Fisher Asset Management 13F, Q4 2025
Ken Fisher · quarter ending 31 December 2025 · filed 9 February 2026 · SEC CIK 850529
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 1,016 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| NVIDIA CORP COM | NVDA | $16.05B | 5.5% | unchanged |
| APPLE INC | AAPL | $14.99B | 5.1% | unchanged |
| ISHARES TR 7 10YR TR BD ETF | IEF | $12.97B | 4.4% | +54% shares |
| MICROSOFT CORP | MSFT | $12.24B | 4.2% | unchanged |
| ALPHABET INC CLASS A | GOOGL | $11.93B | 4.1% | unchanged |
| AMAZON COM INC COM | AMZN | $7.75B | 2.6% | unchanged |
| VANGUARD FDS INT TERM CORP | VCIT | $7.03B | 2.4% | +4% shares |
| GOLDMAN SACHS GROUP INC | GS | $5.95B | 2.0% | unchanged |
| TAIWAN SEMICONDUCTOR MFG L ADR | TSM | $5.51B | 1.9% | unchanged |
| CATERPILLAR INC | CAT | $5.44B | 1.9% | unchanged |
| JPMORGAN CHASE CO | JPM | $5.16B | 1.8% | unchanged |
| ELI LILLY CO | LLY | $4.95B | 1.7% | +3% shares |
| ASML HOLDING N V NYS | $4.80B | 1.6% | +3% shares | |
| BROADCOM INC COM | AVGO | $4.79B | 1.6% | +10% shares |
| WALMART INC | WMT | $4.53B | 1.5% | unchanged |
| MORGAN STANLEY | MS | $4.44B | 1.5% | +2% shares |
| META PLATFORMS INC CL A | META | $4.36B | 1.5% | unchanged |
| RTX CORPORATION COM | RTX | $4.00B | 1.4% | +3% shares |
| CITIGROUP INC | C | $3.95B | 1.4% | +3% shares |
| EXXON MOBIL CORP | XOM | $3.79B | 1.3% | unchanged |
| SAP SE ADR | SAP | $3.58B | 1.2% | unchanged |
| HOME DEPOT INC | HD | $3.49B | 1.2% | unchanged |
| AMERICAN EXPRESS CO | AXP | $3.34B | 1.1% | unchanged |
| CHEVRON CORP NEW | CVX | $3.27B | 1.1% | unchanged |
| FREEPORT MCMORAN INC | FCX | $3.24B | 1.1% | unchanged |
What changed since Q3 2025
Against the Q3 2025 filing, Fisher Asset Management opened 116 new positions, added to 373, trimmed 333, left 194 unchanged and exited 114. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- UL$1.35B
- TOTALENERGIES SE ACT$1.26B
- BDC$43.10M
- BELFB$42.68M
- FRESH DEL MONTE PRODUCE INC$21.17M
- ACLXGBX$21.05M
- CVLT$20.35M
- BBIO$17.78M
and 108 more
Exited
- UNILEVER PLC ADRwas $1.34B
- TOTALENERGIES SE ADR ADRwas $1.19B
- INFYwas $145.69M
- POOLwas $57.07M
- SAMwas $48.94M
- AGIOwas $34.93M
- HAEwas $32.29M
- KSAwas $31.71M
and 106 more
Added to
- IEF+54%$12.97B
- VCIT+4%$7.03B
- LLY+3%$4.95B
- ASML HOLDING N V NYS+3%$4.80B
- AVGO+10%$4.79B
- MS+2%$4.44B
- RTX+3%$4.00B
- C+3%$3.95B
and 365 more
Trimmed
- ISRG-3%$2.14B
- BLK-4%$1.95B
- COF-5%$1.68B
- INTU-10%$1.51B
- ING-7%$1.49B
- ABT-5%$1.43B
- ADBE-6%$1.39B
- SAN-10%$1.14B
and 325 more
Other quarters
Source: SEC Form 13F-HR, accession 0000850529-26-000002, 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.