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
56 檔
18.9%
Q4 2025 季度申報顯示，Silverback Asset Management LLC 揭露的美股組合總市值為 US$9.2億，涵蓋 56 個不同之權益投資部位。
Silverback Asset Management LLC 在 Q4 2025 的調整主要集中於風險出清，清倉與減碼部位合計達 38 檔，反映機構對當前市場環境或個別公司估值採取較為保留之看法。
檢視投資組合結構，前 5 大主力部位（包含 STX 3.5 06-01-28, COIN 0.5 06-01-26, MTCH 0.875 06-15-26）占據了總市值的 18.9%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
| # | 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 | STX 3.5 06-01-28債券 | Seagate Hdd Cayman | 債券 | 7.59% | — | — | |
| 2 | COIN 0.5 06-01-26債券 | Coinbase Global Inc | 債券 | 4.81% | — | +38.99% | |
| 3 | MTCH 0.875 06-15-26債券 | Match Group Financeco 2 | 債券 | 4.53% | -3.49% | EXIT | |
| 4 | BBIO 2.25 02-01-29債券 | Bridgebio Pharma Inc | 債券 | 4.44% | -1.19% | +185.19% | |
| 5 | TYL 0.25 03-15-26債券 | Tyler Technologies Inc | 債券 | 4.18% | — | -3.23% | |
| 6 | ON 0 05-01-27債券 | On Semiconductor CORP | 債券 | 4.11% | -4.16% | EXIT | |
| 7 | JBTM 0.25 05-15-26債券 | Jbt Marel CORP | 債券 | 4.09% | — | — | |
| 8 | VSH 2.25 09-15-30債券 | Vishay Intertechnology | 債券 | 3.93% | -2.99% | +31.31% | |
| 9 | COLL 2.875 02-15-29債券 | Collegium Pharma Inc | 債券 | 3.78% | +0.32% | +23.65% | |
| 10 | UBER 0.875 12-01-28 2028債券 | Uber Technologies Inc | 債券 | 3.61% | -1.37% | +15.15% | |
| 11 | EVRG 4.5 12-15-27債券 | Evergy Inc | 債券 | 3.58% | — | — | |
| 12 | VRNS 1 09-15-29債券 | Varonis System Inc | 債券 | 3.12% | -1.15% | — | |
| 13 | PRCH 9 05-15-30債券 | Porch Group Inc | 債券 | 2.90% | -0.07% | -10.26% | |
| 14 | EZPW 3.75 12-15-29債券 | Ezcorp Inc | 債券 | 2.59% | — | — | |
| 15 | SMTC 1.625 11-01-27債券 | Semtech CORP | 債券 | 2.29% | +4.48% | -3.75% | |
| 16 | PENG 2 08-15-30債券 | Penguin Solutions Inc | 債券 | 2.27% | -0.57% | EXIT | |
| 17 | NTNX 0.25 10-01-27債券 | Nutanix Inc | 債券 | 2.06% | -0.80% | -16.67% | |
| 18 | EXAS 0.375 03-01-28債券 | Exact Sciences CORP | 債券 | 2.03% | — | — | |
| 19 | PRCH 6.75 10-01-28債券 | Porch Group Inc | 債券 | 1.93% | -1.15% | +5.51% | |
| 20 | WOLF 2.5 06-15-31債券 | Wolfspeed Inc | 債券 | 1.85% | +1.32% | — | |
| 21 | PCRX 2.125 05-15-29債券 | Pacira Biosciences Inc | 債券 | 1.81% | — | +6.51% | |
| 22 | AEIS 2.5 09-15-28債券 | Advanced Energy Ind | 債券 | 1.80% | — | — | |
| 23 | AKAM 0.375 09-01-27債券 | Akamai Technologies Inc | 債券 | 1.77% | +0.42% | — | |
| 24 | ALNY 0 09-15-28債券 | Alnylam Pharmaceuticals | 債券 | 1.76% | -2.02% | EXIT | |
| 25 | OMCL 1 12-01-29債券 | Omnicell Inc | 債券 | 1.74% | -0.70% | — | |
| 26 | PTON 5.5 12-01-29債券 | Peloton Interactive Inc | 債券 | 1.73% | -0.26% | EXIT | |
| 27 | LCID | Lucid Group Inc | 股票-循環性消費 | 1.69% | -0.30% | — | |
| 28 | HALO 0.25 03-01-27債券 | Halozyme Therapeutics In | 債券 | 1.55% | -0.32% | — | |
| 29 | EVH 3.5 12-01-29債券 | Evolent Health Inc | 債券 | 1.52% | +0.04% | +24.00% | |
