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: 0001145020
申報總市值
US$104.5億
US$104.5億
176 檔
28.1%
根據最新整理的 13F 季度數據集，Thornburg Investment Management Inc 於 Q3 2025 結束時的管理資產規模為 US$104.5億。該機構在本季度申報了 176 檔美股持倉，呈現出該時期的主要投資地圖。
在 Q3 2025，Thornburg Investment Management Inc 展現出較為審慎的避險與獲利了結姿態。本季共減碼 98 個部位並完全清倉 27 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Thornburg Investment Management Inc 的前 5 大持股（包含 C, T, AVGO）貢獻了組合市值的 28.1%，形成該機構在 Q3 2025 季度的基本面基石。
| # | 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 | C | Citigroup Inc | 股票-金融 | 10.62% | +0.70% | -0.55% | |
| 2 | T | At&t Inc | 股票-通訊服務 | 10.41% | -2.21% | +2.81% | |
| 3 | AVGO | Broadcom Inc | 股票-科技 | 9.49% | -0.08% | -16.66% | |
| 4 | CME | Cme Group Inc | 股票-金融 | 3.92% | -1.12% | +7.74% | |
| 5 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 3.85% | — | -25.56% | |
| 6 | EQH | Equitable Holdings Inc | 股票-金融 | 3.22% | +0.24% | +0.25% | |
| 7 | TRP | Tc Energy CORP | 股票-能源 | 2.86% | -0.05% | +4.32% | |
| 8 | HD | Home Depot Inc | 股票-循環性消費 | 2.73% | -0.21% | +0.62% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 2.42% | +1.03% | -6.23% | |
| 10 | MDT | Medtronic plc | 股票-醫療保健 | 2.40% | +0.07% | +0.39% | |
| 11 | ENB | Enbridge Inc | 股票-能源 | 2.36% | -0.15% | — | |
| 12 | CSCO | Cisco Systems Inc | 股票-科技 | 2.33% | +0.70% | +6.69% | |
| 13 | CP | Canadian Pacific Kansas City | 股票-工業 | 2.23% | +0.01% | +12.24% | |
| 14 | LIN | Linde plc | 股票-原物料 | 1.71% | -0.06% | +6.00% | |
| 15 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.63% | +0.40% | -3.48% | |
| 16 | RF | Regions Financial CORP | 股票-金融 | 1.59% | +0.18% | +0.62% | |
| 17 | ALC | Alcon Inc. | 股票-醫療保健 | 1.40% | -0.28% | -11.15% | |
| 18 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.38% | -0.05% | -6.91% | |
| 19 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 1.29% | -0.22% | +14.30% | |
| 20 | ✓ | Ferrovial Se | 股票-其他 | 1.29% | -0.04% | +0.28% | |
| 21 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.21% | +0.16% | +25.50% | |
| 22 | BZ | Kanzhun LTD - Adr | 股票-其他 | 1.17% | -0.20% | -17.42% | |
| 23 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 0.95% | +0.26% | -36.39% | |
| 24 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.94% | +0.24% | -7.11% | |
| 25 | MELI | Mercadolibre Inc | 股票-循環性消費 | 0.91% | -0.08% | -2.51% | |
| 26 | SLRC | Slr Investment CORP | 股票-其他 | 0.87% | -0.13% | — | |
| 27 | CIM | Chimera Investment CORP | 股票-其他 | 0.87% | -0.01% | +1.43% | |
