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: 0001222765
申報總市值
US$10.8億
US$10.8億
91 檔
17.4%
在 Q4 2025 的 13F 官方備案中，Water Island Capital LLC 管理的美股投資組合規模來到 US$10.8億，整體持股檔數為 91 檔。
在 Q4 2025 期間，Water Island Capital LLC 展現了靈活的資產再平衡步調，透過出清 54 檔弱勢或達到目標價部位，將資金轉置於 61 檔新建倉標的之中。
從部位權重觀察，前 5 大標的（包含 GTLS, CYBERARK SOFTWARE LTD. CMN, NSC）累計市值佔比達 17.4%，是驅動 Water Island Capital LLC 該季度整體投資組合績效表現的核心支柱。
| # | 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 | GTLS | Chart Industries Inc | 股票-工業 | 4.19% | +0.24% | +48.09% | |
| 2 | ✓ | Cyberark Software LTD. Cmn | 股票-其他 | 4.17% | — | +0.99% | |
| 3 | NSC | Norfolk Southern CORP | 股票-工業 | 4.02% | -0.02% | +2.58% | |
| 4 | EA | Electronic Arts Inc | 股票-通訊服務 | 3.98% | -0.87% | +104.13% | |
| 5 | EXK | Exact Sciences CORP | 股票-原物料 | 3.83% | — | — | |
| 6 | HO1 | Hologic Inc | 股票-其他 | 3.76% | -4.73% | EXIT | |
| 7 | CMA | Comerica Inc | 股票-其他 | 3.73% | — | — | |
| 8 | TXNM | Txnm Energy Inc | 股票-公用事業 | 3.66% | -0.50% | +27.90% | |
| 9 | CDTX | Cidara Therapeutics Inc | 股票-其他 | 3.59% | — | — | |
| 10 | WBD | Warner Bros Discovery Inc | 股票-通訊服務 | 3.54% | -0.64% | — | |
| 11 | JHG | Janus Henderson Group plc | 股票-金融 | 3.32% | -0.98% | — | |
| 12 | ✓ | Avadel Pharmaceuticals PLC ADR | 股票-其他 | 2.53% | — | — | |
| 13 | SDA | Sealed Air CORP | 股票-循環性消費 | 2.50% | -0.26% | EXIT | |
| 14 | TGNA | Tegna Inc | 股票-其他 | 2.47% | — | -3.57% | |
| 15 | AHL-PD | Aspen Insurance Holdings Limited | 股票-其他 | 2.29% | — | -7.67% | |
| 16 | CWAN | Clearwater Analytics Holdings, Inc. | 股票-科技 | 2.28% | -0.29% | EXIT | |
| 17 | SYU1 | Synovus Financial CORP | 股票-其他 | 2.18% | — | -4.23% | |
| 18 | 8QR | Confluent Inc-class A | 股票-其他 | 2.09% | — | — | |
| 19 | AL | Air Lease CORP | 股票-其他 | 2.07% | -0.53% | EXIT | |
| 20 | SPY | State Street SPDR S&P 500 ETF Trust | ETF-大型股與成長 | 1.84% | +3.13% | NEW | |
| 21 | ✓ | Cidara Therapeutics Inc | 股票-其他 | 1.83% | — | — | |
| 22 | DBRG | Digitalbridge Group Inc | 股票-金融 | 1.54% | -0.22% | — | |
| 23 | TECK | Teck Resources Limited | 股票-原物料 | 1.51% | — | +39.36% | |
| 24 | JAMF | Jamf Holding CORP | 股票-其他 | 1.38% | — | — | |
| 25 | CADE | Cadence Bank | 股票-其他 | 1.37% | — | — | |
| 26 | 9HI | Hillenbrand Inc | 股票-其他 | 1.36% | — | — | |
| 27 | PLYM | Plymouth Industrial Reit Inc | 股票-其他 | 1.32% | — | — | |
| 28 | ✓ | Avidity Biosciences Inc | 股票-其他 | 1.31% | — | — | |
| 29 | RNAGBP | Avidity Biosciences Inc | 股票-其他 | 1.31% | — | — | |
