Fisher Asset Management Portfolio holdings
Fisher Asset Management, LLC, operating as Fisher Investments, was founded in 1979 by Ken Fisher and is headquartered in Plano, Texas, following a relocation from Camas, Washington, in 2023. As an independent, fee-only investment adviser, it manages over $275 billion in assets for individual and institutional investors globally as of June 2024, offering tailored portfolio management through its Private Client Group and Institutional Group. Known for its active, top-down investment approach guided by a five-member Investment Policy Committee, the firm emphasizes asset allocation and has expanded internationally with offices in eight countries, including a wholly owned subsidiary, Fisher Investments Europe Limited, in London. With Ken Fisher as executive chairman and co-chief investment officer, succeeded as CEO by Damian Ornani in 2016, Fisher Investments blends a legacy of innovation with a client-first philosophy, recently spinning off its 401(k) Solutions into Fisher Retirement Solutions in 2024.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares 7-10 Year Treasury Bond ETF
IEF
|
+$4.56B |
| 2 |
Broadcom
AVGO
|
+$441M |
| 3 |
Vanguard Intermediate-Term Corporate Bond ETF
VCIT
|
+$281M |
| 4 |
NVIDIA
NVDA
|
+$278M |
| 5 |
Microsoft
MSFT
|
+$230M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MBS ETF
MBB
|
+$2.05B |
| 2 |
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
|
+$1.6B |
| 3 |
Lennox International
LII
|
+$284M |
| 4 |
Itaú Unibanco
ITUB
|
+$247M |
| 5 |
Intuit
INTU
|
+$160M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.35% |
| 2 | Financials | 19.13% |
| 3 | Healthcare | 9.52% |
| 4 | Industrials | 9.41% |
| 5 | Communication Services | 6.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.3T
| $16B | 5.48% |
86,057,537
+1,493,962
| +2% | +$278M |
|
2
Apple
AAPL
$4.56T
| $15B | 5.12% |
55,146,752
+704,293
| +1% | +$189M |
|
|
3
iShares 7-10 Year Treasury Bond ETF
IEF
$47.2B
| $13B | 4.43% |
134,832,971
+47,170,533
| +54% | +$4.56B |
|
|
4
Microsoft
MSFT
$3.71T
| $12.2B | 4.18% |
25,300,410
+458,014
| +2% | +$230M |
|
5
Alphabet (Google) Class A
GOOGL
$4.38T
| $11.9B | 4.07% |
38,106,033
+583,078
| +2% | +$167M |
|
6
Amazon
AMZN
$2.94T
| $7.75B | 2.65% |
33,593,612
+489,924
| +1% | +$112M |
|
|
7
Vanguard Intermediate-Term Corporate Bond ETF
VCIT
$66.2B
| $7.03B | 2.4% |
83,976,379
+3,339,026
| +4% | +$281M |
|
8
Goldman Sachs
GS
$301B
| $5.95B | 2.03% |
6,771,556
+110,134
| +2% | +$89.9M |
|
9
TSMC
TSM
$2.17T
| $5.51B | 1.88% |
18,146,900
+313,773
| +2% | +$92.1M |
|
10
Caterpillar
CAT
$394B
| $5.44B | 1.86% |
9,493,266
+54,069
| +0.6% | +$30.1M |
|
11
JPMorgan Chase
JPM
$947B
| $5.16B | 1.76% |
16,018,656
+296,213
| +2% | +$91.7M |
|
12
Eli Lilly
LLY
$1.06T
| $4.95B | 1.69% |
4,606,327
+153,265
| +3% | +$147M |
|
13
ASML
ASML
$655B
| $4.8B | 1.64% |
4,484,949
+132,353
| +3% | +$138M |
|
|
14
Broadcom
AVGO
$2T
| $4.79B | 1.64% |
13,844,206
+1,232,466
| +10% | +$441M |
|
15
Walmart Inc
WMT
$892B
| $4.53B | 1.54% |
40,626,852
+328,229
| +0.8% | +$35.2M |
|
16
Morgan Stanley
MS
$336B
| $4.44B | 1.52% |
25,018,335
+524,189
| +2% | +$87.4M |
|
17
Meta Platforms (Facebook)
META
$1.5T
| $4.36B | 1.49% |
6,609,892
+113,474
| +2% | +$75.8M |
|
18
RTX Corp
RTX
$301B
| $4B | 1.36% |
21,800,188
+625,994
| +3% | +$109M |
|
19
Citigroup
C
$224B
| $3.95B | 1.35% |
33,887,285
+846,772
| +3% | +$87.9M |
|
20
ExxonMobil
XOM
$642B
| $3.79B | 1.29% |
31,497,852
+303,359
| +1% | +$35.2M |
|
21
SAP
SAP
$230B
| $3.58B | 1.22% |
14,728,881
+179,550
| +1% | +$45.7M |
|
22
Home Depot
HD
$349B
| $3.49B | 1.19% |
10,154,469
+24,176
| +0.2% | +$8.86M |
|
23
American Express
AXP
$231B
| $3.34B | 1.14% |
9,023,482
+141,936
| +2% | +$50.8M |
|
24
Chevron
CVX
$371B
| $3.27B | 1.12% |
21,471,919
+319,859
| +2% | +$48.7M |
|
25
Freeport-McMoran
FCX
$95.5B
| $3.24B | 1.11% |
63,880,757
+622,343
| +1% | +$27M |
|
Similar funds
Fisher Asset Management's Q4 2025 Portfolio in Review
As of Q4 2025, Fisher Asset Management held 1,126 positions worth $293B, up 6% from $276B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Fisher Asset Management's Q4 2025 filing shows 112 new, 480 increased, 403 reduced and 109 closed positions. Its largest new stake was Belden: 369,776 shares worth $43.1M. The largest sale was iShares MBS ETF, an estimated $2.05B.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 26% a quarter earlier, followed by Financials and Healthcare.
- Fisher Asset Management's largest Q4 2025 buy was Belden: 369,776 shares worth $43.1M.
- Fisher Asset Management added most to iShares 7-10 Year Treasury Bond ETF in Q4 2025, an estimated $4.56B increase.
- Fisher Asset Management's biggest Q4 2025 reduction was iShares MBS ETF, cutting an estimated $2.05B.
- Fisher Asset Management fully exited Infosys in Q4 2025, selling an estimated $146M.
- Fisher Asset Management's ten largest holdings make up 34% of its $293B portfolio in Q4 2025.
- Fisher Asset Management opened 112 new positions and closed 109 in Q4 2025.
- Fisher Asset Management's portfolio value rose 6% quarter-over-quarter to $293B.
Based on Fisher Asset Management's 13F filing for Q4 2025, filed 9 Feb 2026.