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: 0000869367
申報總市值
US$19.1億
US$19.1億
84 檔
26.8%
在 Q4 2025 申報期間，Roffman Miller Associates Inc /pa/（CIK: 0000869367）向美國 SEC 提交的 Form 13F 報告顯示，其追蹤之股票投資組合總市值達 US$19.1億，共持有 84 個公開申報部位。
從 Q4 2025 申報觀察，Roffman Miller Associates Inc /pa/ 採取防禦導向的調倉策略，本季減碼 33 檔個股並出清 0 檔部位，顯示機構在該時期進行風險控制與流動性回收。
從部位權重觀察，前 5 大標的（包含 MSFT, GOOGL, AAPL）累計市值佔比達 26.8%，是驅動 Roffman Miller Associates Inc /pa/ 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 | MSFT | Microsoft CORP | 股票-科技 | 6.85% | -0.42% | +4.16% | |
| 2 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 6.81% | +0.66% | -3.61% | |
| 3 | AAPL | Apple Inc | 股票-科技 | 6.65% | +0.35% | -0.73% | |
| 4 | JPM | Jpmorgan Chase & Co | 股票-金融 | 4.28% | -0.04% | -3.12% | |
| 5 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.45% | +0.18% | -0.25% | |
| 6 | APH | Amphenol Corp-cl A | 股票-科技 | 3.44% | +0.81% | -5.46% | |
| 7 | AXP | American Express Co | 股票-金融 | 3.24% | +0.01% | -4.26% | |
| 8 | JNJ | Johnson & Johnson | 股票-醫療保健 | 3.08% | -0.21% | +1.73% | |
| 9 | HD | Home Depot Inc | 股票-循環性消費 | 2.57% | -0.07% | -0.93% | |
| 10 | MCD | Mcdonald's CORP | 股票-循環性消費 | 2.54% | -0.57% | -1.83% | |
| 11 | SYK | Stryker CORP | 股票-醫療保健 | 2.46% | -0.30% | -1.02% | |
| 12 | ADP | Automatic Data Processing | 股票-科技 | 2.43% | -0.05% | -1.02% | |
| 13 | V | Visa Inc-class A Shares | 股票-金融 | 2.39% | +0.04% | -1.29% | |
| 14 | CB | Chubb Limited | 股票-金融 | 2.29% | -0.14% | -1.43% | |
| 15 | AFL | Aflac Inc | 股票-金融 | 2.22% | -0.13% | -2.60% | |
| 16 | TXN | Texas Instruments Inc | 股票-科技 | 2.22% | +0.85% | -3.80% | |
| 17 | RPM | Rpm International Inc | 股票-原物料 | 2.19% | +0.01% | -1.52% | |
| 18 | PEP | Pepsico Inc | 股票-非循環性消費 | 2.07% | -0.50% | +1.12% | |
| 19 | NDSN | Nordson CORP | 股票-工業 | 1.99% | +0.03% | -1.03% | |
| 20 | ASML | ASML Holding N.V. | 股票-科技 | 1.83% | +0.73% | -1.39% | |
| 21 | HON | Honeywell International Inc | 股票-工業 | 1.76% | -2.09% | EXIT | |
| 22 | GD | General Dynamics CORP | 股票-工業 | 1.60% | -0.09% | +1.97% | |
| 23 | AME | Ametek Inc | 股票-工業 | 1.58% | +0.06% | -2.04% | |
| 24 | DIS | Walt Disney Co/the | 股票-通訊服務 | 1.44% | -0.15% | -1.34% | |
| 25 | TJX | Tjx Companies Inc | 股票-循環性消費 | 1.36% | -0.19% | -5.17% | |
| 26 | MKC | Mccormick & Co-non Vtg Shrs | 股票-非循環性消費 | 1.34% | -0.16% | -3.14% | |
| 27 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 1.33% | -0.05% | +9.31% | |
| 28 | CHD | Church & Dwight Co Inc | 股票-非循環性消費 | 1.28% | -0.10% | -1.60% | |
