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
66 檔
39.4%
在 Q4 2025 的 13F 官方備案中，Sands Capital Management, LLC 管理的美股投資組合規模來到 US$269.3億，整體持股檔數為 66 檔。
從 Q4 2025 申報觀察，Sands Capital Management, LLC 採取防禦導向的調倉策略，本季減碼 36 檔個股並出清 4 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 NVDA, TSM, AMZN）累計市值佔比達 39.4%，是驅動 Sands Capital Management, LLC 該季度整體投資組合績效表現的核心支柱。
本季最大新建倉標的
PWR
市值: US$2.4億
本季最大獲利了結 / 清倉標的
DXCM
前期市值: US$3.3億
| # | 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 | 11.37% | -1.93% | -3.77% | |
| 2 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 6.31% | -0.81% | -26.22% | |
| 3 | AMZN | Amazon.com Inc | 股票-循環性消費 | 5.22% | -1.19% | -11.58% | |
| 4 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 4.70% | +0.71% | +3.52% | |
| 5 | SHOP | Shopify Inc - Class A | 股票-科技 | 4.65% | -1.09% | +37.03% | |
| 6 | MSFT | Microsoft CORP | 股票-科技 | 3.63% | -0.41% | -13.78% | |
| 7 | V | Visa Inc-class A Shares | 股票-金融 | 3.30% | -0.26% | -23.27% | |
| 8 | CVNA | Carvana Co | 股票-循環性消費 | 3.14% | -0.54% | +44.40% | |
| 9 | MELI | Mercadolibre Inc | 股票-循環性消費 | 3.12% | -0.85% | -0.04% | |
| 10 | DASH | Doordash Inc - A | 股票-循環性消費 | 3.10% | -0.74% | +11.76% | |
| 11 | APP | Applovin Corp-class A | 股票-科技 | 3.00% | +0.07% | +43.89% | |
| 12 | NFLX | Netflix Inc | 股票-通訊服務 | 2.86% | -2.13% | +794.39% | |
| 13 | AXON | Axon Enterprise Inc | 股票-工業 | 2.78% | +0.47% | +11.59% | |
| 14 | ICE | Intercontinental Exchange In | 股票-金融 | 2.71% | -0.86% | -3.07% | |
| 15 | SPOT | Spotify Technology S.A. | 股票-通訊服務 | 2.60% | -0.41% | -5.03% | |
| 16 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.52% | -0.84% | -9.60% | |
| 17 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 2.37% | -0.54% | +2.67% | |
| 18 | NU | Nu Holdings Ltd. | 股票-金融 | 2.26% | -1.32% | -12.14% | |
| 19 | NET | Cloudflare Inc - Class A | 股票-科技 | 2.24% | -0.01% | -2.02% | |
| 20 | AVGO | Broadcom Inc | 股票-科技 | 2.23% | -0.12% | +2.62% | |
| 21 | ASML | ASML Holding N.V. | 股票-科技 | 2.18% | +0.62% | +26.61% | |
| 22 | SE | Sea Ltd-adr | 股票-通訊服務 | 2.13% | -0.47% | +12.65% | |
| 23 | IOT | Samsara Inc-cl A | 股票-科技 | 2.06% | -0.58% | -6.80% | |
| 24 | NOW | Servicenow Inc | 股票-科技 | 1.79% | -0.01% | EXIT | |
| 25 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 1.37% | -0.80% | EXIT | |
| 26 | XYZ | Block Inc | 股票-金融 | 1.17% | +0.29% | -48.89% | |
| 27 | CSL | Carlisle Cos Inc | 股票-工業 | 0.94% | -0.12% | +13.91% | |
| 28 | ✓ | On Holding AG | 股票-其他 | 0.94% | +0.14% | -1.99% | |
