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: 0001290668
申報總市值
US$101.9億
US$101.9億
54 檔
45.1%
在 Q4 2025 的 13F 官方備案中，Sustainable Growth Advisers, LP 管理的美股投資組合規模來到 US$101.9億，整體持股檔數為 54 檔。
從 Q4 2025 申報觀察，Sustainable Growth Advisers, LP 採取防禦導向的調倉策略，本季減碼 38 檔個股並出清 2 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，Sustainable Growth Advisers, LP 的前 5 大核心持股（包含 NVDA, AMZN, MSFT 等）合計佔整體申報市值的 45.1%，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 | NVDA | Nvidia CORP | 股票-科技 | 7.73% | +1.31% | -6.81% | |
| 2 | AMZN | Amazon.com Inc | 股票-循環性消費 | 7.45% | -1.07% | -14.23% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 6.89% | +0.04% | -19.69% | |
| 4 | V | Visa Inc-class A Shares | 股票-金融 | 5.15% | -0.12% | -17.80% | |
| 5 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 4.66% | +2.27% | -11.92% | |
| 6 | INTU | Intuit Inc | 股票-科技 | 4.41% | -2.59% | EXIT | |
| 7 | WM | Waste Management Inc | 股票-工業 | 4.22% | +0.14% | -15.14% | |
| 8 | CRM | Salesforce Inc | 股票-科技 | 3.93% | -0.75% | +5.26% | |
| 9 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 3.91% | -0.38% | -19.28% | |
| 10 | SPGI | S&p Global Inc | 股票-金融 | 3.73% | -0.38% | -20.35% | |
| 11 | SNPS | Synopsys Inc | 股票-科技 | 3.66% | +0.17% | -16.34% | |
| 12 | CP | Canadian Pacific Kansas City | 股票-工業 | 3.35% | -1.10% | -14.09% | |
| 13 | ✓ | 股票-其他 | 3.26% | — | -13.26% | ||
| 14 | AON | Aon plc | 股票-金融 | 2.99% | -2.41% | -7.28% | |
| 15 | YUM | Yum! Brands Inc | 股票-循環性消費 | 2.62% | +0.61% | -8.69% | |
| 16 | DHR | Danaher CORP | 股票-醫療保健 | 2.54% | -0.14% | -16.69% | |
| 17 | CMG | Chipotle Mexican Grill Inc | 股票-循環性消費 | 2.48% | -0.07% | -22.55% | |
| 18 | AAPL | Apple Inc | 股票-科技 | 2.30% | +1.31% | -7.41% | |
| 19 | IT | Gartner Inc | 股票-科技 | 2.17% | — | -15.25% | |
| 20 | ARM | Arm Holdings Plc-adr | 股票-科技 | 2.02% | -1.52% | -7.41% | |
| 21 | COO | Cooper Cos Inc/the | 股票-醫療保健 | 1.91% | -0.01% | -18.49% | |
| 22 | ✓ | 股票-其他 | 1.68% | — | +1543.70% | ||
| 23 | GWW | Ww Grainger Inc | 股票-工業 | 1.61% | +0.45% | -8.64% | |
| 24 | AXP | American Express Co | 股票-金融 | 1.59% | +0.08% | -23.63% | |
| 25 | AVGO | Broadcom Inc | 股票-科技 | 1.56% | +0.47% | — | |
| 26 | HDB | Hdfc Bank Ltd-adr | 股票-金融 | 1.45% | -0.26% | -47.68% | |
| 27 | STE | STERIS plc | 股票-醫療保健 | 1.33% | -0.36% | -28.81% | |
| 28 | NKE | Nike Inc -cl B | 股票-循環性消費 | 1.23% | -0.30% | +2.29% | |
| 29 | NOW | Servicenow Inc | 股票-科技 | 1.21% | +0.31% | +81.82% | |
