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GFA
Gifford Fong Associates Portfolio holdings
AUM
$501M
1-Year Est. Return
32.77%
This Fund
S&P 500
This Quarter
Est. Return
+6.15%
1 Year Est. Return
+32.77%
3 Year Est. Return
+180.45%
5 Year Est. Return
+217.25%
10 Year Est. Return
–
AUM
$501M
AUM Growth
+$25.6M
(+5.4%)
Cap. Flow
+$4.68M
Cap. Flow
% of AUM
0.93%
Top 10 Holdings %
Top 10 Hldgs %
38.52%
Holding
124
New
2
Increased
2
Reduced
2
Closed
–
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Salesforce
CRM
|
+$2.49M |
| 2 |
Advanced Micro Devices
AMD
|
+$2.25M |
| 3 |
Q
Qnity Electronics Inc
Q
|
+$198K |
| 4 |
SOLS
Solstice Advanced Materials
SOLS
|
+$166K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DuPont de Nemours
DD
|
+$243K |
| 2 |
Honeywell
HON
|
+$168K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.89% |
| 2 | Financials | 23.21% |
| 3 | Communication Services | 11.2% |
| 4 | Industrials | 8.8% |
| 5 | Consumer Discretionary | 8.04% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Visa
V
$684B
| $6.09M | 1.22% |
17,375
| – | – |
|
27
Johnson & Johnson
JNJ
$618B
| $5.98M | 1.19% |
28,900
| – | – |
|
28
Micron Technology
MU
$930B
| $5.65M | 1.13% |
19,800
| – | – |
|
29
Pitney Bowes
PBI
$2.4B
| $5.4M | 1.08% |
511,059
| – | – |
|
30
Morgan Stanley
MS
$331B
| $5.33M | 1.06% |
30,000
| – | – |
|
31
Ford
F
$58.5B
| $4.53M | 0.9% |
345,157
| – | – |
|
32
Caterpillar
CAT
$375B
| $4.47M | 0.89% |
7,800
| – | – |
|
33
Amgen
AMGN
$208B
| $4.45M | 0.89% |
13,609
| – | – |
|
34
Costco
COST
$422B
| $4.33M | 0.86% |
5,016
| – | – |
|
35
First Horizon
FHN
$12.2B
| $4.3M | 0.86% |
180,082
| – | – |
|
36
Walt Disney
DIS
$167B
| $4.14M | 0.83% |
36,407
| – | – |
|
37
American Express
AXP
$227B
| $4.07M | 0.81% |
11,000
| – | – |
|
38
TJX Companies
TJX
$174B
| $3.99M | 0.8% |
26,000
| – | – |
|
39
ConocoPhillips
COP
$147B
| $3.86M | 0.77% |
41,281
| – | – |
|
40
Lowe's Companies
LOW
$117B
| $3.69M | 0.74% |
15,320
| – | – |
|
41
IBM
IBM
$211B
| $3.52M | 0.7% |
11,900
| – | – |
|
42
Chevron
CVX
$392B
| $3.38M | 0.67% |
22,200
| – | – |
|
43
Franklin Resources
BEN
$17.6B
| $3.36M | 0.67% |
140,480
| – | – |
|
44
Tesla
TSLA
$1.23T
| $3.05M | 0.61% |
6,782
| – | – |
|
45
Spotify
SPOT
$103B
| $2.9M | 0.58% |
5,000
| – | – |
|
46
Allstate
ALL
$68B
| $2.87M | 0.57% |
13,800
| – | – |
|
47
Ciena
CIEN
$53.4B
| $2.87M | 0.57% |
12,255
| – | – |
|
48
Pfizer
PFE
$143B
| $2.78M | 0.55% |
111,527
| – | – |
|
|
49
Honeywell
HON
$77B
| $2.75M | 0.55% |
14,100
-860
| -6% | -$168K |
|
50
Deere & Co
DE
$160B
| $2.75M | 0.55% |
5,900
| – | – |
|
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Gifford Fong Associates's Q4 2025 Portfolio in Review
As of Q4 2025, Gifford Fong Associates held 124 positions worth $501M, up 5.4% from $476M the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Trading was light in Q4 2025: portfolio turnover was 1.6%. Gifford Fong Associates opened 2 new positions and made no exits, leaving the 124-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 31% a quarter earlier, followed by Financials and Communication Services.
- Gifford Fong Associates's largest Q4 2025 buy was Qnity Electronics Inc: 2,332 shares worth $190K.
- Gifford Fong Associates added most to Salesforce in Q4 2025, an estimated $2.49M increase.
- Gifford Fong Associates's biggest Q4 2025 reduction was DuPont de Nemours, cutting an estimated $243K.
- Gifford Fong Associates's ten largest holdings make up 39% of its $501M portfolio in Q4 2025.
- Gifford Fong Associates opened 2 new positions and closed 0 in Q4 2025.
- Gifford Fong Associates's portfolio value rose 5.4% quarter-over-quarter to $501M.
Based on Gifford Fong Associates's 13F filing for Q4 2025, filed 10 Feb 2026.