Fisher Asset Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Ken Fisher's Fisher Asset Management reported 986 stock positions worth $251.9 billion. Its top holding was Nvidia (NVDA) at 5.2% of the portfolio, followed by Microsoft (MSFT, 4.8%) and Apple (AAPL, 4.4%). Compared with Q1 2025, it opened 94 new positions, sold out of 107, added to 338 and reduced 521. The biggest buy was Goldman Sachs (GS, shares +4%) and the biggest sale Eli Lilly (LLY, shares −21%).
- Most Recent 13F
- Q2 2026
- Notable People
- Ken Fisher
- Location
- PLANO, TX
- CIK
- 0000850529
- Portfolio Value
- $251.9B (Q2 2025)
- SEC Filing
- 0000850529-25-000005 ↗ filed Aug 13, 2025
Holdings Value
Holdings 986 stocks · $251.9B
| NVDA Nvidia Corp. | 5.18% | 82,511,422 | $13.0B | Reduce -9.1% |
| MSFT Microsoft Corp. | 4.80% | 24,297,369 | $12.1B | Reduce -3.6% |
| AAPL Apple Inc. | 4.36% | 53,555,986 | $11.0B | Add +0.5% |
| VCIT Vanguard Int-Term Corporate | 3.37% | 102,253,864 | $8.5B | Add +5.0% |
| AMZN Amazon.com Inc. | 2.83% | 32,482,019 | $7.1B | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 2.57% | 36,685,062 | $6.5B | Reduce -0.9% |
| IEF iShares 7-10 Year Treasury B | 2.19% | 57,650,891 | $5.5B | Add +4.9% |
| META Meta Platforms Inc. Class A | 1.86% | 6,356,667 | $4.7B | Reduce -1.5% |
| GS Goldman Sachs Group Inc. | 1.84% | 6,539,746 | $4.6B | Add +3.6% |
| JPM JPMorgan Chase & Co. | 1.77% | 15,375,410 | $4.5B | Reduce -16.3% |
| SAP Sap SE-Sponsored ADR | 1.71% | 14,157,321 | $4.3B | Add +9.0% |
| TSM Taiwan Semiconductor-SP ADR | 1.59% | 17,664,956 | $4.0B | Reduce -1.9% |
| WMT Walmart Inc. | 1.54% | 39,664,412 | $3.9B | Reduce -0.6% |
| CAT Caterpillar Inc. | 1.45% | 9,418,321 | $3.7B | Add +2.3% |
| HD Home Depot Inc. | 1.45% | 9,933,082 | $3.6B | Add +2.6% |
| AVGO Broadcom Inc. | 1.35% | 12,374,445 | $3.4B | Reduce -0.3% |
| ASML ASML Holding NV-NY Reg SHS | 1.35% | 4,244,254 | $3.4B | Add +6.3% |
| MS Morgan Stanley | 1.34% | 24,045,186 | $3.4B | Add +3.2% |
| LLY Eli Lilly & Co. | 1.33% | 4,302,467 | $3.4B | Reduce -20.9% |
| XOM Exxon Mobil Corp. | 1.32% | 30,853,708 | $3.3B | Add +1.4% |
| COST Costco Wholesale Corp. | 1.22% | 3,110,415 | $3.1B | Reduce -0.7% |
| RTX RTX Corp. | 1.19% | 20,599,190 | $3.0B | Add +4.2% |
| CVX Chevron Corp. | 1.18% | 20,826,805 | $3.0B | Add +1.9% |
| AXP American Express Co. | 1.11% | 8,734,960 | $2.8B | Reduce -2.6% |
| C Citigroup Inc. | 1.09% | 32,161,457 | $2.7B | Add +3.2% |
| NFLX Netflix Inc. | 1.07% | 2,019,418 | $2.7B | Reduce -2.1% |
| FCX Freeport-McMoran Inc. | 1.07% | 62,358,715 | $2.7B | Add +3.2% |
| SONY Sony Group Corp. - SP ADR | 1.05% | 101,878,066 | $2.7B | Add +19.0% |
| V Visa Inc. Class A | 1.02% | 7,260,321 | $2.6B | Add +1.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.97% | 51,405,673 | $2.4B | Add +5.2% |
| MA Mastercard Inc. Class A | 0.95% | 4,249,922 | $2.4B | Add +0.2% |
| INTU Intuit Inc. | 0.87% | 2,772,454 | $2.2B | Reduce -14.0% |
