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: 0001567889
申報總市值
US$11.3億
US$11.3億
196 檔
17.1%
截至 Q4 2025 季度末，Telos Capital Management, Inc. 的美股持倉估值約為 US$11.3億，全數申報部位共有 196 檔。
Q4 2025 的申報記錄反映 Telos Capital Management, Inc. 的板塊替換策略：機構本季推動了 24 筆增持與 26 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 AAPL, VTI, GOOGL）占據了總市值的 17.1%，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 | AAPL | Apple Inc | 股票-科技 | 5.72% | +0.20% | -1.78% | |
| 2 | VTI | Vanguard Total Stock Mkt ETF | ETF-其他 | 3.89% | -0.14% | -0.93% | |
| 3 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 3.07% | +0.31% | -5.74% | |
| 4 | QCOM | Qualcomm Inc | 股票-科技 | 3.02% | +0.47% | -0.05% | |
| 5 | VEU | Vanguard Ftse All-world Ex-u | ETF-其他 | 2.42% | +0.10% | +1.62% | |
| 6 | MS | Morgan Stanley | 股票-金融 | 2.20% | +0.27% | -5.73% | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 2.04% | -0.01% | +0.40% | |
| 8 | V | Visa Inc-class A Shares | 股票-金融 | 1.99% | +0.07% | +1.10% | |
| 9 | HD | Home Depot Inc | 股票-循環性消費 | 1.98% | -0.02% | +3.82% | |
| 10 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.96% | -0.42% | +2.89% | |
| 11 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.94% | +0.03% | -2.37% | |
| 12 | VEA | Vanguard Ftse Developed ETF | ETF-其他 | 1.84% | +0.01% | +0.29% | |
| 13 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.68% | +0.18% | -4.00% | |
| 14 | NOC | Northrop Grumman CORP | 股票-工業 | 1.57% | -0.41% | -1.15% | |
| 15 | CVX | Chevron CORP | 股票-能源 | 1.54% | -0.54% | +0.43% | |
| 16 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.51% | -0.10% | -0.57% | |
| 17 | TRV | Travelers Cos Inc/the | 股票-金融 | 1.40% | +0.06% | -0.44% | |
| 18 | PANW | Palo Alto Networks Inc | 股票-科技 | 1.37% | +1.23% | +1.12% | |
| 19 | MSFT | Microsoft CORP | 股票-科技 | 1.35% | -0.05% | +0.00% | |
| 20 | EOG | Eog Resources Inc | 股票-能源 | 1.34% | -0.32% | +100.28% | |
| 21 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.31% | -0.04% | +0.87% | |
| 22 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 1.27% | +0.08% | +0.26% | |
| 23 | MA | Mastercard Inc - A | 股票-金融 | 1.26% | -0.06% | -1.62% | |
| 24 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 1.21% | +0.11% | -4.97% | |
| 25 | IJH | Ishares Core S&p Midcap ETF | ETF-其他 | 1.14% | +0.08% | +3.14% | |
| 26 | AVDV | Avantis Intl S/c Value ETF | ETF-其他 | 1.11% | -0.07% | -0.21% | |
| 27 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 1.07% | +0.05% | +13.92% | |
| 28 | NXPI | NXP Semiconductors N.V. | 股票-科技 | 1.03% | +0.03% | -0.68% | |
| 29 | DHR | Danaher CORP | 股票-醫療保健 | 1.02% | -0.06% | -2.04% | |
| 30 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.96% | -0.18% | -3.53% | |
| 31 | VRTX | Vertex Pharmaceuticals Inc | 股票-醫療保健 | 0.95% | +0.07% | +5.61% | |
| 32 | J | Jacobs Solutions Inc | 股票-工業 | 0.94% | -0.12% | -17.06% | |
| 33 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 0.93% | +0.04% | +0.28% | |
| 34 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.92% | -0.06% | -2.43% | |
| 35 | CARR | Carrier Global CORP | 股票-工業 | 0.92% | +0.20% | +2.23% | |
| 36 | ASML | ASML Holding N.V. | 股票-科技 | 0.91% | +0.37% | -15.59% | |
| 37 | CSCO | Cisco Systems Inc | 股票-科技 | 0.90% | +0.31% | -0.66% | |
| 38 | RTX | Rtx CORP | 股票-工業 | 0.87% | -0.02% | -4.70% | |
| 39 | TEL | TE Connectivity plc | 股票-科技 | 0.85% | -0.07% | -14.01% | |
| 40 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.83% | -0.09% | +4.46% | |
| 41 | AMGN | Amgen Inc | 股票-醫療保健 | 0.82% | -0.05% | -2.99% | |
| 42 | RSG | Republic Services Inc | 股票-工業 | 0.82% | -0.08% | +8.70% | |
| 43 | HON | Honeywell International Inc | 股票-工業 | 0.79% | -1.05% | EXIT | |
| 44 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投資等級公司債 | 0.79% | -0.01% | +5.75% | |
| 45 | ORCL | Oracle CORP | 股票-科技 | 0.78% | — | +3.39% | |
| 46 | RMD | Resmed Inc | 股票-醫療保健 | 0.74% | -0.16% | +5.38% | |