| 30 | ✓ | Kenvue Inc | 股票-其他 | 1.29% | -1.35% | EXIT | |
| 31 | KVUE | Kenvue Inc | 股票-非循環性消費 | 1.28% | -0.64% | — | |
| 32 | ✓ | Csg Systems International In | 股票-其他 | 1.25% | -0.18% | EXIT | |
| 33 | AM6 | Amicus Therapeutics Inc | 股票-其他 | 1.08% | -0.17% | EXIT | |
| 34 | ✓ | Hillenbrand Inc | 股票-其他 | 1.08% | — | — | |
| 35 | DVAX | Dynavax Technologies CORP | 股票-其他 | 1.01% | — | — | |
| 36 | QRVO | Qorvo Inc | 股票-科技 | 1.00% | +0.17% | NEW | |
| 37 | FRGE | Forge Global Holdings Inc | 股票-其他 | 0.95% | — | — | |
| 38 | CATBUSD | Astria Therapeutics Inc | 股票-其他 | 0.87% | — | — | |
| 39 | 628 | Semrush Holdings Inc-a | 股票-其他 | 0.81% | -0.18% | EXIT | |
| 40 | AXTA | Axalta Coating Systems Ltd. | 股票-原物料 | 0.72% | -0.33% | — | |
| 41 | ✓ | Amicus Therapeutics Inc | 股票-其他 | 0.69% | — | — | |
| 42 | ✓ | Realogy Hldgs CORP Com | 股票-其他 | 0.68% | — | -2.58% | |
| 43 | CSGS 3.875 09-15-28債券 | Csg Systems Internationa | 債券 | 0.64% | -0.68% | EXIT | |
| 44 | SPOT 0 03-15-26債券 | Spotify USA Inc | 債券 | 0.61% | — | — | |
| 45 | BA 6 10-15-27債券 | Boeing Co/the | 債券 | 0.60% | — | — | |
| 46 | ALEX | Alexander & Baldwin Inc | 股票-其他 | 0.59% | — | — | |
| 47 | RPD 0.25 03-15-27債券 | Rapid7 Inc | 債券 | 0.55% | +0.19% | +120.06% | |
| 48 | CFLT 0 01-15-27債券 | Confluent Inc | 債券 | 0.52% | — | — | |
| 49 | BSY 0.375 07-01-27債券 | Bentley Systems | 債券 | 0.51% | -0.08% | — | |
| 50 | ✓ | Hologic Inc | 股票-其他 | 0.49% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | EA | Electronic Arts Inc | +1.7% | +104.13% | 加碼 |
| 2 | GTLS | Chart Industries Inc | +1% | +48.09% | 加碼 |
| 3 | TXNM | Txnm Energy Inc | +0.5% | +27.90% | 加碼 |
| 4 | TECK | Teck Resources Limited | +0.4% | +39.36% | 加碼 |
| 5 | RPD 0.25 03-15-27債券 | Rapid7 Inc | +0.3% | +120.06% | 加碼 |
| 6 | ✓ | Realogy Hldgs CORP Com | +0.1% | -2.58% | 減碼 |
| 7 | IMXI | International Money Express | — | +2.67% | 加碼 |
| 8 | 75Z | Soho House & Co Inc | — | +7.96% | 加碼 |
| 9 | CIO | City Office Reit Inc | — | +13.22% | 加碼 |
| 10 | NWE | Northwestern Energy Group In | 0% | +0.03% | 加碼 |
| 11 | GLAD 5.875 10-01-30債券 | Gladstone Capital CORP | 0% | — | 不變 |
| 12 | EVH 3.5 12-01-29債券 | Evolent Health Inc | -0.1% | — | 不變 |
| 13 | BL 0 03-15-26債券 | Blackline Inc | -0.1% | — | 不變 |
| 14 | UTE0 | Cantaloupe Inc | -0.1% | -18.09% | 減碼 |
| 15 | TXNM 5.75 06-01-54債券 | Txnm Energy Inc | -0.1% | — | 不變 |
| 16 | HALO 0.25 03-01-27債券 | Halozyme Therapeutics In | -0.1% | — | 不變 |
