Fisher Asset Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Ken Fisher's Fisher Asset Management reported 1,014 stock positions worth $276.3 billion. Its top holding was Nvidia (NVDA) at 5.7% of the portfolio, followed by Apple (AAPL, 5.0%) and Microsoft (MSFT, 4.7%). Compared with Q2 2025, it opened 109 new positions, sold out of 81, added to 449 and reduced 424. The biggest buy was iShares 7-10 Year Treasury B (IEF, shares +52%) and the biggest sale Vanguard Int-Term Corporate (VCIT, shares −21%).
- Most Recent 13F
- Q2 2026
- Notable People
- Ken Fisher
- Location
- PLANO, TX
- CIK
- 0000850529
- Portfolio Value
- $276.3B (Q3 2025)
- SEC Filing
- 0000850529-25-000011 ↗ filed Nov 12, 2025
Holdings Value
Holdings 1,014 stocks · $276.3B
| NVDA Nvidia Corp. | 5.71% | 84,563,575 | $15.8B | Add +2.5% |
| AAPL Apple Inc. | 5.02% | 54,442,459 | $13.9B | Add +1.7% |
| MSFT Microsoft Corp. | 4.66% | 24,842,396 | $12.9B | Add +2.2% |
| GOOGL Alphabet Inc. Class A | 3.30% | 37,522,955 | $9.1B | Add +2.3% |
| IEF iShares 7-10 Year Treasury B | 3.06% | 87,662,438 | $8.5B | Add +52.1% |
| AMZN Amazon.com Inc. | 2.63% | 33,103,688 | $7.3B | Add +1.9% |
| VCIT Vanguard Int-Term Corporate | 2.45% | 80,637,353 | $6.8B | Reduce -21.1% |
| GS Goldman Sachs Group Inc. | 1.92% | 6,661,422 | $5.3B | Add +1.9% |
| TSM Taiwan Semiconductor-SP ADR | 1.80% | 17,833,127 | $5.0B | Add +0.9% |
| JPM JPMorgan Chase & Co. | 1.79% | 15,722,443 | $5.0B | Add +2.3% |
| META Meta Platforms Inc. Class A | 1.73% | 6,496,418 | $4.8B | Add +2.2% |
| CAT Caterpillar Inc. | 1.63% | 9,439,197 | $4.5B | Add +0.2% |
| ASML ASML Holding NV-NY Reg SHS | 1.53% | 4,352,596 | $4.2B | Add +2.5% |
| AVGO Broadcom Inc. | 1.51% | 12,611,740 | $4.2B | Add +1.9% |
| WMT Walmart Inc. | 1.50% | 40,298,623 | $4.2B | Add +1.6% |
| HD Home Depot Inc. | 1.49% | 10,130,293 | $4.1B | Add +2.0% |
| MS Morgan Stanley | 1.41% | 24,494,146 | $3.9B | Add +1.9% |
| SAP Sap SE-Sponsored ADR | 1.41% | 14,549,331 | $3.9B | Add +2.8% |
| RTX RTX Corp. | 1.28% | 21,174,194 | $3.5B | Add +2.8% |
| XOM Exxon Mobil Corp. | 1.27% | 31,194,493 | $3.5B | Add +1.1% |
| LLY Eli Lilly & Co. | 1.23% | 4,453,062 | $3.4B | Add +3.5% |
| C Citigroup Inc. | 1.21% | 33,040,513 | $3.4B | Add +2.7% |
| CVX Chevron Corp. | 1.19% | 21,152,060 | $3.3B | Add +1.6% |
| SONY Sony Group Corp. - SP ADR | 1.13% | 104,644,526 | $3.1B | Add +2.7% |
| AXP American Express Co. | 1.07% | 8,881,546 | $3.0B | Add +1.7% |
| COST Costco Wholesale Corp. | 1.05% | 3,145,241 | $2.9B | Add +1.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.98% | 52,677,988 | $2.7B | Add +2.5% |
| ORCL Oracle Corp. | 0.92% | 9,045,019 | $2.5B | Add +1.8% |
| V Visa Inc. Class A | 0.91% | 7,359,223 | $2.5B | Add +1.4% |
| UBS UBS Group AG-Reg | 0.91% | 61,168,437 | $2.5B | Add +4.7% |
