD | Advanced Micro Devices | 股票-科技 | 3.28% | +4.02% | -11.40% | |
| 12 | ABT | Abbott Laboratories | 股票-醫療保健 | 3.20% | -0.61% | +1.43% | |
| 13 | DHR | Danaher CORP | 股票-醫療保健 | 2.91% | -0.31% | +0.22% | |
| 14 | ADP | Automatic Data Processing | 股票-科技 | 2.87% | -0.09% | -0.22% | |
| 15 | ROK | Rockwell Automation Inc | 股票-工業 | 2.85% | +0.53% | -0.63% | |
| 16 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 2.74% | -0.33% | +0.69% | |
| 17 | SBGSY | Schneider Elect Se-unsp Adr | 股票-其他 | 2.59% | +0.14% | +0.28% | |
| 18 | LLY | Eli Lilly & Co | 股票-醫療保健 | 2.41% | +0.54% | +8.80% | |
| 19 | HD | Home Depot Inc | 股票-循環性消費 | 2.38% | -0.11% | +0.44% | |
| 20 | XYL | Xylem Inc | 股票-工業 | 2.38% | -0.29% | +0.02% | |
| 21 | ATR | Aptargroup Inc | 股票-醫療保健 | 2.35% | -0.51% | -0.38% | |
| 22 | CVX | Chevron CORP | 股票-能源 | 1.93% | -0.79% | +0.08% | |
| 23 | VRTX | Vertex Pharmaceuticals Inc | 股票-醫療保健 | 1.90% | +0.04% | -0.84% | |
| 24 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 1.85% | -0.34% | -10.00% | |
| 25 | AMAT | Applied Materials Inc | 股票-科技 | 1.80% | +2.12% | +49.45% | |
| 26 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.67% | -0.76% | -5.45% | |
| 27 | CNI | Canadian Natl Railway Co | 股票-工業 | 1.53% | -0.06% | -9.68% | |
| 28 | AXP | American Express Co | 股票-金融 | 1.50% | +0.26% | +41.16% | |
| 29 | XOM | Exxon Mobil CORP | 股票-能源 | 1.23% | -0.48% | -0.15% | |
| 30 | UBER | Uber Technologies Inc | 股票-工業 | 1.22% | -0.03% | +33.35% | |
| 31 | SCHW | Schwab (charles) CORP | 股票-金融 | 1.13% | -0.04% | +73.56% | |
| 32 | FISV | Fiserv Inc | 股票-其他 | 1.12% | -0.57% | -9.10% | |
| 33 | MKC | Mccormick & Co-non Vtg Shrs | 股票-非循環性消費 | 0.81% | -0.37% | EXIT | |
| 34 | ✓ | Munich Re Group | 股票-其他 | 0.80% | -0.17% | — | |
| 35 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.59% | -0.03% | — | |
| 36 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.55% | -0.06% | +53.55% | |
| 37 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.50% | -0.04% | — | |
| 38 | CAT | Caterpillar Inc | 股票-工業 | 0.36% | +0.06% | — | |
| 39 | CARR | Carrier Global CORP | 股票-工業 | 0.35% | -0.31% | -78.78% | |
| 40 | RHHBY | Roche Holdings Ltd-spons Adr | 股票-其他 | 0.34% | -0.03% | — | |
| 41 | WMT | Walmart Inc | 股票-非循環性消費 | 0.32% | -0.05% | -6.64% | |
| 42 | EMR | Emerson Electric Co | 股票-工業 | 0.31% | -0.01% | — | |
| 43 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.24% | -0.13% | -11.44% | |
| 44 | ASML | ASML Holding N.V. | 股票-科技 | 0.23% | +0.11% | -1.26% | |
| 45 | DE | Deere & Co | 股票-工業 | 0.19% | -0.01% | — | |
| 46 | RELX | Relx PLC - Spon Adr | 股票-工業 | 0.16% | -0.06% | EXIT | |
| 47 | UNP | Union Pacific CORP | 股票-工業 | 0.14% | — | — | |
| 48 | AVGO | Broadcom Inc | 股票-科技 | 0.13% | +0.46% | — | |
| 49 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.13% | +0.01% | -3.70% | |
| 50 | V | Visa Inc-class A Shares | 股票-金融 | 0.13% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | +1% | -9.46% | 減碼 |
| 2 | AMAT | Applied Materials Inc | +0.8% | +49.45% | 加碼 |
| 3 | LLY | Eli Lilly & Co | +0.8% | +8.80% | 加碼 |
