Fisher Asset Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Ken Fisher's Fisher Asset Management reported 1,017 stock positions worth $293.0 billion. Its top holding was Nvidia (NVDA) at 5.5% of the portfolio, followed by Apple (AAPL, 5.1%) and iShares 7-10 Year Treasury B (IEF, 4.4%). Compared with Q3 2025, it opened 110 new positions, sold out of 109, added to 481 and reduced 403. The biggest buy was iShares 7-10 Year Treasury B (IEF, shares +54%) and the biggest sale iShares MBS ETF (MBB, shares −95%).
- Most Recent 13F
- Q2 2026
- Notable People
- Ken Fisher
- Location
- PLANO, TX
- CIK
- 0000850529
- Portfolio Value
- $293.0B (Q4 2025)
- SEC Filing
- 0000850529-26-000002 ↗ filed Feb 9, 2026
Holdings Value
Holdings 1,017 stocks · $293.0B
| NVDA Nvidia Corp. | 5.48% | 86,057,537 | $16.0B | Add +1.8% |
| AAPL Apple Inc. | 5.12% | 55,146,752 | $15.0B | Add +1.3% |
| IEF iShares 7-10 Year Treasury B | 4.43% | 134,832,971 | $13.0B | Add +53.8% |
| MSFT Microsoft Corp. | 4.18% | 25,300,410 | $12.2B | Add +1.8% |
| GOOGL Alphabet Inc. Class A | 4.07% | 38,106,033 | $11.9B | Add +1.6% |
| AMZN Amazon.com Inc. | 2.65% | 33,593,612 | $7.8B | Add +1.5% |
| VCIT Vanguard Int-Term Corporate | 2.40% | 83,976,379 | $7.0B | Add +4.1% |
| GS Goldman Sachs Group Inc. | 2.03% | 6,771,556 | $6.0B | Add +1.6% |
| TSM Taiwan Semiconductor-SP ADR | 1.88% | 18,146,900 | $5.5B | Add +1.8% |
| CAT Caterpillar Inc. | 1.86% | 9,493,266 | $5.4B | Add +0.6% |
| JPM JPMorgan Chase & Co. | 1.76% | 16,018,656 | $5.2B | Add +1.9% |
| LLY Eli Lilly & Co. | 1.69% | 4,606,327 | $5.0B | Add +3.4% |
| ASML ASML Holding NV-NY Reg SHS | 1.64% | 4,484,949 | $4.8B | Add +3.0% |
| AVGO Broadcom Inc. | 1.64% | 13,844,206 | $4.8B | Add +9.8% |
| WMT Walmart Inc. | 1.54% | 40,626,852 | $4.5B | Add +0.8% |
| MS Morgan Stanley | 1.52% | 25,018,335 | $4.4B | Add +2.1% |
| META Meta Platforms Inc. Class A | 1.49% | 6,609,892 | $4.4B | Add +1.8% |
| RTX RTX Corp. | 1.36% | 21,800,188 | $4.0B | Add +3.0% |
| C Citigroup Inc. | 1.35% | 33,887,285 | $4.0B | Add +2.6% |
| XOM Exxon Mobil Corp. | 1.29% | 31,497,852 | $3.8B | Add +1.0% |
| SAP Sap SE-Sponsored ADR | 1.22% | 14,728,881 | $3.6B | Add +1.2% |
| HD Home Depot Inc. | 1.19% | 10,154,469 | $3.5B | Add +0.2% |
| AXP American Express Co. | 1.14% | 9,023,482 | $3.3B | Add +1.6% |
| CVX Chevron Corp. | 1.12% | 21,471,919 | $3.3B | Add +1.5% |
| FCX Freeport-McMoran Inc. | 1.11% | 63,880,757 | $3.2B | Add +1.0% |
| UBS UBS Group AG-Reg | 1.01% | 64,107,264 | $3.0B | Add +4.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.01% | 53,783,821 | $3.0B | Add +2.1% |
| SONY Sony Group Corp. - SP ADR | 0.95% | 108,981,588 | $2.8B | Add +4.1% |
| COST Costco Wholesale Corp. | 0.93% | 3,176,286 | $2.7B | Add +1.0% |
