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: 0001390063
申報總市值
US$5.6億
US$5.6億
43 檔
29.1%
在 Q3 2025 的 13F 官方備案中，Westchester Capital Management, Inc. 管理的美股投資組合規模來到 US$5.6億，整體持股檔數為 43 檔。
數據顯示 Westchester Capital Management, Inc. 於 Q3 2025 季度持續回收資金，對 27 個既有部位進行裁減並清倉 1 個標的，組合整體流動性比重有所上升。
從部位權重觀察，前 5 大標的（包含 AAPL, MSFT, CAT）累計市值佔比達 29.1%，是驅動 Westchester Capital Management, Inc. 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
CRM
市值: US$1048.1萬
本季最大獲利了結 / 清倉標的
CVS
前期市值: US$678.5萬
| # | 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 | AAPL | Apple Inc | 股票-科技 | 8.54% | -0.06% | -1.33% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 7.94% | -0.59% | -1.26% | |
| 3 | CAT | Caterpillar Inc | 股票-工業 | 6.34% | +2.30% | -2.74% | |
| 4 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 6.17% | -0.36% | -0.74% | |
| 5 | WMT | Walmart Inc | 股票-非循環性消費 | 5.73% | -1.28% | -1.89% | |
| 6 | JPM | Jpmorgan Chase & Co | 股票-金融 | 5.72% | -0.10% | -2.88% | |
| 7 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 5.67% | +0.60% | -2.77% | |
| 8 | ABBV | Abbvie Inc | 股票-醫療保健 | 5.17% | +0.11% | -0.83% | |
| 9 | WM | Waste Management Inc | 股票-工業 | 4.15% | -0.62% | -1.46% | |
| 10 | BNY | Bank Of New York Mellon CORP | 股票-金融 | 4.15% | +0.18% | -2.99% | |
| 11 | CSCO | Cisco Systems Inc | 股票-科技 | 3.74% | +1.16% | -0.94% | |
| 12 | LMT | Lockheed Martin CORP | 股票-工業 | 3.45% | -1.03% | -0.41% | |
| 13 | MCD | Mcdonald's CORP | 股票-循環性消費 | 3.36% | -0.52% | -0.86% | |
| 14 | HD | Home Depot Inc | 股票-循環性消費 | 3.34% | -0.13% | -0.93% | |
| 15 | VLO | Valero Energy CORP | 股票-能源 | 3.13% | -0.35% | -0.73% | |
| 16 | XOM | Exxon Mobil CORP | 股票-能源 | 2.94% | -1.21% | -1.77% | |
| 17 | MCHP | Microchip Technology Inc | 股票-科技 | 2.71% | +0.63% | +3.07% | |
| 18 | JNJ | Johnson & Johnson | 股票-醫療保健 | 2.45% | -0.26% | -1.05% | |
| 19 | CRM | Salesforce Inc | 股票-科技 | 2.25% | -0.41% | -0.75% | |
| 20 | MDT | Medtronic plc | 股票-醫療保健 | 2.02% | -0.37% | -0.44% | |
| 21 | BDX | Becton Dickinson And Co | 股票-醫療保健 | 1.89% | -0.23% | -1.11% | |
| 22 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.85% | +0.06% | -1.96% | |
| 23 | PFE | Pfizer Inc | 股票-醫療保健 | 1.49% | -0.39% | -0.75% | |
| 24 | INTC | Intel CORP | 股票-科技 | 1.39% | +2.86% | -3.53% | |
| 25 | DIS | Walt Disney Co/the | 股票-通訊服務 | 1.12% | -0.13% | -2.65% | |
| 26 | T | At&t Inc | 股票-通訊服務 | 0.73% | -0.27% | -2.12% | |
| 27 | BA | Boeing Co/the | 股票-工業 | 0.46% | -0.02% | -0.21% | |
| 28 | NVDA | Nvidia CORP | 股票-科技 | 0.45% | +0.01% | — | |
| 29 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 0.42% | +0.01% | — | |
| 30 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.35% | -0.08% | +0.96% | |
| 31 | LOW | Lowe's Cos Inc | 股票-循環性消費 | 0.23% | -0.04% | -0.71% | |
| 32 | CAG | Conagra Brands Inc | 股票-非循環性消費 | 0.22% | -0.04% | -4.37% | |
| 33 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 0.08% | -0.01% | — | |
| 34 | VZ | Verizon Communications Inc | 股票-通訊服務 | 0.07% | -0.02% | — | |
| 35 | ITOT | Ishares Core S&p Total U.s. | ETF-其他 | 0.06% | +0.01% | — | |
| 36 | BND | Vanguard Total Bond Market | ETF-其他 | 0.05% | — | — | |
| 37 | AXP | American Express Co | 股票-金融 | 0.05% | — | — | |