| 30 | ECL | Ecolab Inc | 股票-原物料 | 1.17% | +0.42% | -7.33% | |
| 31 | ALC | Alcon Inc. | 股票-醫療保健 | 1.16% | -0.63% | -33.69% | |
| 32 | SAP | Sap Se-sponsored Adr | 股票-科技 | 1.16% | -0.23% | -18.47% | |
| 33 | MELI | Mercadolibre Inc | 股票-循環性消費 | 1.08% | -0.30% | -17.04% | |
| 34 | SE | Sea Ltd-adr | 股票-通訊服務 | 0.67% | -0.11% | — | |
| 35 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 0.29% | -0.13% | +0.93% | |
| 36 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.28% | +0.01% | -52.58% | |
| 37 | UL | Unilever Plc-sponsored Adr | 股票-非循環性消費 | 0.20% | -0.04% | — | |
| 38 | GRAB | Grab Holdings Limited | 股票-科技 | 0.13% | -0.03% | +94.05% | |
| 39 | FMX | Fomento Economico Mex-sp Adr | 股票-其他 | 0.11% | -0.04% | -22.77% | |
| 40 | WCN | Waste Connections Inc | 股票-工業 | 0.10% | +0.03% | -1.12% | |
| 41 | LIN | Linde plc | 股票-原物料 | 0.08% | +0.66% | +2.76% | |
| 42 | XPEV | XPeng Inc. | 股票-其他 | 0.08% | -0.04% | +27.13% | |
| 43 | SHOP | Shopify Inc - Class A | 股票-科技 | 0.07% | -0.01% | -33.23% | |
| 44 | WDAY | Workday Inc-class A | 股票-科技 | 0.05% | — | -4.50% | |
| 45 | MMYT | MakeMyTrip Limited | 股票-其他 | 0.05% | -0.04% | EXIT | |
| 46 | INFY | Infosys Ltd-sp Adr | 股票-科技 | 0.04% | -0.06% | -96.78% | |
| 47 | TME | Tencent Music Entertainm-adr | 股票-通訊服務 | 0.04% | -0.04% | EXIT | |
| 48 | IWF | Ishares Russell 1000 Growth | ETF-其他 | 0.03% | — | +237.16% | |
| 49 | UNVGY | Universal Music Gro-unsp Adr | 股票-其他 | 0.03% | -0.03% | EXIT | |
| 50 | ADYEY | Adyen Nv-unspon Adr | 股票-其他 | 0.03% | -0.03% | -40.52% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +1.2% | -11.92% | 減碼 |
| 2 | CRM | Salesforce Inc | +1.1% | +5.26% | 加碼 |
| 3 | NVDA | Nvidia CORP | +0.7% | -6.81% | 減碼 |
| 4 | ✓ | +0.6% | +1543.70% | 加碼 | |
| 5 | AMZN | Amazon.com Inc | +0.5% | -14.23% | 減碼 |
| 6 | AAPL | Apple Inc | +0.3% | -7.41% | 減碼 |
| 7 | DHR | Danaher CORP | +0.3% | -16.69% | 減碼 |
| 8 | COO | Cooper Cos Inc/the | +0.3% | -18.49% | 減碼 |
| 9 | AON | Aon plc | +0.2% | -7.28% | 減碼 |
| 10 | GWW | Ww Grainger Inc | +0.2% | -8.64% | 減碼 |
| 11 | YUM | Yum! Brands Inc | +0.2% | -8.69% | 減碼 |
| 12 | NKE | Nike Inc -cl B | +0.1% | +2.29% | 加碼 |
| 13 | GRAB | Grab Holdings Limited | +0.1% | +94.05% | 加碼 |
| 14 | ECL | Ecolab Inc | +0.1% | -7.33% | 減碼 |
| 15 | SPGI | S&p Global Inc | 0% | -20.35% | 減碼 |
| 16 | CP | Canadian Pacific Kansas City | 0% | -14.09% | 減碼 |
