Fisher Asset Management
Fisher Asset Management, founded and led by renowned investor Ken Fisher, manages approximately $294.89 billion in assets. Ken Fisher's investment strategy is known for its focus on proprietary research and behavioral finance. The firm generally employs a top-down approach, emphasizing macroeconomic factors to select investment opportunities globally.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| NVDA | $15.44B | 5.24% | $174.40 | $195.84 | +12.3% | 5.2% | |
| AAPL | $14.32B | 4.86% | $253.56 | $312.07 | +23.1% | 4.9% | |
| IEF | $14.03B | 4.76% | $94.50 | $93.74 | -0.8% | 4.8% | |
| GOOGL | $11.23B | 3.81% | $287.39 | $368.45 | +28.2% | 3.8% | |
| MSFT | $9.60B | 3.26% | $369.37 | $389.74 | +5.5% | 3.3% | |
| VCIT | $7.38B | 2.50% | $81.75 | $81.93 | +0.2% | 2.5% | |
| AMZN | $7.12B | 2.41% | $208.27 | $245.74 | +18.0% | 2.4% | |
| CAT | $6.93B | 2.35% | $707.11 | $927.67 | +31.2% | 2.4% | |
| TSM | $6.29B | 2.13% | $337.16 | $429.18 | +27.3% | 2.1% | |
| ASML | $6.08B | 2.06% | $1317.95 | $1729.78 | +31.3% | 2.1% | |
| GS | $5.78B | 1.96% | $845.99 | $1042.63 | +23.2% | 2.0% | |
| XOM | $5.48B | 1.86% | $168.52 | $141.60 | -16.0% | 1.9% | |
| WMT | $5.09B | 1.73% | $124.04 | $111.81 | -9.9% | 1.7% | |
| JPM | $5.01B | 1.70% | $291.35 | $338.81 | +16.3% | 1.7% | |
| AVGO | $4.55B | 1.54% | $309.02 | $367.00 | +18.8% | 1.5% | |
| CVX | $4.53B | 1.54% | $205.02 | $174.36 | -14.9% | 1.5% | |
| LLY | $4.45B | 1.51% | $918.19 | $1235.70 | +34.6% | 1.5% | |
| RTX | $4.29B | 1.46% | $192.10 | $200.38 | +4.3% | 1.5% | |
| MS | $4.21B | 1.43% | $163.69 | $221.81 | +35.5% | 1.4% | |
| C | $3.99B | 1.35% | $112.88 | $141.10 | +25.0% | 1.4% | |
| FCX | $3.83B | 1.30% | $58.65 | $59.03 | +0.7% | 1.3% | |
| META | $3.82B | 1.30% | $571.60 | $617.14 | +8.0% | 1.3% | |
| HD | $3.39B | 1.15% | $328.89 | $345.67 | +5.1% | 1.1% | |
| COST | $3.21B | 1.09% | $994.99 | $950.06 | -4.5% | 1.1% | |
| MRK | $3.18B | 1.08% | $119.43 | $129.07 | +8.1% | 1.1% | |
| BP | $3.13B | 1.06% | $46.47 | $38.69 | -16.7% | 1.1% | |
| PFE | $2.95B | 1.00% | $27.62 | $24.08 | -12.8% | 1.0% | |
| AXP | $2.80B | 0.95% | $300.70 | $351.28 | +16.8% | 0.9% | |
| BAC | $2.80B | 0.95% | $48.50 | $60.03 | +23.8% | 0.9% | |
| UBS | $2.58B | 0.88% | $38.09 | $51.53 | +35.3% | 0.9% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| AZN | $2.14B | |
| PBPH | $716.7M | |
| PBOG | $675.9M | |
| PBEU | $436.2M | |
| PIPR | $82.5M | |
| CGON | $31.5M | |
| PNFP | $14.9M | |
| RYN | $8.7M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| AZN | $1.99B | |
| TCOM | $174.8M | |
| PIPRXXXX | $54.6M | |
| WBS | $45.1M | |
| CADE | $29.6M | |
| HUBG | $28.4M | |
| GO | $25.7M | |
| ACLX | $21.1M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ |
|---|---|---|---|
| FLJP | $148.3M | +45877.8% | |
| CSTM | $13.1M | +5202.8% | |
| PANW | $39.8M | +3501.2% | |
| ABBV | $1.83B | +1347.0% | |
| KRYS | $6.2M | +633.9% | |
| MIRM | $7.5M | +560.9% | |
| SCHB | $1.5M | +518.1% | |
| ATRO | $20.0M | +475.3% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ |
|---|---|---|---|
| JHG | $-80.4M | -99.6% | |
| JEF | $-130.5M | -99.3% | |
| ADBE | $-1356.3M | -96.8% | |
| BSX | $-843.0M | -95.1% | |
| ABT | $-1356.1M | -93.4% | |
| NKE | $-23.9M | -87.9% | |
| SYK | $-945.0M | -85.3% | |
| LITE | $-135.4M | -83.5% |
Quarter Activity
During the quarter, Fisher Asset Management initiated significant new positions in AstraZeneca (AZN) valued at approximately $2139 million and PBPH worth $717 million, while also exiting its previous holdings in AZN valued at $1986 million and Trip.com (TCOM) at $175 million. The fund increased its stake notably in FLJP by $45878 million and CSTM by $5203 million, indicating a major shift towards these assets. Concurrently, there was a reduction in holdings in Janus Henderson Group (JHG) and Jefferies Financial Group (JEF), each decreased by approximately $100 million and $99 million respectively.
AI Commentary
<p>Fisher Asset Management's portfolio showcases a strong concentration in technology and financial instruments, with top holdings including NVIDIA Corp (NVDA) at $15,445M, Apple Inc (AAPL) at $14,321M, and Alphabet Inc Class A (GOOGL) at $11,229M. These technology giants collectively form a significant portion of the fund's assets, indicating a bullish stance on the tech sector. Additionally, the inclusion of iShares 7-10 Year Treasury Bond ETF (IEF) and Vanguard Intermediate-Term Corporate Bond ETF (VCIT) highlights a strategic allocation towards fixed income, balancing the portfolio against potential tech market volatility.</p> <p>The recent quarter's activity suggests a nuanced adjustment in Fisher's investment strategy. The opening and closing of substantial positions in AstraZeneca (AZN) at $2139M and $1986M respectively, alongside significant increases in positions like FLJP and CSTM, indicate a dynamic approach to both geographical diversification and sector-specific growth opportunities. The closure of positions in companies like Trip.com (TCOM) and reductions in firms like Adobe (ADBE) reflect a recalibration possibly due to shifting market conditions or sector realignments. These changes signal a responsive investment strategy that adapts to global economic trends and sector performances.</p>