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: 0001278960
申報總市值
US$9.2億
US$9.2億
62 檔
39.5%
在 Q3 2025 申報期間，Silverback Asset Management LLC（CIK: 0001278960）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$9.2億，共持有 62 個公開申報部位。
觀察 Q3 2025 的資金脈絡，Silverback Asset Management LLC 在獲利結算 23 檔個股的同時，將資本重新部署至 25 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 HYG, STX 3.5 06-01-28, ASTS 4.25 03-01-32）累計市值佔比達 39.5%，是驅動 Silverback Asset 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 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 20.22% | — | +333.33% | |
| 2 | STX 3.5 06-01-28債券 | Seagate Hdd Cayman | 債券 | 4.26% | — | -26.49% | |
| 3 | ASTS 4.25 03-01-32債券 | Ast Spacemobile Inc | 債券 | 4.17% | — | +159.44% | |
| 4 | WDC 3 11-15-28債券 | Western Digital CORP | 債券 | 3.29% | — | -36.69% | |
| 5 | TYL 0.25 03-15-26債券 | Tyler Technologies Inc | 債券 | 3.07% | — | +16.62% | |
| 6 | PRCH 9 05-15-30債券 | Porch Group Inc | 債券 | 2.80% | -0.07% | +25.81% | |
| 7 | MTCH 0.875 06-15-26債券 | Match Group Financeco 2 | 債券 | 2.72% | -3.49% | EXIT | |
| 8 | JBTM 0.25 05-15-26債券 | Jbt Marel CORP | 債券 | 2.64% | — | +37.88% | |
| 9 | F 0 03-15-26債券 | Ford Motor Company | 債券 | 2.60% | — | +311.54% | |
| 10 | COIN 0.5 06-01-26債券 | Coinbase Global Inc | 債券 | 2.53% | — | +14.48% | |
| 11 | LCID | Lucid Group Inc | 股票-循環性消費 | 2.49% | -0.30% | — | |
| 12 | EVRG 4.5 12-15-27債券 | Evergy Inc | 債券 | 2.42% | — | +14.83% | |
| 13 | UBER 0.875 12-01-28 2028債券 | Uber Technologies Inc | 債券 | 2.33% | -1.37% | — | |
| 14 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 2.32% | -0.12% | — | |
| 15 | LYV 3.125 01-15-29債券 | Live Nation Entertainmen | 債券 | 2.12% | — | +819.84% | |
| 16 | VSH 2.25 09-15-30債券 | Vishay Intertechnology | 債券 | 1.98% | -2.99% | -10.22% | |
| 17 | NTNX 0.25 10-01-27債券 | Nutanix Inc | 債券 | 1.98% | -0.80% | -3.23% | |
| 18 | ECHO 3.875 11-30-30債券 | Echostar CORP | 債券 | 1.90% | — | -18.10% | |
| 19 | VIAV 1.625 03-15-26債券 | Viavi Solutions Inc | 債券 | 1.88% | — | -30.92% | |
| 20 | ON 0 05-01-27債券 | On Semiconductor CORP | 債券 | 1.81% | -4.16% | EXIT | |
| 21 | PENG 2 08-15-30債券 | Penguin Solutions Inc | 債券 | 1.79% | -0.57% | EXIT | |
| 22 | COLL 2.875 02-15-29債券 | Collegium Pharma Inc | 債券 | 1.68% | +0.32% | +20.33% | |
| 23 | PTON 5.5 12-01-29債券 | Peloton Interactive Inc | 債券 | 1.52% | -0.26% | EXIT | |
| 24 | SMTC 1.625 11-01-27債券 | Semtech CORP | 債券 | 1.52% | +4.48% | -27.27% | |
| 25 | FIVN 1 03-15-29債券 | Five9 Inc | 債券 | 1.42% | — | +69.39% | |
| 26 | FLR 1.125 08-15-29債券 | Fluor CORP | 債券 | 1.41% | — | +311.37% | |
| 27 | AKAM 1.125 02-15-29債券 | Akamai Technologies Inc | 債券 | 1.38% | — | +0.66% | |
| 28 | PRCH 6.75 10-01-28債券 | Porch Group Inc | 債券 | 1.24% | -1.15% | -55.31% | |
