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: 0001860998
申報總市值
US$4.7億
US$4.7億
149 檔
28.9%
根據最新整理的 13F 季度數據集，Skaana Management L.P. 於 Q4 2025 結束時的管理資產規模為 US$4.7億。該機構在本季度申報了 149 檔美股持倉，呈現出該時期的主要投資地圖。
Q4 2025 的申報記錄反映 Skaana Management L.P. 的板塊替換策略：機構本季推動了 58 筆增持與 63 筆減持，籌碼呈現明顯的結構重組。
檢視投資組合結構，前 5 大主力部位（包含 CORZW, ASTS, CNP 3.36916 09-15-29）占據了總市值的 28.9%，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 | CORZW | Core Scientific Inc - 27 | 股票-其他 | 13.84% | +9.69% | +44.45% | |
| 2 | ASTS | Ast Spacemobile Inc | 股票-科技 | 11.89% | -1.33% | -2.45% | |
| 3 | CNP 3.36916 09-15-29債券 | Centerpoint Energy Inc | 債券 | 9.28% | -7.37% | EXIT | |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 4.86% | +0.86% | — | |
| 5 | LCID | Lucid Group Inc | 股票-循環性消費 | 3.63% | -0.49% | +4.05% | |
| 6 | EOSE | Eos Energy Enterprises Inc | 股票-其他 | 3.59% | -0.18% | -39.29% | |
| 7 | OXY-WS | Occidental Petroleum-cw27 | 股票-其他 | 2.71% | -5.77% | -11.88% | |
| 8 | BBAI | Bigbear.ai Holdings Inc | 股票-科技 | 2.66% | -0.38% | -40.06% | |
| 9 | BTU | Peabody Energy CORP | 股票-能源 | 2.61% | -0.09% | +0.22% | |
| 10 | CORZ | Core Scientific Inc | 股票-科技 | 2.11% | -0.18% | +38.79% | |
| 11 | APO | Apollo Global Management Inc | 股票-金融 | 2.08% | -0.04% | EXIT | |
| 12 | EPR 5.75 PERP C債券 | Epr Properties | 債券 | 1.99% | +0.38% | -66.34% | |
| 13 | AAUC 8.75 09-07-28債券 | Allied Gold CORP | 債券 | 1.94% | -3.50% | +300.00% | |
| 14 | ✓ | 股票-其他 | 1.73% | -0.17% | -19.49% | ||
| 15 | STWD 6.75 07-15-27債券 | Starwood Property Trust | 債券 | 1.57% | -0.49% | -16.80% | |
| 16 | BYND 7 10-15-30債券 | Beyond Meat Inc | 債券 | 1.51% | -0.86% | — | |
| 17 | JBLU 2.5 09-01-29債券 | Jetblue Airways CORP | 債券 | 1.48% | -0.68% | — | |
| 18 | CLSK 0 02-15-32債券 | Cleanspark Inc | 債券 | 1.47% | -0.37% | — | |
| 19 | GPGI | Gpgi Inc | 股票-其他 | 1.41% | — | -17.42% | |
| 20 | ✓ | Webull CORP | 股票-其他 | 1.21% | -0.10% | -23.01% | |
| 21 | PLUG 6.75 12-01-33債券 | Plug Power Inc | 債券 | 1.13% | -0.36% | — | |
| 22 | REAL 4 02-15-31債券 | THE Realreal Inc | 債券 | 1.10% | +0.38% | NEW | |
| 23 | APO 6.75 07-31-26債券 | Apollo Global Management | 債券 | 1.01% | -0.07% | EXIT | |
| 24 | GME | Gamestop Corp-class A | 股票-循環性消費 | 1.00% | -0.02% | +7.91% | |
| 25 | ASTS 2 01-15-36債券 | Ast Spacemobile Inc | 債券 | 0.98% | -0.27% | — | |
| 26 | VOYG 0.75 11-15-30債券 | Voyager Space Holdings I | 債券 | 0.89% | -1.12% | — | |
| 27 | ENVX | Enovix CORP | 股票-其他 | 0.86% | -0.05% | +51.84% | |
| 28 | HTZ 5.5 10-01-30債券 | Hertz Corp/the | 債券 | 0.82% | -0.85% | — | |