| V Visa Inc. Class A | 0.90% | 7,485,132 | $2.6B | Add +1.7% |
| MRK Merck & Co. Inc. | 0.89% | 24,873,327 | $2.6B | Add +3.4% |
| MA Mastercard Inc. Class A | 0.85% | 4,355,805 | $2.5B | Add +1.1% |
| BP BP PLC-Spons ADR | 0.79% | 66,431,924 | $2.3B | Add +1.4% |
| BCS Barclays PLC-Spons ADR | 0.78% | 89,750,069 | $2.3B | Add +4.3% |
| SCHW Schwab (charles) Corp. | 0.74% | 21,818,514 | $2.2B | Add +0.8% |
| ISRG Intuitive Surgical Inc. | 0.73% | 3,784,970 | $2.1B | Reduce -2.7% |
| JCI Johnson Controls Internation | 0.70% | 17,239,953 | $2.1B | Add +1.7% |
| SHEL Shell PLC-ADR | 0.68% | 27,142,785 | $2.0B | Add +1.2% |
| AZN Astrazeneca PLC-Spons ADR | 0.68% | 21,601,433 | $2.0B | Add +2.1% |
| BLK BlackRock Inc. | 0.67% | 1,824,359 | $2.0B | Reduce -4.1% |
| NFLX Netflix Inc. | 0.66% | 20,490,399 | $1.9B | Add +0.8% |
| JNJ Johnson & Johnson | 0.63% | 8,866,207 | $1.8B | Add +5.0% |
| ORCL Oracle Corp. | 0.62% | 9,314,177 | $1.8B | Add +3.0% |
| UNH Unitedhealth Group Inc. | 0.60% | 5,293,622 | $1.7B | Add +0.8% |
| CMI Cummins Inc. | 0.59% | 3,410,723 | $1.7B | Add +1.3% |
| COF Capital One Financial Corp. | 0.57% | 6,937,362 | $1.7B | Reduce -4.9% |
| GSK GSK PLC-Spon ADR | 0.56% | 33,195,985 | $1.6B | Add +3.0% |
| TMO Thermo Fisher Scientific Inc. | 0.55% | 2,792,421 | $1.6B | Add +2.6% |
| RIO Rio Tinto PLC-Spon ADR | 0.54% | 19,642,744 | $1.6B | Add +2.7% |
| PG The Procter & Gamble Co. | 0.53% | 10,908,367 | $1.6B | Reduce -0.9% |
| SPOT Spotify Technology SA | 0.53% | 2,665,512 | $1.5B | Add +2.4% |
| INTU Intuit Inc. | 0.52% | 2,284,310 | $1.5B | Reduce -9.6% |
| TM Toyota Motor Corp. -Spon ADR | 0.51% | 6,995,672 | $1.5B | Add +1.3% |
| ING ING Groep N.V.-Sponsored ADR | 0.51% | 53,221,109 | $1.5B | Reduce -6.9% |
| UNP Union Pacific Corp. | 0.51% | 6,430,808 | $1.5B | Add +0.0% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.50% | 93,276,119 | $1.5B | Add +2.0% |
| CNQ Canadian Natural Resources | 0.49% | 42,745,981 | $1.4B | Add +3.2% |
| ABT Abbott Laboratories | 0.49% | 11,440,255 | $1.4B | Reduce -4.9% |
| BHP BHP Group Ltd.-Spon ADR | 0.48% | 23,402,474 | $1.4B | Add +1.1% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.48% | 17,800,748 | $1.4B | Add +2.3% |
| COP Conocophillips | 0.47% | 14,847,367 | $1.4B | Add +1.3% |
| ADBE Adobe Inc. | 0.47% | 3,961,853 | $1.4B | Reduce -6.4% |
| EUFN iShares MSCI Europe Financia | 0.47% | 37,017,326 | $1.4B | Add +3.0% |
| UL Unilever PLC-Sponsored ADR | 0.46% | 20,658,738 | $1.4B | Add +3.2% |
| DE Deere & Co. | 0.45% | 2,853,156 | $1.3B | Add +4.8% |
| PFE Pfizer Inc. | 0.44% | 51,952,106 | $1.3B | Add +5.4% |
| NOW ServiceNow Inc. | 0.44% | 8,351,824 | $1.3B | Add +0.9% |
| TTE Totalenergies SE | 0.43% | 19,324,336 | $1.3B | Reduce -3.2% |
| BA The Boeing Co. | 0.42% | 5,640,900 | $1.2B | Add +2.5% |
