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: 0001180391
申報總市值
US$2551.2萬
US$2551.2萬
46 檔
110.6%
在 Q2 2025 的 13F 官方備案中，Smh Capital Advisors Inc 管理的美股投資組合規模來到 US$2551.2萬，整體持股檔數為 46 檔。
從 Q2 2025 申報觀察，Smh Capital Advisors Inc 採取防禦導向的調倉策略，本季減碼 26 檔個股並出清 3 檔部位，顯示機構在該時期進行風險控制與流動性回收。
在資產配置集中度方面，Smh Capital Advisors Inc 的前 5 大核心持股（包含 CSWC 5.125 11-15-29, WT 3.25 06-15-26, TRIN 等）合計佔整體申報市值的 110.6%，反映機構在主要關鍵部位上的權重分佈。
| # | 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 | CSWC 5.125 11-15-29債券 | Capital Southwest CORP | 債券 | 28.58% | -29.24% | +7.29% | |
| 2 | WT 3.25 06-15-26債券 | Wisdomtree Investments | 債券 | 23.45% | — | — | |
| 3 | TRIN | Trinity Capital Inc | 股票-其他 | 4.33% | +4.82% | -0.39% | |
| 4 | WT 5.75 08-15-28債券 | Wisdomtree Inc | 債券 | 4.32% | — | — | |
| 5 | SPHY | Ss Spdr P High Yield ETF | ETF-非投資等級債 | 3.35% | — | +106.67% | |
| 6 | VICI | Vici Properties Inc | 股票-房地產 | 3.04% | +1.78% | -0.28% | |
| 7 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 2.66% | +0.85% | — | |
| 8 | MAIN | Main Street Capital CORP | 股票-金融 | 2.50% | +1.62% | -0.67% | |
| 9 | CSWC | Capital Southwest CORP | 股票-其他 | 2.26% | +2.56% | -1.67% | |
| 10 | CG | Carlyle Group Inc/the | 股票-金融 | 2.22% | +0.49% | -1.93% | |
| 11 | OWL | Blue Owl Capital Inc | 股票-金融 | 1.51% | +1.27% | — | |
| 12 | CIVI | Civitas Resources Inc | 股票-其他 | 1.29% | — | -0.05% | |
| 13 | DKS | Dick's Sporting Goods Inc | 股票-循環性消費 | 1.22% | -0.23% | — | |
| 14 | PNNT | Pennantpark Investment CORP | 股票-其他 | 1.06% | — | — | |
| 15 | VZ | Verizon Communications Inc | 股票-通訊服務 | 1.05% | — | -1.39% | |
| 16 | PSEC | Prospect Capital CORP | 股票-其他 | 1.05% | -3.15% | EXIT | |
| 17 | CODI | Compass Diversified Holdings | 股票-其他 | 1.04% | — | -4.34% | |
| 18 | O | Realty Income CORP | 股票-房地產 | 1.00% | — | -0.18% | |
| 19 | RITM | Rithm Capital CORP | 股票-房地產 | 0.87% | +0.65% | +0.07% | |
| 20 | VWO | Vanguard Ftse Emerging Marke | ETF-新興市場 | 0.87% | +0.63% | +0.06% | |
| 21 | EFA | Ishares Msci Eafe ETF | ETF-其他 | 0.86% | +0.57% | +0.40% | |
| 22 | HASI | Ha Sustainable Infrastructur | 股票-金融 | 0.84% | -0.90% | EXIT | |
| 23 | CGBD | Carlyle Secured Lending Inc | 股票-其他 | 0.68% | +0.23% | — | |
| 24 | ADX | Adams Diversified Equity | 股票-其他 | 0.64% | +0.52% | -1.43% | |
| 25 | CSQ | Calamos Strat Ttl Rtrn Fnd | 股票-其他 | 0.62% | +0.51% | -1.39% | |
| 26 | XAWFX | Alliancebernstein Gl Hi Inc | 股票-其他 | 0.59% | +0.29% | -1.44% | |
| 27 | GROW | U.s. Global Investors Inc-a | 股票-其他 | 0.59% | +0.20% | -2.24% | |
