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: 0001556785
申報總市值
US$32.9億
US$32.9億
38 檔
68.6%
Q2 2025 季度申報顯示，Vulcan Value Partners, LLC 揭露的美股組合總市值為 US$32.9億，涵蓋 38 個不同之權益投資部位。
在 Q2 2025，Vulcan Value Partners, LLC 展現出較為審慎的避險與獲利了結姿態。本季共減碼 25 個部位並完全清倉 3 檔持股，調降曝險的部位數量高於加碼動作。
整體而言，Vulcan Value Partners, LLC 的前 5 大持股（包含 MSFT, AMZN, EG）貢獻了組合市值的 68.6%，形成該機構在 Q2 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 | 10.99% | +0.33% | -12.54% | |
| 2 | AMZN | Amazon.com Inc | 股票-循環性消費 | 7.74% | -1.61% | +10.51% | |
| 3 | EG | Everest Group, Ltd. | 股票-金融 | 7.68% | -0.52% | -6.30% | |
| 4 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 6.97% | -5.70% | +696.18% | |
| 5 | TDG | Transdigm Group Inc | 股票-工業 | 6.36% | +1.25% | -7.00% | |
| 6 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 5.64% | +0.66% | -5.96% | |
| 7 | CSGP | Costar Group Inc | 股票-房地產 | 5.45% | — | -23.11% | |
| 8 | CRM | Salesforce Inc | 股票-科技 | 5.29% | -0.19% | +47.65% | |
| 9 | MA | Mastercard Inc - A | 股票-金融 | 4.47% | +2.78% | -23.76% | |
| 10 | V | Visa Inc-class A Shares | 股票-金融 | 4.32% | -0.28% | -25.90% | |
| 11 | ARES | Ares Management CORP - A | 股票-金融 | 3.83% | +1.56% | +780.73% | |
| 12 | CBRE | Cbre Group Inc - A | 股票-房地產 | 3.80% | — | -5.15% | |
| 13 | NICE | Nice LTD - Spon Adr | 股票-科技 | 2.70% | -0.35% | -19.59% | |
| 14 | JLL | Jones Lang Lasalle Inc | 股票-房地產 | 2.31% | +0.03% | -10.40% | |
| 15 | ELV | Elevance Health Inc | 股票-醫療保健 | 2.18% | -0.47% | -22.47% | |
| 16 | QRVO | Qorvo Inc | 股票-科技 | 2.12% | -0.04% | -44.46% | |
| 17 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 2.01% | +0.41% | — | |
| 18 | TPG | Tpg Inc | 股票-金融 | 2.00% | +0.79% | +9.10% | |
| 19 | MEDP | Medpace Holdings Inc | 股票-醫療保健 | 1.71% | -0.30% | -11.80% | |
| 20 | SWK | Stanley Black & Decker Inc | 股票-工業 | 1.51% | — | +21.75% | |
| 21 | HEI-A | Heico Corp-class A | 股票-其他 | 1.29% | +0.21% | -43.10% | |
| 22 | KMX | Carmax Inc | 股票-循環性消費 | 1.27% | -0.96% | -18.73% | |
| 23 | SWKS | Skyworks Solutions Inc | 股票-科技 | 1.16% | — | -54.71% | |
| 24 | LFUS | Littelfuse Inc | 股票-科技 | 1.03% | -0.46% | +12.83% | |
| 25 | CCK | Crown Holdings Inc | 股票-循環性消費 | 0.85% | — | -41.67% | |
| 26 | SSNC | Ss&c Technologies Holdings | 股票-科技 | 0.77% | — | — | |
| 27 | CIGI | Colliers Intl Gr-subord Vot | 股票-其他 | 0.59% | -0.12% | -7.60% | |
| 28 | ABM | Abm Industries Inc | 股票-其他 | 0.58% | -0.04% | -12.92% | |
| 29 | G | Genpact Limited | 股票-科技 | 0.55% | -0.26% | -7.82% | |
| 30 | SDA | Sealed Air CORP | 股票-循環性消費 | 0.45% | — | +22.84% | |
| 31 | ✓ | Ituran Location And Control | 股票-其他 | 0.45% | -0.41% | -14.83% | |
| 32 | MLKN | Millerknoll Inc | 股票-其他 | 0.39% | +0.01% | -0.28% | |
| 33 | TKR | Timken Co | 股票-工業 | 0.36% | — | +56.11% | |
| 34 | PRG | Prog Holdings Inc | 股票-其他 | 0.35% | -0.03% | -0.47% | |
| 35 | FBIN | Fortune Brands Innovations I | 股票-工業 | 0.29% | +0.01% | +77.85% | |
| 36 | VRTS | Virtus Investment Partners | 股票-其他 | 0.28% | — | -0.30% | |
| 37 | PK | Park Hotels & Resorts Inc | 股票-房地產 | 0.19% | -0.33% | EXIT | |
