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
40 檔
70.3%
Vulcan Value Partners, LLC 在 Q3 2025 季度的美股部位總計估值為 US$32.9億，分散於 40 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q3 2025 期間，Vulcan Value Partners, LLC 展現了靈活的資產再平衡步調，透過出清 4 檔弱勢或達到目標價部位，將資金轉置於 5 檔新建倉標的之中。
從部位權重觀察，前 5 大標的（包含 MSFT, EG, UNH）累計市值佔比達 70.3%，是驅動 Vulcan Value Partners, LLC 該季度整體投資組合績效表現的核心支柱。
本季最大新建倉標的
IQV
市值: US$1.3億
本季最大獲利了結 / 清倉標的
CG
前期市值: US$2.3億
| # | 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 | 11.13% | +0.33% | -2.72% | |
| 2 | EG | Everest Group, Ltd. | 股票-金融 | 9.00% | -0.52% | +13.85% | |
| 3 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 7.50% | -5.70% | -2.00% | |
| 4 | AMZN | Amazon.com Inc | 股票-循環性消費 | 7.49% | -1.61% | -3.06% | |
| 5 | CRM | Salesforce Inc | 股票-科技 | 6.73% | -0.19% | +46.43% | |
| 6 | TDG | Transdigm Group Inc | 股票-工業 | 5.96% | +1.25% | +7.79% | |
| 7 | CSGP | Costar Group Inc | 股票-房地產 | 5.86% | — | +3.10% | |
| 8 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 4.86% | +0.66% | -37.14% | |
| 9 | MA | Mastercard Inc - A | 股票-金融 | 4.81% | +2.78% | +6.47% | |
| 10 | V | Visa Inc-class A Shares | 股票-金融 | 4.65% | -0.28% | +12.44% | |
| 11 | ARES | Ares Management CORP - A | 股票-金融 | 3.91% | +1.56% | +10.60% | |
| 12 | ELV | Elevance Health Inc | 股票-醫療保健 | 2.46% | -0.47% | +42.71% | |
| 13 | IQV | Iqvia Holdings Inc | 股票-醫療保健 | 2.35% | +0.41% | +1.82% | |
| 14 | TPG | Tpg Inc | 股票-金融 | 2.04% | +0.79% | -1.33% | |
| 15 | QRVO | Qorvo Inc | 股票-科技 | 1.98% | -0.04% | -9.33% | |
| 16 | NICE | Nice LTD - Spon Adr | 股票-科技 | 1.97% | -0.35% | -10.44% | |
| 17 | KMX | Carmax Inc | 股票-循環性消費 | 1.90% | -0.96% | +135.17% | |
| 18 | FISV | Fiserv Inc | 股票-其他 | 1.87% | -0.29% | — | |
| 19 | MEDP | Medpace Holdings Inc | 股票-醫療保健 | 1.87% | -0.30% | -30.36% | |
| 20 | SWK | Stanley Black & Decker Inc | 股票-工業 | 1.56% | — | +1.69% | |
| 21 | HEI-A | Heico Corp-class A | 股票-其他 | 1.24% | +0.21% | +3.36% | |
| 22 | JLL | Jones Lang Lasalle Inc | 股票-房地產 | 1.07% | +0.03% | -58.85% | |
| 23 | LFUS | Littelfuse Inc | 股票-科技 | 0.92% | -0.46% | -23.31% | |
| 24 | CCK | Crown Holdings Inc | 股票-循環性消費 | 0.75% | — | -1.10% | |
| 25 | RYAN | Ryan Specialty Holdings Inc | 股票-金融 | 0.65% | +3.19% | — | |
| 26 | SSNC | Ss&c Technologies Holdings | 股票-科技 | 0.63% | — | -16.85% | |
| 27 | G | Genpact Limited | 股票-科技 | 0.57% | -0.26% | +6.30% | |
| 28 | ABM | Abm Industries Inc | 股票-其他 | 0.56% | -0.04% | -5.13% | |
| 29 | CIGI | Colliers Intl Gr-subord Vot | 股票-其他 | 0.53% | -0.12% | -27.65% | |
| 30 | SWKS | Skyworks Solutions Inc | 股票-科技 | 0.43% | — | -61.37% | |
| 31 | ✓ | Ituran Location And Control | 股票-其他 | 0.39% | -0.41% | -7.42% | |
| 32 | MLKN | Millerknoll Inc | 股票-其他 | 0.36% | +0.01% | -0.36% | |
| 33 | PRG | Prog Holdings Inc | 股票-其他 | 0.35% | -0.03% | -11.15% | |
| 34 | TKR | Timken Co | 股票-工業 | 0.34% | — | -10.74% | |
| 35 | SDA | Sealed Air CORP | 股票-循環性消費 | 0.30% | — | -43.75% | |
| 36 | FBIN | Fortune Brands Innovations I | 股票-工業 | 0.29% | +0.01% | -7.90% | |
| 37 | VRTS | Virtus Investment Partners | 股票-其他 | 0.27% | — | -8.30% | |
| 38 | PK | Park Hotels & Resorts Inc | 股票-房地產 | 0.26% | -0.33% | EXIT | |
