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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
+10.59%
1 Year Est. Return
+32.77%
3 Year Est. Return
+180.45%
5 Year Est. Return
+217.25%
10 Year Est. Return
–
AUM
$476M
AUM Growth
+$41.5M
(+9.5%)
Cap. Flow
+$1.9M
Cap. Flow
% of AUM
0.4%
Top 10 Holdings %
Top 10 Hldgs %
38.73%
Holding
123
New
–
Increased
2
Reduced
2
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Salesforce
CRM
|
+$5.04M |
| 2 |
Occidental Petroleum
OXY
|
+$2.26M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$5.23M |
| 2 |
WBA
Walgreens Boots Alliance
WBA
|
+$172K |
| 3 |
Solventum
SOLV
|
+$73 |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.36% |
| 2 | Financials | 22.97% |
| 3 | Communication Services | 11.17% |
| 4 | Industrials | 8.97% |
| 5 | Consumer Discretionary | 8.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Invesco
IVZ
$13.9B
| $5.86M | 1.23% |
255,393
| – | – |
|
27
Pitney Bowes
PBI
$2.28B
| $5.83M | 1.23% |
511,059
| – | – |
|
28
Johnson & Johnson
JNJ
$629B
| $5.36M | 1.13% |
28,900
| – | – |
|
29
Morgan Stanley
MS
$342B
| $4.77M | 1% |
30,000
| – | – |
|
30
Costco
COST
$421B
| $4.64M | 0.98% |
5,016
| – | – |
|
31
Walt Disney
DIS
$178B
| $4.17M | 0.88% |
36,407
| – | – |
|
32
Ford
F
$55.1B
| $4.13M | 0.87% |
345,157
| – | – |
|
33
First Horizon
FHN
$12.3B
| $4.07M | 0.86% |
180,082
| – | – |
|
34
ConocoPhillips
COP
$153B
| $3.9M | 0.82% |
41,281
| – | – |
|
35
Lowe's Companies
LOW
$121B
| $3.85M | 0.81% |
15,320
| – | – |
|
36
Amgen
AMGN
$225B
| $3.84M | 0.81% |
13,609
| – | – |
|
37
TJX Companies
TJX
$169B
| $3.76M | 0.79% |
26,000
| – | – |
|
38
Caterpillar
CAT
$393B
| $3.72M | 0.78% |
7,800
| – | – |
|
39
American Express
AXP
$232B
| $3.65M | 0.77% |
11,000
| – | – |
|
40
Spotify
SPOT
$101B
| $3.49M | 0.73% |
5,000
| – | – |
|
41
Chevron
CVX
$386B
| $3.45M | 0.72% |
22,200
| – | – |
|
42
IBM
IBM
$222B
| $3.36M | 0.71% |
11,900
| – | – |
|
43
Micron Technology
MU
$1.03T
| $3.31M | 0.7% |
19,800
| – | – |
|
44
Franklin Resources
BEN
$17.1B
| $3.25M | 0.68% |
140,480
| – | – |
|
45
Tesla
TSLA
$1.29T
| $3.02M | 0.63% |
6,782
| – | – |
|
46
Honeywell
HON
$74.6B
| $2.97M | 0.62% |
14,960
| – | – |
|
47
Allstate
ALL
$64.7B
| $2.96M | 0.62% |
13,800
| – | – |
|
48
Verizon
VZ
$195B
| $2.96M | 0.62% |
67,263
| – | – |
|
49
Automatic Data Processing
ADP
$107B
| $2.94M | 0.62% |
10,000
| – | – |
|
50
Pfizer
PFE
$150B
| $2.84M | 0.6% |
111,527
| – | – |
|
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Gifford Fong Associates's Q3 2025 Portfolio in Review
As of Q3 2025, Gifford Fong Associates held 123 positions worth $476M, up 9.5% from $434M the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Trading was light in Q3 2025: portfolio turnover was 0.81%. Gifford Fong Associates opened no new positions and exited 1, leaving the 123-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 30% a quarter earlier, followed by Financials and Communication Services.
- Gifford Fong Associates added most to Salesforce in Q3 2025, an estimated $5.04M increase.
- Gifford Fong Associates's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $5.23M.
- Gifford Fong Associates fully exited Walgreens Boots Alliance in Q3 2025, selling an estimated $172K.
- Gifford Fong Associates's ten largest holdings make up 39% of its $476M portfolio in Q3 2025.
- Gifford Fong Associates opened 0 new positions and closed 1 in Q3 2025.
- Gifford Fong Associates's portfolio value rose 9.5% quarter-over-quarter to $476M.
Based on Gifford Fong Associates's 13F filing for Q3 2025, filed 3 Nov 2025.