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: 0001535588
申報總市值
US$53.1億
US$53.1億
751 檔
100.3%
根據最新整理的 13F 季度數據集，Twin Tree Management, LP 於 Q3 2025 結束時的管理資產規模為 US$53.1億。該機構在本季度申報了 751 檔美股持倉，呈現出該時期的主要投資地圖。
在 Q3 2025，Twin Tree Management, LP 展現出較為審慎的避險與獲利了結姿態。本季共減碼 141 個部位並完全清倉 22 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Twin Tree Management, LP 的前 5 大持股（包含 SPY, GLD, IAU）貢獻了組合市值的 100.3%，形成該機構在 Q3 2025 季度的基本面基石。
僅顯示前 200 大持股（共 751 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 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 9.65% | -1.96% | -79.70% | |
| 2 | GLD | Spdr Gold Shares | ETF-避險與商品 | 6.78% | -0.97% | -18.93% | |
| 3 | IAU | Ishares Gold Trust | ETF-避險與商品 | 2.74% | -0.22% | +19.05% | |
| 4 | AAPL | Apple Inc | 股票-科技 | 1.69% | -0.13% | -56.20% | |
| 5 | MU | Micron Technology Inc | 股票-科技 | 1.31% | +0.13% | -42.37% | |
| 6 | TSLA | Tesla Inc | 股票-循環性消費 | 1.30% | +0.03% | -45.92% | |
| 7 | AMD | Advanced Micro Devices | 股票-科技 | 1.23% | -0.14% | EXIT | |
| 8 | ORCL | Oracle CORP | 股票-科技 | 0.98% | -0.10% | -72.10% | |
| 9 | SOXX | Ishares Semiconductor ETF | ETF-其他 | 0.89% | +0.16% | NEW | |
| 10 | AMAT | Applied Materials Inc | 股票-科技 | 0.83% | +0.29% | +97.06% | |
| 11 | XLV | Ss Health Care Select Sector | ETF-其他 | 0.83% | +0.04% | -67.37% | |
| 12 | GDX | Vaneck Gold Miners ETF | ETF-避險與商品 | 0.77% | -0.52% | -68.31% | |
| 13 | ASML | ASML Holding N.V. | 股票-科技 | 0.77% | +0.63% | -36.89% | |
| 14 | DELL | Dell Technologies -c | 股票-科技 | 0.74% | +0.05% | -23.47% | |
| 15 | IBM | Intl Business Machines CORP | 股票-科技 | 0.73% | +0.28% | +37.52% | |
| 16 | SLV | Ishares Silver Trust | ETF-避險與商品 | 0.72% | -0.65% | -51.21% | |
| 17 | ANET | Arista Networks Inc | 股票-科技 | 0.70% | -0.13% | -31.40% | |
| 18 | AMGN | Amgen Inc | 股票-醫療保健 | 0.69% | -0.06% | +161.00% | |
| 19 | MCD | Mcdonald's CORP | 股票-循環性消費 | 0.65% | -0.35% | +60.55% | |
| 20 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 0.65% | +0.83% | -58.67% | |
| 21 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 0.61% | -0.15% | -47.15% | |
| 22 | ARM | Arm Holdings Plc-adr | 股票-科技 | 0.59% | +0.09% | -25.77% | |
| 23 | NKE | Nike Inc -cl B | 股票-循環性消費 | 0.59% | -0.10% | -18.71% | |
| 24 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.58% | +0.04% | -59.29% | |
| 25 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.58% | +0.26% | NEW | |
| 26 | SOFI | Sofi Technologies Inc | 股票-金融 | 0.57% | +0.01% | -45.07% | |
| 27 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.56% | +0.20% | -5.95% | |