| 29 | IRTC | Irhythm Holdings Inc | 股票-醫療保健 | 0.92% | — | -23.99% | |
| 30 | ARGX | Argenx Se - Adr | 股票-醫療保健 | 0.91% | +0.05% | +2046.59% | |
| 31 | BLDR | Builders Firstsource Inc | 股票-工業 | 0.86% | -0.09% | +13.45% | |
| 32 | RBLX | Roblox CORP -class A | 股票-通訊服務 | 0.78% | -0.61% | EXIT | |
| 33 | PWR | Quanta Services Inc | 股票-工業 | 0.74% | +0.66% | — | |
| 34 | CPNG | Coupang Inc | 股票-循環性消費 | 0.74% | -0.19% | -6.39% | |
| 35 | TTEK | Tetra Tech Inc | 股票-工業 | 0.71% | -0.79% | EXIT | |
| 36 | HDB | Hdfc Bank Ltd-adr | 股票-金融 | 0.68% | -0.01% | -1.19% | |
| 37 | DDOG | Datadog Inc - Class A | 股票-科技 | 0.63% | +0.32% | -20.10% | |
| 38 | FWONK | Liberty Media Corp-formula-c | 股票-通訊服務 | 0.62% | +0.01% | +3.37% | |
| 39 | CRS | Carpenter Technology | 股票-工業 | 0.60% | +0.53% | — | |
| 40 | WCN | Waste Connections Inc | 股票-工業 | 0.52% | -0.02% | -18.37% | |
| 41 | KSPI | Jsc Kaspi.kz Adr | 股票-其他 | 0.46% | +0.03% | +18.52% | |
| 42 | MCK | Mckesson CORP | 股票-醫療保健 | 0.43% | -0.16% | +10.90% | |
| 43 | TDG | Transdigm Group Inc | 股票-工業 | 0.42% | +0.01% | +10.59% | |
| 44 | ROP | Roper Technologies Inc | 股票-科技 | 0.39% | — | -18.32% | |
| 45 | APH | Amphenol Corp-cl A | 股票-科技 | 0.36% | +0.10% | +10.53% | |
| 46 | RACE | Ferrari N.V. | 股票-循環性消費 | 0.35% | +0.01% | +23.16% | |
| 47 | SAP | Sap Se-sponsored Adr | 股票-科技 | 0.29% | — | -10.48% | |
| 48 | RARE | Ultragenyx Pharmaceutical In | 股票-其他 | 0.24% | +0.13% | -7.54% | |
| 49 | CDNS | Cadence Design Sys Inc | 股票-科技 | 0.24% | — | -24.07% | |
| 50 | BSX | Boston Scientific CORP | 股票-醫療保健 | 0.23% | -0.18% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | SHOP | Shopify Inc - Class A | +1.8% | +37.03% | 加碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +1.5% | +3.52% | 加碼 |
| 3 | CVNA | Carvana Co | +1.4% | +44.40% | 加碼 |
| 4 | APP | Applovin Corp-class A | +1% | +43.89% | 加碼 |
| 5 | ARGX | Argenx Se - Adr | +0.9% | +2046.59% | 加碼 |
| 6 | ASML | ASML Holding N.V. | +0.8% | +26.61% | 加碼 |
| 7 | ISRG | Intuitive Surgical Inc | +0.7% | +2.67% | 加碼 |
| 8 | NVDA | Nvidia CORP | +0.7% | -3.77% | 減碼 |
| 9 | AVGO | Broadcom Inc | +0.4% | +2.62% | 加碼 |
| 10 | CSL | Carlisle Cos Inc | +0.2% | +13.91% | 加碼 |
| 11 | ✓ | On Holding AG | +0.2% | -1.99% | 減碼 |
| 12 | AMZN | Amazon.com Inc | +0.1% | -11.58% | 減碼 |
| 13 | MCK | Mckesson CORP | +0.1% | +10.90% | 加碼 |
| 14 | HDB | Hdfc Bank Ltd-adr | +0.1% | -1.19% | 減碼 |
| 15 | APH | Amphenol Corp-cl A | +0.1% | +10.53% | 加碼 |
| 16 | KSPI | Jsc Kaspi.kz Adr | +0.1% | +18.52% | 加碼 |
