Fisher Asset Management 13F, Q3 2025
Ken Fisher · quarter ending 30 September 2025 · filed 12 November 2025 · SEC CIK 850529
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 1,014 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| NVIDIA CORP COM | NVDA | $15.78B | 5.7% | +3% shares |
| APPLE INC | AAPL | $13.86B | 5.0% | unchanged |
| MICROSOFT CORP | MSFT | $12.87B | 4.7% | +2% shares |
| ALPHABET INC CLASS A | GOOGL | $9.12B | 3.3% | +2% shares |
| ISHARES TR 7 10YR TR BD ETF | IEF | $8.46B | 3.1% | +52% shares |
| AMAZON COM INC COM | AMZN | $7.27B | 2.6% | unchanged |
| VANGUARD FDS INTTERM CORP | VCIT | $6.78B | 2.5% | -21% shares |
| GOLDMAN SACHS GROUP INC | GS | $5.30B | 1.9% | unchanged |
| TAIWAN SEMICONDUCTOR MFG L ADR | TSM | $4.98B | 1.8% | unchanged |
| JPMORGAN CHASE AND CO | JPM | $4.96B | 1.8% | +2% shares |
| META PLATFORMS INC CL A | META | $4.77B | 1.7% | +2% shares |
| CATERPILLAR INC | CAT | $4.50B | 1.6% | unchanged |
| ASML HOLDING N V NYS | $4.21B | 1.5% | +3% shares | |
| BROADCOM INC COM | AVGO | $4.16B | 1.5% | unchanged |
| WALMART INC | WMT | $4.15B | 1.5% | unchanged |
| HOME DEPOT INC | HD | $4.10B | 1.5% | unchanged |
| MORGAN STANLEY | MS | $3.89B | 1.4% | unchanged |
| SAP SE ADR | SAP | $3.89B | 1.4% | +3% shares |
| RTX CORPORATION COM | RTX | $3.54B | 1.3% | +3% shares |
| EXXON MOBIL CORP | XOM | $3.52B | 1.3% | unchanged |
| ELI LILLY AND CO | LLY | $3.40B | 1.2% | +4% shares |
| CITIGROUP INC | C | $3.35B | 1.2% | +3% shares |
| CHEVRON CORP NEW | CVX | $3.28B | 1.2% | unchanged |
| SONY GROUP CORP ADR | SONY | $3.13B | 1.1% | +3% shares |
| AMERICAN EXPRESS CO | AXP | $2.95B | 1.1% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Fisher Asset Management opened 110 new positions, added to 345, trimmed 327, left 232 unchanged and exited 82. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 102 more
Exited
- SOUTHSTATE CORPORATIONwas $73.12M
- WEXwas $14.20M
- CVCOwas $12.03M
- PACIFIC PREMIER BANCORPwas $11.33M
- TOLwas $10.15M
- TERwas $9.29M
- ANSYS INCwas $6.00M
- MORNwas $5.07M
and 74 more
Added to
- NVDA+3%$15.78B
- MSFT+2%$12.87B
- GOOGL+2%$9.12B
- IEF+52%$8.46B
- JPM+2%$4.96B
- META+2%$4.77B
- ASML HOLDING N V NYS+3%$4.21B
- SAP+3%$3.89B
and 337 more
Trimmed
- VCIT-21%$6.78B
- BLK-3%$2.22B
- MRK-4%$2.02B
- INTU-9%$1.73B
- COF-5%$1.55B
- ADBE-7%$1.49B
- ING-6%$1.49B
- CNQ-14%$1.32B
and 319 more
Other quarters
Source: SEC Form 13F-HR, accession 0000850529-25-000011, filed by Fisher Asset Management, LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.