| PEP Pepsico Inc. | 0.41% | 8,295,329 | $1.2B | Add +2.3% |
| MUB iShares National Muni Bond E | 0.39% | 10,713,817 | $1.1B | Add +10.2% |
| SAN Banco Santander SA-Spon ADR | 0.39% | 96,865,591 | $1.1B | Reduce -10.0% |
| CRM Salesforce Inc. | 0.39% | 4,278,477 | $1.1B | Reduce -1.1% |
| SYK Stryker Corp. | 0.37% | 3,117,283 | $1.1B | Reduce -5.8% |
| RY Royal Bank of Canada | 0.37% | 6,373,400 | $1.1B | Add +6.1% |
| DB Deutsche Bank AG-Registered | 0.36% | 27,398,661 | $1.1B | Add +3.7% |
| NVS Novartis AG-Sponsored ADR | 0.35% | 7,465,850 | $1.0B | Add +3.1% |
| DHR Danaher Corp. | 0.35% | 4,446,976 | $1.0B | Add +1.8% |
| SBUX Starbucks Corp. | 0.35% | 12,028,803 | $1.0B | Add +0.0% |
| VOO Vanguard S&P 500 ETF | 0.33% | 1,551,244 | $972.8M | Add +0.5% |
| CSX CSX Corp. | 0.33% | 26,515,831 | $961.2M | Add +2.5% |
| EMR Emerson Electric Co. | 0.33% | 7,191,118 | $954.4M | Add +14.8% |
| ITW Illinois Tool Works | 0.31% | 3,705,081 | $912.6M | Add +1.5% |
| BSX Boston Scientific Corp. | 0.30% | 9,138,216 | $871.3M | Add +8.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.28% | 1,352,626 | $830.9M | Reduce -3.1% |
| LYG Lloyds Banking Group PLC-ADR | 0.27% | 151,258,982 | $801.7M | Add +0.9% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.27% | 33,954,738 | $791.5M | Reduce -11.4% |
| IXJ iShares Global Healthcare Et | 0.27% | 8,032,598 | $782.4M | Add +8.0% |
| BABA Alibaba Group Holding-SP ADR | 0.27% | 5,335,894 | $782.1M | Add +0.8% |
| CARR Carrier Global Corp. | 0.27% | 14,795,099 | $781.8M | Reduce -2.3% |
| TT Trane Technologies PLC | 0.26% | 1,960,522 | $763.0M | Reduce -1.2% |
| SU Suncor Energy Inc. | 0.25% | 16,820,924 | $746.2M | Add +8.3% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.25% | 11,380,404 | $728.8M | Add +3.4% |
| NWG Natwest Group PLC -Spon ADR | 0.24% | 40,912,201 | $716.0M | Add +4.3% |
| IXC iShares Global Energy ETF | 0.21% | 14,729,493 | $617.6M | Add +8.3% |
| VEA Vanguard Ftse Developed ETF | 0.20% | 9,468,021 | $591.5M | Add +0.4% |
| SNY Sanofi-ADR | 0.20% | 12,140,615 | $588.3M | Reduce -3.5% |
| PCAR Paccar Inc. | 0.19% | 5,073,161 | $555.6M | Reduce -0.7% |
| IR Ingersoll-Rand Inc. | 0.19% | 6,927,262 | $548.8M | Reduce -0.2% |
| GOOG Alphabet Inc. Class C | 0.18% | 1,720,004 | $539.7M | Add +0.5% |
Portfolio Sells Q3 2025 → Q4 2025
| MBB iShares MBS ETF | Reduce -95.3% | 0.03% | −0.74 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -98.2% | 0.01% | −0.58 |
| BLK BlackRock Inc. | Reduce -4.1% | 0.67% | −0.14 |
| LII Lennox International Inc. | Reduce -94.7% | 0.01% | −0.11 |
| INTU Intuit Inc. | Reduce -9.6% | 0.52% | −0.11 |
| ABT Abbott Laboratories | Reduce -4.9% | 0.49% | −0.09 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -53.5% | 0.07% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -0.9% | 0.53% | −0.08 |