| 28 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.56% | -0.26% | -9.61% | |
| 29 | APP | Applovin Corp-class A | 股票-科技 | 0.53% | — | -47.21% | |
| 30 | AVGO | Broadcom Inc | 股票-科技 | 0.51% | +0.11% | -70.73% | |
| 31 | EFA | Ishares Msci Eafe ETF | ETF-其他 | 0.51% | +0.08% | -14.72% | |
| 32 | DIA | Ss Spdr Dow Jones Indus Avg | ETF-大型股與成長 | 0.48% | +0.39% | NEW | |
| 33 | ALAB | Astera Labs Inc | 股票-科技 | 0.47% | +0.14% | -17.09% | |
| 34 | COIN | Coinbase Global Inc -class A | 股票-金融 | 0.47% | -0.08% | -48.41% | |
| 35 | CVS | Cvs Health CORP | 股票-醫療保健 | 0.46% | +0.23% | -43.03% | |
| 36 | ADBE | Adobe Inc | 股票-科技 | 0.46% | +0.22% | -29.15% | |
| 37 | AEM | Agnico Eagle Mines LTD | 股票-原物料 | 0.44% | — | -31.60% | |
| 38 | SNOW | Snowflake Inc | 股票-科技 | 0.44% | +0.03% | -12.00% | |
| 39 | SHOP | Shopify Inc - Class A | 股票-科技 | 0.43% | -0.19% | -45.42% | |
| 40 | UBS | UBS Group AG | 股票-金融 | 0.43% | +0.26% | +53.80% | |
| 41 | MSFT | Microsoft CORP | 股票-科技 | 0.43% | +0.27% | -83.41% | |
| 42 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.41% | -0.09% | -56.10% | |
| 43 | VEEV | Veeva Systems Inc-class A | 股票-醫療保健 | 0.40% | — | -34.73% | |
| 44 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.40% | -0.01% | -66.70% | |
| 45 | NFLX | Netflix Inc | 股票-通訊服務 | 0.40% | +0.40% | -63.15% | |
| 46 | MRVL | Marvell Technology Inc | 股票-科技 | 0.40% | -0.20% | -71.96% | |
| 47 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.40% | -0.27% | -51.93% | |
| 48 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.39% | -0.04% | EXIT | |
| 49 | XLK | Ss Technology Select Sector | ETF-科技型 | 0.39% | — | -8.22% | |
| 50 | VZ | Verizon Communications Inc | 股票-通訊服務 | 0.38% | +0.10% | -47.90% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GLD | Spdr Gold Shares | +2.4% | -18.93% | 減碼 |
| 2 | IAU | Ishares Gold Trust | +1.8% | +19.05% | 加碼 |
| 3 | MU | Micron Technology Inc | +0.8% | -42.37% | 減碼 |
| 4 | AMD | Advanced Micro Devices | +0.8% | -34.27% | 減碼 |
| 5 | MCD | Mcdonald's CORP | +0.6% | +60.55% | 加碼 |
| 6 | ASML | ASML Holding N.V. | +0.6% | -36.89% | 加碼 |
| 7 | IBM | Intl Business Machines CORP | +0.6% | +37.52% | 加碼 |
| 8 | AMAT | Applied Materials Inc | +0.6% | +97.06% | 加碼 |
| 9 | ANET | Arista Networks Inc | +0.6% | -31.40% | 加碼 |
| 10 | DELL | Dell Technologies -c | +0.5% | -23.47% | 減碼 |
| 11 | SOFI | Sofi Technologies Inc | +0.5% | -45.07% | 加碼 |
| 12 | PANW | Palo Alto Networks Inc | +0.5% | -11.17% | 加碼 |
| 13 | ORCL | Oracle CORP | +0.5% | -72.10% | 減碼 |
| 14 | UBS | UBS Group AG | +0.4% | +53.80% | 加碼 |