| 17 | DASH | Doordash Inc - A | +0.1% | +11.76% | 加碼 |
| 18 | TDG | Transdigm Group Inc | +0.1% | +10.59% | 加碼 |
| 19 | ICE | Intercontinental Exchange In | +0.1% | -3.07% | 減碼 |
| 20 | BLDR | Builders Firstsource Inc | +0.1% | +13.45% | 加碼 |
| 21 | TTEK | Tetra Tech Inc | +0.1% | -2.40% | 減碼 |
| 22 | FWONK | Liberty Media Corp-formula-c | 0% | +3.37% | 加碼 |
| 23 | NU | Nu Holdings Ltd. | 0% | -12.14% | 減碼 |
| 24 | GLOB | Globant S.A. | 0% | -9.16% | 減碼 |
| 25 | RACE | Ferrari N.V. | 0% | +23.16% | 加碼 |
| 26 | KVYO | Klaviyo Inc-a | 0% | -15.99% | 減碼 |
| 27 | STVN | Stevanato Group S.p.A. | — | +6.04% | 加碼 |
| 28 | SNOW | Snowflake Inc | — | — | 不變 |
| 29 | NET | Cloudflare Inc - Class A | 0% | -2.02% | 減碼 |
| 30 | FIG | Figma Inc-cl A | 0% | -16.30% | 減碼 |
| 31 | GTLB | Gitlab Inc-cl A | 0% | — | 不變 |
| 32 | PANW | Palo Alto Networks Inc | 0% | -16.27% | 減碼 |
| 33 | DUOL | Duolingo | 0% | -16.15% | 減碼 |
| 34 | SAP | Sap Se-sponsored Adr | 0% | -10.48% | 減碼 |
| 35 | LIN | Linde plc | 0% | -29.81% | 減碼 |
| 36 | YMM | Full Truck Alliance -spn Adr | 0% | -9.50% | 減碼 |
| 37 | GRAB | Grab Holdings Limited | 0% | -9.98% | 減碼 |
| 38 | IOT | Samsara Inc-cl A | -0.1% | -6.80% | 減碼 |
| 39 | WCN | Waste Connections Inc | -0.1% | -18.37% | 減碼 |
| 40 | RARE | Ultragenyx Pharmaceutical In | -0.1% | -7.54% | 減碼 |
| 41 | AXON | Axon Enterprise Inc | -0.1% | +11.59% | 加碼 |
| 42 | CDNS | Cadence Design Sys Inc | -0.1% | -24.07% | 減碼 |
| 43 | ROP | Roper Technologies Inc | -0.1% | -18.32% | 減碼 |
| 44 | DDOG | Datadog Inc - Class A | -0.1% | -20.10% | 減碼 |
| 45 | FLUT | Flutter Entertainment plc | -0.1% | -1.85% | 減碼 |
| 46 | IRTC | Irhythm Holdings Inc | -0.1% | -23.99% | 減碼 |
| 47 | MELI | Mercadolibre Inc | -0.2% | -0.04% | 減碼 |
| 48 | CPNG | Coupang Inc | -0.2% | -6.39% | 減碼 |
| 49 | SE | Sea Ltd-adr | -0.3% | +12.65% | 加碼 |
| 50 | META | Meta Platforms Inc-class A | -0.3% | -9.60% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Sands Capital Management, LLC 在 Q4 2025 季度的美股持倉總市值約為 US$269.3億，共申報了 66 個公開持股部位。
在 Q4 2025 季度，Sands Capital Management, LLC 按市值排列的前三大核心持股分別為：NVDA (11.4%)、TSM (6.3%)、AMZN (5.2%)。其中最大持股部位 NVDA 佔據整體投資組合約 11.4% 的權重。
在 Q4 2025 季度中，Sands Capital Management, LLC 共進行了 68 項持倉異動，包含新建倉 6 個部位、加碼 22 個部位、減碼 36 個部位以及清倉 4 個部位。 其中最大新建倉標的為 PWR。 本季清倉部位包含 DXCM。
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。
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。
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。