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: 0000796848
申報總市值
US$372.6億
US$372.6億
2054 檔
11.5%
在 Q2 2025 申報期間，Teacher Retirement System Of Texas（CIK: 0000796848）向美國 SEC 提交的 Form 13F 報告顯示，其追蹤之股票投資組合總市值達 US$372.6億，共持有 2054 個公開申報部位。
從 Q2 2025 申報觀察，Teacher Retirement System Of Texas 採取防禦導向的調倉策略，本季減碼 111 檔個股並出清 6 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，Teacher Retirement System Of Texas 的前 5 大核心持股（包含 NVDA, MSFT, AAPL 等）合計佔整體申報市值的 11.5%，反映機構在主要關鍵部位上的權重分佈。
僅顯示前 200 大持股（共 2054 檔）
| # | 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 | 4.96% | -1.20% | -5.71% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 4.45% | -0.95% | -5.25% | |
| 3 | AAPL | Apple Inc | 股票-科技 | 3.99% | -0.83% | -6.64% | |
| 4 | AMZN | Amazon.com Inc | 股票-循環性消費 | 2.59% | -0.34% | -6.55% | |
| 5 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.04% | -0.44% | -9.88% | |
| 6 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.80% | -0.25% | -9.50% | |
| 7 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 1.62% | +12.20% | -15.30% | |
| 8 | EMXC | Ishares Msci Emr Mrk Ex Chna | ETF-其他 | 1.62% | -0.27% | — | |
| 9 | AVGO | Broadcom Inc | 股票-科技 | 1.50% | -0.23% | -6.61% | |
| 10 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 1.33% | -0.45% | -80.24% | |
| 11 | TSLA | Tesla Inc | 股票-循環性消費 | 1.03% | -0.19% | -5.88% | |
| 12 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.02% | -0.09% | -11.52% | |
| 13 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.00% | -0.08% | -9.31% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.85% | -0.15% | -6.35% | |
| 15 | NFLX | Netflix Inc | 股票-通訊服務 | 0.77% | -0.37% | -17.02% | |
| 16 | MA | Mastercard Inc - A | 股票-金融 | 0.72% | -0.18% | -5.28% | |
| 17 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.70% | -0.25% | +10.63% | |
| 18 | V | Visa Inc-class A Shares | 股票-金融 | 0.69% | -0.10% | -5.61% | |
| 19 | XOM | Exxon Mobil CORP | 股票-能源 | 0.64% | -0.38% | -3.31% | |
| 20 | SPOT | Spotify Technology S.A. | 股票-通訊服務 | 0.63% | -0.08% | +2.03% | |
| 21 | WMT | Walmart Inc | 股票-非循環性消費 | 0.57% | -0.14% | -12.20% | |
| 22 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.56% | -0.22% | -6.31% | |
| 23 | HD | Home Depot Inc | 股票-循環性消費 | 0.56% | -0.05% | +3.68% | |
| 24 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.53% | -0.15% | -3.49% | |
| 25 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.50% | -0.18% | -5.23% | |
| 26 | MELI | Mercadolibre Inc | 股票-循環性消費 | 0.50% | -0.11% | +8.92% | |
| 27 | LIN | Linde plc | 股票-原物料 | 0.48% | -0.14% | -4.75% | |
| 28 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.48% | +0.11% | -15.67% | |
| 29 | PM | Philip Morris International | 股票-非循環性消費 | 0.47% | -0.08% | -2.09% | |
| 30 | CSCO | Cisco Systems Inc | 股票-科技 | 0.47% | +0.03% | -10.27% | |
| 31 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.46% | -0.30% | +8.12% | |
| 32 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.45% | -0.07% | -17.38% | |
| 33 | CRM | Salesforce Inc | 股票-科技 | 0.44% | -0.21% | +10.59% | |
| 34 | INDA | Ishares Msci India ETF | ETF-其他 | 0.44% | — | -67.07% | |
| 35 | WFC | Wells Fargo & Co | 股票-金融 | 0.43% | -0.18% | -9.75% | |
| 36 | BSX | Boston Scientific CORP | 股票-醫療保健 | 0.42% | -0.02% | +6.90% | |
| 37 | WCN | Waste Connections Inc | 股票-工業 | 0.39% | +0.03% | +17.20% | |
| 38 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.39% | -0.06% | -7.63% | |
| 39 | BAC | Bank Of America CORP | 股票-金融 | 0.39% | -0.11% | +3.60% | |
| 40 | RBRK | Rubrik Inc-a | 股票-科技 | 0.39% | +0.05% | NEW | |
| 41 | GE | General Electric | 股票-工業 | 0.38% | -0.13% | -22.39% | |
| 42 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.38% | -0.19% | -14.82% | |
| 43 | AZO | Autozone Inc | 股票-循環性消費 | 0.38% | — | +219.19% | |
| 44 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 0.37% | -0.08% | -15.16% | |
