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: 0001308685
申報總市值
US$12.8億
US$12.8億
59 檔
33.6%
截至 Q4 2025 季度末，Stack Financial Management, Inc 的美股持倉估值約為 US$12.8億，全數申報部位共有 59 檔。
在 Q4 2025，Stack Financial Management, Inc 展現出較為審慎的避險與獲利了結姿態。本季共減碼 36 個部位並完全清倉 0 檔持股，調降曝險的部位數量高於加碼動作。
檢視投資組合結構，前 5 大主力部位（包含 WMT, MSFT, SH）占據了總市值的 33.6%，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 | WMT | Walmart Inc | 股票-非循環性消費 | 8.65% | -0.24% | -2.72% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 8.36% | +0.43% | -1.96% | |
| 3 | SH | Proshares Short S&p500 | ETF-其他 | 6.89% | -3.50% | — | |
| 4 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 4.55% | +0.46% | -0.24% | |
| 5 | CRM | Salesforce Inc | 股票-科技 | 4.43% | — | -0.89% | |
| 6 | PWR | Quanta Services Inc | 股票-工業 | 4.17% | -0.03% | -1.97% | |
| 7 | LHX | L3harris Technologies Inc | 股票-工業 | 3.17% | -0.36% | -0.55% | |
| 8 | CVX | Chevron CORP | 股票-能源 | 3.13% | -0.67% | -0.63% | |
| 9 | WPM | Wheaton Precious Metals CORP | 股票-原物料 | 3.08% | -0.21% | -1.90% | |
| 10 | AEP | American Electric Power | 股票-公用事業 | 2.49% | +0.30% | -1.76% | |
| 11 | WM | Waste Management Inc | 股票-工業 | 2.44% | +0.06% | +0.11% | |
| 12 | AEM | Agnico Eagle Mines LTD | 股票-原物料 | 2.32% | -0.96% | -29.16% | |
| 13 | PSX | Phillips 66 | 股票-能源 | 2.14% | -0.08% | -0.85% | |
| 14 | CNP | Centerpoint Energy Inc | 股票-公用事業 | 2.10% | +0.19% | -0.16% | |
| 15 | CBOE | Cboe Global Markets Inc | 股票-金融 | 1.98% | -0.19% | -1.38% | |
| 16 | SYK | Stryker CORP | 股票-醫療保健 | 1.95% | +0.01% | +0.19% | |
| 17 | NEE | Nextera Energy Inc | 股票-公用事業 | 1.89% | +0.02% | -1.08% | |
| 18 | T | At&t Inc | 股票-通訊服務 | 1.79% | -0.48% | — | |
| 19 | PCAR | Paccar Inc | 股票-工業 | 1.71% | +0.20% | -1.50% | |
| 20 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 1.69% | +0.28% | -2.74% | |
| 21 | KO | Coca-cola Co/the | 股票-非循環性消費 | 1.69% | +0.27% | -1.94% | |
| 22 | DUK | Duke Energy CORP | 股票-公用事業 | 1.68% | +0.07% | -2.04% | |
| 23 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.64% | +0.24% | -4.05% | |
| 24 | CAH | Cardinal Health Inc | 股票-醫療保健 | 1.61% | +0.35% | -1.72% | |
| 25 | LMT | Lockheed Martin CORP | 股票-工業 | 1.60% | -0.13% | -2.92% | |
| 26 | EOG | Eog Resources Inc | 股票-能源 | 1.57% | -0.14% | -2.02% | |
| 27 | EMR | Emerson Electric Co | 股票-工業 | 1.54% | +0.23% | -1.60% | |
| 28 | CI | THE Cigna Group | 股票-醫療保健 | 1.53% | +0.14% | +0.46% | |
| 29 | LH | Labcorp Holdings Inc | 股票-醫療保健 | 1.37% | +0.16% | -1.13% | |
| 30 | MDLZ | Mondelez International Inc-a | 股票-非循環性消費 | 1.36% | +0.08% | -1.58% | |
| 31 | DHR | Danaher CORP | 股票-醫療保健 | 1.33% | +0.07% | +0.01% | |
| 32 | COP | Conocophillips | 股票-能源 | 1.29% | -0.30% | -2.31% | |
| 33 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.27% | -0.10% | -0.82% | |
| 34 | MDT | Medtronic plc | 股票-醫療保健 | 1.27% | -0.02% | -2.40% | |
| 35 | AEE | Ameren Corporation | 股票-公用事業 | 1.16% | +0.14% | -2.03% | |
| 36 | DOV | Dover CORP | 股票-工業 | 1.14% | +0.20% | -4.13% | |
| 37 | DTE | Dte Energy Company | 股票-公用事業 | 1.08% | +0.16% | -1.37% | |
| 38 | UPS | United Parcel Service-cl B | 股票-工業 | 1.05% | +0.28% | — | |
| 39 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.02% | +0.10% | -2.80% | |
| 40 | BKR | Baker Hughes Co | 股票-能源 | 1.00% | -0.04% | -1.27% | |
| 41 | UNP | Union Pacific CORP | 股票-工業 | 0.88% | +0.19% | -0.46% | |
| 42 | NEM | Newmont CORP | 股票-原物料 | 0.85% | -0.52% | EXIT | |
| 43 | GPC | Genuine Parts Co | 股票-循環性消費 | 0.77% | — | -3.40% | |
| 44 | AMT | American Tower CORP | 股票-房地產 | 0.77% | — | -2.91% | |
| 45 | AAPL | Apple Inc | 股票-科技 | 0.13% | +0.02% | +206.25% | |
