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: 0001477872
申報總市值
US$18.3億
US$18.3億
44 檔
39.3%
在 Q2 2025 申報期間，Saratoga Research & Investment Management（CIK: 0001477872）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$18.3億，共持有 44 個公開申報部位。
從 Q2 2025 申報觀察，Saratoga Research & Investment Management 採取防禦導向的調倉策略，本季減碼 22 檔個股並出清 1 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, DIS, GOOGL）累計市值佔比達 39.3%，是驅動 Saratoga Research & Investment Management 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 | 8.47% | -0.93% | -0.93% | |
| 2 | DIS | Walt Disney Co/the | 股票-通訊服務 | 8.32% | -0.46% | -7.69% | |
| 3 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 7.84% | -0.21% | -0.58% | |
| 4 | UL | Unilever PLC | 股票-非循環性消費 | 7.06% | — | -4.45% | |
| 5 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 6.72% | -0.34% | -7.28% | |
| 6 | NVO | Novo-nordisk A/s-spons Adr | 股票-醫療保健 | 5.59% | +1.32% | +4.02% | |
| 7 | MDT | Medtronic plc | 股票-醫療保健 | 5.51% | -0.63% | -0.01% | |
| 8 | ORCL | Oracle CORP | 股票-科技 | 5.28% | — | -23.80% | |
| 9 | RHHBY | Roche Holdings Ltd-spons Adr | 股票-其他 | 4.32% | -0.30% | -2.18% | |
| 10 | JNJ | Johnson & Johnson | 股票-醫療保健 | 4.10% | -0.84% | -0.60% | |
| 11 | RTX | Rtx CORP | 股票-工業 | 3.27% | -0.31% | -33.12% | |
| 12 | ASML | ASML Holding N.V. | 股票-科技 | 3.22% | +1.66% | +0.27% | |
| 13 | GD | General Dynamics CORP | 股票-工業 | 3.22% | -0.28% | -4.08% | |
| 14 | SBUX | Starbucks CORP | 股票-循環性消費 | 2.50% | +0.09% | +0.39% | |
| 15 | ACN | Accenture plc | 股票-科技 | 2.39% | -1.48% | -0.72% | |
| 16 | V | Visa Inc-class A Shares | 股票-金融 | 2.31% | +0.09% | -26.79% | |
| 17 | CHRW | C.h. Robinson Worldwide Inc | 股票-工業 | 2.28% | +0.05% | -2.45% | |
| 18 | HD | Home Depot Inc | 股票-循環性消費 | 1.96% | -0.02% | -1.70% | |
| 19 | DEO | Diageo Plc-sponsored Adr | 股票-非循環性消費 | 1.84% | -0.01% | -0.47% | |
| 20 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.78% | -0.23% | +27.60% | |
| 21 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.55% | +1.10% | +22.33% | |
| 22 | AAPL | Apple Inc | 股票-科技 | 1.47% | -0.02% | -43.72% | |
| 23 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-政府公債 | 1.23% | -0.04% | -1.34% | |
| 24 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.18% | -0.31% | +1.15% | |
| 25 | NKE | Nike Inc -cl B | 股票-循環性消費 | 0.97% | -0.35% | EXIT | |
| 26 | CL | Colgate-palmolive Co | 股票-非循環性消費 | 0.95% | -0.04% | +1.11% | |
| 27 | WMT | Walmart Inc | 股票-非循環性消費 | 0.92% | — | -56.57% | |
| 28 | ADBE | Adobe Inc | 股票-科技 | 0.90% | -0.03% | EXIT | |
| 29 | NVDA | Nvidia CORP | 股票-科技 | 0.86% | +0.88% | +6.12% | |
| 30 | ZTS | Zoetis Inc | 股票-醫療保健 | 0.82% | -0.03% | — | |
| 31 | HON | Honeywell International Inc | 股票-工業 | 0.72% | -2.13% | EXIT | |
| 32 | CSCO | Cisco Systems Inc | 股票-科技 | 0.06% | -0.02% | +0.22% | |
| 33 | JQUA | Jpmorgan US Quality Factor | ETF-其他 | 0.06% | +0.07% | +223.68% | |
| 34 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.05% | — | -32.89% | |
| 35 | IBM | Intl Business Machines CORP | 股票-科技 | 0.04% | — | — | |
| 36 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.04% | — | — | |
| 37 | AMGN | Amgen Inc | 股票-醫療保健 | 0.04% | -0.01% | +1.73% | |
| 38 | CTSH | Cognizant Tech Solutions-a | 股票-科技 | 0.03% | — | — | |
| 39 | PAYX | Paychex Inc | 股票-科技 | 0.03% | — | — | |
