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
29.4%
在 Q4 2025 申報期間，Thornburg Investment Management Inc（CIK: 0001145020）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$104.5億，共持有 176 個公開申報部位。
從 Q4 2025 申報觀察，Thornburg Investment Management Inc 採取防禦導向的調倉策略，本季減碼 100 檔個股並出清 10 檔部位，顯示機構在該時期進行風險控制與流動性回收。
從部位權重觀察，前 5 大標的（包含 C, T, AVGO）累計市值佔比達 29.4%，是驅動 Thornburg Investment Management Inc 該季度整體投資組合績效表現的核心支柱。
| # | 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 | 11.81% | +0.70% | -0.06% | |
| 2 | T | At&t Inc | 股票-通訊服務 | 9.10% | -2.21% | +2.80% | |
| 3 | AVGO | Broadcom Inc | 股票-科技 | 8.99% | -0.08% | -6.65% | |
| 4 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 4.95% | — | +5.91% | |
| 5 | CME | Cme Group Inc | 股票-金融 | 3.95% | -1.12% | +3.18% | |
| 6 | EQH | Equitable Holdings Inc | 股票-金融 | 2.94% | +0.24% | +0.45% | |
| 7 | TRP | Tc Energy CORP | 股票-能源 | 2.81% | -0.05% | +0.34% | |
| 8 | CSCO | Cisco Systems Inc | 股票-科技 | 2.79% | +0.70% | +9.85% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 2.47% | +1.03% | -3.06% | |
| 10 | MDT | Medtronic plc | 股票-醫療保健 | 2.34% | +0.07% | -0.08% | |
| 11 | HD | Home Depot Inc | 股票-循環性消費 | 2.26% | -0.21% | +0.82% | |
| 12 | ENB | Enbridge Inc | 股票-能源 | 2.18% | -0.15% | +0.40% | |
| 13 | RF | Regions Financial CORP | 股票-金融 | 2.13% | +0.18% | +34.72% | |
| 14 | CP | Canadian Pacific Kansas City | 股票-工業 | 1.95% | +0.01% | -8.37% | |
| 15 | FCX | Freeport-mcmoran Inc | 股票-原物料 | 1.79% | +0.26% | +50.67% | |
| 16 | ALC | Alcon Inc. | 股票-醫療保健 | 1.74% | -0.28% | +21.73% | |
| 17 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 1.67% | +0.40% | -17.72% | |
| 18 | BZ | Kanzhun LTD - Adr | 股票-其他 | 1.57% | -0.20% | +58.82% | |
| 19 | LIN | Linde plc | 股票-原物料 | 1.46% | -0.06% | -0.93% | |
| 20 | ✓ | Ferrovial Se | 股票-其他 | 1.41% | -0.04% | +0.17% | |
| 21 | ABBV | Abbvie Inc | 股票-醫療保健 | 1.16% | +0.16% | -0.19% | |
| 22 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.08% | -0.05% | -9.70% | |
| 23 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 1.08% | -0.22% | +5.54% | |
| 24 | SOBO | South Bow CORP | 股票-其他 | 0.98% | — | +41.69% | |
| 25 | SCHW | Schwab (charles) CORP | 股票-金融 | 0.95% | +0.24% | -0.15% | |
| 26 | SLRC | Slr Investment CORP | 股票-其他 | 0.85% | -0.13% | -0.11% | |
| 27 | CIM | Chimera Investment CORP | 股票-其他 | 0.83% | -0.01% | +4.96% | |
| 28 | TDG | Transdigm Group Inc | 股票-工業 | 0.80% | -0.33% | — | |
| 29 | MELI | Mercadolibre Inc | 股票-循環性消費 | 0.76% | -0.08% | +0.05% | |