| SYK Stryker Corp. | Reduce -5.8% | 0.37% | −0.07 |
| ADBE Adobe Inc. | Reduce -6.4% | 0.47% | −0.07 |
| CARR Carrier Global Corp. | Reduce -2.3% | 0.27% | −0.06 |
| INFY Infosys Ltd.-SP ADR | Sold out | 0.00% | −0.05 |
| BBD Banco Bradesco-ADR | Reduce -40.1% | 0.06% | −0.05 |
| TT Trane Technologies PLC | Reduce -1.2% | 0.26% | −0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -5.2% | 0.17% | −0.04 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -6.9% | 0.51% | −0.03 |
| MICC The Magnum Ice Cream Co. NV | Reduce -85.3% | 0.00% | −0.02 |
| AMT American Tower Corp. | Reduce -3.0% | 0.11% | −0.02 |
| POOL Pool Corp. | Sold out | 0.00% | −0.02 |
| SAN Banco Santander SA-Spon ADR | Reduce -10.0% | 0.39% | −0.02 |
| IR Ingersoll-Rand Inc. | Reduce -0.2% | 0.19% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -3.1% | 0.28% | −0.02 |
| SAM Boston Beer Company Inc. Class A | Sold out | 0.00% | −0.02 |
| DKS Dick's Sporting Goods Inc. | Reduce -93.2% | 0.00% | −0.02 |
| OC Owens Corning | Reduce -99.0% | 0.00% | −0.02 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -12.2% | 0.07% | −0.02 |
| SNY Sanofi-ADR | Reduce -3.5% | 0.20% | −0.01 |
| MELI MercadoLibre Inc. | Reduce -3.9% | 0.05% | −0.01 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −0.01 |
| AVAV Aerovironment Inc. | Reduce -9.4% | 0.02% | −0.01 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -0.4% | 0.11% | −0.01 |
| HAE Haemonetics Corp. | Sold out | 0.00% | −0.01 |
| KSA Ishrs MSCI Saudi Arabia ETF | Sold out | 0.00% | −0.01 |
| WSC Willscot Holdings Corp. | Sold out | 0.00% | −0.01 |
| JD Jd.com Inc.-ADR | Reduce -1.2% | 0.03% | −0.01 |
| NTES Netease Inc.-ADR | Reduce -1.8% | 0.05% | −0.01 |
| CADE Cadence Bank | Reduce -50.7% | 0.01% | −0.01 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -2.2% | 0.06% | −0.01 |
| SSD Simpson Manufacturing Co. Inc. | Sold out | 0.00% | −0.01 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -3.2% | 0.06% | −0.01 |
| WHD Cactus Inc. Class A | Sold out | 0.00% | −0.01 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.01 |
| UFPI Ufp Industries Inc. | Sold out | 0.00% | −0.01 |
| VGLT Vanguard Long-Term Treasury | Reduce -61.5% | 0.00% | −0.01 |
| KMT Kennametal Inc. | Reduce -52.6% | 0.01% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -3.7% | 0.02% | −0.01 |
| CNMD Conmed Corp. | Sold out | 0.00% | −0.01 |
| EOG EOG Resources Inc. | Reduce -0.4% | 0.05% | −0.01 |
| IGV iShares Expanded Tech-Softwa | Reduce -8.6% | 0.02% | −0.01 |
| XP XP Inc. Class A | Reduce -3.1% | 0.02% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| IEF iShares 7-10 Year Treasury B | Add +53.8% | 4.43% | +1.36 |
| GOOGL Alphabet Inc. Class A | Add +1.6% | 4.07% | +0.77 |
| LLY Eli Lilly & Co. | Add +3.4% | 1.69% | +0.46 |