| FCX Freeport-McMoran Inc. | 0.90% | 63,258,414 | $2.5B | Add +1.4% |
| MA Mastercard Inc. Class A | 0.89% | 4,308,400 | $2.5B | Add +1.4% |
| NFLX Netflix Inc. | 0.88% | 2,033,875 | $2.4B | Add +0.7% |
| BP BP PLC-Spons ADR | 0.82% | 65,483,232 | $2.3B | Add +1.6% |
| BLK BlackRock Inc. | 0.80% | 1,902,167 | $2.2B | Reduce -3.3% |
| MBB iShares MBS ETF | 0.78% | 22,503,900 | $2.1B | Add +5.7% |
| SCHW Schwab (charles) Corp. | 0.75% | 21,646,588 | $2.1B | Add +1.3% |
| MRK Merck & Co. Inc. | 0.73% | 24,068,126 | $2.0B | Reduce -3.8% |
| SHEL Shell PLC-ADR | 0.69% | 26,809,946 | $1.9B | Add +1.6% |
| JCI Johnson Controls Internation | 0.67% | 16,959,249 | $1.9B | Add +2.1% |
| SPOT Spotify Technology SA | 0.66% | 2,602,625 | $1.8B | Add +4.6% |
| UNH Unitedhealth Group Inc. | 0.66% | 5,252,449 | $1.8B | Add +0.8% |
| BCS Barclays PLC-Spons ADR | 0.64% | 86,027,312 | $1.8B | Add +3.6% |
| ISRG Intuitive Surgical Inc. | 0.63% | 3,889,439 | $1.7B | Add +1.1% |
| INTU Intuit Inc. | 0.62% | 2,526,907 | $1.7B | Reduce -8.9% |
| PG The Procter & Gamble Co. | 0.61% | 11,008,454 | $1.7B | Add +0.4% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.59% | 60,589,322 | $1.6B | Add +4.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.59% | 21,162,724 | $1.6B | Add +2.3% |
| ABT Abbott Laboratories | 0.58% | 12,032,884 | $1.6B | Add +1.4% |
| JNJ Johnson & Johnson | 0.57% | 8,446,408 | $1.6B | Add +2.1% |
| COF Capital One Financial Corp. | 0.56% | 7,296,227 | $1.6B | Reduce -4.7% |
| NOW ServiceNow Inc. | 0.55% | 1,656,022 | $1.5B | Add +1.2% |
| UNP Union Pacific Corp. | 0.55% | 6,428,229 | $1.5B | Add +0.5% |
| ADBE Adobe Inc. | 0.54% | 4,234,478 | $1.5B | Reduce -7.3% |
| ING ING Groep N.V.-Sponsored ADR | 0.54% | 57,140,954 | $1.5B | Reduce -6.2% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.53% | 91,486,499 | $1.5B | Add +2.2% |
| CMI Cummins Inc. | 0.51% | 3,367,001 | $1.4B | Add +2.8% |
| GSK GSK PLC-Spon ADR | 0.50% | 32,227,615 | $1.4B | Add +2.8% |
| COP Conocophillips | 0.50% | 14,653,966 | $1.4B | Add +1.8% |
| UL Unilever PLC | 0.48% | 22,537,917 | $1.3B | Add +4.5% |
| CNQ Canadian Natural Resources | 0.48% | 41,403,027 | $1.3B | Reduce -13.6% |
| TM Toyota Motor Corp. -Spon ADR | 0.48% | 6,909,198 | $1.3B | Add +1.2% |
| TMO Thermo Fisher Scientific Inc. | 0.48% | 2,721,101 | $1.3B | Add +1.2% |
| BHP BHP Group Ltd.-Spon ADR | 0.47% | 23,149,649 | $1.3B | Add +1.4% |
| RIO Rio Tinto PLC-Spon ADR | 0.46% | 19,120,168 | $1.3B | Add +3.0% |
| PFE Pfizer Inc. | 0.45% | 49,288,054 | $1.3B | Add +1.9% |
| DE Deere & Co. | 0.45% | 2,722,018 | $1.2B | Add +5.5% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.45% | 17,398,460 | $1.2B | Add +2.1% |
| EUFN iShares MSCI Europe Financia | 0.45% | 35,932,610 | $1.2B | Add +1.7% |