| 30 | FIVN 1 03-15-29債券 | Five9 Inc | 債券 | 1.52% | — | -31.29% | |
| 31 | BAND 0.5 04-01-28債券 | Bandwidth Inc | 債券 | 1.35% | — | -16.00% | |
| 32 | VRM | Vroom Inc | 股票-其他 | 1.24% | -0.46% | +2.54% | |
| 33 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | 債券 | 1.23% | -0.66% | EXIT | |
| 34 | HLIT | Harmonic Inc | 股票-其他 | 0.94% | +0.10% | -3.65% | |
| 35 | EGHT 4 02-01-28債券 | 8x8 Inc | 債券 | 0.91% | — | -28.29% | |
| 36 | EVH 4.5 08-15-31債券 | Evolent Health Inc | 債券 | 0.84% | -0.08% | -19.71% | |
| 37 | ECHO 3.875 11-30-30債券 | Echostar CORP | 債券 | 0.83% | — | -79.03% | |
| 38 | NOTV 3.25 10-15-27債券 | Inotiv Inc | 債券 | 0.60% | -0.52% | — | |
| 39 | FLR 1.125 08-15-29債券 | Fluor CORP | 債券 | 0.57% | — | -72.32% | |
| 40 | INDI | Indie Semiconductor Inc-a | 股票-其他 | 0.47% | -0.05% | EXIT | |
| 41 | QI 6.75 03-22-13 ADS債券 | Qimonda Finance LLC | 債券 | 0.46% | -0.11% | — | |
| 42 | CRNC 1.5 07-01-28債券 | Cerence Inc | 債券 | 0.45% | — | -75.09% | |
| 43 | AVAV | Aerovironment Inc | 股票-工業 | 0.43% | -0.10% | — | |
| 44 | PCG 6 12-01-27 A債券 | Pg&e CORP | 債券 | 0.42% | — | -33.33% | |
| 45 | ARRY | Array Technologies Inc | 股票-其他 | 0.40% | — | — | |
| 46 | CORZ | Core Scientific Inc | 股票-科技 | 0.34% | +0.02% | — | |
| 47 | NEO | Neogenomics Inc | 股票-醫療保健 | 0.28% | -0.18% | EXIT | |
| 48 | LPSN | Liveperson Inc | 股票-其他 | 0.27% | -0.08% | — | |
| 49 | ASTS | Ast Spacemobile Inc | 股票-科技 | 0.26% | -0.06% | -81.78% | |
| 50 | GOSS | Gossamer Bio Inc | 股票-其他 | 0.23% | -0.02% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | BBIO 2.25 02-01-29債券 | Bridgebio Pharma Inc | +3.5% | +185.19% | 加碼 |
| 2 | STX 3.5 06-01-28債券 | Seagate Hdd Cayman | +3.3% | — | 不變 |
| 3 | ON 0 05-01-27債券 | On Semiconductor CORP | +2.3% | +42.24% | 加碼 |
| 4 | COIN 0.5 06-01-26債券 | Coinbase Global Inc | +2.3% | +38.99% | 加碼 |
| 5 | COLL 2.875 02-15-29債券 | Collegium Pharma Inc | +2.1% | +23.65% | 加碼 |
| 6 | VSH 2.25 09-15-30債券 | Vishay Intertechnology | +2% | +31.31% | 加碼 |
| 7 | MTCH 0.875 06-15-26債券 | Match Group Financeco 2 | +1.8% | +8.26% | 加碼 |
| 8 | JBTM 0.25 05-15-26債券 | Jbt Marel CORP | +1.5% | — | 不變 |
| 9 | UBER 0.875 12-01-28 2028債券 | Uber Technologies Inc | +1.3% | +15.15% | 加碼 |
| 10 | EVRG 4.5 12-15-27債券 | Evergy Inc | +1.2% | — | 不變 |
| 11 | TYL 0.25 03-15-26債券 | Tyler Technologies Inc | +1.1% | -3.23% | 減碼 |
| 12 | SMTC 1.625 11-01-27債券 | Semtech CORP | +0.8% | -3.75% | 減碼 |
| 13 | PCRX 2.125 05-15-29債券 | Pacira Biosciences Inc | +0.7% | +6.51% | 加碼 |
| 14 | PRCH 6.75 10-01-28債券 | Porch Group Inc | +0.7% | +5.51% | 加碼 |
| 15 | EVH 3.5 12-01-29債券 | Evolent Health Inc | +0.6% | +24.00% | 加碼 |
| 16 | PENG 2 08-15-30債券 | Penguin Solutions Inc | +0.5% | -3.20% | 減碼 |