| 30 | MA | Mastercard Inc - A | 股票-金融 | 0.71% | +0.10% | -4.70% | |
| 31 | PFE | Pfizer Inc | 股票-醫療保健 | 0.69% | -0.20% | +51.97% | |
| 32 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.62% | +0.34% | — | |
| 33 | AZNN | Astrazeneca Plc-spons Adr | 股票-其他 | 0.59% | — | -0.97% | |
| 34 | CACI | Caci International Inc -cl A | 股票-科技 | 0.56% | -0.10% | -2.16% | |
| 35 | COF | Capital One Financial CORP | 股票-金融 | 0.56% | +0.12% | -0.18% | |
| 36 | LYB | LyondellBasell Industries N.V. | 股票-原物料 | 0.53% | -0.78% | -5.03% | |
| 37 | MRX | Marex Group plc | 股票-其他 | 0.53% | -0.03% | +5.03% | |
| 38 | SE | Sea Ltd-adr | 股票-通訊服務 | 0.52% | +0.01% | +4.91% | |
| 39 | TJX | Tjx Companies Inc | 股票-循環性消費 | 0.51% | +0.01% | -5.38% | |
| 40 | LHX | L3harris Technologies Inc | 股票-工業 | 0.47% | -0.02% | -0.46% | |
| 41 | MFIC | Midcap Financial Investment | 股票-其他 | 0.45% | -0.07% | — | |
| 42 | ADBE | Adobe Inc | 股票-科技 | 0.44% | +0.09% | +70.02% | |
| 43 | RACE | Ferrari N.V. | 股票-循環性消費 | 0.41% | -0.06% | -0.93% | |
| 44 | AMD | Advanced Micro Devices | 股票-科技 | 0.33% | +0.21% | +7.86% | |
| 45 | CWST | Casella Waste Systems Inc-a | 股票-工業 | 0.30% | -0.17% | EXIT | |
| 46 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.28% | +0.05% | -13.44% | |
| 47 | SHOP | Shopify Inc - Class A | 股票-科技 | 0.28% | -0.02% | -2.73% | |
| 48 | ASML | ASML Holding N.V. | 股票-科技 | 0.27% | +0.09% | -3.52% | |
| 49 | VRT | Vertiv Holdings Co-a | 股票-工業 | 0.27% | -0.24% | -6.09% | |
| 50 | AGYS | Agilysys Inc | 股票-其他 | 0.27% | -0.09% | EXIT |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | C | Citigroup Inc | +1.2% | -0.06% | 減碼 |
| 2 | MRK | Merck & Co. Inc. | +1.1% | +5.91% | 加碼 |
| 3 | FCX | Freeport-mcmoran Inc | +0.8% | +50.67% | 加碼 |
| 4 | RF | Regions Financial CORP | +0.5% | +34.72% | 加碼 |
| 5 | CSCO | Cisco Systems Inc | +0.5% | +9.85% | 加碼 |
| 6 | BZ | Kanzhun LTD - Adr | +0.4% | +58.82% | 加碼 |
| 7 | ALC | Alcon Inc. | +0.3% | +21.73% | 加碼 |
| 8 | SOBO | South Bow CORP | +0.2% | +41.69% | 加碼 |
| 9 | PFE | Pfizer Inc | +0.2% | +51.97% | 加碼 |
| 10 | ADBE | Adobe Inc | +0.2% | +70.02% | 加碼 |
| 11 | ✓ | Ferrovial Se | +0.1% | +0.17% | 加碼 |
| 12 | AER | AerCap Holdings N.V. | +0.1% | +61.60% | 加碼 |
| 13 | AMD | Advanced Micro Devices | +0.1% | +7.86% | 加碼 |
| 14 | AZNN | Astrazeneca Plc-spons Adr | +0.1% | -0.97% | 減碼 |
| 15 | MU | Micron Technology Inc | +0.1% | +239.21% | 加碼 |
| 16 | MRX | Marex Group plc | +0.1% | +5.03% | 加碼 |