| ISRG Intuitive Surgical Inc. | 0.83% | 3,848,737 | $2.1B | Reduce -4.9% |
| BLK BlackRock Inc. | 0.82% | 1,966,303 | $2.1B | Reduce -0.9% |
| MBB iShares MBS ETF | 0.79% | 21,297,627 | $2.0B | Add +1.2% |
| MRK Merck & Co. Inc. | 0.79% | 25,013,697 | $2.0B | Add +2.3% |
| UBS UBS Group AG-Reg | 0.78% | 58,424,089 | $2.0B | Add +16.9% |
| SCHW Schwab (charles) Corp. | 0.77% | 21,376,690 | $2.0B | Add +1.0% |
| ORCL Oracle Corp. | 0.77% | 8,887,747 | $1.9B | Reduce -49.5% |
| BP BP PLC-Spons ADR | 0.77% | 64,436,996 | $1.9B | Add +5.7% |
| SPOT Spotify Technology SA | 0.76% | 2,489,013 | $1.9B | Add +22.7% |
| SHEL Shell PLC-ADR | 0.74% | 26,392,845 | $1.9B | Add +3.5% |
| ADBE Adobe Inc. | 0.70% | 4,567,817 | $1.8B | Reduce -1.7% |
| JCI Johnson Controls Internation | 0.70% | 16,604,983 | $1.8B | Add +2.7% |
| PG The Procter & Gamble Co. | 0.69% | 10,967,513 | $1.7B | Reduce -4.1% |
| NOW ServiceNow Inc. | 0.67% | 1,636,288 | $1.7B | Reduce -2.5% |
| COF Capital One Financial Corp. | 0.65% | 7,653,681 | $1.6B | Reduce -6.3% |
| UNH Unitedhealth Group Inc. | 0.65% | 5,213,472 | $1.6B | Reduce -0.7% |
| ABT Abbott Laboratories | 0.64% | 11,862,823 | $1.6B | Add +1.8% |
| BCS Barclays PLC-Spons ADR | 0.61% | 83,062,892 | $1.5B | Add +13.2% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.61% | 57,950,223 | $1.5B | Add +5.9% |
| CNQ Canadian Natural Resources | 0.60% | 47,939,585 | $1.5B | Add +4.5% |
| UNP Union Pacific Corp. | 0.58% | 6,398,715 | $1.5B | Add +0.7% |
| AZN Astrazeneca PLC-Spons ADR | 0.57% | 20,695,979 | $1.4B | Add +2.6% |
| SYK Stryker Corp. | 0.54% | 3,450,236 | $1.4B | Reduce -5.6% |
| ING ING Groep N.V.-Sponsored ADR | 0.53% | 60,893,207 | $1.3B | Reduce -4.1% |
| UL Unilever PLC | 0.52% | 21,578,648 | $1.3B | Add +10.2% |
| DE Deere & Co. | 0.52% | 2,580,228 | $1.3B | Add +10.1% |
| COP Conocophillips | 0.51% | 14,393,875 | $1.3B | Add +1.6% |
| JNJ Johnson & Johnson | 0.50% | 8,272,472 | $1.3B | Reduce -5.0% |
| TTE Totalenergies SE -Spon ADR | 0.50% | 20,486,665 | $1.3B | Reduce -3.2% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.49% | 89,513,174 | $1.2B | Add +17.4% |
| GSK GSK PLC-Spon ADR | 0.48% | 31,338,405 | $1.2B | Add +4.3% |
| TM Toyota Motor Corp. -Spon ADR | 0.47% | 6,827,634 | $1.2B | Add +1.7% |
| PFE Pfizer Inc. | 0.47% | 48,390,268 | $1.2B | Add +2.0% |
| CRM Salesforce Inc. | 0.46% | 4,227,039 | $1.2B | Reduce -47.5% |
| EUFN iShares MSCI Europe Financia | 0.44% | 35,345,109 | $1.1B | Reduce -7.8% |
| BA The Boeing Co. | 0.44% | 5,327,443 | $1.1B | Add +3.8% |
| CARR Carrier Global Corp. | 0.44% | 15,048,555 | $1.1B | Add +3.1% |
| BHP BHP Group Ltd.-Spon ADR | 0.44% | 22,842,252 | $1.1B | Add +1.9% |
| SBUX Starbucks Corp. | 0.43% | 11,919,980 | $1.1B | Reduce -0.9% |
| TMO Thermo Fisher Scientific Inc. | 0.43% | 2,689,803 | $1.1B | Reduce -0.9% |
| RIO Rio Tinto PLC-Spon ADR | 0.43% | 18,562,934 | $1.1B | Add +4.2% |