| 29 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 1.26% | -0.06% | -0.57% | |
| 30 | ICE | Intercontinental Exchange In | 股票-金融 | 1.16% | -0.36% | +4.57% | |
| 31 | XOM | Exxon Mobil CORP | 股票-能源 | 1.16% | -1.69% | EXIT | |
| 32 | CRM | Salesforce Inc | 股票-科技 | 1.16% | -0.25% | +0.74% | |
| 33 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.12% | +0.40% | +15.91% | |
| 34 | EXPO | Exponent Inc | 股票-工業 | 1.12% | -0.23% | -2.33% | |
| 35 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 1.07% | -0.17% | +3.49% | |
| 36 | ACN | Accenture plc | 股票-科技 | 1.03% | -0.37% | -4.28% | |
| 37 | NVDA | Nvidia CORP | 股票-科技 | 1.00% | +0.09% | +18.16% | |
| 38 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.96% | -0.02% | +22.99% | |
| 39 | CI | THE Cigna Group | 股票-醫療保健 | 0.89% | -0.07% | -9.90% | |
| 40 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.87% | -0.04% | -13.49% | |
| 41 | VZ | Verizon Communications Inc | 股票-通訊服務 | 0.85% | -0.27% | -4.60% | |
| 42 | ADBE | Adobe Inc | 股票-科技 | 0.81% | -0.13% | -5.33% | |
| 43 | APD | Air Products & Chemicals Inc | 股票-原物料 | 0.78% | -0.09% | -2.39% | |
| 44 | BAC | Bank Of America CORP | 股票-金融 | 0.76% | -0.01% | -10.86% | |
| 45 | PPL | Ppl CORP | 股票-公用事業 | 0.67% | -0.09% | +7.79% | |
| 46 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.58% | +0.22% | +37.72% | |
| 47 | UGI | Ugi CORP | 股票-公用事業 | 0.58% | -0.04% | +2.94% | |
| 48 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.46% | +0.09% | -1.42% | |
| 49 | BA | Boeing Co/the | 股票-工業 | 0.38% | +0.02% | -0.98% | |
| 50 | DHR | Danaher CORP | 股票-醫療保健 | 0.38% | -0.05% | -5.24% |
| # | 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 | +1.2% | -3.61% | 減碼 |
| 2 | LLY | Eli Lilly & Co | +0.4% | +15.91% | 加碼 |
| 3 | MRK | Merck & Co. Inc. | +0.3% | +9.31% | 加碼 |
| 4 | JNJ | Johnson & Johnson | +0.3% | +1.73% | 加碼 |
| 5 | AAPL | Apple Inc | +0.2% | -0.73% | 減碼 |
| 6 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | +37.72% | 加碼 |
| 7 | TMO | Thermo Fisher Scientific Inc | +0.2% | -0.57% | 減碼 |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +22.99% | 加碼 |
| 9 | CB | Chubb Limited | +0.1% | -1.43% | 減碼 |
| 10 | AXP | American Express Co | +0.1% | -4.26% | 減碼 |
| 11 | NVDA | Nvidia CORP | +0.1% | +18.16% | 加碼 |
| 12 | ASML | ASML Holding N.V. | +0.1% | -1.39% | 減碼 |
| 13 | CRM | Salesforce Inc | +0.1% | +0.74% | 加碼 |
| 14 | XOM | Exxon Mobil CORP | +0.1% | +5.54% | 加碼 |
| 15 | GOOG | Alphabet Inc-cl C | +0.1% | -1.42% | 減碼 |