| 29 | PCRX 2.125 05-15-29債券 | Pacira Biosciences Inc | 債券 | 1.12% | — | -27.97% | |
| 30 | CRNC 1.5 07-01-28債券 | Cerence Inc | 債券 | 1.08% | — | +36.50% | |
| 31 | VRM | Vroom Inc | 股票-其他 | 1.07% | -0.46% | -1.93% | |
| 32 | BAND 0.5 04-01-28債券 | Bandwidth Inc | 債券 | 1.01% | — | +47.06% | |
| 33 | EVH 4.5 08-15-31債券 | Evolent Health Inc | 債券 | 0.97% | -0.08% | — | |
| 34 | EVH 3.5 12-01-29債券 | Evolent Health Inc | 債券 | 0.96% | +0.04% | — | |
| 35 | VERI 1.75 11-15-26債券 | Veritone Inc | 債券 | 0.96% | — | -15.88% | |
| 36 | BBIO 2.25 02-01-29債券 | Bridgebio Pharma Inc | 債券 | 0.90% | -1.19% | -27.31% | |
| 37 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | 債券 | 0.87% | -0.66% | EXIT | |
| 38 | LITE 0.5 06-15-28債券 | Lumentum Holdings Inc | 債券 | 0.87% | — | — | |
| 39 | EGHT 4 02-01-28債券 | 8x8 Inc | 債券 | 0.81% | — | -20.46% | |
| 40 | WOLF | Wolfspeed Inc | 股票-其他 | 0.78% | — | — | |
| 41 | LAZR 11.5 01-15-30債券 | Luminar Technologies Inc | 債券 | 0.78% | — | — | |
| 42 | HAE 2.5 06-01-29債券 | Haemonetics CORP | 債券 | 0.75% | -0.39% | — | |
| 43 | HLIT | Harmonic Inc | 股票-其他 | 0.66% | +0.10% | -4.99% | |
| 44 | ASTS | Ast Spacemobile Inc | 股票-科技 | 0.62% | -0.06% | +105.25% | |
| 45 | BYND 0 03-15-27債券 | Beyond Meat Inc | 債券 | 0.56% | — | -14.47% | |
| 46 | OTLY 9.25 09-14-28債券 | Oatly Group AB | 債券 | 0.45% | — | — | |
| 47 | BSY 0.375 07-01-27債券 | Bentley Systems | 債券 | 0.41% | — | -74.29% | |
| 48 | PCG 6 12-01-27 A債券 | Pg&e CORP | 債券 | 0.40% | — | — | |
| 49 | NOTV 3.25 10-15-27債券 | Inotiv Inc | 債券 | 0.39% | -0.52% | — | |
| 50 | INDI | Indie Semiconductor Inc-a | 股票-其他 | 0.35% | -0.05% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | +9.3% | +333.33% | 加碼 |
| 2 | WDC 3 11-15-28債券 | Western Digital CORP | +1.1% | -36.69% | 減碼 |
| 3 | F 0 03-15-26債券 | Ford Motor Company | +1% | +311.54% | 加碼 |
| 4 | STX 3.5 06-01-28債券 | Seagate Hdd Cayman | +0.7% | -26.49% | 減碼 |
| 5 | BAND 0.5 04-01-28債券 | Bandwidth Inc | +0.5% | +47.06% | 加碼 |
| 6 | ON 0 05-01-27債券 | On Semiconductor CORP | +0.2% | +105.32% | 加碼 |
| 7 | ARAY | Accuray Inc | +0.2% | -8.58% | 加碼 |
| 8 | GOSS | Gossamer Bio Inc | +0.1% | +42.86% | 加碼 |
| 9 | VERI 1.75 11-15-26債券 | Veritone Inc | 0% | -15.88% | 減碼 |
| 10 | KPTI | Karyopharm Therapeutics Inc | — | -42.86% | 減碼 |
| 11 | AISPW | Airship Ai Holdings Inc-cw28 | — | — | 不變 |
| 12 | BYND 0 03-15-27債券 | Beyond Meat Inc | 0% | -14.47% | 減碼 |
| 13 | MX | Magnachip Semiconductor CORP | 0% | — | 不變 |
| 14 | QI 6.75 03-22-13 ADS債券 | Qimonda Finance LLC | -0.1% | — | 不變 |
| 15 | CRNC 1.5 07-01-28債券 | Cerence Inc | -0.1% | +36.50% | 加碼 |
| 16 | ✓ | Avadel Pharmaceuticals PLC ADR | -0.1% | -15.38% | 減碼 |
| 17 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | -0.2% | +103.29% | 加碼 |
| 18 | BBIO 2.25 02-01-29債券 | Bridgebio Pharma Inc | -0.2% | -27.31% | 加碼 |
