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 | |
|---|---|---|---|---|---|---|
426
CVS Health
CVS
$122B
| $7.33M | ﹤0.01% |
92,390
+3,291
| +4% | +$259K |
|
427
Enterprise Financial Services Corp
EFSC
$2.39B
| $7.19M | ﹤0.01% |
133,166
-27,705
| -17% | -$1.52M |
|
428
Dr. Reddy's Laboratories
RDY
$10.2B
| $7.1M | ﹤0.01% |
506,043
-1,175,368
| -70% | -$16.5M |
|
429
Altria Group
MO
$114B
| $6.95M | ﹤0.01% |
120,522
+10,245
| +9% | +$619K |
|
430
Fidelity MSCI Consumer Discretionary Index ETF
FDIS
$1.74B
| $6.89M | ﹤0.01% |
67,420
-1,186
| -2% | -$120K |
|
431
Workday
WDAY
$44.4B
| $6.87M | ﹤0.01% |
31,990
-2,340
| -7% | -$532K |
|
432
Cohen & Steers
CNS
$4.3B
| $6.87M | ﹤0.01% |
109,351
-1,983
| -2% | -$129K |
|
433
Vericel Corp
VCEL
$2.31B
| $6.76M | ﹤0.01% |
187,616
+18,002
| +11% | +$661K |
|
434
Exelixis
EXEL
$13.4B
| $6.74M | ﹤0.01% |
153,724
+106,912
| +228% | +$4.42M |
|
435
STAG Industrial
STAG
$7.19B
| $6.74M | ﹤0.01% |
183,240
+751
| +0.4% | +$28.5K |
|
436
iShares S&P 100 ETF
OEF
$20.6B
| $6.59M | ﹤0.01% |
19,220
-1,743
| -8% | -$592K |
|
437
iShares ESG Aware 1-5 Year USD Corporate Bond ETF
SUSB
$1.3B
| $6.55M | ﹤0.01% |
259,438
+17,902
| +7% | +$452K |
|
438
Diamondrock Hospitality Co
DRH
$2.56B
| $6.52M | ﹤0.01% |
727,615
-57,616
| -7% | -$491K |
|
439
iShares Broad USD High Yield Corporate Bond ETF
USHY
$28.7B
| $6.41M | ﹤0.01% |
171,477
-21,761
| -11% | -$815K |
|
440
Walt Disney
DIS
$181B
| $6.27M | ﹤0.01% |
55,125
-2,382
| -4% | -$262K |
|
441
First Industrial Realty Trust
FR
$8.44B
| $6.23M | ﹤0.01% |
108,796
+16
| +0% | +$893 |
|
|
XHR
442
Xenia Hotels & Resorts
XHR
$1.79B
| $6.15M | ﹤0.01% |
434,993
-48,226
| -10% | -$658K |
|
443
State Street Energy Select Sector SPDR ETF
XLE
$37.7B
| $6.12M | ﹤0.01% |
136,969
+6,705
| +5% | +$299K |
|
444
State Street Financial Select Sector SPDR ETF
XLF
$58.2B
| $6.06M | ﹤0.01% |
110,724
+89
| +0.1% | +$4.74K |
|
445
IBM
IBM
$224B
| $6.03M | ﹤0.01% |
20,347
+1,089
| +6% | +$326K |
|
446
AT&T
T
$163B
| $5.98M | ﹤0.01% |
240,607
+110,261
| +85% | +$2.79M |
|
447
Pebblebrook Hotel Trust
PEB
$2.05B
| $5.83M | ﹤0.01% |
515,374
-49,006
| -9% | -$540K |
|
448
ENI
E
$77.5B
| $5.79M | ﹤0.01% |
152,608
-1,079
| -0.7% | -$39.6K |
|
449
First Solar
FSLR
$26.9B
| $5.77M | ﹤0.01% |
22,078
-2,861
| -11% | -$722K |
|
450
iShares Russell 1000 Growth ETF
IWF
$128B
| $5.71M | ﹤0.01% |
48,236
-4,284
| -8% | -$507K |
|
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.