| SYK Stryker Corp. | 0.44% | 3,310,122 | $1.2B | Reduce -4.1% |
| TTE Totalenergies SE -Spon ADR | 0.43% | 19,963,832 | $1.2B | Reduce -2.5% |
| BA The Boeing Co. | 0.43% | 5,505,040 | $1.2B | Add +3.3% |
| PEP Pepsico Inc. | 0.41% | 8,112,038 | $1.1B | Add +2.0% |
| SAN Banco Santander SA-Spon ADR | 0.41% | 107,629,107 | $1.1B | Reduce -8.5% |
| MUB iShares National Muni Bond E | 0.37% | 9,725,773 | $1.0B | Add +9.1% |
| CRM Salesforce Inc. | 0.37% | 4,328,230 | $1.0B | Add +2.4% |
| SBUX Starbucks Corp. | 0.37% | 12,025,740 | $1.0B | Add +0.9% |
| ITW Illinois Tool Works | 0.34% | 3,650,562 | $951.9M | Add +1.5% |
| BABA Alibaba Group Holding-SP ADR | 0.34% | 5,293,597 | $946.1M | Add +0.5% |
| VOO Vanguard S&P 500 ETF | 0.34% | 1,543,178 | $945.0M | Add +1.4% |
| DB Deutsche Bank AG-Registered | 0.34% | 26,432,006 | $936.0M | Add +3.8% |
| NVS Novartis AG-Sponsored ADR | 0.34% | 7,239,366 | $928.4M | Add +1.7% |
| CSX CSX Corp. | 0.33% | 25,855,674 | $918.1M | Add +2.3% |
| CARR Carrier Global Corp. | 0.33% | 15,139,140 | $903.8M | Add +0.6% |
| RY Royal Bank of Canada | 0.32% | 6,004,866 | $884.6M | Add +4.9% |
| DHR Danaher Corp. | 0.31% | 4,369,219 | $866.2M | Add +0.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.30% | 1,396,483 | $838.4M | Reduce -3.6% |
| TT Trane Technologies PLC | 0.30% | 1,983,671 | $837.0M | Reduce -0.7% |
| BSX Boston Scientific Corp. | 0.30% | 8,461,025 | $826.0M | Add +9.8% |
| EMR Emerson Electric Co. | 0.30% | 6,262,570 | $821.5M | Add +20.6% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.27% | 38,310,215 | $737.5M | Reduce -7.5% |
| LYG Lloyds Banking Group PLC-ADR | 0.25% | 149,958,264 | $680.8M | Add +0.8% |
| IXJ iShares Global Healthcare Et | 0.24% | 7,439,921 | $659.3M | Add +7.8% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.24% | 11,011,683 | $656.4M | Add +3.3% |
| SU Suncor Energy Inc. | 0.23% | 15,530,965 | $649.3M | Add +85.5% |
| SNY Sanofi-ADR | 0.21% | 12,578,746 | $593.7M | Reduce -4.2% |
| IR Ingersoll-Rand Inc. | 0.21% | 6,942,711 | $573.6M | Add +0.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.21% | 10,322,903 | $572.8M | Reduce -6.2% |
| IXC iShares Global Energy ETF | 0.21% | 13,602,292 | $567.9M | Add +8.5% |
| VEA Vanguard Ftse Developed ETF | 0.20% | 9,430,708 | $565.1M | Add +1.6% |
Portfolio Sells Q2 2025 → Q3 2025
| VCIT Vanguard Int-Term Corporate | Reduce -21.1% | 2.45% | −0.91 |
| INTU Intuit Inc. | Reduce -8.9% | 0.62% | −0.24 |
| ADBE Adobe Inc. | Reduce -7.3% | 0.54% | −0.16 |
| CNQ Canadian Natural Resources | Reduce -13.6% | 0.48% | −0.12 |
| SYK Stryker Corp. | Reduce -4.1% | 0.44% | −0.10 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -6.2% | 0.21% | −0.09 |
| COF Capital One Financial Corp. | Reduce -4.7% | 0.56% | −0.09 |
| TTE Totalenergies SE -Spon ADR | Reduce -2.5% | 0.43% | −0.07 |