| CMI Cummins Inc. | 0.43% | 3,275,045 | $1.1B | Add +4.5% |
| PEP Pepsico Inc. | 0.42% | 7,956,402 | $1.1B | Reduce -2.7% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.41% | 17,043,371 | $1.0B | Add +9.2% |
| SAN Banco Santander SA-Spon ADR | 0.39% | 117,592,077 | $976.0M | Reduce -8.4% |
| MUB iShares National Muni Bond E | 0.37% | 8,914,935 | $931.4M | Add +43.0% |
| ITW Illinois Tool Works | 0.35% | 3,595,146 | $888.9M | Add +2.3% |
| TT Trane Technologies PLC | 0.35% | 1,998,440 | $874.1M | Reduce -0.3% |
| VOO Vanguard S&P 500 ETF | 0.34% | 1,521,821 | $864.4M | Reduce -0.6% |
| NVS Novartis AG-Sponsored ADR | 0.34% | 7,121,414 | $861.8M | Add +5.3% |
| DHR Danaher Corp. | 0.34% | 4,340,636 | $857.4M | Reduce -6.3% |
| BSX Boston Scientific Corp. | 0.33% | 7,705,384 | $827.6M | Add +13.9% |
| CSX CSX Corp. | 0.33% | 25,272,260 | $824.6M | Add +0.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.32% | 1,448,522 | $799.1M | Reduce -4.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.30% | 11,000,916 | $759.3M | Reduce -7.3% |
| RY Royal Bank of Canada | 0.30% | 5,723,581 | $752.9M | Add +1218.0% |
| DB Deutsche Bank AG-Registered | 0.30% | 25,471,401 | $745.8M | Add +35.0% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.29% | 10,663,933 | $732.8M | Add +4.5% |
| EMR Emerson Electric Co. | 0.27% | 5,193,448 | $692.4M | Add +43.0% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.25% | 41,422,112 | $636.7M | Reduce -5.0% |
| SNY Sanofi-ADR | 0.25% | 13,135,366 | $634.6M | Reduce -3.2% |
| LYG Lloyds Banking Group PLC-ADR | 0.25% | 148,828,623 | $632.5M | Add +12.6% |
| BABA Alibaba Group Holding-SP ADR | 0.24% | 5,267,441 | $597.4M | Add +8.0% |
| IXJ iShares Global Healthcare Et | 0.24% | 6,903,794 | $594.3M | Reduce -5.3% |
| IR Ingersoll-Rand Inc. | 0.23% | 6,913,924 | $575.1M | Add +0.6% |
| CCI Crown Castle Inc. | 0.22% | 5,349,349 | $549.5M | Add +1.7% |
| NWG Natwest Group PLC -Spon ADR | 0.21% | 37,531,392 | $531.1M | Add +13.1% |
| VEA Vanguard Ftse Developed ETF | 0.21% | 9,282,597 | $529.2M | Add +13.0% |
Portfolio Sells Q1 2025 → Q2 2025
| LLY Eli Lilly & Co. | Reduce -20.9% | 1.33% | −0.61 |
| UNH Unitedhealth Group Inc. | Reduce -0.7% | 0.65% | −0.54 |
| CRM Salesforce Inc. | Reduce -47.5% | 0.46% | −0.48 |
| EW Edwards Lifesciences Corp. | Reduce -96.9% | 0.01% | −0.31 |
| ORCL Oracle Corp. | Reduce -49.5% | 0.77% | −0.29 |
| JPM JPMorgan Chase & Co. | Reduce -16.3% | 1.77% | −0.18 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.9% | 0.43% | −0.15 |
| PG The Procter & Gamble Co. | Reduce -4.1% | 0.69% | −0.15 |
| JNJ Johnson & Johnson | Reduce -5.0% | 0.50% | −0.12 |
| PEP Pepsico Inc. | Reduce -2.7% | 0.42% | −0.11 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.2% | 0.50% | −0.09 |
| SBUX Starbucks Corp. | Reduce -0.9% | 0.43% | −0.08 |
| SNY Sanofi-ADR | Reduce -3.2% | 0.25% | −0.07 |
| DHR Danaher Corp. | Reduce -6.3% | 0.34% | −0.07 |