| 17 | AMPH 2 03-15-29債券 | Amphastar Pharmaceutical | +0.4% | -9.27% | 減碼 |
| 18 | BAND 0.5 04-01-28債券 | Bandwidth Inc | +0.3% | -16.00% | 減碼 |
| 19 | HLIT | Harmonic Inc | +0.3% | -3.65% | 減碼 |
| 20 | PTON 5.5 12-01-29債券 | Peloton Interactive Inc | +0.2% | — | 不變 |
| 21 | NOTV 3.25 10-15-27債券 | Inotiv Inc | +0.2% | — | 不變 |
| 22 | VRM | Vroom Inc | +0.2% | +2.54% | 加碼 |
| 23 | QI 6.75 03-22-13 ADS債券 | Qimonda Finance LLC | +0.1% | — | 不變 |
| 24 | NEO | Neogenomics Inc | +0.1% | -17.99% | 減碼 |
| 25 | INDI | Indie Semiconductor Inc-a | +0.1% | — | 不變 |
| 26 | PRCH 9 05-15-30債券 | Porch Group Inc | +0.1% | -10.26% | 減碼 |
| 27 | FIVN 1 03-15-29債券 | Five9 Inc | +0.1% | -31.29% | 減碼 |
| 28 | EGHT 4 02-01-28債券 | 8x8 Inc | +0.1% | -28.29% | 減碼 |
| 29 | GOSS | Gossamer Bio Inc | +0.1% | — | 不變 |
| 30 | NTNX 0.25 10-01-27債券 | Nutanix Inc | +0.1% | -16.67% | 減碼 |
| 31 | STNG | Scorpio Tankers Inc. | +0.1% | — | 不變 |
| 32 | PCG 6 12-01-27 A債券 | Pg&e CORP | 0% | -33.33% | 減碼 |
| 33 | ARAY | Accuray Inc | 0% | +43.76% | 加碼 |
| 34 | MX | Magnachip Semiconductor CORP | 0% | — | 不變 |
| 35 | KPTI | Karyopharm Therapeutics Inc | 0% | — | 不變 |
| 36 | EVH 4.5 08-15-31債券 | Evolent Health Inc | -0.1% | -19.71% | 減碼 |
| 37 | ASTS | Ast Spacemobile Inc | -0.4% | -81.78% | 減碼 |
| 38 | CRNC 1.5 07-01-28債券 | Cerence Inc | -0.6% | -75.09% | 減碼 |
| 39 | LCID | Lucid Group Inc | -0.8% | — | 不變 |
| 40 | FLR 1.125 08-15-29債券 | Fluor CORP | -0.8% | -72.32% | 減碼 |
| 41 | ECHO 3.875 11-30-30債券 | Echostar CORP | -1.1% | -79.03% | 減碼 |
| 42 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | — | EXIT | 清倉 |
| 43 | ASTS 4.25 03-01-32債券 | Ast Spacemobile Inc | — | EXIT | 清倉 |
| 44 | WDC 3 11-15-28債券 | Western Digital CORP | — | EXIT | 清倉 |
| 45 | F 0 03-15-26債券 | Ford Motor Company | — | EXIT | 清倉 |
| 46 | IWM | Ishares Russell 2000 ETF | — | EXIT | 清倉 |
| 47 | LYV 3.125 01-15-29債券 | Live Nation Entertainmen | — | EXIT | 清倉 |
| 48 | VRNS 1 09-15-29債券 | Varonis System Inc | — | NEW | 新建倉 |
| 49 | VIAV 1.625 03-15-26債券 | Viavi Solutions Inc | — | EXIT | 清倉 |
| 50 | EZPW 3.75 12-15-29債券 | Ezcorp Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Silverback Asset Management LLC 在 Q4 2025 季度的美股持倉總市值約為 US$9.2億，共申報了 56 個公開持股部位。
在 Q4 2025 季度，Silverback Asset Management LLC 按市值排列的前三大核心持股分別為：STX 3.5 06-01-28 (7.6%)、COIN 0.5 06-01-26 (4.8%)、MTCH 0.875 06-15-26 (4.5%)。其中最大持股部位 STX 3.5 06-01-28 佔據整體投資組合約 7.6% 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
VRNS 1 09-15-29
市值: US$2133.4萬
本季最大獲利了結 / 清倉標的
HYG
前期市值: US$2.1億
在 Q4 2025 季度中，Silverback Asset Management LLC 共進行了 65 項持倉異動，包含新建倉 15 個部位、加碼 12 個部位、減碼 17 個部位以及清倉 21 個部位。 其中最大新建倉標的為 VRNS 1 09-15-29。 本季清倉部位包含 HYG。
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。