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: 0001020066
申報總市值
US$269.3億
US$269.3億
64 檔
41.5%
Q3 2025 季度申報顯示，Sands Capital Management, LLC 揭露的美股組合總市值為 US$269.3億，涵蓋 64 個不同之權益投資部位。
在 Q3 2025，Sands Capital Management, LLC 展現出較為審慎的避險與獲利了結姿態。本季共減碼 30 個部位並完全清倉 18 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Sands Capital Management, LLC 的前 5 大持股（包含 NVDA, TSM, AMZN）貢獻了組合市值的 41.5%，形成該機構在 Q3 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 | NVDA | Nvidia CORP | 股票-科技 | 10.72% | -1.93% | -3.38% | |
| 2 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 7.13% | -0.81% | +8.18% | |
| 3 | AMZN | Amazon.com Inc | 股票-循環性消費 | 5.10% | -1.19% | -8.84% | |
| 4 | MSFT | Microsoft CORP | 股票-科技 | 4.09% | -0.41% | -3.02% | |
| 5 | V | Visa Inc-class A Shares | 股票-金融 | 3.79% | -0.26% | -0.08% | |
| 6 | NFLX | Netflix Inc | 股票-通訊服務 | 3.71% | -2.13% | -0.97% | |
| 7 | MELI | Mercadolibre Inc | 股票-循環性消費 | 3.29% | -0.85% | -0.72% | |
| 8 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 3.20% | +0.71% | +54.61% | |
| 9 | NOW | Servicenow Inc | 股票-科技 | 3.16% | -0.01% | EXIT | |
| 10 | DASH | Doordash Inc - A | 股票-循環性消費 | 3.02% | -0.74% | -16.04% | |
| 11 | SPOT | Spotify Technology S.A. | 股票-通訊服務 | 2.98% | -0.41% | +14.23% | |
| 12 | AXON | Axon Enterprise Inc | 股票-工業 | 2.86% | +0.47% | -10.49% | |
| 13 | SHOP | Shopify Inc - Class A | 股票-科技 | 2.84% | -1.09% | -7.41% | |
| 14 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.81% | -0.84% | +6.28% | |
| 15 | ICE | Intercontinental Exchange In | 股票-金融 | 2.64% | -0.86% | +6.86% | |
| 16 | SE | Sea Ltd-adr | 股票-通訊服務 | 2.41% | -0.47% | -14.00% | |
| 17 | XYZ | Block Inc | 股票-金融 | 2.31% | +0.29% | +12.21% | |
| 18 | NET | Cloudflare Inc - Class A | 股票-科技 | 2.25% | -0.01% | -22.73% | |
| 19 | NU | Nu Holdings Ltd. | 股票-金融 | 2.23% | -1.32% | -7.23% | |
| 20 | IOT | Samsara Inc-cl A | 股票-科技 | 2.11% | -0.58% | +6.44% | |
| 21 | APP | Applovin Corp-class A | 股票-科技 | 2.02% | +0.07% | +24.42% | |
| 22 | AVGO | Broadcom Inc | 股票-科技 | 1.88% | -0.12% | +11.79% | |
| 23 | CVNA | Carvana Co | 股票-循環性消費 | 1.76% | -0.54% | +87.69% | |
| 24 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 1.65% | -0.54% | +77.03% | |
| 25 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 1.49% | -0.80% | EXIT | |
| 26 | ASML | ASML Holding N.V. | 股票-科技 | 1.41% | +0.62% | -0.26% | |
| 27 | RBLX | Roblox CORP -class A | 股票-通訊服務 | 1.33% | -0.61% | EXIT | |
| 28 | TEAM | Atlassian Corp-cl A | 股票-科技 | 1.16% | — | EXIT | |
