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: 0001103804
申報總市值
US$350.8億
US$350.8億
76 檔
21.0%
截至 Q4 2025 季度末，Viking Global Investors LP 的美股持倉估值約為 US$350.8億，全數申報部位共有 76 檔。
在 Q4 2025，Viking Global Investors LP 展現出較為審慎的避險與獲利了結姿態。本季共減碼 29 個部位並完全清倉 23 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Viking Global Investors LP 的前 5 大持股（包含 MSFT, PNC, TSM）貢獻了組合市值的 21.0%，形成該機構在 Q4 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 | MSFT | Microsoft CORP | 股票-科技 | 4.13% | -0.84% | +32.45% | |
| 2 | PNC | Pnc Financial Services Group | 股票-金融 | 4.04% | -1.76% | EXIT | |
| 3 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 3.96% | +0.09% | +24.61% | |
| 4 | V | Visa Inc-class A Shares | 股票-金融 | 3.71% | +0.90% | +37.53% | |
| 5 | SCHW | Schwab (charles) CORP | 股票-金融 | 3.68% | -1.06% | -16.34% | |
| 6 | DIS | Walt Disney Co/the | 股票-通訊服務 | 3.38% | -1.63% | +7.12% | |
| 7 | APD | Air Products & Chemicals Inc | 股票-原物料 | 3.14% | +0.63% | +30.42% | |
| 8 | MCD | Mcdonald's CORP | 股票-循環性消費 | 2.94% | -0.97% | +7.24% | |
| 9 | BBIO | Bridgebio Pharma Inc | 股票-醫療保健 | 2.92% | -0.35% | -9.91% | |
| 10 | FTV | Fortive CORP | 股票-科技 | 2.82% | -0.01% | -6.13% | |
| 11 | SHW | Sherwin-williams Co/the | 股票-原物料 | 2.73% | +1.01% | +10.11% | |
| 12 | BA | Boeing Co/the | 股票-工業 | 2.28% | +0.24% | +31.31% | |
| 13 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.21% | -1.93% | EXIT | |
| 14 | AMD | Advanced Micro Devices | 股票-科技 | 2.13% | — | -10.50% | |
| 15 | ICE | Intercontinental Exchange In | 股票-金融 | 2.06% | -1.16% | — | |
| 16 | TSLA | Tesla Inc | 股票-循環性消費 | 2.03% | -1.93% | +5.59% | |
| 17 | TMUS | T-mobile US Inc | 股票-通訊服務 | 2.02% | -1.74% | EXIT | |
| 18 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.92% | +1.81% | — | |
| 19 | COF | Capital One Financial CORP | 股票-金融 | 1.90% | -0.60% | -60.04% | |
| 20 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.88% | +0.13% | -12.92% | |
| 21 | DKNG | Draftkings Inc-cl A | 股票-循環性消費 | 1.75% | — | +27.44% | |
| 22 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.63% | +0.49% | -62.33% | |
| 23 | ROST | Ross Stores Inc | 股票-循環性消費 | 1.51% | — | +56.51% | |
| 24 | GM | General Motors Co | 股票-循環性消費 | 1.47% | -0.81% | -47.75% | |
| 25 | MAA | Mid-america Apartment Comm | 股票-房地產 | 1.43% | +0.36% | +46.69% | |
| 26 | CPT | Camden Property Trust | 股票-房地產 | 1.39% | +0.18% | +23.86% | |
| 27 | DKS | Dick's Sporting Goods Inc | 股票-循環性消費 | 1.35% | +0.02% | — | |
