Ken Fisher Fisher Asset Management
Ken Fisher is the founder and executive chairman of Fisher Investments, a global money management firm overseeing billions of dollars in assets. He gained early recognition for pioneering the use of the price-to-sales ratio in stock analysis and wrote the long-running “Portfolio Strategy” column in Forbes. Over the years, Fisher has authored numerous books on investing and wealth management, many of which have become bestsellers.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cisco
CSCO
|
+$331M |
| 2 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$324M |
| 3 |
Salesforce
CRM
|
+$301M |
| 4 |
Adobe
ADBE
|
+$294M |
| 5 |
Vanguard Intermediate-Term Corporate Bond ETF
VCIT
|
+$216M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vodafone
VOD
|
+$422M |
| 2 |
Lloyds Banking Group
LYG
|
+$252M |
| 3 |
Barclays
BCS
|
+$135M |
| 4 |
FIYY
Barclays ETN+ FI Enhanced Global High Yield ETN Series B
FIYY
|
+$72M |
| 5 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$62.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 13.53% |
| 3 | Healthcare | 12.53% |
| 4 | Consumer Discretionary | 8% |
| 5 | Consumer Staples | 5.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
SAP
SAP
$209B
| $689M | 0.94% |
6,926,072
+170,359
| +3% | +$18.1M |
|
27
HSBC
HSBC
$367B
| $662M | 0.9% |
16,697,158
+188,963
| +1% | +$7.57M |
|
28
Oracle
ORCL
$367B
| $657M | 0.9% |
14,543,137
+420,553
| +3% | +$20.2M |
|
|
NVO
29
Novo Nordisk
NVO
$228B
| $654M | 0.89% |
28,405,870
+811,062
| +3% | +$18M |
|
30
Novartis
NVS
$301B
| $653M | 0.89% |
8,492,349
+205,963
| +2% | +$16M |
|
31
Merck
MRK
$321B
| $644M | 0.88% |
8,830,779
+398,421
| +5% | +$28.1M |
|
|
SI
32
DELISTED
SIEMENS AKTIENGESELLSCHAFT ADS
SI
| $633M | 0.86% |
11,368,884
+232,634
| +2% | +$12.9M |
|
|
FFEU
33
DELISTED
Barclays ETN+ FI Enhanced Europe 50 ETN Series C
FFEU
| $617M | 0.84% |
8,324,140
+701,536
| +9% | +$57.8M |
|
34
UBS Group
UBS
$175B
| $604M | 0.83% |
48,827,266
+773,209
| +2% | +$10.5M |
|
35
AstraZeneca
AZN
$266B
| $568M | 0.78% |
7,482,620
+724,258
| +11% | +$56.6M |
|
36
Costco
COST
$423B
| $567M | 0.77% |
2,783,103
+102,384
| +4% | +$22.9M |
|
37
Petrobras
PBR
$123B
| $546M | 0.75% |
41,992,260
+1,403,304
| +3% | +$20.3M |
|
38
iShares MBS ETF
MBB
$39.1B
| $541M | 0.74% |
5,172,101
+214,734
| +4% | +$22.1M |
|
39
GSK
GSK
$104B
| $539M | 0.74% |
11,282,048
+72,986
| +0.7% | +$3.59M |
|
40
JPMorgan Chase
JPM
$933B
| $530M | 0.72% |
5,426,978
+208,780
| +4% | +$22.2M |
|
41
Chevron
CVX
$383B
| $517M | 0.71% |
4,755,742
+143,056
| +3% | +$16.6M |
|
42
Vale
VALE
$63.8B
| $495M | 0.68% |
37,531,858
+3,410,652
| +10% | +$48.7M |
|
43
ING
ING
$99.8B
| $472M | 0.64% |
44,291,190
+345,276
| +0.8% | +$4.15M |
|
|
44
Salesforce
CRM
$148B
| $468M | 0.64% |
3,416,140
+2,188,122
| +178% | +$301M |
|
45
RTX Corp
RTX
$289B
| $462M | 0.63% |
6,898,172
+233,491
| +4% | +$18.3M |
|
46
Rio Tinto
RIO
$158B
| $460M | 0.63% |
9,487,110
+211,584
| +2% | +$10.3M |
|
47
HDFC Bank
HDB
$124B
| $458M | 0.63% |
17,691,948
+119,476
| +0.7% | +$2.82M |
|
48
Eli Lilly
LLY
$1.03T
| $444M | 0.61% |
3,834,527
+107,857
| +3% | +$12M |
|
49
Banco Santander
SAN
$202B
| $440M | 0.6% |
102,466,515
+3,404,818
| +3% | +$15.4M |
|
50
AB InBev
BUD
$166B
| $416M | 0.57% |
6,322,922
-123,657
| -2% | -$9.46M |
|
Similar funds
Ken Fisher's Q4 2018 Portfolio in Review
As of Q4 2018, Ken Fisher held 954 positions worth $73.2B, down 11% from $82.4B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Ken Fisher deployed $3.18B of net new capital in Q4 2018, opening 84 new positions and adding to 428 existing holdings. Its largest new stake was Weibo: 2,764,345 shares worth $162M.
By sector, the portfolio is most concentrated in Technology at 17% of assets, up from 16% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Vodafone, an estimated $422M trimmed.
- Ken Fisher's largest Q4 2018 buy was Weibo: 2,764,345 shares worth $162M.
- Ken Fisher added most to Cisco in Q4 2018, an estimated $331M increase.
- Ken Fisher's biggest Q4 2018 reduction was Vodafone, cutting an estimated $422M.
- Ken Fisher fully exited Luxottica Group in Q4 2018, selling an estimated $51M.
- Ken Fisher's ten largest holdings make up 26% of its $73.2B portfolio in Q4 2018.
- Ken Fisher opened 84 new positions and closed 88 in Q4 2018.
- Ken Fisher's portfolio value fell 11% quarter-over-quarter to $73.2B.
Based on Fisher Asset Management's 13F filing for Q4 2018, filed 25 Jan 2019.