| 28 | VCTR | Victory Capital Holding - A | 股票-其他 | 0.59% | — | -11.64% | |
| 29 | HYT | Blackrock CORP Hi Yld | 股票-其他 | 0.58% | +0.28% | -1.05% | |
| 30 | XNIEX | Virtus Equity & Convertible | 股票-其他 | 0.57% | +0.45% | -0.94% | |
| 31 | NXDT | Nexpoint Diversified Real Es | 股票-其他 | 0.56% | +0.45% | +2.00% | |
| 32 | BTZ | Blackrock Credit Allocation | 股票-其他 | 0.54% | +0.26% | -1.03% | |
| 33 | XGDVX | Gabelli Dividend & Income Tr | 股票-其他 | 0.53% | +0.39% | -3.19% | |
| 34 | XEVTX | Eaton Vance Tax-adv Dvd Inc | 股票-其他 | 0.49% | +0.39% | -1.86% | |
| 35 | HTD | John Hancock Tax Adv Dvd Inc | 股票-其他 | 0.46% | +0.30% | -2.19% | |
| 36 | WT | Wisdomtree Inc | 股票-其他 | 0.44% | +0.67% | -4.35% | |
| 37 | RQI | Cohen & Steers Qual Inc Rlty | 股票-其他 | 0.42% | +0.23% | -1.40% | |
| 38 | BIT | Blackrock Multi-sector Inc | 股票-其他 | 0.41% | +0.19% | -1.57% | |
| 39 | NAD | Nuveen Quality Municipal Inc | 股票-其他 | 0.31% | +0.18% | +2.29% | |
| 40 | XNEAX | Nuveen Amt-fr Qlty Muni Inc | 股票-其他 | 0.30% | +0.17% | +2.37% | |
| 41 | EIM | Eaton Vance Municipal Bond | 股票-其他 | 0.30% | +0.15% | +2.37% | |
| 42 | AFB | Allianceberstein Ntl Muni | 股票-其他 | 0.30% | +0.18% | +2.40% | |
| 43 | TEI | Templeton Emrg Mkts Inc | 股票-其他 | 0.28% | +0.22% | -2.21% | |
| 44 | AFCG | Advanced Flower Capital Inc | 股票-其他 | 0.26% | +0.11% | — | |
| 45 | ONL | Orion Properties Inc | 股票-其他 | 0.10% | — | +0.09% | |
| 46 | MOMO 1.25 07-01-25債券 | Hello Group Inc | 債券 | 0.02% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +2.7% | NEW | 新建倉 |
| 2 | SPHY | Ss Spdr P High Yield ETF | +1.7% | +106.67% | 加碼 |
| 3 | CSWC 5.125 11-15-29債券 | Capital Southwest CORP | +1.7% | +7.29% | 加碼 |
| 4 | OWL | Blue Owl Capital Inc | +1.5% | NEW | 新建倉 |
| 5 | DKS | Dick's Sporting Goods Inc | +1.2% | NEW | 新建倉 |
| 6 | WT 3.25 06-15-26債券 | Wisdomtree Investments | +1.2% | — | 不變 |
| 7 | CGBD | Carlyle Secured Lending Inc | +0.7% | NEW | 新建倉 |
| 8 | WT 5.75 08-15-28債券 | Wisdomtree Inc | +0.4% | — | 不變 |
| 9 | CG | Carlyle Group Inc/the | +0.3% | -1.93% | 減碼 |
| 10 | WT | Wisdomtree Inc | +0.1% | -4.35% | 減碼 |
| 11 | EFA | Ishares Msci Eafe ETF | +0.1% | +0.40% | 加碼 |
| 12 | VWO | Vanguard Ftse Emerging Marke | +0.1% | +0.06% | 加碼 |
| 13 | ADX | Adams Diversified Equity | +0.1% | -1.43% | 減碼 |
| 14 | GROW | U.s. Global Investors Inc-a | +0.1% | -2.24% | 減碼 |
| 15 | CSQ | Calamos Strat Ttl Rtrn Fnd | +0.1% | -1.39% | 減碼 |
| 16 | NXDT | Nexpoint Diversified Real Es | +0.1% | +2.00% | 加碼 |
| 17 | MAIN | Main Street Capital CORP | 0% | -0.67% | 減碼 |