| 29 | ✓ | Gme 0 06/15/32 | 股票-其他 | 0.79% | -0.52% | EXIT | |
| 30 | EOSE 1.75 12-01-31債券 | Eos Energy Enterprises I | 債券 | 0.79% | -0.10% | EXIT | |
| 31 | FLNC 2.25 06-15-30債券 | Fluence Energy Inc | 債券 | 0.78% | -0.34% | EXIT | |
| 32 | ENVX 4.75 09-15-30債券 | Enovix CORP | 債券 | 0.71% | — | — | |
| 33 | ✓ | Dynavax Technol | 股票-其他 | 0.67% | — | — | |
| 34 | BA 6 10-15-27債券 | Boeing Co/the | 債券 | 0.67% | -0.08% | EXIT | |
| 35 | IREN 0.25 06-01-32債券 | Iren LTD | 債券 | 0.61% | -0.66% | — | |
| 36 | IREN 0 07-01-31債券 | Iren LTD | 債券 | 0.61% | -0.36% | EXIT | |
| 37 | LCID 5 04-01-30債券 | Lucid Group Inc | 債券 | 0.57% | -0.31% | -40.00% | |
| 38 | IREN 1 06-01-33 33債券 | Iren LTD | 債券 | 0.53% | — | — | |
| 39 | RIOT 0.75 01-15-30債券 | Riot Platforms Inc | 債券 | 0.52% | — | — | |
| 40 | CCL1EUR | Carnival CORP LTD | 股票-循環性消費 | 0.49% | — | -69.70% | |
| 41 | LUNR 2.5 10-01-30債券 | Intuitive Machines Inc | 債券 | 0.49% | — | — | |
| 42 | TXNM 5.75 06-01-54債券 | Txnm Energy Inc | 債券 | 0.44% | -0.78% | — | |
| 43 | MARA 0 08-01-32債券 | Mara Holdings Inc | 債券 | 0.43% | +0.85% | NEW | |
| 44 | NVAX | Novavax Inc | 股票-醫療保健 | 0.41% | — | +56.20% | |
| 45 | BYND | Beyond Meat Inc | 股票-非循環性消費 | 0.41% | -0.27% | EXIT | |
| 46 | CIFR 0 10-01-31債券 | Cipher Digital Inc | 債券 | 0.41% | — | -58.00% | |
| 47 | ALB 7.25 03-01-27債券 | Albemarle CORP | 債券 | 0.37% | -3.04% | +147.80% | |
| 48 | AMC 6 04-30-30 144A債券 | Muvico LLC | 債券 | 0.37% | -0.33% | EXIT | |
| 49 | BORRNO 5 02-08-28債券 | Borr Drilling LTD | 債券 | 0.33% | -0.37% | EXIT | |
| 50 | ALB | Albemarle CORP | 股票-原物料 | 0.32% | -0.22% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | ASTS | Ast Spacemobile Inc | +4.8% | -2.45% | 減碼 |
| 2 | CORZW | Core Scientific Inc - 27 | +2.5% | +44.45% | 加碼 |
| 3 | AAUC 8.75 09-07-28債券 | Allied Gold CORP | +1.6% | +300.00% | 加碼 |
| 4 | REAL 4 02-15-31債券 | THE Realreal Inc | +0.7% | +100.00% | 加碼 |
| 5 | BTU | Peabody Energy CORP | +0.6% | +0.22% | 加碼 |
| 6 | CORZ | Core Scientific Inc | +0.5% | +38.79% | 加碼 |
| 7 | APO | Apollo Global Management Inc | +0.4% | — | 不變 |
| 8 | ALB 7.25 03-01-27債券 | Albemarle CORP | +0.3% | +147.80% | 加碼 |
| 9 | BYND | Beyond Meat Inc | +0.3% | +483.23% | 加碼 |
| 10 | ENVX | Enovix CORP | +0.2% | +51.84% | 加碼 |
| 11 | LUNR 2.5 10-01-30債券 | Intuitive Machines Inc | +0.2% | — | 不變 |
| 12 | CLSK | Cleanspark Inc | +0.2% | +363.33% | 加碼 |
| 13 | ALB | Albemarle CORP | +0.2% | — | 不變 |