| 28 | TDG | Transdigm Group Inc | 股票-工業 | 0.82% | -0.33% | — | |
| 29 | MA | Mastercard Inc - A | 股票-金融 | 0.77% | +0.10% | -4.27% | |
| 30 | SOBO | South Bow CORP | 股票-其他 | 0.74% | — | +20.61% | |
| 31 | SE | Sea Ltd-adr | 股票-通訊服務 | 0.72% | +0.01% | -2.90% | |
| 32 | LYB | LyondellBasell Industries N.V. | 股票-原物料 | 0.66% | -0.78% | -47.81% | |
| 33 | RACE | Ferrari N.V. | 股票-循環性消費 | 0.56% | -0.06% | +9.68% | |
| 34 | CACI | Caci International Inc -cl A | 股票-科技 | 0.56% | -0.10% | +0.22% | |
| 35 | TJX | Tjx Companies Inc | 股票-循環性消費 | 0.52% | +0.01% | -13.69% | |
| 36 | AZNN | Astrazeneca Plc-spons Adr | 股票-其他 | 0.51% | — | -4.61% | |
| 37 | COF | Capital One Financial CORP | 股票-金融 | 0.51% | +0.12% | -3.33% | |
| 38 | LHX | L3harris Technologies Inc | 股票-工業 | 0.51% | -0.02% | -0.07% | |
| 39 | MFIC | Midcap Financial Investment | 股票-其他 | 0.49% | -0.07% | +6.81% | |
| 40 | PFE | Pfizer Inc | 股票-醫療保健 | 0.48% | -0.20% | -86.14% | |
| 41 | MRX | Marex Group plc | 股票-其他 | 0.46% | -0.03% | +27.55% | |
| 42 | NVO | Novo-nordisk A/s-spons Adr | 股票-醫療保健 | 0.39% | — | -33.83% | |
| 43 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.38% | — | -0.35% | |
| 44 | ELME | Elme Communities | 股票-其他 | 0.35% | — | -20.25% | |
| 45 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.34% | +0.05% | -10.23% | |
| 46 | ANET | Arista Networks Inc | 股票-科技 | 0.31% | -0.02% | +13.38% | |
| 47 | CWST | Casella Waste Systems Inc-a | 股票-工業 | 0.31% | -0.17% | EXIT | |
| 48 | VRT | Vertiv Holdings Co-a | 股票-工業 | 0.28% | -0.24% | -19.13% | |
| 49 | SHOP | Shopify Inc - Class A | 股票-科技 | 0.27% | -0.02% | -18.27% | |
| 50 | ADBE | Adobe Inc | 股票-科技 | 0.27% | +0.09% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | C | Citigroup Inc | +2.8% | -0.55% | 加碼 |
| 2 | AVGO | Broadcom Inc | +2.5% | -16.66% | 減碼 |
| 3 | CP | Canadian Pacific Kansas City | +0.7% | +12.24% | 加碼 |
| 4 | TSM | Taiwan Semiconductor-sp Adr | +0.6% | -6.23% | 減碼 |
| 5 | GOOGL | Alphabet Inc-cl A | +0.6% | -3.48% | 加碼 |
| 6 | BZ | Kanzhun LTD - Adr | +0.5% | -17.42% | 加碼 |
| 7 | SOBO | South Bow CORP | +0.5% | +20.61% | 加碼 |
| 8 | BABA | Alibaba Group Holding-sp Adr | +0.4% | +14.30% | 加碼 |
| 9 | TRP | Tc Energy CORP | +0.3% | +4.32% | 加碼 |
| 10 | ABBV | Abbvie Inc | +0.3% | +25.50% | 加碼 |
| 11 | CSCO | Cisco Systems Inc | +0.2% | +6.69% | 加碼 |
| 12 | ✓ | Ferrovial Se | +0.2% | +0.28% | 加碼 |
| 13 | RF | Regions Financial CORP | +0.2% | +0.62% | 加碼 |
| 14 | ENB | Enbridge Inc | +0.1% | — | 不變 |
| 15 | LHX | L3harris Technologies Inc | +0.1% | -0.07% | 減碼 |