| 17 | AXP | American Express Co | 0% | -23.63% | 減碼 |
| 18 | IWF | Ishares Russell 1000 Growth | 0% | +237.16% | 加碼 |
| 19 | V | Visa Inc-class A Shares | — | -17.80% | 減碼 |
| 20 | WM | Waste Management Inc | — | -15.14% | 減碼 |
| 21 | BABA | Alibaba Group Holding-sp Adr | 0% | +0.93% | 加碼 |
| 22 | FMX | Fomento Economico Mex-sp Adr | 0% | -22.77% | 減碼 |
| 23 | SHOP | Shopify Inc - Class A | 0% | -33.23% | 減碼 |
| 24 | FRCOY | Fast Retailing Co-unspon Adr | 0% | -59.58% | 減碼 |
| 25 | TME | Tencent Music Entertainm-adr | 0% | -8.98% | 減碼 |
| 26 | ADYEY | Adyen Nv-unspon Adr | 0% | -40.52% | 減碼 |
| 27 | EXPGY | Experian Plc-spons Adr | 0% | -52.54% | 減碼 |
| 28 | AAGIY | Aia Group Ltd-sp Adr | 0% | -56.83% | 減碼 |
| 29 | UNVGY | Universal Music Gro-unsp Adr | 0% | -52.48% | 減碼 |
| 30 | ✓ | -0.1% | -13.26% | 減碼 | |
| 31 | IT | Gartner Inc | -0.1% | -15.25% | 減碼 |
| 32 | SAP | Sap Se-sponsored Adr | -0.2% | -18.47% | 減碼 |
| 33 | TSM | Taiwan Semiconductor-sp Adr | -0.2% | -52.58% | 減碼 |
| 34 | MELI | Mercadolibre Inc | -0.2% | -17.04% | 減碼 |
| 35 | STE | STERIS plc | -0.2% | -28.81% | 減碼 |
| 36 | SNPS | Synopsys Inc | -0.2% | -16.34% | 減碼 |
| 37 | ALC | Alcon Inc. | -0.2% | -33.69% | 減碼 |
| 38 | ARM | Arm Holdings Plc-adr | -0.4% | -7.41% | 減碼 |
| 39 | CMG | Chipotle Mexican Grill Inc | -0.4% | -22.55% | 減碼 |
| 40 | INTU | Intuit Inc | -0.6% | -23.09% | 減碼 |
| 41 | META | Meta Platforms Inc-class A | -0.6% | -19.28% | 減碼 |
| 42 | HDB | Hdfc Bank Ltd-adr | -0.7% | -47.68% | 減碼 |
| 43 | MSFT | Microsoft CORP | -0.9% | -19.69% | 減碼 |
| 44 | INFY | Infosys Ltd-sp Adr | -1% | -96.78% | 減碼 |
| 45 | NOW | Servicenow Inc | -2.2% | +81.82% | 加碼 |
| 46 | AVGO | Broadcom Inc | — | NEW | 新建倉 |
| 47 | SE | Sea Ltd-adr | — | NEW | 新建倉 |
| 48 | UL | Unilever Plc-sponsored Adr | — | NEW | 新建倉 |
| 49 | UL | Unilever PLC | — | EXIT | 清倉 |
| 50 | TEAM | Atlassian Corp-cl A | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Sustainable Growth Advisers, LP 在 Q4 2025 季度的美股持倉總市值約為 US$101.9億，共申報了 54 個公開持股部位。
在 Q4 2025 季度，Sustainable Growth Advisers, LP 按市值排列的前三大核心持股分別為：NVDA (7.7%)、AMZN (7.5%)、MSFT (6.9%)。其中最大持股部位 NVDA 佔據整體投資組合約 7.7% 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
AVGO
市值: US$2.2億
本季最大獲利了結 / 清倉標的
UL
前期市值: US$2631.5萬
在 Q4 2025 季度中，Sustainable Growth Advisers, LP 共進行了 50 項持倉異動，包含新建倉 3 個部位、加碼 7 個部位、減碼 38 個部位以及清倉 2 個部位。 其中最大新建倉標的為 AVGO。 本季清倉部位包含 UL。
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。