| ADBE Adobe Inc. | Reduce -1.7% | 0.70% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -0.7% | 1.22% | −0.06 |
| VGIT Vanguard Intermediate-Term T | Reduce -32.3% | 0.10% | −0.06 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -7.3% | 0.30% | −0.06 |
| IXJ iShares Global Healthcare Et | Reduce -5.3% | 0.24% | −0.05 |
| AOS Smith (a.o.) Corp. | Reduce -97.8% | 0.00% | −0.05 |
| PPH Vaneck Pharmaceutical ETF | Reduce -98.8% | 0.00% | −0.05 |
| SYK Stryker Corp. | Reduce -5.6% | 0.54% | −0.05 |
| KBH KB Home | Reduce -62.2% | 0.02% | −0.04 |
| ISRG Intuitive Surgical Inc. | Reduce -4.9% | 0.83% | −0.04 |
| EUFN iShares MSCI Europe Financia | Reduce -7.8% | 0.44% | −0.03 |
| INFY Infosys Ltd.-SP ADR | Reduce -23.1% | 0.07% | −0.03 |
| MDT Medtronic PLC | Reduce -70.0% | 0.01% | −0.03 |
| JD Jd.com Inc.-ADR | Reduce -12.3% | 0.04% | −0.03 |
| PCAR Paccar Inc. | Reduce -0.9% | 0.19% | −0.02 |
| MTH Meritage Homes Corp. | Reduce -49.1% | 0.02% | −0.02 |
| TMHC Taylor Morrison Home Corp. | Reduce -63.4% | 0.01% | −0.02 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -2.5% | 0.07% | −0.02 |
| KO The Coca-Cola Co. | Reduce -0.8% | 0.18% | −0.02 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -6.2% | 0.13% | −0.02 |
| TENB Tenable Holdings Inc. | Sold out | 0.00% | −0.02 |
| IHE iShares US Pharmaceuticals E | Reduce -5.3% | 0.08% | −0.02 |
| ASX Ase Technology Holding -ADR | Reduce -51.3% | 0.02% | −0.02 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -8.5% | 0.06% | −0.02 |
| AMD Advanced Micro Devices | Reduce -43.4% | 0.04% | −0.02 |
| XLY SS Consumer Disc Select Sect | Reduce -44.3% | 0.02% | −0.02 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.02 |
| QCOM Qualcomm Inc. | Reduce -12.4% | 0.08% | −0.02 |
| EXI iShares Global Industrials E | Reduce -15.2% | 0.12% | −0.02 |
| SHOP Shopify Inc. Class A | Reduce -94.5% | 0.00% | −0.02 |
| YELP Yelp Inc. | Reduce -98.1% | 0.00% | −0.01 |
| TROW T Rowe Price Group Inc. | Reduce -15.0% | 0.06% | −0.01 |
| AMGN Amgen Inc. | Reduce -6.4% | 0.05% | −0.01 |
| DHI D.R. Horton Inc. | Reduce -84.9% | 0.00% | −0.01 |
| LRCX Lam Research Corp. | Reduce -51.1% | 0.02% | −0.01 |
| ABBV Abbvie Inc. | Reduce -20.7% | 0.02% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| GS Goldman Sachs Group Inc. | Add +3.6% | 1.84% | +0.34 |
| RY Royal Bank of Canada | Add +1218.0% | 0.30% | +0.28 |
| SPOT Spotify Technology SA | Add +22.7% | 0.76% | +0.28 |
| ASML ASML Holding NV-NY Reg SHS | Add +6.3% | 1.35% | +0.20 |
| SAP Sap SE-Sponsored ADR | Add +9.0% | 1.71% | +0.20 |
| MS Morgan Stanley | Add +3.2% | 1.34% | +0.17 |
| CAT Caterpillar Inc. | Add +2.3% | 1.45% | +0.14 |
| JCI Johnson Controls Internation | Add +2.7% | 0.70% | +0.14 |
| C Citigroup Inc. | Add +3.2% | 1.09% | +0.13 |
| CP Canadian Pacific Kansas City | Add +281.0% | 0.17% | +0.13 |
| BCS Barclays PLC-Spons ADR | Add +13.2% | 0.61% | +0.13 |
| UBS UBS Group AG-Reg | Add +16.9% | 0.78% | +0.12 |