| 16 | HD | Home Depot Inc | +0.1% | +0.62% | 加碼 |
| 17 | CACI | Caci International Inc -cl A | +0.1% | +0.22% | 減碼 |
| 18 | MRX | Marex Group plc | +0.1% | +27.55% | 加碼 |
| 19 | CME | Cme Group Inc | +0.1% | +7.74% | 加碼 |
| 20 | P | Everpure Inc-a | +0.1% | -6.39% | 減碼 |
| 21 | CMCSA 2 10-15-29債券 | Comcast Holdings CORP | +0.1% | — | 加碼 |
| 22 | TLN | Talen Energy CORP | +0.1% | -11.05% | 減碼 |
| 23 | SHOP | Shopify Inc - Class A | +0.1% | -18.27% | 減碼 |
| 24 | ITT | Itt Inc | +0.1% | +27.71% | 加碼 |
| 25 | BAP | Credicorp Ltd. | +0.1% | -9.94% | 加碼 |
| 26 | TBBB | BBB Foods Inc. | +0.1% | -5.15% | 加碼 |
| 27 | VRT | Vertiv Holdings Co-a | +0.1% | -19.13% | 減碼 |
| 28 | SE | Sea Ltd-adr | +0.1% | -2.90% | 減碼 |
| 29 | RACE | Ferrari N.V. | +0.1% | +9.68% | 加碼 |
| 30 | AGYS | Agilysys Inc | +0.1% | -3.13% | 減碼 |
| 31 | MYRG | Myr Group Inc/delaware | +0.1% | -15.23% | 減碼 |
| 32 | ING | Ing Groep N.v.-sponsored Adr | +0.1% | +2.16% | 加碼 |
| 33 | TCOM | Trip.com Group Ltd-adr | +0.1% | +36.53% | 加碼 |
| 34 | NU | Nu Holdings Ltd. | 0% | -13.46% | 減碼 |
| 35 | COHR | Coherent CORP | 0% | -10.82% | 減碼 |
| 36 | THC | Tenet Healthcare CORP | 0% | -3.38% | 減碼 |
| 37 | CRDO | Credo Technology Group Holding Ltd | 0% | -35.57% | 減碼 |
| 38 | AGX | Argan Inc | 0% | -3.33% | 減碼 |
| 39 | COF | Capital One Financial CORP | 0% | -3.33% | 減碼 |
| 40 | ASML | ASML Holding N.V. | 0% | -9.10% | 減碼 |
| 41 | MUFG | Mitsubishi Ufj Finl-spon Adr | 0% | +2.36% | 加碼 |
| 42 | STKL | Sunopta Inc | 0% | +12.39% | 加碼 |
| 43 | DTM | Dt Midstream Inc | 0% | -0.42% | 加碼 |
| 44 | RMBS | Rambus Inc | 0% | -20.93% | 減碼 |
| 45 | EFA | Ishares Msci Eafe ETF | 0% | +46.86% | 加碼 |
| 46 | LIN | Linde plc | 0% | +6.00% | 加碼 |
| 47 | META | Meta Platforms Inc-class A | 0% | -6.91% | 減碼 |
| 48 | MELI | Mercadolibre Inc | 0% | -2.51% | 減碼 |
| 49 | SONY | Sony Group CORP - Sp Adr | 0% | +1.49% | 加碼 |
| 50 | AMD | Advanced Micro Devices | 0% | -2.18% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Thornburg Investment Management Inc 在 Q3 2025 季度的美股持倉總市值約為 US$104.5億，共申報了 176 個公開持股部位。
在 Q3 2025 季度，Thornburg Investment Management Inc 按市值排列的前三大核心持股分別為：C (10.6%)、T (10.4%)、AVGO (9.5%)。其中最大持股部位 C 佔據整體投資組合約 10.6% 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
TDG
市值: US$6278.5萬
本季最大獲利了結 / 清倉標的
STVN
前期市值: US$2.3億
在 Q3 2025 季度中，Thornburg Investment Management Inc 共進行了 191 項持倉異動，包含新建倉 18 個部位、加碼 48 個部位、減碼 98 個部位以及清倉 27 個部位。 其中最大新建倉標的為 TDG。 本季清倉部位包含 STVN。
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。