| 28 | CLS | Celestica Inc | 股票-科技 | 1.33% | -1.30% | EXIT | |
| 29 | CSX | Csx CORP | 股票-工業 | 1.33% | -2.14% | EXIT | |
| 30 | ADPT | Adaptive Biotechnologies | 股票-其他 | 1.29% | +0.67% | — | |
| 31 | SE | Sea Ltd-adr | 股票-通訊服務 | 1.24% | +0.45% | +20.81% | |
| 32 | HCA | Hca Healthcare Inc | 股票-醫療保健 | 1.24% | -1.42% | EXIT | |
| 33 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 1.22% | +0.48% | — | |
| 34 | RRX | Regal Rexnord CORP | 股票-工業 | 1.20% | -0.22% | +3.22% | |
| 35 | CVNA | Carvana Co | 股票-循環性消費 | 1.19% | -0.13% | -49.48% | |
| 36 | CHWY | Chewy Inc - Class A | 股票-循環性消費 | 1.19% | — | +146.85% | |
| 37 | APG | Api Group CORP | 股票-工業 | 1.17% | -0.66% | EXIT | |
| 38 | STLA | Stellantis N.V. | 股票-循環性消費 | 1.15% | -0.31% | EXIT | |
| 39 | CCL1EUR | Carnival CORP LTD | 股票-循環性消費 | 1.14% | -0.99% | EXIT | |
| 40 | UBS | UBS Group AG | 股票-金融 | 1.13% | +0.34% | NEW | |
| 41 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 1.05% | — | — | |
| 42 | BMRN | Biomarin Pharmaceutical Inc | 股票-醫療保健 | 0.95% | +0.12% | -27.46% | |
| 43 | SAIA | Saia Inc | 股票-工業 | 0.94% | — | -21.34% | |
| 44 | TIC | Tic Solutions Inc | 股票-其他 | 0.92% | +0.17% | — | |
| 45 | CB | Chubb Limited | 股票-金融 | 0.84% | -0.81% | — | |
| 46 | PGR | Progressive CORP | 股票-金融 | 0.80% | -0.90% | EXIT | |
| 47 | LII | Lennox International Inc | 股票-工業 | 0.80% | +0.56% | — | |
| 48 | TW | Tradeweb Markets Inc-class A | 股票-金融 | 0.79% | +0.09% | NEW | |
| 49 | MDLN | Medline Inc-cl A | 股票-其他 | 0.78% | -0.88% | — | |
| 50 | AON | Aon plc | 股票-金融 | 0.73% | +0.11% | -44.60% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | V | Visa Inc-class A Shares | +1.1% | +37.53% | 加碼 |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +1.1% | +24.61% | 加碼 |
| 3 | MSFT | Microsoft CORP | +0.9% | +32.45% | 加碼 |
| 4 | BBIO | Bridgebio Pharma Inc | +0.8% | -9.91% | 減碼 |
| 5 | ROST | Ross Stores Inc | +0.7% | +56.51% | 加碼 |
| 6 | CHWY | Chewy Inc - Class A | +0.6% | +146.85% | 加碼 |
| 7 | BA | Boeing Co/the | +0.6% | +31.31% | 加碼 |
| 8 | APD | Air Products & Chemicals Inc | +0.5% | +30.42% | 加碼 |
| 9 | MAA | Mid-america Apartment Comm | +0.5% | +46.69% | 加碼 |
| 10 | AMD | Advanced Micro Devices | +0.4% | -10.50% | 減碼 |
| 11 | CPT | Camden Property Trust | +0.3% | +23.86% | 加碼 |
| 12 | DKNG | Draftkings Inc-cl A | +0.3% | +27.44% | 加碼 |
| 13 | MCD | Mcdonald's CORP | +0.3% | +7.24% | 加碼 |
| 14 | DIS | Walt Disney Co/the | +0.3% | +7.12% | 加碼 |