| 45 | IBM | Intl Business Machines CORP | 股票-科技 | 0.36% | -0.17% | -15.48% | |
| 46 | FLUT | Flutter Entertainment plc | 股票-循環性消費 | 0.36% | — | EXIT | |
| 47 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.35% | -0.05% | -6.86% | |
| 48 | ORCL | Oracle CORP | 股票-科技 | 0.35% | -0.09% | -0.00% | |
| 49 | PEGA | Pegasystems Inc | 股票-科技 | 0.34% | -0.25% | +151.42% | |
| 50 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.34% | -0.02% | -18.40% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | EMXC | Ishares Msci Emr Mrk Ex Chna | +1.6% | NEW | 新建倉 |
| 2 | NVDA | Nvidia CORP | +1.4% | -5.71% | 減碼 |
| 3 | MSFT | Microsoft CORP | +0.9% | -5.25% | 減碼 |
| 4 | AVGO | Broadcom Inc | +0.5% | -6.61% | 減碼 |
| 5 | META | Meta Platforms Inc-class A | +0.3% | -9.88% | 減碼 |
| 6 | AZO | Autozone Inc | +0.3% | +219.19% | 加碼 |
| 7 | PLTR | Palantir Technologies Inc-a | +0.2% | +8.12% | 加碼 |
| 8 | AMZN | Amazon.com Inc | +0.2% | -6.55% | 減碼 |
| 9 | SPOT | Spotify Technology S.A. | +0.2% | +2.03% | 加碼 |
| 10 | GEV | GE Vernova Inc | +0.2% | +27.02% | 加碼 |
| 11 | PANW | Palo Alto Networks Inc | +0.2% | +117.77% | 加碼 |
| 12 | RBRK | Rubrik Inc-a | +0.2% | +20.86% | 加碼 |
| 13 | PEGA | Pegasystems Inc | +0.2% | +151.42% | 加碼 |
| 14 | GDX | Vaneck Gold Miners ETF | +0.2% | +99.09% | 加碼 |
| 15 | MELI | Mercadolibre Inc | +0.2% | +8.92% | 加碼 |
| 16 | GOOG | Alphabet Inc-cl C | +0.2% | +10.63% | 加碼 |
| 17 | TSLA | Tesla Inc | +0.2% | -5.88% | 減碼 |
| 18 | APP | Applovin Corp-class A | +0.1% | +83.50% | 加碼 |
| 19 | GDXJ | Vaneck Junior Gold Miners | +0.1% | +104.17% | 加碼 |
| 20 | ORCL | Oracle CORP | +0.1% | -0.00% | 減碼 |
| 21 | CI | THE Cigna Group | +0.1% | +79.45% | 加碼 |
| 22 | NFLX | Netflix Inc | +0.1% | -17.02% | 減碼 |
| 23 | GLD | Spdr Gold Shares | +0.1% | +79.35% | 加碼 |
| 24 | AKX | Ansys Inc | +0.1% | +578.54% | 加碼 |
| 25 | UBER | Uber Technologies Inc | +0.1% | +50.16% | 加碼 |
| 26 | COR | Cencora Inc | +0.1% | +224.91% | 加碼 |
| 27 | APG | Api Group CORP | +0.1% | -0.67% | 減碼 |
| 28 | CAH | Cardinal Health Inc | +0.1% | +78.59% | 加碼 |
| 29 | CERT | Certara Inc | +0.1% | +25.29% | 加碼 |
| 30 | CASY | Casey's General Stores Inc | +0.1% | +23.65% | 加碼 |
| 31 | ANET | Arista Networks Inc | +0.1% | +1.61% | 加碼 |
| 32 | SARO | Standardaero Inc | +0.1% | +20.35% | 加碼 |
| 33 | NG | Novagold Resources Inc | +0.1% | +518.93% | 加碼 |
| 34 | INTU | Intuit Inc | +0.1% | -1.38% | 減碼 |
| 35 | SCHW | Schwab (charles) CORP | +0.1% | +31.51% | 加碼 |
| 36 | FANG | Diamondback Energy Inc | +0.1% | +327.44% | 加碼 |
| 37 | DIS | Walt Disney Co/the | +0.1% | +4.90% | 加碼 |
| 38 | GOOGL | Alphabet Inc-cl A | +0.1% | -9.50% | 減碼 |
| 39 | YUM | Yum! Brands Inc | +0.1% | +89.03% | 加碼 |
| 40 | RS | Reliance Inc | +0.1% | +351.56% | 加碼 |
| 41 | SLV | Ishares Silver Trust | +0.1% | NEW | 新建倉 |
| 42 | ESAB | Esab CORP | +0.1% | +282.06% | 加碼 |
| 43 | KR | Kroger Co | +0.1% | +49.59% | 加碼 |
| 44 | BAC | Bank Of America CORP | +0.1% | +3.60% | 加碼 |
| 45 | RDDT | Reddit Inc-cl A | +0.1% | +880.49% | 加碼 |
| 46 | FLUT | Flutter Entertainment plc | +0.1% | -8.76% | 減碼 |
| 47 | BKNG | Booking Holdings Inc | +0.1% | -7.63% | 減碼 |
| 48 | AMX | America Movil Sab De Cv | +0.1% | +23.42% | 加碼 |
| 49 | SNDK | Sandisk CORP | +0.1% | +319.62% | 加碼 |
| 50 | PM | Philip Morris International | +0.1% | -2.09% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Teacher Retirement System Of Texas 在 Q2 2025 季度的美股持倉總市值約為 US$372.6億，共申報了 2054 個公開持股部位。
在 Q2 2025 季度，Teacher Retirement System Of Texas 按市值排列的前三大核心持股分別為：NVDA (5.0%)、MSFT (4.5%)、AAPL (4.0%)。其中最大持股部位 NVDA 佔據整體投資組合約 5.0% 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
EMXC
市值: US$3.9億
本季最大獲利了結 / 清倉標的
VWO
前期市值: US$1.1億
在 Q2 2025 季度中，Teacher Retirement System Of Texas 共進行了 200 項持倉異動，包含新建倉 3 個部位、加碼 80 個部位、減碼 111 個部位以及清倉 6 個部位。 其中最大新建倉標的為 EMXC。 本季清倉部位包含 VWO。
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。