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: 0002071170
申報總市值
US$3.5億
US$3.5億
682 檔
41.7%
截至 Q4 2025 季度末，Towarzystwo Funduszy Inwestycyjnych Pzu SA 的美股持倉估值約為 US$3.5億，全數申報部位共有 682 檔。
Q4 2025 的申報記錄反映 Towarzystwo Funduszy Inwestycyjnych Pzu SA 的板塊替換策略：機構本季推動了 27 筆增持與 22 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 NVDA, MSFT, META）占據了總市值的 41.7%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
僅顯示前 200 大持股（共 682 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 | 13.03% | +0.73% | +19.89% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 9.94% | -0.94% | +0.26% | |
| 3 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 5.03% | -0.27% | +625.39% | |
| 4 | ✓ | On Holding AG | 股票-其他 | 4.99% | -0.40% | +11.26% | |
| 5 | AMZN | Amazon.com Inc | 股票-循環性消費 | 4.30% | -0.36% | -6.33% | |
| 6 | NKE | Nike Inc -cl B | 股票-循環性消費 | 3.54% | -0.16% | — | |
| 7 | AXON | Axon Enterprise Inc | 股票-工業 | 3.48% | +0.15% | +46.43% | |
| 8 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 3.18% | +0.19% | -43.90% | |
| 9 | AAPL | Apple Inc | 股票-科技 | 3.03% | +0.01% | -45.78% | |
| 10 | TJX | Tjx Companies Inc | 股票-循環性消費 | 2.21% | -0.09% | -45.52% | |
| 11 | CRM | Salesforce Inc | 股票-科技 | 2.18% | -0.33% | -3.66% | |
| 12 | AVGO | Broadcom Inc | 股票-科技 | 1.46% | +0.15% | +51.78% | |
| 13 | NEM | Newmont CORP | 股票-原物料 | 1.24% | -0.56% | +4.83% | |
| 14 | CCJ | Cameco CORP | 股票-能源 | 1.17% | -0.19% | -27.51% | |
| 15 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.10% | +0.08% | +0.12% | |
| 16 | SHYG | Ishares 0-5 Yr Hy CORP Bond | ETF-投資等級公司債 | 0.96% | — | — | |
| 17 | AEM | Agnico Eagle Mines LTD | 股票-原物料 | 0.95% | -0.57% | +5.69% | |
| 18 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 0.91% | -0.25% | -82.96% | |
| 19 | B | Barrick Mining CORP | 股票-原物料 | 0.76% | -0.30% | +6.44% | |
| 20 | FSLR | First Solar Inc | 股票-科技 | 0.68% | -0.33% | -34.60% | |
| 21 | TLT | Ishares 20+ Year Treasury Bd | ETF-政府公債 | 0.65% | — | — | |
| 22 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.62% | -0.09% | +13.00% | |
| 23 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 0.57% | +0.34% | -24.09% | |
| 24 | TSLA | Tesla Inc | 股票-循環性消費 | 0.55% | +0.04% | +10.73% | |
| 25 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.55% | +0.16% | -9.58% | |
| 26 | WPM | Wheaton Precious Metals CORP | 股票-原物料 | 0.53% | -0.27% | +6.38% | |
| 27 | DXCM | Dexcom Inc | 股票-醫療保健 | 0.50% | -0.05% | -70.03% | |
| 28 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.47% | +0.09% | +2.92% | |
| 29 | MU | Micron Technology Inc | 股票-科技 | 0.46% | +1.45% | -49.01% | |
| 30 | XOM | Exxon Mobil CORP | 股票-能源 | 0.46% | -0.50% | +8.51% | |
| 31 | GLD | Spdr Gold Shares | ETF-避險與商品 | 0.45% | +1.55% | -55.61% | |
| 32 | NET | Cloudflare Inc - Class A | 股票-科技 | 0.45% | -0.22% | +70.25% | |
| 33 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.45% | -0.01% | +0.06% | |
| 34 | CSCO | Cisco Systems Inc | 股票-科技 | 0.43% | +0.08% | +1.32% | |
| 35 | CPER | United States Copper Index | ETF-大型股與成長 | 0.42% | — | — | |
| 36 | JPM | Jpmorgan Chase & Co | 股票-金融 | 0.38% | — | +1.30% | |
| 37 | V | Visa Inc-class A Shares | 股票-金融 | 0.36% | +0.02% | +2.48% | |
| 38 | KGC | Kinross Gold CORP | 股票-原物料 | 0.36% | -0.20% | +5.58% | |
| 39 | WMT | Walmart Inc | 股票-非循環性消費 | 0.33% | -0.10% | +3.04% | |
| 40 | MA | Mastercard Inc - A | 股票-金融 | 0.32% | -0.04% | +2.97% | |
| 41 | ZS | Zscaler Inc | 股票-科技 | 0.32% | -0.04% | +37.40% | |
| 42 | AU | AngloGold Ashanti plc | 股票-原物料 | 0.30% | -0.22% | -9.03% | |
| 43 | GFI | Gold Fields Ltd-spons Adr | 股票-原物料 | 0.30% | -0.19% | -3.55% | |
| 44 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.30% | -0.09% | +0.09% | |
| 45 | ORCL | Oracle CORP | 股票-科技 | 0.29% | -0.03% | +9.70% | |
