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: 0001027796
申報總市值
US$340.7億
US$340.7億
157 檔
22.3%
在 Q4 2025 的 13F 官方備案中，Pzena Investment Management LLC 管理的美股投資組合規模來到 US$340.7億，整體持股檔數為 157 檔。
觀察 Q4 2025 的資金脈絡，Pzena Investment Management LLC 在獲利結算 2 檔個股的同時，將資本重新部署至 5 檔新選標的，展現主動管理機構的輪動節奏。
從部位權重觀察，前 5 大標的（包含 MGA, CTSH, DG）累計市值佔比達 22.3%，是驅動 Pzena Investment Management LLC 該季度整體投資組合績效表現的核心支柱。
| # | 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 | MGA | Magna International Inc | 股票-循環性消費 | 6.38% | +0.15% | +0.16% | |
| 2 | CTSH | Cognizant Tech Solutions-a | 股票-科技 | 4.38% | -1.02% | -0.46% | |
| 3 | DG | Dollar General CORP | 股票-非循環性消費 | 4.24% | +0.79% | -8.57% | |
| 4 | BAX | Baxter International Inc | 股票-醫療保健 | 4.01% | +0.57% | +22.06% | |
| 5 | C | Citigroup Inc | 股票-金融 | 3.71% | -0.73% | -15.30% | |
| 6 | CVS | Cvs Health CORP | 股票-醫療保健 | 3.70% | +0.36% | -1.66% | |
| 7 | COF | Capital One Financial CORP | 股票-金融 | 3.64% | — | -0.62% | |
| 8 | UBS | UBS Group AG | 股票-金融 | 3.29% | +0.01% | +0.09% | |
| 9 | HUM | Humana Inc | 股票-醫療保健 | 3.12% | +2.05% | +1.02% | |
| 10 | DOX | Amdocs Limited | 股票-科技 | 2.90% | -0.62% | +82.57% | |
| 11 | BMY | Bristol-myers Squibb Co | 股票-醫療保健 | 2.90% | -0.49% | +20.41% | |
| 12 | MET | Metlife Inc | 股票-金融 | 2.81% | +0.16% | +22.86% | |
| 13 | WFC | Wells Fargo & Co | 股票-金融 | 2.78% | -0.13% | -2.32% | |
| 14 | SSNC | Ss&c Technologies Holdings | 股票-科技 | 2.70% | -0.12% | +1.35% | |
| 15 | TSN | Tyson Foods Inc-cl A | 股票-非循環性消費 | 2.69% | -0.71% | +10.71% | |
| 16 | GPN | Global Payments Inc | 股票-工業 | 2.64% | -0.05% | +4.59% | |
| 17 | LEA | Lear CORP | 股票-循環性消費 | 2.56% | -0.05% | -0.40% | |
| 18 | SWKS | Skyworks Solutions Inc | 股票-科技 | 2.40% | +0.38% | +2.89% | |
| 19 | PPG | Ppg Industries Inc | 股票-原物料 | 2.18% | +0.18% | +306.19% | |
| 20 | CRBG | Corebridge Financial Inc | 股票-金融 | 2.13% | +0.74% | +5.84% | |
| 21 | NOV | Nov Inc | 股票-能源 | 1.97% | -0.31% | -0.53% | |
| 22 | DOW | Dow Inc | 股票-原物料 | 1.93% | -1.56% | +1.70% | |
| 23 | NOK | Nokia Corp-spon Adr | 股票-科技 | 1.78% | -1.46% | +14.46% | |
| 24 | UHS | Universal Health Services-b | 股票-醫療保健 | 1.38% | -0.25% | +31.46% | |
| 25 | PVH | Pvh CORP | 股票-循環性消費 | 1.24% | -0.01% | -0.97% | |
| 26 | BAC | Bank Of America CORP | 股票-金融 | 1.07% | +0.04% | -0.36% | |
| 27 | FMS | Fresenius Medical Care-adr | 股票-其他 | 1.05% | -0.10% | -0.43% | |
| 28 | ACN | Accenture plc | 股票-科技 | 1.05% | +0.33% | +286.98% | |