| 40 | SYY | Sysco CORP | 股票-非循環性消費 | 0.03% | -0.03% | EXIT | |
| 41 | AMZN | Amazon.com Inc | 股票-循環性消費 | 0.02% | +0.01% | — | |
| 42 | LMT | Lockheed Martin CORP | 股票-工業 | 0.02% | — | — | |
| 43 | TROW | T Rowe Price Group Inc | 股票-金融 | 0.02% | — | +15.38% | |
| 44 | UBFO | United Security Bancshare/ca | 股票-其他 | 0.01% | -0.01% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +2.1% | -0.93% | 減碼 |
| 2 | DIS | Walt Disney Co/the | +1.2% | -7.69% | 減碼 |
| 3 | GOOGL | Alphabet Inc-cl A | +1% | -0.58% | 減碼 |
| 4 | ORCL | Oracle CORP | +0.9% | -23.80% | 減碼 |
| 5 | ZTS | Zoetis Inc | +0.8% | NEW | 新建倉 |
| 6 | ASML | ASML Holding N.V. | +0.6% | +0.27% | 加碼 |
| 7 | NVDA | Nvidia CORP | +0.3% | +6.12% | 加碼 |
| 8 | PG | Procter & Gamble Co/the | +0.3% | +27.60% | 加碼 |
| 9 | NVO | Novo-nordisk A/s-spons Adr | +0.3% | +4.02% | 加碼 |
| 10 | LLY | Eli Lilly & Co | +0.2% | +22.33% | 加碼 |
| 11 | GD | General Dynamics CORP | +0.1% | -4.08% | 減碼 |
| 12 | HON | Honeywell International Inc | +0.1% | +6.60% | 加碼 |
| 13 | JQUA | Jpmorgan US Quality Factor | 0% | +223.68% | 加碼 |
| 14 | CSCO | Cisco Systems Inc | 0% | +0.22% | 加碼 |
| 15 | TROW | T Rowe Price Group Inc | 0% | +15.38% | 加碼 |
| 16 | HD | Home Depot Inc | — | -1.70% | 減碼 |
| 17 | BIL | Ss Spdr Bb 1-3m T-bill ETF | — | -1.34% | 減碼 |
| 18 | IBM | Intl Business Machines CORP | — | — | 不變 |
| 19 | AMGN | Amgen Inc | — | +1.73% | 加碼 |
| 20 | AMZN | Amazon.com Inc | — | — | 不變 |
| 21 | PAYX | Paychex Inc | — | — | 不變 |
| 22 | LMT | Lockheed Martin CORP | — | — | 不變 |
| 23 | CTSH | Cognizant Tech Solutions-a | — | — | 不變 |
| 24 | KO | Coca-cola Co/the | — | — | 不變 |
| 25 | SYY | Sysco CORP | — | — | 不變 |
| 26 | UBFO | United Security Bancshare/ca | — | — | 不變 |
| 27 | CL | Colgate-palmolive Co | 0% | +1.11% | 加碼 |
| 28 | GOOG | Alphabet Inc-cl C | 0% | -32.89% | 減碼 |
| 29 | BDX | Becton Dickinson And Co | 0% | EXIT | 清倉 |
| 30 | UL | Unilever PLC | 0% | -4.45% | 減碼 |
| 31 | DEO | Diageo Plc-sponsored Adr | -0.1% | -0.47% | 減碼 |
| 32 | RHHBY | Roche Holdings Ltd-spons Adr | -0.1% | -2.18% | 減碼 |
| 33 | MDT | Medtronic plc | -0.1% | -0.01% | 減碼 |
| 34 | ACN | Accenture plc | -0.1% | -0.72% | 減碼 |
| 35 | SBUX | Starbucks CORP | -0.1% | +0.39% | 加碼 |
| 36 | PEP | Pepsico Inc | -0.1% | +1.15% | 加碼 |
| 37 | CHRW | C.h. Robinson Worldwide Inc | -0.2% | -2.45% | 減碼 |
| 38 | JNJ | Johnson & Johnson | -0.3% | -0.60% | 減碼 |
| 39 | ADBE | Adobe Inc | -0.5% | -37.83% | 減碼 |
| 40 | V | Visa Inc-class A Shares | -0.8% | -26.79% | 減碼 |
| 41 | WMT | Walmart Inc | -1% | -56.57% | 減碼 |
| 42 | RTX | Rtx CORP | -1.1% | -33.12% | 減碼 |
| 43 | BRK-B | Berkshire Hathaway Inc-cl B | -1.1% | -7.28% | 減碼 |
| 44 | NKE | Nike Inc -cl B | -1.2% | -60.95% | 減碼 |
| 45 | AAPL | Apple Inc | -1.3% | -43.72% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Saratoga Research & Investment Management 在 Q2 2025 季度的美股持倉總市值約為 US$18.3億，共申報了 44 個公開持股部位。
在 Q2 2025 季度，Saratoga Research & Investment Management 按市值排列的前三大核心持股分別為：MSFT (8.5%)、DIS (8.3%)、GOOGL (7.8%)。其中最大持股部位 MSFT 佔據整體投資組合約 8.5% 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
ZTS
市值: US$1537.6萬
本季最大獲利了結 / 清倉標的
BDX
前期市值: US$22.0萬
在 Q2 2025 季度中，Saratoga Research & Investment Management 共進行了 37 項持倉異動，包含新建倉 1 個部位、加碼 13 個部位、減碼 22 個部位以及清倉 1 個部位。 其中最大新建倉標的為 ZTS。 本季清倉部位包含 BDX。
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。