| 19 | LAZR 9 01-15-30債券 | Luminar Technologies Inc | -0.2% | — | 加碼 |
| 20 | COLL 2.875 02-15-29債券 | Collegium Pharma Inc | -0.2% | +20.33% | 加碼 |
| 21 | HLIT | Harmonic Inc | -0.3% | -4.99% | 減碼 |
| 22 | LITE 0.5 06-15-28債券 | Lumentum Holdings Inc | -0.3% | — | 減碼 |
| 23 | NOTV 3.25 10-15-27債券 | Inotiv Inc | -0.4% | — | 加碼 |
| 24 | COIN 0.5 06-01-26債券 | Coinbase Global Inc | -0.4% | +14.48% | 加碼 |
| 25 | SMTC 1.625 11-01-27債券 | Semtech CORP | -0.4% | -27.27% | 減碼 |
| 26 | LAZR 11.5 01-15-30債券 | Luminar Technologies Inc | -0.5% | — | 加碼 |
| 27 | LYV 3.125 01-15-29債券 | Live Nation Entertainmen | -0.7% | +819.84% | 減碼 |
| 28 | VRM | Vroom Inc | -0.7% | -1.93% | 減碼 |
| 29 | EGHT 4 02-01-28債券 | 8x8 Inc | -0.7% | -20.46% | 減碼 |
| 30 | TYL 0.25 03-15-26債券 | Tyler Technologies Inc | -1% | +16.62% | 加碼 |
| 31 | JBTM 0.25 05-15-26債券 | Jbt Marel CORP | -1% | +37.88% | 加碼 |
| 32 | FLR 1.125 08-15-29債券 | Fluor CORP | -1.2% | +311.37% | 減碼 |
| 33 | ECHO 3.875 11-30-30債券 | Echostar CORP | -1.3% | -18.10% | 減碼 |
| 34 | VIAV 1.625 03-15-26債券 | Viavi Solutions Inc | -1.3% | -30.92% | 減碼 |
| 35 | VSH 2.25 09-15-30債券 | Vishay Intertechnology | -1.7% | -10.22% | 減碼 |
| 36 | BSY 0.375 07-01-27債券 | Bentley Systems | -1.8% | -74.29% | 減碼 |
| 37 | PRCH 6.75 10-01-28債券 | Porch Group Inc | -2% | -55.31% | 減碼 |
| 38 | ASTS 4.25 03-01-32債券 | Ast Spacemobile Inc | — | NEW | 新建倉 |
| 39 | PRCH 9 05-15-30債券 | Porch Group Inc | — | NEW | 新建倉 |
| 40 | MTCH 0.875 06-15-26債券 | Match Group Financeco 2 | — | NEW | 新建倉 |
| 41 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | EXIT | 清倉 |
| 42 | LCID | Lucid Group Inc | — | NEW | 新建倉 |
| 43 | LUV 1.25 05-01-25債券 | Southwest Airlines Co | — | EXIT | 清倉 |
| 44 | EVRG 4.5 12-15-27債券 | Evergy Inc | — | NEW | 新建倉 |
| 45 | UBER 0.875 12-01-28 2028債券 | Uber Technologies Inc | — | NEW | 新建倉 |
| 46 | IWM | Ishares Russell 2000 ETF | — | NEW | 新建倉 |
| 47 | NTNX 0.25 10-01-27債券 | Nutanix Inc | — | NEW | 新建倉 |
| 48 | AKAM 0.375 09-01-27債券 | Akamai Technologies Inc | — | EXIT | 清倉 |
| 49 | PENG 2 08-15-30債券 | Penguin Solutions Inc | — | NEW | 新建倉 |
| 50 | GRPN 6.25 03-15-27 *債券 | Groupon Inc | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Silverback Asset Management LLC 在 Q3 2025 季度的美股持倉總市值約為 US$9.2億，共申報了 62 個公開持股部位。
在 Q3 2025 季度，Silverback Asset Management LLC 按市值排列的前三大核心持股分別為：HYG (20.2%)、STX 3.5 06-01-28 (4.3%)、ASTS 4.25 03-01-32 (4.2%)。其中最大持股部位 HYG 佔據整體投資組合約 20.2% 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
ASTS 4.25 03-01-32
市值: US$4357.6萬
本季最大獲利了結 / 清倉標的
SPY
前期市值: US$2797.0萬
在 Q3 2025 季度中，Silverback Asset Management LLC 共進行了 82 項持倉異動，包含新建倉 25 個部位、加碼 16 個部位、減碼 18 個部位以及清倉 23 個部位。 其中最大新建倉標的為 ASTS 4.25 03-01-32。 本季清倉部位包含 SPY。
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。