| 14 | DJT | Trump Media & Technology Gro | +0.1% | +717.50% | 加碼 |
| 15 | JBLU 2.5 09-01-29債券 | Jetblue Airways CORP | +0.1% | — | 不變 |
| 16 | NVAX | Novavax Inc | +0.1% | +56.20% | 加碼 |
| 17 | CNP 3.36916 09-15-29債券 | Centerpoint Energy Inc | +0.1% | -1.21% | 減碼 |
| 18 | AAOI | Applied Optoelectronics Inc | +0.1% | +0.42% | 加碼 |
| 19 | CRWV | Coreweave Inc-cl A | +0.1% | +275.00% | 加碼 |
| 20 | JBLU | Jetblue Airways CORP | +0.1% | +57.92% | 加碼 |
| 21 | CIFR | Cipher Digital Inc | +0.1% | +40.00% | 加碼 |
| 22 | TXNM 5.75 06-01-54債券 | Txnm Energy Inc | +0.1% | — | 不變 |
| 23 | F | Ford Motor Co | +0.1% | +59.81% | 加碼 |
| 24 | PEB 1.625 01-15-30債券 | Pebblebrook Hotel Trust | +0.1% | — | 不變 |
| 25 | HLF | Herbalife Ltd. | 0% | — | 不變 |
| 26 | JOBY | Joby Aviation, Inc. | 0% | +81.17% | 加碼 |
| 27 | W | Wayfair Inc- Class A | 0% | -6.54% | 減碼 |
| 28 | ATRO 0 01-15-31債券 | Astronics CORP | 0% | — | 不變 |
| 29 | KKR | Kkr & Co Inc | 0% | — | 不變 |
| 30 | PRCH | Porch Group Inc | 0% | +150.00% | 加碼 |
| 31 | LUNR | Intuitive Machines Inc | 0% | — | 不變 |
| 32 | RUN | Sunrun Inc | 0% | — | 不變 |
| 33 | APLD | Applied Digital CORP | 0% | — | 不變 |
| 34 | PAYO | Payoneer Global Inc | 0% | — | 不變 |
| 35 | RIG | Transocean Ltd. | 0% | — | 不變 |
| 36 | MARA | Mara Holdings Inc | — | +69.67% | 加碼 |
| 37 | NXNVW | Nextnav Inc-27 | — | — | 不變 |
| 38 | ✓ | — | — | 不變 | |
| 39 | STEM | Stem Inc | — | — | 不變 |
| 40 | LVWR-WS | Livewire Group Inc-27 | — | +0.47% | 加碼 |
| 41 | NIO | Nio Inc - Adr | — | — | 不變 |
| 42 | STWD | Starwood Property Trust Inc | — | — | 不變 |
| 43 | ADTN | Adtran Holdings Inc | — | — | 不變 |
| 44 | PSQH | Psq Holdings Inc | — | — | 不變 |
| 45 | ✓ | Renew Energy Global PLC | — | — | 不變 |
| 46 | ✓ | Vinfast Auto LTD | — | — | 不變 |
| 47 | ✓ | — | — | 不變 | |
| 48 | ✓ | A Spac Ii Acquisition CORP | — | — | 不變 |
| 49 | ✓ | Uphealth Inc 11.5000exp07/01/2024 | — | — | 不變 |
| 50 | ✓ | Wts/icoreconnect Inc. Exp08/21/2028 | — | — | 不變 |
根據 SEC 官方 Form 13F 申報備案，Skaana Management L.P. 在 Q4 2025 季度的美股持倉總市值約為 US$4.7億，共申報了 149 個公開持股部位。
在 Q4 2025 季度，Skaana Management L.P. 按市值排列的前三大核心持股分別為：CORZW (13.8%)、ASTS (11.9%)、CNP 3.36916 09-15-29 (9.3%)。其中最大持股部位 CORZW 佔據整體投資組合約 13.8% 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
SPY
市值: US$1500.2萬
本季最大獲利了結 / 清倉標的
UBER 0 12-15-25
前期市值: US$488.1萬
在 Q4 2025 季度中，Skaana Management L.P. 共進行了 121 項持倉異動，包含新建倉 35 個部位、加碼 23 個部位、減碼 29 個部位以及清倉 34 個部位。 其中最大新建倉標的為 SPY。 本季清倉部位包含 UBER 0 12-15-25。
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。