| 4 | AXP | American Express Co | +0.5% | +41.16% | 加碼 |
| 5 | SCHW | Schwab (charles) CORP | +0.5% | +73.56% | 加碼 |
| 6 | AMD | Advanced Micro Devices | +0.5% | -11.40% | 減碼 |
| 7 | DHR | Danaher CORP | +0.4% | +0.22% | 加碼 |
| 8 | ADI | Analog Devices Inc | +0.3% | -0.46% | 減碼 |
| 9 | JNJ | Johnson & Johnson | +0.3% | -1.54% | 減碼 |
| 10 | ROK | Rockwell Automation Inc | +0.3% | -0.63% | 減碼 |
| 11 | VRTX | Vertex Pharmaceuticals Inc | +0.2% | -0.84% | 減碼 |
| 12 | TJX | Tjx Companies Inc | +0.2% | +0.89% | 加碼 |
| 13 | RTX | Rtx CORP | +0.2% | -3.29% | 減碼 |
| 14 | AAPL | Apple Inc | +0.2% | -2.70% | 減碼 |
| 15 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +53.55% | 加碼 |
| 16 | AMZN | Amazon.com Inc | +0.1% | -1.02% | 減碼 |
| 17 | UBER | Uber Technologies Inc | +0.1% | +33.35% | 加碼 |
| 18 | MRK | Merck & Co. Inc. | +0.1% | — | 不變 |
| 19 | XOM | Exxon Mobil CORP | +0.1% | -0.15% | 減碼 |
| 20 | RHHBY | Roche Holdings Ltd-spons Adr | +0.1% | — | 不變 |
| 21 | CAT | Caterpillar Inc | +0.1% | — | 不變 |
| 22 | META | Meta Platforms Inc-class A | 0% | +89.23% | 加碼 |
| 23 | ✓ | Munich Re Group | 0% | — | 不變 |
| 24 | GOOG | Alphabet Inc-cl C | 0% | -3.70% | 減碼 |
| 25 | ASML | ASML Holding N.V. | 0% | -1.26% | 減碼 |
| 26 | WFC | Wells Fargo & Co | 0% | — | 不變 |
| 27 | NUE | Nucor CORP | 0% | — | 不變 |
| 28 | PEP | Pepsico Inc | 0% | -11.44% | 減碼 |
| 29 | RELX | Relx PLC - Spon Adr | 0% | +3.79% | 加碼 |
| 30 | CVX | Chevron CORP | 0% | +0.08% | 加碼 |
| 31 | SBGSY | Schneider Elect Se-unsp Adr | -0.1% | +0.28% | 加碼 |
| 32 | CNI | Canadian Natl Railway Co | -0.1% | -9.68% | 減碼 |
| 33 | MA | Mastercard Inc - A | -0.2% | -3.85% | 減碼 |
| 34 | NVDA | Nvidia CORP | -0.2% | -2.71% | 減碼 |
| 35 | PG | Procter & Gamble Co/the | -0.2% | +0.69% | 加碼 |
| 36 | UNH | Unitedhealth Group Inc | -0.2% | -5.45% | 減碼 |
| 37 | ABT | Abbott Laboratories | -0.2% | +1.43% | 加碼 |
| 38 | NSRGY | Nestle Sa-spons Adr | -0.2% | -74.98% | 減碼 |
| 39 | XYL | Xylem Inc | -0.2% | +0.02% | 加碼 |
| 40 | BRK-A | Berkshire Hathaway Inc-cl A | -0.2% | -10.00% | 減碼 |
| 41 | ATR | Aptargroup Inc | -0.2% | -0.38% | 減碼 |
| 42 | MSFT | Microsoft CORP | -0.3% | +0.47% | 加碼 |
| 43 | ADP | Automatic Data Processing | -0.4% | -0.22% | 減碼 |
| 44 | HD | Home Depot Inc | -0.4% | +0.44% | 加碼 |
| 45 | MKC | Mccormick & Co-non Vtg Shrs | -0.6% | -42.48% | 減碼 |
| 46 | CRM | Salesforce Inc | -0.8% | -91.69% | 減碼 |
| 47 | FISV | Fiserv Inc | -1.2% | -9.10% | 減碼 |
| 48 | CARR | Carrier Global CORP | -1.5% | -78.78% | 減碼 |
| 49 | AVGO | Broadcom Inc | — | NEW | 新建倉 |
| 50 | NVO | Novo-nordisk A/s-spons Adr | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Puzo Michael J 在 Q4 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 Q4 2025 季度，Puzo Michael J 按市值排列的前三大核心持股分別為：GOOGL (6.9%)、AAPL (5.6%)、NVDA (5.5%)。其中最大持股部位 GOOGL 佔據整體投資組合約 6.9% 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
AVGO
市值: US$49.5萬
本季最大獲利了結 / 清倉標的
NVO
前期市值: US$32.0萬
在 Q4 2025 季度中，Puzo Michael J 共進行了 44 項持倉異動，包含新建倉 1 個部位、加碼 17 個部位、減碼 25 個部位以及清倉 1 個部位。 其中最大新建倉標的為 AVGO。 本季清倉部位包含 NVO。
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。