| 18 | XNIEX | Virtus Equity & Convertible | 0% | -0.94% | 減碼 |
| 19 | TEI | Templeton Emrg Mkts Inc | 0% | -2.21% | 減碼 |
| 20 | XGDVX | Gabelli Dividend & Income Tr | 0% | -3.19% | 減碼 |
| 21 | XEVTX | Eaton Vance Tax-adv Dvd Inc | — | -1.86% | 減碼 |
| 22 | MOMO 1.25 07-01-25債券 | Hello Group Inc | — | — | 不變 |
| 23 | AFB | Allianceberstein Ntl Muni | 0% | +2.40% | 加碼 |
| 24 | XAWFX | Alliancebernstein Gl Hi Inc | 0% | -1.44% | 減碼 |
| 25 | BTZ | Blackrock Credit Allocation | 0% | -1.03% | 減碼 |
| 26 | HYT | Blackrock CORP Hi Yld | 0% | -1.05% | 減碼 |
| 27 | BIT | Blackrock Multi-sector Inc | 0% | -1.57% | 減碼 |
| 28 | EIM | Eaton Vance Municipal Bond | 0% | +2.37% | 加碼 |
| 29 | NAD | Nuveen Quality Municipal Inc | 0% | +2.29% | 加碼 |
| 30 | XNEAX | Nuveen Amt-fr Qlty Muni Inc | 0% | +2.37% | 加碼 |
| 31 | ONL | Orion Properties Inc | 0% | +0.09% | 加碼 |
| 32 | RQI | Cohen & Steers Qual Inc Rlty | 0% | -1.40% | 減碼 |
| 33 | VCTR | Victory Capital Holding - A | 0% | -11.64% | 減碼 |
| 34 | HTD | John Hancock Tax Adv Dvd Inc | 0% | -2.19% | 減碼 |
| 35 | RITM | Rithm Capital CORP | 0% | +0.07% | 加碼 |
| 36 | O | Realty Income CORP | 0% | -0.18% | 減碼 |
| 37 | PNNT | Pennantpark Investment CORP | -0.1% | — | 不變 |
| 38 | AFCG | Advanced Flower Capital Inc | -0.1% | — | 不變 |
| 39 | VICI | Vici Properties Inc | -0.1% | -0.28% | 減碼 |
| 40 | HASI | Ha Sustainable Infrastructur | -0.1% | -0.38% | 減碼 |
| 41 | VZ | Verizon Communications Inc | -0.1% | -1.39% | 減碼 |
| 42 | CSWC | Capital Southwest CORP | -0.1% | -1.67% | 減碼 |
| 43 | PSEC | Prospect Capital CORP | -0.3% | -0.55% | 減碼 |
| 44 | CIVI | Civitas Resources Inc | -0.4% | -0.05% | 減碼 |
| 45 | TRIN | Trinity Capital Inc | -0.5% | -0.39% | 減碼 |
| 46 | ENB | Enbridge Inc | -1.5% | EXIT | 清倉 |
| 47 | T | At&t Inc | -1.7% | EXIT | 清倉 |
| 48 | CODI | Compass Diversified Holdings | -2.3% | -4.34% | 減碼 |
| 49 | EZPW 2.375 05-01-25債券 | Ezcorp Inc | -4.4% | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Smh Capital Advisors Inc 在 Q2 2025 季度的美股持倉總市值約為 US$2551.2萬，共申報了 46 個公開持股部位。
在 Q2 2025 季度，Smh Capital Advisors Inc 按市值排列的前三大核心持股分別為：CSWC 5.125 11-15-29 (28.6%)、WT 3.25 06-15-26 (23.4%)、TRIN (4.3%)。其中最大持股部位 CSWC 5.125 11-15-29 佔據整體投資組合約 28.6% 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
SPY
市值: US$117.1萬
本季最大獲利了結 / 清倉標的
EZPW 2.375 05-01-25
前期市值: US$187.8萬
在 Q2 2025 季度中，Smh Capital Advisors Inc 共進行了 44 項持倉異動，包含新建倉 4 個部位、加碼 11 個部位、減碼 26 個部位以及清倉 3 個部位。 其中最大新建倉標的為 SPY。 本季清倉部位包含 EZPW 2.375 05-01-25。
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。