| 46 | AMD | Advanced Micro Devices | 股票-科技 | 0.29% | +0.44% | -34.00% | |
| 47 | NFLX | Netflix Inc | 股票-通訊服務 | 0.28% | -0.10% | +760.11% | |
| 48 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.28% | -0.08% | +91.87% | |
| 49 | BSX | Boston Scientific CORP | 股票-醫療保健 | 0.27% | -0.12% | +31.34% | |
| 50 | PAAS | Pan American Silver CORP | 股票-原物料 | 0.27% | -0.13% | +12.64% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | META | Meta Platforms Inc-class A | +4.3% | +625.39% | 加碼 |
| 2 | NVDA | Nvidia CORP | +2.8% | +19.89% | 加碼 |
| 3 | ✓ | On Holding AG | +1.1% | +11.26% | 加碼 |
| 4 | AXON | Axon Enterprise Inc | +0.7% | +46.43% | 加碼 |
| 5 | AVGO | Broadcom Inc | +0.6% | +51.78% | 加碼 |
| 6 | LLY | Eli Lilly & Co | +0.4% | +0.12% | 加碼 |
| 7 | NEM | Newmont CORP | +0.3% | +4.83% | 加碼 |
| 8 | CRM | Salesforce Inc | +0.3% | -3.66% | 減碼 |
| 9 | B | Barrick Mining CORP | +0.3% | +6.44% | 加碼 |
| 10 | KLAC | Kla CORP | +0.2% | +264.58% | 加碼 |
| 11 | NET | Cloudflare Inc - Class A | +0.2% | +70.25% | 加碼 |
| 12 | JNJ | Johnson & Johnson | +0.2% | +13.00% | 加碼 |
| 13 | PANW | Palo Alto Networks Inc | +0.1% | +91.87% | 加碼 |
| 14 | GOOG | Alphabet Inc-cl C | +0.1% | +2.92% | 加碼 |
| 15 | LULU | Lululemon Athletica Inc | +0.1% | +1600.00% | 加碼 |
| 16 | PAAS | Pan American Silver CORP | +0.1% | +12.64% | 加碼 |
| 17 | GEV | GE Vernova Inc | +0.1% | +68.15% | 加碼 |
| 18 | C | Citigroup Inc | +0.1% | +128.25% | 加碼 |
| 19 | GS | Goldman Sachs Group Inc | +0.1% | +84.72% | 加碼 |
| 20 | MSFT | Microsoft CORP | -0.1% | +0.26% | 加碼 |
| 21 | UNH | Unitedhealth Group Inc | -0.1% | -9.58% | 減碼 |
| 22 | ADBE | Adobe Inc | -0.1% | -23.22% | 減碼 |
| 23 | ORCL | Oracle CORP | -0.1% | +9.70% | 加碼 |
| 24 | UBER | Uber Technologies Inc | -0.1% | -18.37% | 減碼 |
| 25 | NKE | Nike Inc -cl B | -0.1% | — | 不變 |
| 26 | MSI | Motorola Solutions Inc | -0.1% | -72.62% | 減碼 |
| 27 | NFLX | Netflix Inc | -0.1% | +760.11% | 加碼 |
| 28 | FSLR | First Solar Inc | -0.1% | -34.60% | 減碼 |
| 29 | AMGN | Amgen Inc | -0.1% | -54.16% | 減碼 |
| 30 | CRWD | Crowdstrike Holdings Inc - A | -0.2% | -24.09% | 減碼 |
| 31 | AME | Ametek Inc | -0.2% | -92.97% | 減碼 |
| 32 | CCJ | Cameco CORP | -0.2% | -27.51% | 減碼 |
| 33 | DDOG | Datadog Inc - Class A | -0.2% | -69.45% | 減碼 |
| 34 | GLD | Spdr Gold Shares | -0.4% | -55.61% | 減碼 |
| 35 | GOOGL | Alphabet Inc-cl A | -1% | -43.90% | 減碼 |
| 36 | DXCM | Dexcom Inc | -1.1% | -70.03% | 減碼 |
| 37 | TJX | Tjx Companies Inc | -1.4% | -45.52% | 減碼 |
| 38 | AAPL | Apple Inc | -1.9% | -45.78% | 減碼 |
| 39 | PL | Planet Labs Pbc | -2.9% | -97.08% | 減碼 |
| 40 | ISRG | Intuitive Surgical Inc | -3.1% | -82.96% | 減碼 |
| 41 | LHX | L3harris Technologies Inc | -3.2% | -93.74% | 減碼 |
| 42 | CPER | United States Copper Index | — | NEW | 新建倉 |
| 43 | SITM | Sitime CORP | — | NEW | 新建倉 |
| 44 | AS | Amer Sports, Inc. | — | NEW | 新建倉 |
| 45 | RL | Ralph Lauren CORP | — | NEW | 新建倉 |
| 46 | ARGT | Global X Msci Argentina ETF | — | EXIT | 清倉 |
| 47 | BABA | Alibaba Group Holding-sp Adr | — | NEW | 新建倉 |
| 48 | IGV | Ishares Expanded Tech-softwa | — | EXIT | 清倉 |
| 49 | TTE | TotalEnergies SE | — | NEW | 新建倉 |
| 50 | IYH | Ishares U.s. Healthcare ETF | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Towarzystwo Funduszy Inwestycyjnych Pzu SA 在 Q4 2025 季度的美股持倉總市值約為 US$3.5億，共申報了 682 個公開持股部位。
在 Q4 2025 季度，Towarzystwo Funduszy Inwestycyjnych Pzu SA 按市值排列的前三大核心持股分別為：NVDA (13.0%)、MSFT (9.9%)、META (5.0%)。其中最大持股部位 NVDA 佔據整體投資組合約 13.0% 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
CPER
市值: US$166.1萬
本季最大獲利了結 / 清倉標的
ARGT
前期市值: US$73.7萬
在 Q4 2025 季度中，Towarzystwo Funduszy Inwestycyjnych Pzu SA 共進行了 49 項持倉異動，包含新建倉 6 個部位、加碼 21 個部位、減碼 19 個部位以及清倉 3 個部位。 其中最大新建倉標的為 CPER。 本季清倉部位包含 ARGT。
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。