| CAT Caterpillar Inc. | Add +0.6% | 1.86% | +0.23 |
| FCX Freeport-McMoran Inc. | Add +1.0% | 1.11% | +0.21 |
| MRK Merck & Co. Inc. | Add +3.4% | 0.89% | +0.16 |
| BCS Barclays PLC-Spons ADR | Add +4.3% | 0.78% | +0.14 |
| C Citigroup Inc. | Add +2.6% | 1.35% | +0.14 |
| AVGO Broadcom Inc. | Add +9.8% | 1.64% | +0.13 |
| ASML ASML Holding NV-NY Reg SHS | Add +3.0% | 1.64% | +0.11 |
| GS Goldman Sachs Group Inc. | Add +1.6% | 2.03% | +0.11 |
| MS Morgan Stanley | Add +2.1% | 1.52% | +0.11 |
| UBS UBS Group AG-Reg | Add +4.8% | 1.01% | +0.11 |
| AAPL Apple Inc. | Add +1.3% | 5.12% | +0.10 |
| AZN Astrazeneca PLC-Spons ADR | Add +2.1% | 0.68% | +0.09 |
| RTX RTX Corp. | Add +3.0% | 1.36% | +0.08 |
| RIO Rio Tinto PLC-Spon ADR | Add +2.7% | 0.54% | +0.08 |
| CMI Cummins Inc. | Add +1.3% | 0.59% | +0.08 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.8% | 1.88% | +0.08 |
| CSCO Cisco Systems Inc. | Add +867.0% | 0.08% | +0.08 |
| TMO Thermo Fisher Scientific Inc. | Add +2.6% | 0.55% | +0.07 |
| AXP American Express Co. | Add +1.6% | 1.14% | +0.07 |
| JNJ Johnson & Johnson | Add +5.0% | 0.63% | +0.06 |
| GSK GSK PLC-Spon ADR | Add +3.0% | 0.56% | +0.05 |
| RY Royal Bank of Canada | Add +6.1% | 0.37% | +0.05 |
| NWG Natwest Group PLC -Spon ADR | Add +4.3% | 0.24% | +0.04 |
| WMT Walmart Inc. | Add +0.8% | 1.54% | +0.04 |
| HDB HDFC Bank Ltd.-ADR | Add +29.2% | 0.15% | +0.03 |
| DHR Danaher Corp. | Add +1.8% | 0.35% | +0.03 |
| GOOG Alphabet Inc. Class C | Add +0.5% | 0.18% | +0.03 |
| TM Toyota Motor Corp. -Spon ADR | Add +1.3% | 0.51% | +0.03 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +2.3% | 0.48% | +0.03 |
| JCI Johnson Controls Internation | Add +1.7% | 0.70% | +0.03 |
| EMR Emerson Electric Co. | Add +14.8% | 0.33% | +0.03 |
| IXJ iShares Global Healthcare Et | Add +8.0% | 0.27% | +0.03 |
| LYG Lloyds Banking Group PLC-ADR | Add +0.9% | 0.27% | +0.03 |
| SANM Sanmina Corp. | Add +289.6% | 0.03% | +0.03 |
| BAC Bank of America Corp. | Add +2.1% | 1.01% | +0.03 |
| ABBV Abbvie Inc. | Add +127.8% | 0.05% | +0.03 |
| PH Parker Hannifin Corp. | Add +5.3% | 0.17% | +0.02 |
| EUFN iShares MSCI Europe Financia | Add +3.0% | 0.47% | +0.02 |
| DB Deutsche Bank AG-Registered | Add +3.7% | 0.36% | +0.02 |
| AMKR Amkor Technology Inc. | Add +204.6% | 0.03% | +0.02 |
| AMGN Amgen Inc. | Add +15.1% | 0.10% | +0.02 |
| XOM Exxon Mobil Corp. | Add +1.0% | 1.29% | +0.02 |
| SU Suncor Energy Inc. | Add +8.3% | 0.25% | +0.02 |
| AMAT Applied Materials Inc. | Add +65.0% | 0.04% | +0.02 |
| COHR Coherent Corp. | Add +33.7% | 0.03% | +0.02 |
| MUB iShares National Muni Bond E | Add +10.2% | 0.39% | +0.02 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +24.5% | 0.03% | +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 |