| 29 | IRTC | Irhythm Holdings Inc | 股票-醫療保健 | 1.06% | — | -23.30% | |
| 30 | CPNG | Coupang Inc | 股票-循環性消費 | 0.98% | -0.19% | -8.13% | |
| 31 | AJG | Arthur J Gallagher & Co | 股票-金融 | 0.93% | — | -2.42% | |
| 32 | DXCM | Dexcom Inc | 股票-醫療保健 | 0.92% | — | -50.40% | |
| 33 | BLDR | Builders Firstsource Inc | 股票-工業 | 0.81% | -0.09% | +139.08% | |
| 34 | ✓ | On Holding AG | 股票-其他 | 0.79% | +0.14% | +46.70% | |
| 35 | CSL | Carlisle Cos Inc | 股票-工業 | 0.77% | -0.12% | +99.25% | |
| 36 | DDOG | Datadog Inc - Class A | 股票-科技 | 0.74% | +0.32% | -31.65% | |
| 37 | ORCL | Oracle CORP | 股票-科技 | 0.73% | — | — | |
| 38 | TTEK | Tetra Tech Inc | 股票-工業 | 0.66% | -0.79% | EXIT | |
| 39 | HDB | Hdfc Bank Ltd-adr | 股票-金融 | 0.58% | -0.01% | +114.71% | |
| 40 | FWONK | Liberty Media Corp-formula-c | 股票-通訊服務 | 0.58% | +0.01% | +5.42% | |
| 41 | WCN | Waste Connections Inc | 股票-工業 | 0.57% | -0.02% | +5.63% | |
| 42 | ROP | Roper Technologies Inc | 股票-科技 | 0.48% | — | +7.30% | |
| 43 | KSPI | Jsc Kaspi.kz Adr | 股票-其他 | 0.37% | +0.03% | -2.25% | |
| 44 | TDG | Transdigm Group Inc | 股票-工業 | 0.34% | +0.01% | +7.36% | |
| 45 | RACE | Ferrari N.V. | 股票-循環性消費 | 0.34% | +0.01% | +3.27% | |
| 46 | MCK | Mckesson CORP | 股票-醫療保健 | 0.33% | -0.16% | +7.73% | |
| 47 | SAP | Sap Se-sponsored Adr | 股票-科技 | 0.32% | — | +52.14% | |
| 48 | CDNS | Cadence Design Sys Inc | 股票-科技 | 0.32% | — | +7.69% | |
| 49 | RARE | Ultragenyx Pharmaceutical In | 股票-其他 | 0.31% | +0.13% | -4.40% | |
| 50 | VG | Venture Global Inc-cl A | 股票-能源 | 0.29% | — | -4.72% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +3.4% | -3.38% | 加碼 |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +2.6% | +8.18% | 加碼 |
| 3 | CVNA | Carvana Co | +1.7% | +87.69% | 加碼 |
| 4 | GOOGL | Alphabet Inc-cl A | +1.4% | +54.61% | 加碼 |
| 5 | AVGO | Broadcom Inc | +1.1% | +11.79% | 加碼 |
| 6 | ICE | Intercontinental Exchange In | +1.1% | +6.86% | 加碼 |
| 7 | XYZ | Block Inc | +0.7% | +12.21% | 加碼 |
| 8 | ISRG | Intuitive Surgical Inc | +0.7% | +77.03% | 加碼 |
| 9 | MSFT | Microsoft CORP | +0.7% | -3.02% | 加碼 |
| 10 | AJG | Arthur J Gallagher & Co | +0.7% | -2.42% | 加碼 |
| 11 | RBLX | Roblox CORP -class A | +0.5% | -3.07% | 減碼 |
| 12 | NU | Nu Holdings Ltd. | +0.4% | -7.23% | 減碼 |
| 13 | BLDR | Builders Firstsource Inc | +0.4% | +139.08% | 加碼 |
| 14 | TTEK | Tetra Tech Inc | +0.3% | +38.05% | 加碼 |
| 15 | APP | Applovin Corp-class A | +0.2% | +24.42% | 減碼 |
| 16 | ASML | ASML Holding N.V. | +0.2% | -0.26% | 減碼 |