| 15 | CLS | Celestica Inc | +0.2% | -1.37% | 減碼 |
| 16 | FTV | Fortive CORP | +0.2% | -6.13% | 減碼 |
| 17 | TSLA | Tesla Inc | +0.2% | +5.59% | 加碼 |
| 18 | INBX | Inhibrx Biosciences Inc | +0.1% | -19.58% | 減碼 |
| 19 | SHW | Sherwin-williams Co/the | +0.1% | +10.11% | 加碼 |
| 20 | ADPT | Adaptive Biotechnologies | +0.1% | — | 不變 |
| 21 | SION | Sionna Therapeutics Inc | +0.1% | — | 不變 |
| 22 | ORKA | Oruka Therapeutics Inc | +0.1% | — | 不變 |
| 23 | APG | Api Group CORP | +0.1% | -6.25% | 減碼 |
| 24 | RRX | Regal Rexnord CORP | 0% | +3.22% | 加碼 |
| 25 | PHVS | Pharvaris N.V. | 0% | — | 不變 |
| 26 | PEPG | Pepgen Inc | 0% | — | 不變 |
| 27 | LAB | Standard Biotools Inc | — | — | 不變 |
| 28 | ✓ | Rallybio CORP | — | — | 不變 |
| 29 | TMUS | T-mobile US Inc | 0% | +15.07% | 加碼 |
| 30 | TRVI | Trevi Therapeutics Inc | 0% | -37.63% | 減碼 |
| 31 | BSX | Boston Scientific CORP | 0% | -4.99% | 減碼 |
| 32 | JNJ | Johnson & Johnson | -0.1% | -12.92% | 減碼 |
| 33 | ORIC | Oric Pharmaceuticals Inc | -0.1% | -0.00% | 減碼 |
| 34 | DNA | Ginkgo Bioworks Holdings Inc | -0.1% | — | 不變 |
| 35 | AS | Amer Sports, Inc. | -0.1% | -24.11% | 減碼 |
| 36 | NAMS | NewAmsterdam Pharma Company N.V. | -0.1% | -35.09% | 減碼 |
| 37 | PNC | Pnc Financial Services Group | -0.1% | -8.42% | 減碼 |
| 38 | CSX | Csx CORP | -0.1% | -13.36% | 減碼 |
| 39 | SAIA | Saia Inc | -0.1% | -21.34% | 減碼 |
| 40 | RAL | Ralliant CORP | -0.2% | -37.77% | 減碼 |
| 41 | CSGP | Costar Group Inc | -0.2% | -22.01% | 減碼 |
| 42 | SE | Sea Ltd-adr | -0.2% | +20.81% | 加碼 |
| 43 | BMRN | Biomarin Pharmaceutical Inc | -0.2% | -27.46% | 減碼 |
| 44 | MASI* | Masimo CORP | -0.2% | -52.08% | 減碼 |
| 45 | UBS | UBS Group AG | -0.3% | -30.30% | 減碼 |
| 46 | TIC | Tic Solutions Inc | -0.3% | — | 不變 |
| 47 | HCA | Hca Healthcare Inc | -0.3% | -27.63% | 減碼 |
| 48 | SCHW | Schwab (charles) CORP | -0.4% | -16.34% | 減碼 |
| 49 | ROIV | Roivant Sciences Ltd. | -0.6% | -72.69% | 減碼 |
| 50 | AON | Aon plc | -0.6% | -44.60% | 減碼 |
根據 SEC 官方 Form 13F 申報備案，Viking Global Investors LP 在 Q4 2025 季度的美股持倉總市值約為 US$350.8億，共申報了 76 個公開持股部位。
在 Q4 2025 季度，Viking Global Investors LP 按市值排列的前三大核心持股分別為：MSFT (4.1%)、PNC (4.0%)、TSM (4.0%)。其中最大持股部位 MSFT 佔據整體投資組合約 4.1% 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
GOOGL
市值: US$8.3億
本季最大獲利了結 / 清倉標的
BLK
前期市值: US$7.2億
在 Q4 2025 季度中，Viking Global Investors LP 共進行了 90 項持倉異動，包含新建倉 21 個部位、加碼 17 個部位、減碼 29 個部位以及清倉 23 個部位。 其中最大新建倉標的為 GOOGL。 本季清倉部位包含 BLK。
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。