| MRK Merck & Co. Inc. | Reduce -3.8% | 0.73% | −0.06 |
| TT Trane Technologies PLC | Reduce -0.7% | 0.30% | −0.04 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -27.3% | 0.09% | −0.04 |
| SNY Sanofi-ADR | Reduce -4.2% | 0.21% | −0.04 |
| GTLS Chart Industries Inc. | Reduce -98.2% | 0.00% | −0.03 |
| KO The Coca-Cola Co. | Reduce -2.0% | 0.15% | −0.03 |
| VGIT Vanguard Intermediate-Term T | Reduce -16.9% | 0.07% | −0.02 |
| MTH Meritage Homes Corp. | Reduce -96.6% | 0.00% | −0.02 |
| KBH KB Home | Reduce -95.7% | 0.00% | −0.02 |
| BLK BlackRock Inc. | Reduce -3.3% | 0.80% | −0.02 |
| MELI MercadoLibre Inc. | Reduce -1.9% | 0.06% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -3.6% | 0.30% | −0.01 |
| INFY Infosys Ltd.-SP ADR | Reduce -0.4% | 0.05% | −0.01 |
| PCAR Paccar Inc. | Reduce -0.8% | 0.18% | −0.01 |
| HUBG Hub Group Inc. Class A | Reduce -55.0% | 0.01% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -7.9% | 0.04% | −0.01 |
| VGK Vanguard Ftse Europe ETF | Reduce -0.9% | 0.15% | −0.01 |
| TFI SS SPDR N Ice Muni Bond ETF | Reduce -13.5% | 0.04% | −0.01 |
| TMHC Taylor Morrison Home Corp. | Reduce -95.2% | 0.00% | −0.01 |
| SPSC SPS Commerce Inc. | Reduce -81.1% | 0.00% | −0.01 |
| HEI Heico Corp. | Reduce -13.6% | 0.03% | −0.01 |
| DPZ Domino's Pizza Inc. | Reduce -61.0% | 0.00% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -6.5% | 0.07% | −0.01 |
| HAE Haemonetics Corp. | Reduce -3.9% | 0.01% | −0.01 |
| SSB Southstate Bank Corp. | Reduce -23.6% | 0.02% | −0.01 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -2.0% | 0.07% | −0.01 |
| RJF Raymond James Financial Inc. | Reduce -24.8% | 0.02% | −0.01 |
| GMED Globus Medical Inc. Class A | Reduce -96.5% | 0.00% | −0.01 |
| EAT Brinker International Inc. | Reduce -0.7% | 0.01% | −0.01 |
| IYF iShares US Financials ETF | Reduce -2.7% | 0.08% | −0.01 |
| CRS Carpenter Technology | Reduce -0.3% | 0.03% | −0.01 |
| ACIW Aci Worldwide Inc. | Reduce -79.6% | 0.00% | −0.01 |
| BLDR Builders Firstsource Inc. | Reduce -84.7% | 0.00% | −0.01 |
| XLP SS Consumer Staples Sel Sect | Reduce -1.8% | 0.04% | −0.01 |
| USB US Bancorp | Reduce -3.5% | 0.09% | −0.01 |
| WEX Wex Inc. | Sold out | 0.00% | −0.01 |
| ALRM Alarm.com Holdings Inc. | Reduce -97.2% | 0.00% | −0.01 |
| OTIS Otis Worldwide Corp. | Reduce -5.5% | 0.02% | −0.01 |
| TPH Tri Pointe Homes Inc. | Reduce -92.3% | 0.00% | −0.01 |
| GBX Greenbrier Companies Inc. | Reduce -51.1% | 0.00% | −0.01 |
| CVCO Cavco Industries Inc. | Sold out | 0.00% | −0.00 |
| LFUS Littelfuse Inc. | Reduce -90.1% | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| IEF iShares 7-10 Year Treasury B | Add +52.1% | 3.06% | +0.87 |
| GOOGL Alphabet Inc. Class A | Add +2.3% | 3.30% | +0.73 |
| AAPL Apple Inc. | Add +1.7% | 5.02% | +0.66 |
