Fisher Funds Management LTD

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 29, 2025), Fisher Funds Management LTD reported 164 stock positions worth $4.1 billion. Its top holding was Microsoft (MSFT) at 5.9% of the portfolio, followed by Amazon.com (AMZN, 5.2%) and Alphabet Class A (GOOGL, 3.6%). Compared with Q4 2024, it added to 22 and reduced 12. The biggest buy was Dexcom (DXCM, shares +33%) and the biggest sale Icon (ICLR, shares −9%).

Most Recent 13F
Q2 2026
Location
AUCKLAND, Q2
CIK
0001435028
Portfolio Value
$4.1B (Q1 2025)
SEC Filing
0001435028-25-000004 ↗ filed Apr 29, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q4 2024: $4.1B Q4 2024 Q1 2025: $4.1B $4.1B Q1 2025 Q2 2025: $4.2B Q2 2025 Q3 2025: $3.8B Q3 2025 Q4 2025: $3.9B Q4 2025 Q1 2026: $3.4B Q1 2026 Q2 2026: $3.5B Q2 2026

Holdings 164 stocks · $4.1B
MSFT Microsoft Corp. 5.86% 643,203 $241.5M Add +13.1%
AMZN Amazon.com Inc. 5.19% 1,124,479 $213.9M Add +11.4%
GOOGL Alphabet Inc. Class A 3.58% 954,623 $147.6M Add +3.5%
MA Mastercard Inc. Class A 3.28% 246,764 $135.3M Reduce -11.5%
ASML ASML Holding NV-NY Reg SHS 3.19% 198,478 $131.5M No change
UNH Unitedhealth Group Inc. 3.06% 241,251 $126.4M Reduce -12.7%
FND Floor & Decor Holdings Inc. Class A 3.06% 1,568,794 $126.2M Add +21.6%
DHR Danaher Corp. 2.85% 572,646 $117.4M Add +8.7%
META Meta Platforms Inc. Class A 2.84% 202,893 $116.9M Reduce -0.4%
DXCM Dexcom Inc. 2.73% 1,647,333 $112.5M Add +32.7%
BSX Boston Scientific Corp. 2.60% 1,061,892 $107.1M No change
ISRG Intuitive Surgical Inc. 2.45% 203,604 $100.8M Add +22.5%
ICLR Icon PLC 2.19% 516,666 $90.4M Reduce -9.3%
NFLX Netflix Inc. 2.07% 91,314 $85.2M Reduce -4.8%
IT Gartner Inc. 2.05% 201,164 $84.4M No change
AAPL Apple Inc. 2.00% 371,983 $82.6M No change
MSCI MSCI Inc. 1.78% 129,461 $73.2M Reduce -6.2%
AMT American Tower Corp. 1.71% 323,877 $70.5M No change
ZTS Zoetis Inc. 1.71% 426,960 $70.3M Add +4.9%
CRM Salesforce Inc. 1.49% 228,977 $61.4M Add +30.1%
EW Edwards Lifesciences Corp. 1.46% 832,475 $60.3M Reduce -12.8%
CMS CMS Energy Corp. 1.42% 780,606 $58.6M Reduce -3.8%
KMI Kinder Morgan Inc. 1.39% 2,005,914 $57.2M Reduce -12.0%
TEAM Atlassian Corp. Class A 1.27% 247,166 $52.4M Add +26.4%
AVGO Broadcom Inc. 1.21% 297,860 $49.9M No change
NVDA Nvidia Corp. 1.05% 398,543 $43.2M Add +42.2%
CP Canadian Pacific Kansas City 1.04% 609,481 $42.8M Add +0.4%
JPM JPMorgan Chase & Co. 0.90% 151,855 $37.3M Reduce -6.4%
OMAB Grupo Aeroportuario Cen-ADR 0.90% 470,947 $37.0M Reduce -3.3%
UNP Union Pacific Corp. 0.89% 154,500 $36.5M Reduce -4.4%
BRK.B Berkshire Hathaway Inc. Class B 0.84% 64,785 $34.5M No change
ABBV Abbvie Inc. 0.76% 150,232 $31.5M No change
FISV Fiserv Inc. 0.75% 140,669 $31.1M No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.73% 86,988 $30.0M No change
HCA HCA Healthcare Inc. 0.71% 85,119 $29.4M Add +18.7%
CSCO Cisco Systems Inc. 0.71% 475,235 $29.3M No change
T AT&T Inc. 0.70% 1,025,923 $29.0M No change
JNJ Johnson & Johnson 0.70% 173,392 $28.8M No change
PGR Progressive Corp. 0.69% 100,485 $28.4M Add +3.9%
EQIX Equinix Inc. 0.66% 33,366 $27.2M No change
HD Home Depot Inc. 0.64% 71,446 $26.2M No change
CMCSA Comcast Corp. Class A 0.62% 692,311 $25.5M No change
FERG Ferguson Enterprises Inc. 0.58% 150,002 $24.0M Add +55.4%
MLM Martin Marietta Materials 0.58% 49,896 $23.9M Add +17.2%
ORCL Oracle Corp. 0.55% 162,864 $22.8M No change
CCI Crown Castle Inc. 0.54% 212,193 $22.1M Add +18.5%
PG The Procter & Gamble Co. 0.53% 129,159 $22.0M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.50% 83,710 $20.8M No change
KKR KKR & Co. Inc. 0.50% 176,992 $20.5M Add +36.9%
WMB Williams Cos Inc. 0.48% 333,234 $19.9M No change
DE Deere & Co. 0.47% 40,956 $19.2M Add +8.3%
MRK Merck & Co. Inc. 0.46% 211,375 $19.0M No change
VZ Verizon Communications Inc. 0.46% 417,218 $18.9M No change
HUM Humana Inc. 0.43% 67,300 $17.8M No change
QCOM Qualcomm Inc. 0.40% 106,845 $16.4M No change
AWK American Water Works Co. Inc. 0.40% 110,467 $16.3M No change
EPD Enterprise Products Partners 0.36% 432,735 $14.8M No change
GOOG Alphabet Inc. Class C 0.36% 94,082 $14.7M No change
STLD Steel Dynamics Inc. 0.35% 116,156 $14.5M No change
ASR Grupo Aeroportuario Sur-ADR 0.35% 52,257 $14.3M No change
MDLZ Mondelez International Inc. Class A 0.35% 209,704 $14.2M No change
IBP Installed Building Products 0.34% 80,736 $13.8M Add +15.1%
LOW Lowe's Cos Inc. 0.32% 56,549 $13.2M No change
AMAT Applied Materials Inc. 0.32% 90,069 $13.1M No change
PPL PPL Corp. 0.32% 360,837 $13.0M No change
URI United Rentals Inc. 0.31% 20,598 $12.9M No change
NKE Nike Inc. Class B 0.30% 196,766 $12.5M Add +11.0%
EMR Emerson Electric Co. 0.29% 109,997 $12.1M No change
ALL Allstate Corp. 0.29% 58,104 $12.0M No change
CI The Cigna Group 0.29% 36,372 $12.0M No change
AMP Ameriprise Financial Inc. 0.28% 23,748 $11.5M No change
WCN Waste Connections Inc. 0.28% 58,411 $11.4M Add +44.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.28% 135,202 $11.3M No change
PH Parker Hannifin Corp. 0.27% 18,598 $11.3M No change
PFE Pfizer Inc. 0.27% 445,704 $11.3M No change
EXC Exelon Corp. 0.27% 240,789 $11.1M No change
AFL Aflac Inc. 0.27% 99,516 $11.1M No change
EG Everest Group Ltd. 0.25% 28,822 $10.5M No change
ELV Elevance Health Inc. 0.25% 23,879 $10.4M No change
NUE Nucor Corp. 0.25% 86,252 $10.4M No change
AMGN Amgen Inc. 0.25% 33,156 $10.3M No change
ABT Abbott Laboratories 0.25% 77,816 $10.3M No change
V Visa Inc. Class A 0.24% 28,662 $10.0M No change
MCK McKesson Corp. 0.24% 14,575 $9.8M No change
LLY Eli Lilly & Co. 0.23% 11,612 $9.6M No change
FNF Fidelity National Financial 0.23% 146,196 $9.5M No change
NI Nisource Inc. 0.23% 231,813 $9.3M No change
F Ford Motor Co. filed as FORD MTR CO 0.22% 906,980 $9.1M No change
ATO Atmos Energy Corp. 0.21% 54,999 $8.5M No change
WBD Warner Bros Discovery Inc. 0.20% 772,146 $8.3M No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.20% 104,889 $8.2M No change
CVS CVS Health Corp. 0.19% 114,549 $7.8M No change
INTC Intel Corp. 0.19% 338,569 $7.7M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.18% 180,815 $7.5M No change
GILD Gilead Sciences Inc. 0.18% 66,190 $7.4M No change
CBRE CBRE Group Inc. Class A 0.18% 56,569 $7.4M No change
ADI Analog Devices Inc. 0.18% 36,630 $7.4M No change
TRV The Travelers Cos Inc. 0.18% 27,911 $7.4M No change
CRH CRH PLC 0.18% 83,296 $7.3M No change
LYB Lyondellbasell Indu Class A 0.18% 102,625 $7.2M No change