| 15 | ALAB | Astera Labs Inc | +0.4% | -17.09% | 加碼 |
| 16 | SNOW | Snowflake Inc | +0.4% | -12.00% | 加碼 |
| 17 | IGV | Ishares Expanded Tech-softwa | +0.4% | -29.02% | 加碼 |
| 18 | MCHP | Microchip Technology Inc | +0.3% | -47.48% | 加碼 |
| 19 | STX | Seagate Technology Holdings plc | +0.3% | -46.29% | 加碼 |
| 20 | GDXJ | Vaneck Junior Gold Miners | +0.3% | +185.50% | 加碼 |
| 21 | APH | Amphenol Corp-cl A | +0.3% | -29.86% | 加碼 |
| 22 | AAPL | Apple Inc | +0.3% | -56.20% | 減碼 |
| 23 | GLW | Corning Inc | +0.3% | +26.04% | 加碼 |
| 24 | PAAS | Pan American Silver CORP | +0.3% | +28.53% | 加碼 |
| 25 | CPNG | Coupang Inc | +0.3% | -46.92% | 加碼 |
| 26 | TM | Toyota Motor CORP -spon Adr | +0.3% | -7.66% | 加碼 |
| 27 | WFC | Wells Fargo & Co | +0.2% | -31.37% | 加碼 |
| 28 | LLY | Eli Lilly & Co | +0.2% | -5.95% | 減碼 |
| 29 | XRT | Ss Spdr S&p Retail ETF | +0.2% | +126.91% | 加碼 |
| 30 | ATI | Ati Inc | +0.2% | +134.99% | 加碼 |
| 31 | DIS | Walt Disney Co/the | +0.2% | -77.98% | 加碼 |
| 32 | AFL | Aflac Inc | +0.2% | +73.03% | 加碼 |
| 33 | NEU | Newmarket CORP | +0.2% | +15.51% | 加碼 |
| 34 | CNI | Canadian Natl Railway Co | +0.2% | +90.64% | 加碼 |
| 35 | TTD | Trade Desk Inc/the -class A | +0.2% | -25.13% | 加碼 |
| 36 | ALLY | Ally Financial Inc | +0.2% | +103.51% | 加碼 |
| 37 | CHWY | Chewy Inc - Class A | +0.2% | +77.62% | 加碼 |
| 38 | CVS | Cvs Health CORP | +0.1% | -43.03% | 減碼 |
| 39 | MRVL | Marvell Technology Inc | +0.1% | -71.96% | 減碼 |
| 40 | TMUS | T-mobile US Inc | +0.1% | -27.79% | 減碼 |
| 41 | NKE | Nike Inc -cl B | +0.1% | -18.71% | 減碼 |
| 42 | INTU | Intuit Inc | +0.1% | -65.49% | 減碼 |
| 43 | AMGN | Amgen Inc | 0% | +161.00% | 減碼 |
| 44 | ZM | Zoom Communications Inc | 0% | -30.58% | 減碼 |
| 45 | UBER | Uber Technologies Inc | 0% | -56.11% | 減碼 |
| 46 | META | Meta Platforms Inc-class A | 0% | -59.29% | 減碼 |
| 47 | QCOM | Qualcomm Inc | 0% | -46.60% | 減碼 |
| 48 | LRCX | Lam Research CORP | 0% | -74.97% | 減碼 |
| 49 | HPQ | Hp Inc | 0% | -21.85% | 減碼 |
| 50 | PFE | Pfizer Inc | 0% | -64.14% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Twin Tree Management, LP 在 Q3 2025 季度的美股持倉總市值約為 US$53.1億，共申報了 751 個公開持股部位。
在 Q3 2025 季度，Twin Tree Management, LP 按市值排列的前三大核心持股分別為：SPY (9.7%)、GLD (6.8%)、IAU (2.7%)。其中最大持股部位 SPY 佔據整體投資組合約 9.7% 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
WDAY
市值: US$6779.5萬
本季最大獲利了結 / 清倉標的
QQQ
前期市值: US$15.3億
在 Q3 2025 季度中，Twin Tree Management, LP 共進行了 200 項持倉異動，包含新建倉 7 個部位、加碼 30 個部位、減碼 141 個部位以及清倉 22 個部位。 其中最大新建倉標的為 WDAY。 本季清倉部位包含 QQQ。
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。