| 16 | AMZN | Amazon.com Inc | +0.1% | -0.25% | 減碼 |
| 17 | AME | Ametek Inc | +0.1% | -2.04% | 減碼 |
| 18 | UGI | Ugi CORP | +0.1% | +2.94% | 加碼 |
| 19 | NDSN | Nordson CORP | +0.1% | -1.03% | 減碼 |
| 20 | ALB | Albemarle CORP | +0.1% | -10.35% | 減碼 |
| 21 | O | Realty Income CORP | 0% | +34.60% | 加碼 |
| 22 | SPY | Ss Spdr S&p 500 ETF Trust-us | 0% | +13.88% | 加碼 |
| 23 | APH | Amphenol Corp-cl A | 0% | -5.46% | 減碼 |
| 24 | PEP | Pepsico Inc | 0% | +1.12% | 加碼 |
| 25 | ACN | Accenture plc | 0% | -4.28% | 減碼 |
| 26 | STZ | Constellation Brands Inc-a | 0% | -27.44% | 減碼 |
| 27 | META | Meta Platforms Inc-class A | -0.1% | -5.46% | 減碼 |
| 28 | BAC | Bank Of America CORP | -0.1% | -10.86% | 減碼 |
| 29 | ADBE | Adobe Inc | -0.1% | -5.33% | 減碼 |
| 30 | COST | Costco Wholesale CORP | -0.1% | +3.49% | 加碼 |
| 31 | JNJ | Johnson & Johnson | -0.1% | -13.49% | 減碼 |
| 32 | FMC | Fmc CORP | -0.1% | -16.23% | 減碼 |
| 33 | CHD | Church & Dwight Co Inc | -0.1% | -1.60% | 減碼 |
| 34 | VZ | Verizon Communications Inc | -0.1% | -4.60% | 減碼 |
| 35 | APD | Air Products & Chemicals Inc | -0.1% | -2.39% | 減碼 |
| 36 | DEO | Diageo Plc-sponsored Adr | -0.1% | -24.18% | 減碼 |
| 37 | AFL | Aflac Inc | -0.2% | -2.60% | 減碼 |
| 38 | JPM | Jpmorgan Chase & Co | -0.2% | -3.12% | 減碼 |
| 39 | CI | THE Cigna Group | -0.2% | -9.90% | 減碼 |
| 40 | ORCL | Oracle CORP | -0.2% | -9.44% | 減碼 |
| 41 | SYK | Stryker CORP | -0.2% | -1.02% | 減碼 |
| 42 | HON | Honeywell International Inc | -0.2% | -2.46% | 減碼 |
| 43 | TXN | Texas Instruments Inc | -0.3% | -3.80% | 減碼 |
| 44 | MSFT | Microsoft CORP | -0.4% | +4.16% | 加碼 |
| 45 | RPM | Rpm International Inc | -0.4% | -1.52% | 減碼 |
| 46 | ADP | Automatic Data Processing | -0.4% | -1.02% | 減碼 |
| 47 | HD | Home Depot Inc | -0.6% | -0.93% | 減碼 |
| 48 | VOO | Vanguard S&p 500 ETF | — | NEW | 新建倉 |
| 49 | SOLS | Solstice Adv Materials Inc | — | NEW | 新建倉 |
| 50 | SCHB | Schwab US Broad Market ETF | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Roffman Miller Associates Inc /pa/ 在 Q4 2025 季度的美股持倉總市值約為 US$19.1億，共申報了 84 個公開持股部位。
在 Q4 2025 季度，Roffman Miller Associates Inc /pa/ 按市值排列的前三大核心持股分別為：MSFT (6.8%)、GOOGL (6.8%)、AAPL (6.7%)。其中最大持股部位 MSFT 佔據整體投資組合約 6.8% 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
VOO
市值: US$328.8萬
本季最大獲利了結 / 清倉標的
AAPL
前期市值: US$1.1億
在 Q4 2025 季度中，Roffman Miller Associates Inc /pa/ 共進行了 50 項持倉異動，包含新建倉 3 個部位、加碼 14 個部位、減碼 33 個部位以及清倉 0 個部位。 其中最大新建倉標的為 VOO。
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。