| 47 | NOW | Servicenow Inc | 股票-科技 | 0.73% | -0.13% | +706.01% | |
| 48 | ROK | Rockwell Automation Inc | 股票-工業 | 0.73% | +0.18% | -1.11% | |
| 49 | CBRE | Cbre Group Inc - A | 股票-房地產 | 0.72% | -0.05% | +0.17% | |
| 50 | PNC | Pnc Financial Services Group | 股票-金融 | 0.70% | +0.05% | -0.04% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | EOG | Eog Resources Inc | +0.6% | +100.28% | 加碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +0.5% | -5.74% | 減碼 |
| 3 | AVEM | Avantis Emerging Markets Eq | +0.4% | +480.06% | 加碼 |
| 4 | GOOG | Alphabet Inc-cl C | +0.3% | -4.00% | 減碼 |
| 5 | NOW | Servicenow Inc | +0.2% | +706.01% | 加碼 |
| 6 | VRTX | Vertex Pharmaceuticals Inc | +0.2% | +5.61% | 加碼 |
| 7 | IQV | Iqvia Holdings Inc | +0.1% | +0.28% | 加碼 |
| 8 | AAPL | Apple Inc | +0.1% | -1.78% | 減碼 |
| 9 | DHR | Danaher CORP | +0.1% | -2.04% | 減碼 |
| 10 | BMY | Bristol-myers Squibb Co | +0.1% | +0.26% | 加碼 |
| 11 | EW | Edwards Lifesciences CORP | +0.1% | +7.81% | 加碼 |
| 12 | CSCO | Cisco Systems Inc | +0.1% | -0.66% | 減碼 |
| 13 | AMGN | Amgen Inc | +0.1% | -2.99% | 減碼 |
| 14 | AMTM | Amentum Holdings Inc | +0.1% | -1.26% | 減碼 |
| 15 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.1% | +39.02% | 加碼 |
| 16 | MS | Morgan Stanley | +0.1% | -5.73% | 減碼 |
| 17 | VEU | Vanguard Ftse All-world Ex-u | +0.1% | +1.62% | 加碼 |
| 18 | AMZN | Amazon.com Inc | +0.1% | +0.40% | 加碼 |
| 19 | PEP | Pepsico Inc | +0.1% | +2.89% | 加碼 |
| 20 | JNJ | Johnson & Johnson | +0.1% | -2.43% | 減碼 |
| 21 | ROK | Rockwell Automation Inc | +0.1% | -1.11% | 減碼 |
| 22 | LLY | Eli Lilly & Co | +0.1% | -6.20% | 減碼 |
| 23 | VEA | Vanguard Ftse Developed ETF | 0% | +0.29% | 加碼 |
| 24 | COST | Costco Wholesale CORP | 0% | +13.92% | 加碼 |
| 25 | GS | Goldman Sachs Group Inc | 0% | -3.53% | 減碼 |
| 26 | AVDV | Avantis Intl S/c Value ETF | 0% | -0.21% | 減碼 |
| 27 | V | Visa Inc-class A Shares | 0% | +1.10% | 加碼 |
| 28 | QCOM | Qualcomm Inc | — | -0.05% | 減碼 |
| 29 | ARE | Alexandria Real Estate Equit | -0.1% | +4.84% | 加碼 |
| 30 | APD | Air Products & Chemicals Inc | -0.1% | -0.89% | 減碼 |
| 31 | RMD | Resmed Inc | -0.1% | +5.38% | 加碼 |
| 32 | NFLX | Netflix Inc | -0.1% | +964.44% | 加碼 |
| 33 | WSM | Williams-sonoma Inc | -0.1% | -1.48% | 減碼 |
| 34 | HON | Honeywell International Inc | -0.1% | -0.13% | 減碼 |
| 35 | NXPI | NXP Semiconductors N.V. | -0.1% | -0.68% | 減碼 |
| 36 | META | Meta Platforms Inc-class A | -0.1% | -0.27% | 減碼 |
| 37 | ASML | ASML Holding N.V. | -0.1% | -15.59% | 減碼 |
| 38 | PYPL | Paypal Holdings Inc | -0.1% | -3.59% | 減碼 |
| 39 | CARR | Carrier Global CORP | -0.1% | +2.23% | 加碼 |
| 40 | TEL | TE Connectivity plc | -0.1% | -14.01% | 減碼 |
| 41 | MSFT | Microsoft CORP | -0.1% | +0.00% | 加碼 |
| 42 | PANW | Palo Alto Networks Inc | -0.2% | +1.12% | 加碼 |
| 43 | PG | Procter & Gamble Co/the | -0.2% | -0.57% | 減碼 |
| 44 | NOC | Northrop Grumman CORP | -0.2% | -1.15% | 減碼 |
| 45 | HD | Home Depot Inc | -0.3% | +3.82% | 加碼 |
| 46 | ORCL | Oracle CORP | -0.3% | +3.39% | 加碼 |
| 47 | J | Jacobs Solutions Inc | -0.4% | -17.06% | 減碼 |
| 48 | NKE | Nike Inc -cl B | — | NEW | 新建倉 |
| 49 | XLP | Ss Consumer Staples Sel Sect | — | NEW | 新建倉 |
| 50 | BRK-A | Berkshire Hathaway Inc-cl A | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Telos Capital Management, Inc. 在 Q4 2025 季度的美股持倉總市值約為 US$11.3億，共申報了 196 個公開持股部位。
在 Q4 2025 季度，Telos Capital Management, Inc. 按市值排列的前三大核心持股分別為：AAPL (5.7%)、VTI (3.9%)、GOOGL (3.1%)。其中最大持股部位 AAPL 佔據整體投資組合約 5.7% 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
NKE
市值: US$224.2萬
本季最大獲利了結 / 清倉標的
BRK-A
前期市值: US$75.4萬
在 Q4 2025 季度中，Telos Capital Management, Inc. 共進行了 50 項持倉異動，包含新建倉 2 個部位、加碼 22 個部位、減碼 25 個部位以及清倉 1 個部位。 其中最大新建倉標的為 NKE。 本季清倉部位包含 BRK-A。
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。
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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。