| 17 | MCK | Mckesson CORP | +0.1% | +7.73% | 加碼 |
| 18 | SAP | Sap Se-sponsored Adr | +0.1% | +52.14% | 加碼 |
| 19 | CPNG | Coupang Inc | +0.1% | -8.13% | 減碼 |
| 20 | CDNS | Cadence Design Sys Inc | +0.1% | +7.69% | 加碼 |
| 21 | APH | Amphenol Corp-cl A | +0.1% | -15.41% | 減碼 |
| 22 | STVN | Stevanato Group S.p.A. | — | +0.06% | 減碼 |
| 23 | GTLB | Gitlab Inc-cl A | — | — | 不變 |
| 24 | IRTC | Irhythm Holdings Inc | 0% | -23.30% | 減碼 |
| 25 | FWONK | Liberty Media Corp-formula-c | 0% | +5.42% | 加碼 |
| 26 | VG | Venture Global Inc-cl A | 0% | -4.72% | 減碼 |
| 27 | RACE | Ferrari N.V. | 0% | +3.27% | 加碼 |
| 28 | KVYO | Klaviyo Inc-a | 0% | -0.32% | 加碼 |
| 29 | IOT | Samsara Inc-cl A | 0% | +6.44% | 加碼 |
| 30 | LIN | Linde plc | 0% | -2.65% | 減碼 |
| 31 | KSPI | Jsc Kaspi.kz Adr | 0% | -2.25% | 加碼 |
| 32 | MNDY | monday.com Ltd. | 0% | -0.32% | 加碼 |
| 33 | TDG | Transdigm Group Inc | -0.1% | +7.36% | 加碼 |
| 34 | HDB | Hdfc Bank Ltd-adr | -0.1% | +114.71% | 加碼 |
| 35 | GRAB | Grab Holdings Limited | -0.1% | -33.41% | 減碼 |
| 36 | META | Meta Platforms Inc-class A | -0.2% | +6.28% | 減碼 |
| 37 | FLUT | Flutter Entertainment plc | -0.2% | +0.22% | 減碼 |
| 38 | ROP | Roper Technologies Inc | -0.2% | +7.30% | 加碼 |
| 39 | WCN | Waste Connections Inc | -0.2% | +5.63% | 加碼 |
| 40 | RARE | Ultragenyx Pharmaceutical In | -0.2% | -4.40% | 減碼 |
| 41 | NET | Cloudflare Inc - Class A | -0.2% | -22.73% | 減碼 |
| 42 | YMM | Full Truck Alliance -spn Adr | -0.2% | -2.31% | 減碼 |
| 43 | GLOB | Globant S.A. | -0.2% | -2.43% | 減碼 |
| 44 | DDOG | Datadog Inc - Class A | -0.2% | -31.65% | 減碼 |
| 45 | SNOW | Snowflake Inc | -0.3% | — | 減碼 |
| 46 | SPOT | Spotify Technology S.A. | -0.4% | +14.23% | 減碼 |
| 47 | DASH | Doordash Inc - A | -0.4% | -16.04% | 減碼 |
| 48 | AXON | Axon Enterprise Inc | -0.5% | -10.49% | 減碼 |
| 49 | SE | Sea Ltd-adr | -0.6% | -14.00% | 減碼 |
| 50 | V | Visa Inc-class A Shares | -0.8% | -0.08% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，Sands Capital Management, LLC 在 Q3 2025 季度的美股持倉總市值約為 US$269.3億，共申報了 64 個公開持股部位。
在 Q3 2025 季度，Sands Capital Management, LLC 按市值排列的前三大核心持股分別為：NVDA (10.7%)、TSM (7.1%)、AMZN (5.1%)。其中最大持股部位 NVDA 佔據整體投資組合約 10.7% 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
ON HOLDING AG
市值: US$2.9億
本季最大獲利了結 / 清倉標的
UBER
前期市值: US$2.9億
在 Q3 2025 季度中，Sands Capital Management, LLC 共進行了 81 項持倉異動，包含新建倉 7 個部位、加碼 26 個部位、減碼 30 個部位以及清倉 18 個部位。 其中最大新建倉標的為 ON HOLDING AG。 本季清倉部位包含 UBER。
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。