| 38 | MIDD | Middleby CORP | 股票-工業 | 0.07% | — | -0.34% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | UNH | Unitedhealth Group Inc | +5.5% | +696.18% | 加碼 |
| 2 | ARES | Ares Management CORP - A | +3.5% | +780.73% | 加碼 |
| 3 | IQV | Iqvia Holdings Inc | +2% | NEW | 新建倉 |
| 4 | CRM | Salesforce Inc | +1.6% | +47.65% | 加碼 |
| 5 | AMZN | Amazon.com Inc | +1.5% | +10.51% | 加碼 |
| 6 | MSFT | Microsoft CORP | +1.2% | -12.54% | 減碼 |
| 7 | SSNC | Ss&c Technologies Holdings | +0.8% | NEW | 新建倉 |
| 8 | TPG | Tpg Inc | +0.4% | +9.10% | 加碼 |
| 9 | LFUS | Littelfuse Inc | +0.2% | +12.83% | 加碼 |
| 10 | GOOG | Alphabet Inc-cl C | +0.2% | -5.96% | 減碼 |
| 11 | SWK | Stanley Black & Decker Inc | +0.2% | +21.75% | 加碼 |
| 12 | TKR | Timken Co | +0.1% | +56.11% | 加碼 |
| 13 | SDA | Sealed Air CORP | +0.1% | +22.84% | 加碼 |
| 14 | FBIN | Fortune Brands Innovations I | +0.1% | +77.85% | 加碼 |
| 15 | PRG | Prog Holdings Inc | 0% | -0.47% | 減碼 |
| 16 | VRTS | Virtus Investment Partners | — | -0.30% | 減碼 |
| 17 | MIDD | Middleby CORP | 0% | -0.34% | 減碼 |
| 18 | PK | Park Hotels & Resorts Inc | 0% | +2.80% | 加碼 |
| 19 | MLKN | Millerknoll Inc | 0% | -0.28% | 減碼 |
| 20 | CIGI | Colliers Intl Gr-subord Vot | 0% | -7.60% | 減碼 |
| 21 | CBRE | Cbre Group Inc - A | -0.1% | -5.15% | 減碼 |
| 22 | ✓ | Ituran Location And Control | -0.1% | -14.83% | 減碼 |
| 23 | TDG | Transdigm Group Inc | -0.1% | -7.00% | 減碼 |
| 24 | ABM | Abm Industries Inc | -0.1% | -12.92% | 減碼 |
| 25 | MEDP | Medpace Holdings Inc | -0.2% | -11.80% | 減碼 |
| 26 | G | Genpact Limited | -0.2% | -7.82% | 減碼 |
| 27 | JLL | Jones Lang Lasalle Inc | -0.2% | -10.40% | 減碼 |
| 28 | CWK | Cushman & Wakefield Limited | -0.3% | EXIT | 清倉 |
| 29 | NICE | Nice LTD - Spon Adr | -0.3% | -19.59% | 減碼 |
| 30 | CCK | Crown Holdings Inc | -0.4% | -41.67% | 減碼 |
| 31 | KMX | Carmax Inc | -0.5% | -18.73% | 減碼 |
| 32 | HEI-A | Heico Corp-class A | -0.5% | -43.10% | 減碼 |
| 33 | DNB | Dun & Bradstreet Holdings In | -0.7% | EXIT | 清倉 |
| 34 | ELV | Elevance Health Inc | -0.9% | -22.47% | 減碼 |
| 35 | SWKS | Skyworks Solutions Inc | -1% | -54.71% | 減碼 |
| 36 | QRVO | Qorvo Inc | -1.1% | -44.46% | 減碼 |
| 37 | EG | Everest Group, Ltd. | -1.4% | -6.30% | 減碼 |
| 38 | MA | Mastercard Inc - A | -1.4% | -23.76% | 減碼 |
| 39 | V | Visa Inc-class A Shares | -1.6% | -25.90% | 減碼 |
| 40 | CSGP | Costar Group Inc | -1.7% | -23.11% | 減碼 |
| 41 | CG | Carlyle Group Inc/the | -4.2% | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Vulcan Value Partners, LLC 在 Q2 2025 季度的美股持倉總市值約為 US$32.9億，共申報了 38 個公開持股部位。
在 Q2 2025 季度，Vulcan Value Partners, LLC 按市值排列的前三大核心持股分別為：MSFT (11.0%)、AMZN (7.7%)、EG (7.7%)。其中最大持股部位 MSFT 佔據整體投資組合約 11.0% 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
IQV
市值: US$1.1億
本季最大獲利了結 / 清倉標的
CG
前期市值: US$2.3億
在 Q2 2025 季度中，Vulcan Value Partners, LLC 共進行了 41 項持倉異動，包含新建倉 2 個部位、加碼 11 個部位、減碼 25 個部位以及清倉 3 個部位。 其中最大新建倉標的為 IQV。 本季清倉部位包含 CG。
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。