| 39 | MIDD | Middleby CORP | 股票-工業 | 0.17% | — | +141.44% | |
| 40 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | — | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | UNH | Unitedhealth Group Inc | +6% | -2.00% | 加碼 |
| 2 | ARES | Ares Management CORP - A | +3.5% | +10.60% | 加碼 |
| 3 | CRM | Salesforce Inc | +3.1% | +46.43% | 加碼 |
| 4 | MSFT | Microsoft CORP | +1.3% | -2.72% | 減碼 |
| 5 | AMZN | Amazon.com Inc | +1.2% | -3.06% | 加碼 |
| 6 | TPG | Tpg Inc | +0.4% | -1.33% | 加碼 |
| 7 | SWK | Stanley Black & Decker Inc | +0.2% | +1.69% | 加碼 |
| 8 | KMX | Carmax Inc | +0.1% | +135.17% | 加碼 |
| 9 | TKR | Timken Co | +0.1% | -10.74% | 加碼 |
| 10 | MIDD | Middleby CORP | +0.1% | +141.44% | 加碼 |
| 11 | LFUS | Littelfuse Inc | +0.1% | -23.31% | 減碼 |
| 12 | FBIN | Fortune Brands Innovations I | +0.1% | -7.90% | 加碼 |
| 13 | PK | Park Hotels & Resorts Inc | +0.1% | +25.40% | 加碼 |
| 14 | MEDP | Medpace Holdings Inc | 0% | -30.36% | 減碼 |
| 15 | PRG | Prog Holdings Inc | 0% | -11.15% | 減碼 |
| 16 | VRTS | Virtus Investment Partners | 0% | -8.30% | 減碼 |
| 17 | MLKN | Millerknoll Inc | -0.1% | -0.36% | 減碼 |
| 18 | SDA | Sealed Air CORP | -0.1% | -43.75% | 減碼 |
| 19 | EG | Everest Group, Ltd. | -0.1% | +13.85% | 加碼 |
| 20 | CIGI | Colliers Intl Gr-subord Vot | -0.1% | -27.65% | 減碼 |
| 21 | ✓ | Ituran Location And Control | -0.1% | -7.42% | 減碼 |
| 22 | G | Genpact Limited | -0.2% | +6.30% | 減碼 |
| 23 | ABM | Abm Industries Inc | -0.2% | -5.13% | 減碼 |
| 24 | CCK | Crown Holdings Inc | -0.5% | -1.10% | 減碼 |
| 25 | TDG | Transdigm Group Inc | -0.5% | +7.79% | 加碼 |
| 26 | HEI-A | Heico Corp-class A | -0.6% | +3.36% | 減碼 |
| 27 | GOOG | Alphabet Inc-cl C | -0.6% | -37.14% | 減碼 |
| 28 | ELV | Elevance Health Inc | -0.6% | +42.71% | 加碼 |
| 29 | NICE | Nice LTD - Spon Adr | -1.1% | -10.44% | 減碼 |
| 30 | MA | Mastercard Inc - A | -1.1% | +6.47% | 減碼 |
| 31 | QRVO | Qorvo Inc | -1.3% | -9.33% | 減碼 |
| 32 | V | Visa Inc-class A Shares | -1.3% | +12.44% | 減碼 |
| 33 | CSGP | Costar Group Inc | -1.3% | +3.10% | 減碼 |
| 34 | JLL | Jones Lang Lasalle Inc | -1.4% | -58.85% | 減碼 |
| 35 | SWKS | Skyworks Solutions Inc | -1.7% | -61.37% | 減碼 |
| 36 | CG | Carlyle Group Inc/the | — | EXIT | 清倉 |
| 37 | CBRE | Cbre Group Inc - A | — | EXIT | 清倉 |
| 38 | IQV | Iqvia Holdings Inc | — | NEW | 新建倉 |
| 39 | FISV | Fiserv Inc | — | NEW | 新建倉 |
| 40 | DNB | Dun & Bradstreet Holdings In | — | EXIT | 清倉 |
| 41 | RYAN | Ryan Specialty Holdings Inc | — | NEW | 新建倉 |
| 42 | SSNC | Ss&c Technologies Holdings | — | NEW | 新建倉 |
| 43 | CWK | Cushman & Wakefield Limited | — | EXIT | 清倉 |
| 44 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Vulcan Value Partners, LLC 在 Q3 2025 季度的美股持倉總市值約為 US$32.9億，共申報了 40 個公開持股部位。
在 Q3 2025 季度，Vulcan Value Partners, LLC 按市值排列的前三大核心持股分別為：MSFT (11.1%)、EG (9.0%)、UNH (7.5%)。其中最大持股部位 MSFT 佔據整體投資組合約 11.1% 的權重。
在 Q3 2025 季度中，Vulcan Value Partners, LLC 共進行了 44 項持倉異動，包含新建倉 5 個部位、加碼 14 個部位、減碼 21 個部位以及清倉 4 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。
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。
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。