| 29 | AVT | Avnet Inc | 股票-科技 | 1.01% | -0.33% | -1.48% | |
| 30 | MDT | Medtronic plc | 股票-醫療保健 | 0.93% | -0.17% | -45.70% | |
| 31 | BAP | Credicorp Ltd. | 股票-金融 | 0.92% | -0.04% | +1.51% | |
| 32 | VOYA | Voya Financial Inc | 股票-金融 | 0.81% | +0.13% | -0.53% | |
| 33 | SHEL | Shell Plc-adr | 股票-能源 | 0.72% | -0.38% | -2.76% | |
| 34 | KSPI | Jsc Kaspi.kz Adr | 股票-其他 | 0.63% | +0.14% | +56.21% | |
| 35 | DAL | Delta Air Lines Inc | 股票-工業 | 0.62% | +0.11% | -29.49% | |
| 36 | EQH | Equitable Holdings Inc | 股票-金融 | 0.62% | +0.18% | +0.66% | |
| 37 | NWL | Newell Brands Inc | 股票-非循環性消費 | 0.56% | +0.33% | +4.99% | |
| 38 | TEL | TE Connectivity plc | 股票-科技 | 0.55% | -0.08% | -57.03% | |
| 39 | PFE | Pfizer Inc | 股票-醫療保健 | 0.49% | -0.12% | -1.34% | |
| 40 | ZTO | Zto Express Cayman Inc-adr | 股票-其他 | 0.47% | -0.13% | -5.24% | |
| 41 | CI | THE Cigna Group | 股票-醫療保健 | 0.47% | -0.05% | +7.74% | |
| 42 | AAP | Advance Auto Parts Inc | 股票-循環性消費 | 0.47% | +0.06% | -0.54% | |
| 43 | HAL | Halliburton Co | 股票-能源 | 0.45% | -0.12% | -0.24% | |
| 44 | SPB | Spectrum Brands Holdings Inc | 股票-其他 | 0.42% | +0.05% | -2.34% | |
| 45 | GL | Globe Life Inc | 股票-金融 | 0.41% | +0.25% | -2.25% | |
| 46 | LKQ | Lkq CORP | 股票-循環性消費 | 0.40% | +0.58% | +31.21% | |
| 47 | MHK | Mohawk Industries Inc | 股票-循環性消費 | 0.39% | +0.04% | +0.62% | |
| 48 | CNXC | Concentrix CORP | 股票-科技 | 0.36% | -0.04% | +32.30% | |
| 49 | RHI | Robert Half Inc | 股票-工業 | 0.36% | +0.07% | +38.20% | |
| 50 | ST | Sensata Technologies Holding plc | 股票-科技 | 0.35% | -0.08% | +380.41% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | PPG | Ppg Industries Inc | +1.6% | +306.19% | 加碼 |
| 2 | DOX | Amdocs Limited | +1.2% | +82.57% | 加碼 |
| 3 | ACN | Accenture plc | +0.8% | +286.98% | 加碼 |
| 4 | BMY | Bristol-myers Squibb Co | +0.7% | +20.41% | 加碼 |
| 5 | CTSH | Cognizant Tech Solutions-a | +0.5% | -0.46% | 減碼 |
| 6 | NOK | Nokia Corp-spon Adr | +0.5% | +14.46% | 加碼 |
| 7 | DG | Dollar General CORP | +0.3% | -8.57% | 減碼 |
| 8 | UHS | Universal Health Services-b | +0.3% | +31.46% | 加碼 |
| 9 | ST | Sensata Technologies Holding plc | +0.3% | +380.41% | 加碼 |
| 10 | TSN | Tyson Foods Inc-cl A | +0.3% | +10.71% | 加碼 |
| 11 | MET | Metlife Inc | +0.2% | +22.86% | 加碼 |
| 12 | MGA | Magna International Inc | +0.2% | +0.16% | 加碼 |
| 13 | COF | Capital One Financial CORP | +0.2% | -0.62% | 減碼 |
| 14 | KSPI | Jsc Kaspi.kz Adr | +0.2% | +56.21% | 加碼 |
| 15 | UBS | UBS Group AG | +0.2% | +0.09% | 加碼 |