| NVDA Nvidia Corp. | Add +2.5% | 5.71% | +0.54 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.9% | 1.80% | +0.21 |
| CAT Caterpillar Inc. | Add +0.2% | 1.63% | +0.18 |
| ASML ASML Holding NV-NY Reg SHS | Add +2.5% | 1.53% | +0.17 |
| AVGO Broadcom Inc. | Add +1.9% | 1.51% | +0.15 |
| ORCL Oracle Corp. | Add +1.8% | 0.92% | +0.15 |
| C Citigroup Inc. | Add +2.7% | 1.21% | +0.13 |
| UBS UBS Group AG-Reg | Add +4.7% | 0.91% | +0.12 |
| SU Suncor Energy Inc. | Add +85.5% | 0.23% | +0.11 |
| BABA Alibaba Group Holding-SP ADR | Add +0.5% | 0.34% | +0.11 |
| CMI Cummins Inc. | Add +2.8% | 0.51% | +0.09 |
| RTX RTX Corp. | Add +2.8% | 1.28% | +0.09 |
| GS Goldman Sachs Group Inc. | Add +1.9% | 1.92% | +0.08 |
| SONY Sony Group Corp. - SP ADR | Add +2.7% | 1.13% | +0.08 |
| JNJ Johnson & Johnson | Add +2.1% | 0.57% | +0.07 |
| MS Morgan Stanley | Add +1.9% | 1.41% | +0.06 |
| BP BP PLC-Spons ADR | Add +1.6% | 0.82% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | Add +1.2% | 0.48% | +0.04 |
| DB Deutsche Bank AG-Registered | Add +3.8% | 0.34% | +0.04 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +2.2% | 0.53% | +0.04 |
| HD Home Depot Inc. | Add +2.0% | 1.49% | +0.04 |
| ADSK Autodesk Inc. | Add +88.9% | 0.09% | +0.04 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +2.1% | 0.45% | +0.04 |
| AMGN Amgen Inc. | Add +91.6% | 0.08% | +0.03 |
| BHP BHP Group Ltd.-Spon ADR | Add +1.4% | 0.47% | +0.03 |
| BCS Barclays PLC-Spons ADR | Add +3.6% | 0.64% | +0.03 |
| RIO Rio Tinto PLC-Spon ADR | Add +3.0% | 0.46% | +0.03 |
| GSK GSK PLC-Spon ADR | Add +2.8% | 0.50% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +2.3% | 1.79% | +0.03 |
| EMR Emerson Electric Co. | Add +20.6% | 0.30% | +0.02 |
| RY Royal Bank of Canada | Add +4.9% | 0.32% | +0.02 |
| BAC Bank of America Corp. | Add +2.5% | 0.98% | +0.02 |
| POWL Powell Industries Inc. | Add +49.8% | 0.03% | +0.02 |
| NSC Norfolk Southern Corp. | Add +7.5% | 0.12% | +0.02 |
| CVSA Covista Inc. | Add +70.3% | 0.03% | +0.01 |
| EXI iShares Global Industrials E | Add +17.5% | 0.14% | +0.01 |
| GOLF Acushnet Holdings Corp. | Add +237.9% | 0.02% | +0.01 |
| CM Can Imperial BK of Commerce | Add +34.8% | 0.05% | +0.01 |
| AZN Astrazeneca PLC-Spons ADR | Add +2.3% | 0.59% | +0.01 |
| IVZ Invesco Ltd. | Add +5.2% | 0.04% | +0.01 |
| PH Parker Hannifin Corp. | Add +9.1% | 0.15% | +0.01 |
| TM Toyota Motor Corp. -Spon ADR | Add +1.2% | 0.48% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +0.8% | 0.66% | +0.01 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +133.3% | 0.01% | +0.01 |
| IXC iShares Global Energy ETF | Add +8.5% | 0.21% | +0.01 |
| MEDP Medpace Holdings Inc. | Add +9.9% | 0.03% | +0.01 |
| MRCY Mercury Systems Inc. | Add +21.3% | 0.02% | +0.01 |
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 |