| 17 | RDFN 0.5 04-01-27債券 | Redfin CORP | -0.1% | — | 不變 |
| 18 | BSY 0.375 07-01-27債券 | Bentley Systems | -0.1% | — | 不變 |
| 19 | BA 6 10-15-27債券 | Boeing Co/the | -0.1% | — | 不變 |
| 20 | SPOT 0 03-15-26債券 | Spotify USA Inc | -0.3% | — | 不變 |
| 21 | AL | Air Lease CORP | -0.3% | -0.74% | 減碼 |
| 22 | SYU1 | Synovus Financial CORP | -0.4% | -4.23% | 減碼 |
| 23 | ✓ | Anywhere Real Estate Inc | -0.5% | -84.43% | 減碼 |
| 24 | PRA | Proassurance CORP | -0.5% | -77.67% | 減碼 |
| 25 | AHL-PD | Aspen Insurance Holdings Limited | -0.6% | -7.67% | 減碼 |
| 26 | TGNA | Tegna Inc | -0.7% | -3.57% | 減碼 |
| 27 | NSC | Norfolk Southern CORP | -0.7% | +2.58% | 加碼 |
| 28 | ✓ | Cyberark Software LTD. Cmn | -1.1% | +0.99% | 加碼 |
| 29 | DAY | Dayforce Inc | -1.3% | -74.17% | 減碼 |
| 30 | STAA | Staar Surgical Co | -2.1% | -89.69% | 減碼 |
| 31 | EXK | Exact Sciences CORP | — | NEW | 新建倉 |
| 32 | HO1 | Hologic Inc | — | NEW | 新建倉 |
| 33 | CMA | Comerica Inc | — | NEW | 新建倉 |
| 34 | CDTX | Cidara Therapeutics Inc | — | NEW | 新建倉 |
| 35 | WBD | Warner Bros Discovery Inc | — | NEW | 新建倉 |
| 36 | VRNA | Verona Pharma PLC - Adr | — | EXIT | 清倉 |
| 37 | JHG | Janus Henderson Group plc | — | NEW | 新建倉 |
| 38 | AVDX | Avidxchange Holdings Inc | — | EXIT | 清倉 |
| 39 | INFA1EUR | Informatica Inc - Class A | — | EXIT | 清倉 |
| 40 | VBTX | Veritex Holdings Inc | — | EXIT | 清倉 |
| 41 | VTY | Verint Systems Inc | — | EXIT | 清倉 |
| 42 | ✓ | Avadel Pharmaceuticals PLC ADR | — | NEW | 新建倉 |
| 43 | SDA | Sealed Air CORP | — | NEW | 新建倉 |
| 44 | PTB | Potbelly CORP | — | EXIT | 清倉 |
| 45 | ✓ | Wns Holdings LTD | — | EXIT | 清倉 |
| 46 | CWAN | Clearwater Analytics Holdings, Inc. | — | NEW | 新建倉 |
| 47 | ✓ | Synovus Finl CORP | — | EXIT | 清倉 |
| 48 | 8QR | Confluent Inc-class A | — | NEW | 新建倉 |
| 49 | ✓ | Core Scientific Inc New | — | EXIT | 清倉 |
| 50 | ✓ | Meridianlink Inc | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，Water Island Capital LLC 在 Q4 2025 季度的美股持倉總市值約為 US$10.8億，共申報了 91 個公開持股部位。
在 Q4 2025 季度，Water Island Capital LLC 按市值排列的前三大核心持股分別為：GTLS (4.2%)、CYBERARK SOFTWARE LTD. CMN (4.2%)、NSC (4.0%)。其中最大持股部位 GTLS 佔據整體投資組合約 4.2% 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
EXK
市值: US$3554.7萬
本季最大獲利了結 / 清倉標的
VRNA
前期市值: US$3096.5萬
在 Q4 2025 季度中，Water Island Capital LLC 共進行了 136 項持倉異動，包含新建倉 61 個部位、加碼 11 個部位、減碼 10 個部位以及清倉 54 個部位。 其中最大新建倉標的為 EXK。 本季清倉部位包含 VRNA。
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。