| 46 | GDX | Vaneck Gold Miners ETF | ETF-避險與商品 | 0.09% | -0.04% | +23.05% | |
| 47 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 0.07% | +0.01% | -3.19% | |
| 48 | ACN | Accenture plc | 股票-科技 | 0.05% | +0.77% | NEW | |
| 49 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 0.04% | +0.01% | — | |
| 50 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.03% | +0.01% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | CAH | Cardinal Health Inc | +0.3% | -1.72% | 減碼 |
| 2 | MRK | Merck & Co. Inc. | +0.2% | -2.74% | 減碼 |
| 3 | AAPL | Apple Inc | +0.1% | +206.25% | 加碼 |
| 4 | CRM | Salesforce Inc | +0.1% | -0.89% | 減碼 |
| 5 | DHR | Danaher CORP | +0.1% | +0.01% | 加碼 |
| 6 | DOV | Dover CORP | 0% | -4.13% | 減碼 |
| 7 | PCAR | Paccar Inc | 0% | -1.50% | 減碼 |
| 8 | GDX | Vaneck Gold Miners ETF | 0% | +23.05% | 加碼 |
| 9 | ACN | Accenture plc | 0% | -22.41% | 減碼 |
| 10 | JNJ | Johnson & Johnson | 0% | -4.05% | 減碼 |
| 11 | NEE | Nextera Energy Inc | -0.1% | -1.08% | 減碼 |
| 12 | KO | Coca-cola Co/the | -0.1% | -1.94% | 減碼 |
| 13 | UNP | Union Pacific CORP | -0.1% | -0.46% | 減碼 |
| 14 | PEP | Pepsico Inc | -0.1% | -0.82% | 減碼 |
| 15 | MDT | Medtronic plc | -0.1% | -2.40% | 減碼 |
| 16 | CBOE | Cboe Global Markets Inc | -0.2% | -1.38% | 減碼 |
| 17 | AMT | American Tower CORP | -0.2% | -2.91% | 減碼 |
| 18 | WPM | Wheaton Precious Metals CORP | -0.2% | -1.90% | 減碼 |
| 19 | COP | Conocophillips | -0.2% | -2.31% | 減碼 |
| 20 | BKR | Baker Hughes Co | -0.2% | -1.27% | 減碼 |
| 21 | AEE | Ameren Corporation | -0.2% | -2.03% | 減碼 |
| 22 | PG | Procter & Gamble Co/the | -0.2% | -2.80% | 減碼 |
| 23 | CI | THE Cigna Group | -0.2% | +0.46% | 加碼 |
| 24 | GPC | Genuine Parts Co | -0.2% | -3.40% | 減碼 |
| 25 | CNP | Centerpoint Energy Inc | -0.2% | -0.16% | 減碼 |
| 26 | AEP | American Electric Power | -0.2% | -1.76% | 減碼 |
| 27 | DTE | Dte Energy Company | -0.2% | -1.37% | 減碼 |
| 28 | WM | Waste Management Inc | -0.2% | +0.11% | 加碼 |
| 29 | LMT | Lockheed Martin CORP | -0.3% | -2.92% | 減碼 |
| 30 | SYK | Stryker CORP | -0.3% | +0.19% | 加碼 |
| 31 | EOG | Eog Resources Inc | -0.3% | -2.02% | 減碼 |
| 32 | DUK | Duke Energy CORP | -0.3% | -2.04% | 減碼 |
| 33 | WMT | Walmart Inc | -0.3% | -2.72% | 減碼 |
| 34 | PSX | Phillips 66 | -0.3% | -0.85% | 減碼 |
| 35 | LH | Labcorp Holdings Inc | -0.4% | -1.13% | 減碼 |
| 36 | CVX | Chevron CORP | -0.4% | -0.63% | 減碼 |
| 37 | MDLZ | Mondelez International Inc-a | -0.4% | -1.58% | 減碼 |
| 38 | BRK-B | Berkshire Hathaway Inc-cl B | -0.4% | -0.24% | 減碼 |
| 39 | LHX | L3harris Technologies Inc | -0.4% | -0.55% | 減碼 |
| 40 | NEM | Newmont CORP | -0.5% | -42.93% | 減碼 |
| 41 | AEM | Agnico Eagle Mines LTD | -1.2% | -29.16% | 減碼 |
| 42 | MSFT | Microsoft CORP | -1.6% | -1.96% | 減碼 |
| 43 | SH | Proshares Short S&p500 | — | NEW | 新建倉 |
| 44 | T | At&t Inc | — | NEW | 新建倉 |
| 45 | UPS | United Parcel Service-cl B | — | NEW | 新建倉 |
| 46 | GOOGL | Alphabet Inc-cl A | — | NEW | 新建倉 |
| 47 | GOOG | Alphabet Inc-cl C | — | NEW | 新建倉 |
| 48 | XLP | Ss Consumer Staples Sel Sect | — | NEW | 新建倉 |
| 49 | XLF | Ss Financial Select Sector | — | NEW | 新建倉 |
| 50 | TSLA | Tesla Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Stack Financial Management, Inc 在 Q4 2025 季度的美股持倉總市值約為 US$12.8億，共申報了 59 個公開持股部位。
在 Q4 2025 季度，Stack Financial Management, Inc 按市值排列的前三大核心持股分別為：WMT (8.7%)、MSFT (8.4%)、SH (6.9%)。其中最大持股部位 WMT 佔據整體投資組合約 8.7% 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
SH
市值: US$9028.6萬
本季最大獲利了結 / 清倉標的
MSFT
前期市值: US$1.2億
在 Q4 2025 季度中，Stack Financial Management, Inc 共進行了 50 項持倉異動，包含新建倉 8 個部位、加碼 6 個部位、減碼 36 個部位以及清倉 0 個部位。 其中最大新建倉標的為 SH。
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。