| 38 | CVX | Chevron CORP | 股票-能源 | 0.03% | -0.01% | — | |
| 39 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投資等級公司債 | 0.03% | -0.01% | — | |
| 40 | VGSH | Vanguard Short-term Treasury | ETF-政府公債 | 0.03% | -0.01% | — | |
| 41 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.03% | — | — | |
| 42 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.02% | — | — | |
| 43 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.01% | +0.56% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | +1.4% | -2.77% | 減碼 |
| 2 | MSFT | Microsoft CORP | +1.2% | -1.26% | 減碼 |
| 3 | CAT | Caterpillar Inc | +1.1% | -2.74% | 減碼 |
| 4 | MCHP | Microchip Technology Inc | +0.4% | +3.07% | 加碼 |
| 5 | JPM | Jpmorgan Chase & Co | +0.4% | -2.88% | 減碼 |
| 6 | BNY | Bank Of New York Mellon CORP | +0.3% | -2.99% | 減碼 |
| 7 | VLO | Valero Energy CORP | +0.3% | -0.73% | 減碼 |
| 8 | INTC | Intel CORP | +0.3% | -3.53% | 減碼 |
| 9 | NVDA | Nvidia CORP | +0.2% | — | 不變 |
| 10 | BA | Boeing Co/the | 0% | -0.21% | 減碼 |
| 11 | GOOG | Alphabet Inc-cl C | 0% | — | 不變 |
| 12 | AXP | American Express Co | 0% | — | 不變 |
| 13 | VOO | Vanguard S&p 500 ETF | — | — | 減碼 |
| 14 | VCSH | Vanguard S/t CORP Bond ETF | — | — | 不變 |
| 15 | VGSH | Vanguard Short-term Treasury | — | — | 不變 |
| 16 | CVX | Chevron CORP | 0% | — | 不變 |
| 17 | VZ | Verizon Communications Inc | 0% | — | 減碼 |
| 18 | KO | Coca-cola Co/the | 0% | — | 不變 |
| 19 | LOW | Lowe's Cos Inc | 0% | -0.71% | 減碼 |
| 20 | WMT | Walmart Inc | 0% | -1.89% | 減碼 |
| 21 | AMZN | Amazon.com Inc | 0% | -1.96% | 減碼 |
| 22 | DIS | Walt Disney Co/the | -0.1% | -2.65% | 減碼 |
| 23 | PEP | Pepsico Inc | -0.1% | +0.96% | 減碼 |
| 24 | LMT | Lockheed Martin CORP | -0.1% | -0.41% | 加碼 |
| 25 | JNJ | Johnson & Johnson | -0.1% | -1.05% | 減碼 |
| 26 | HD | Home Depot Inc | -0.2% | -0.93% | 減碼 |
| 27 | AAPL | Apple Inc | -0.2% | -1.33% | 減碼 |
| 28 | CAG | Conagra Brands Inc | -0.2% | -4.37% | 減碼 |
| 29 | MDT | Medtronic plc | -0.2% | -0.44% | 加碼 |
| 30 | T | At&t Inc | -0.2% | -2.12% | 減碼 |
| 31 | CSCO | Cisco Systems Inc | -0.2% | -0.94% | 減碼 |
| 32 | PFE | Pfizer Inc | -0.2% | -0.75% | 減碼 |
| 33 | ABBV | Abbvie Inc | -0.2% | -0.83% | 加碼 |
| 34 | XOM | Exxon Mobil CORP | -0.7% | -1.77% | 減碼 |
| 35 | MCD | Mcdonald's CORP | -0.7% | -0.86% | 減碼 |
| 36 | BDX | Becton Dickinson And Co | -0.8% | -1.11% | 減碼 |
| 37 | WM | Waste Management Inc | -1% | -1.46% | 減碼 |
| 38 | BRK-B | Berkshire Hathaway Inc-cl B | -1.5% | -0.74% | 減碼 |
| 39 | CRM | Salesforce Inc | — | NEW | 新建倉 |
| 40 | CVS | Cvs Health CORP | — | EXIT | 清倉 |
| 41 | IVV | Ishares Core S&p 500 ETF | — | NEW | 新建倉 |
| 42 | ITOT | Ishares Core S&p Total U.s. | — | NEW | 新建倉 |
| 43 | BND | Vanguard Total Bond Market | — | NEW | 新建倉 |
| 44 | META | Meta Platforms Inc-class A | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Westchester Capital Management, Inc. 在 Q3 2025 季度的美股持倉總市值約為 US$5.6億，共申報了 43 個公開持股部位。
在 Q3 2025 季度，Westchester Capital Management, Inc. 按市值排列的前三大核心持股分別為：AAPL (8.5%)、MSFT (7.9%)、CAT (6.3%)。其中最大持股部位 AAPL 佔據整體投資組合約 8.5% 的權重。
在 Q3 2025 季度中，Westchester Capital Management, Inc. 共進行了 37 項持倉異動，包含新建倉 5 個部位、加碼 4 個部位、減碼 27 個部位以及清倉 1 個部位。 其中最大新建倉標的為 CRM。 本季清倉部位包含 CVS。
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。