| 16 | NOV | Nov Inc | +0.2% | -0.53% | 減碼 |
| 17 | LEA | Lear CORP | +0.1% | -0.40% | 減碼 |
| 18 | LKQ | Lkq CORP | +0.1% | +31.21% | 加碼 |
| 19 | MYE | Myers Industries Inc | +0.1% | +813.50% | 加碼 |
| 20 | WFC | Wells Fargo & Co | 0% | -2.32% | 減碼 |
| 21 | BAP | Credicorp Ltd. | 0% | +1.51% | 加碼 |
| 22 | BAC | Bank Of America CORP | 0% | -0.36% | 減碼 |
| 23 | DOW | Dow Inc | -0.1% | +1.70% | 加碼 |
| 24 | DRH | Diamondrock Hospitality Co | -0.1% | -38.06% | 減碼 |
| 25 | TRS | Trimas CORP | -0.1% | -58.66% | 減碼 |
| 26 | MHK | Mohawk Industries Inc | -0.1% | +0.62% | 加碼 |
| 27 | MS | Morgan Stanley | -0.2% | -39.89% | 減碼 |
| 28 | CVS | Cvs Health CORP | -0.2% | -1.66% | 減碼 |
| 29 | DAL | Delta Air Lines Inc | -0.2% | -29.49% | 減碼 |
| 30 | REZI | Resideo Technologies Inc | -0.2% | -37.73% | 減碼 |
| 31 | AVT | Avnet Inc | -0.2% | -1.48% | 減碼 |
| 32 | FMS | Fresenius Medical Care-adr | -0.2% | -0.43% | 減碼 |
| 33 | BAX | Baxter International Inc | -0.2% | +22.06% | 加碼 |
| 34 | NWL | Newell Brands Inc | -0.3% | +4.99% | 加碼 |
| 35 | GS | Goldman Sachs Group Inc | -0.3% | -90.11% | 減碼 |
| 36 | CHTR | Charter Communications Inc-a | -0.3% | -70.69% | 減碼 |
| 37 | GPN | Global Payments Inc | -0.3% | +4.59% | 加碼 |
| 38 | AAP | Advance Auto Parts Inc | -0.3% | -0.54% | 減碼 |
| 39 | C | Citigroup Inc | -0.4% | -15.30% | 減碼 |
| 40 | PVH | Pvh CORP | -0.5% | -0.97% | 減碼 |
| 41 | SWKS | Skyworks Solutions Inc | -0.7% | +2.89% | 加碼 |
| 42 | TEL | TE Connectivity plc | -0.8% | -57.03% | 減碼 |
| 43 | MDT | Medtronic plc | -0.9% | -45.70% | 減碼 |
| 44 | STZ | Constellation Brands Inc-a | — | NEW | 新建倉 |
| 45 | 37M | Mrc Global Inc | — | EXIT | 清倉 |
| 46 | KNX | Knight-swift Transportation | — | NEW | 新建倉 |
| 47 | DNOW | Dnow Inc | — | NEW | 新建倉 |
| 48 | GOOGL | Alphabet Inc-cl A | — | NEW | 新建倉 |
| 49 | ✓ | Wns Holdings LTD | — | EXIT | 清倉 |
| 50 | WGO | Winnebago Industries | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Pzena Investment Management LLC 在 Q4 2025 季度的美股持倉總市值約為 US$340.7億，共申報了 157 個公開持股部位。
在 Q4 2025 季度，Pzena Investment Management LLC 按市值排列的前三大核心持股分別為：MGA (6.4%)、CTSH (4.4%)、DG (4.2%)。其中最大持股部位 MGA 佔據整體投資組合約 6.4% 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
STZ
市值: US$8138.1萬
本季最大獲利了結 / 清倉標的
37M
前期市值: US$7419.1萬
在 Q4 2025 季度中，Pzena Investment Management LLC 共進行了 50 項持倉異動，包含新建倉 5 個部位、加碼 21 個部位、減碼 22 個部位以及清倉 2 個部位。 其中最大新建倉標的為 STZ。 本季清倉部位包含 37M。
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。