| 17 | COHR | Coherent CORP | +0.1% | -15.87% | 減碼 |
| 18 | MTSI | Macom Technology Solutions H | +0.1% | +5.16% | 加碼 |
| 19 | TTAN | Servicetitan Inc-a | +0.1% | +50.15% | 加碼 |
| 20 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | -3.06% | 減碼 |
| 21 | COF | Capital One Financial CORP | +0.1% | -0.18% | 減碼 |
| 22 | GOOGL | Alphabet Inc-cl A | 0% | -17.72% | 減碼 |
| 23 | SN | SharkNinja, Inc. | 0% | +12.69% | 加碼 |
| 24 | CME | Cme Group Inc | 0% | +3.18% | 加碼 |
| 25 | ING | Ing Groep N.v.-sponsored Adr | 0% | +15.81% | 加碼 |
| 26 | CASY | Casey's General Stores Inc | 0% | +58.29% | 加碼 |
| 27 | MNDY | monday.com Ltd. | 0% | +95.84% | 加碼 |
| 28 | AGYS | Agilysys Inc | 0% | -1.08% | 減碼 |
| 29 | VEU | Vanguard Ftse All-world Ex-u | 0% | +522.66% | 加碼 |
| 30 | BMRN | Biomarin Pharmaceutical Inc | 0% | +24.04% | 加碼 |
| 31 | GKOS | Glaukos CORP | 0% | -2.74% | 減碼 |
| 32 | ACA | Arcosa Inc | 0% | -0.68% | 減碼 |
| 33 | RGEN | Repligen CORP | 0% | -2.74% | 減碼 |
| 34 | BROS | Dutch Bros Inc-class A | 0% | +10.40% | 加碼 |
| 35 | SCHW | Schwab (charles) CORP | 0% | -0.15% | 減碼 |
| 36 | PJT | Pjt Partners Inc - A | 0% | +30.65% | 加碼 |
| 37 | ACWX | Ishares Msci Acwi Ex US ETF | 0% | +4.79% | 加碼 |
| 38 | SHOP | Shopify Inc - Class A | 0% | -2.73% | 減碼 |
| 39 | GLOB | Globant S.A. | 0% | +60.50% | 加碼 |
| 40 | SITM | Sitime CORP | 0% | -0.15% | 減碼 |
| 41 | AVTR | Avantor Inc | 0% | +29.43% | 加碼 |
| 42 | FROG | JFrog Ltd. | 0% | -11.46% | 減碼 |
| 43 | EFA | Ishares Msci Eafe ETF | 0% | +12.10% | 加碼 |
| 44 | CIGI | Colliers Intl Gr-subord Vot | 0% | +345.98% | 加碼 |
| 45 | INSP | Inspire Medical Systems Inc | 0% | +23.73% | 加碼 |
| 46 | CYTK | Cytokinetics Inc | 0% | -2.74% | 減碼 |
| 47 | BMY | Bristol-myers Squibb Co | 0% | — | 不變 |
| 48 | KOF | Coca-cola Femsa Sab-sp Adr | 0% | +1.06% | 加碼 |
| 49 | CACI | Caci International Inc -cl A | — | -2.16% | 減碼 |
| 50 | ASML | ASML Holding N.V. | — | -3.52% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Thornburg Investment Management Inc 在 Q4 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 Q4 2025 季度，Thornburg Investment Management Inc 按市值排列的前三大核心持股分別為：C (11.8%)、T (9.1%)、AVGO (9.0%)。其中最大持股部位 C 佔據整體投資組合約 11.8% 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
LLY
市值: US$4879.5萬
本季最大獲利了結 / 清倉標的
NVO
前期市值: US$3020.8萬
在 Q4 2025 季度中，Thornburg Investment Management Inc 共進行了 176 項持倉異動，包含新建倉 10 個部位、加碼 56 個部位、減碼 100 個部位以及清倉 10 個部位。 其中最大新建倉標的為 LLY。 本季清倉部位包含 NVO。
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。