| SONY Sony Group Corp. - SP ADR | Add +19.0% | 1.05% | +0.11 |
| EMR Emerson Electric Co. | Add +43.0% | 0.27% | +0.10 |
| DB Deutsche Bank AG-Registered | Add +35.0% | 0.30% | +0.10 |
| MUB iShares National Muni Bond E | Add +43.0% | 0.37% | +0.09 |
| BAC Bank of America Corp. | Add +5.2% | 0.97% | +0.08 |
| FCX Freeport-McMoran Inc. | Add +3.2% | 1.07% | +0.08 |
| CNI Canadian Natl Railway Co. | New | 0.08% | +0.08 |
| BA The Boeing Co. | Add +3.8% | 0.44% | +0.06 |
| RTX RTX Corp. | Add +4.2% | 1.19% | +0.06 |
| SCHW Schwab (charles) Corp. | Add +1.0% | 0.77% | +0.06 |
| HDB HDFC Bank Ltd.-ADR | Add +39.9% | 0.14% | +0.04 |
| DE Deere & Co. | Add +10.1% | 0.52% | +0.04 |
| NWG Natwest Group PLC -Spon ADR | Add +13.1% | 0.21% | +0.04 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +17.4% | 0.49% | +0.04 |
| CARR Carrier Global Corp. | Add +3.1% | 0.44% | +0.04 |
| BBD Banco Bradesco-ADR | Add +18.4% | 0.11% | +0.04 |
| CM Can Imperial BK of Commerce | New | 0.04% | +0.04 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +10.5% | 0.17% | +0.03 |
| BSX Boston Scientific Corp. | Add +13.9% | 0.33% | +0.03 |
| LYG Lloyds Banking Group PLC-ADR | Add +12.6% | 0.25% | +0.03 |
| SU Suncor Energy Inc. | Add +49.6% | 0.12% | +0.03 |
| EWJ iShares MSCI Japan ETF | Add +60.6% | 0.08% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +13.0% | 0.21% | +0.03 |
| EWL iShares MSCI Switzerland ETF | Add +9771.2% | 0.03% | +0.03 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +42.1% | 0.06% | +0.02 |
| ORLY O'reilly Automotive Inc. | Add +17797.3% | 0.02% | +0.02 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +9.2% | 0.41% | +0.02 |
| TJX TJX Companies Inc. | Add +4187.6% | 0.02% | +0.02 |
| KXI iShares Global Consumer Stap | Add +31.4% | 0.12% | +0.02 |
| ROK Rockwell Automation Inc. | Add +7.1% | 0.10% | +0.02 |
| HBAN Huntington Bancshares Inc. | Add +1700.0% | 0.02% | +0.02 |
| BKNG Booking Holdings Inc. | Add +38.5% | 0.05% | +0.02 |
| AVAV Aerovironment Inc. | Add +14.1% | 0.03% | +0.02 |
| UL Unilever PLC | Add +10.2% | 0.52% | +0.02 |
| BUD Anheuser-Busch Inbev-SPN ADR | Add +4.5% | 0.29% | +0.02 |
| LTH Life Time Group Holdings Inc. | New | 0.02% | +0.02 |
| RL Ralph Lauren Corp. | Add +116.6% | 0.03% | +0.02 |
| TPR Tapestry Inc. | Add +5027.6% | 0.02% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,037 | $335.8B | NVDA, AAPL, IEF, GOOGL, CAT |
| Q1 2026 | 1,016 | $294.9B | NVDA, AAPL, IEF, GOOGL, MSFT |
| Q4 2025 | 1,017 | $293.0B | NVDA, AAPL, IEF, MSFT, GOOGL |
| Q3 2025 | 1,014 | $276.3B | NVDA, AAPL, MSFT, GOOGL, IEF |
| Q2 2025 | 986 | $251.9B | NVDA, MSFT, AAPL, VCIT, AMZN |
| Q1 2025 | 999 | $231.0B | AAPL, NVDA, MSFT, VCIT, AMZN |
| Q4 2024 | 975 | $251.3B | AAPL, NVDA, MSFT, AMZN, GOOGL |
| Q3 2024 | 919 | $244.0B | AAPL, MSFT, NVDA, AMZN, GOOGL |
| Q2 2024 | 984 | $229.9B | MSFT, AAPL, NVDA, GOOGL, AMZN |
| Q1 2024 | 963 | $214.1B | MSFT, AAPL, NVDA, AMZN, GOOGL |