Show all 164 holdings

Portfolio Sells Q4 2024 → Q1 2025
ICLR Icon PLC Reduce -9.3% 2.19% −0.69
UNH Unitedhealth Group Inc. Reduce -12.7% 3.06% −0.31
MA Mastercard Inc. Class A Reduce -11.5% 3.28% −0.27
EW Edwards Lifesciences Corp. Reduce -12.8% 1.46% −0.24
MSCI MSCI Inc. Reduce -6.2% 1.78% −0.22
KMI Kinder Morgan Inc. Reduce -12.0% 1.39% −0.12
META Meta Platforms Inc. Class A Reduce -0.4% 2.84% −0.05
JPM JPMorgan Chase & Co. Reduce -6.4% 0.90% −0.04
UNP Union Pacific Corp. Reduce -4.4% 0.89% −0.00
NFLX Netflix Inc. Reduce -4.8% 2.07% −0.00
OMAB Grupo Aeroportuario Cen-ADR Reduce -3.3% 0.90% +0.09
CMS CMS Energy Corp. Reduce -3.8% 1.42% +0.12

Portfolio Buys Q4 2024 → Q1 2025
DXCM Dexcom Inc. Add +32.7% 2.73% +0.40
ISRG Intuitive Surgical Inc. Add +22.5% 2.45% +0.35
HCA HCA Healthcare Inc. Add +18.7% 0.71% +0.20
FERG Ferguson Enterprises Inc. Add +55.4% 0.58% +0.18
CCI Crown Castle Inc. Add +18.5% 0.54% +0.15
NVDA Nvidia Corp. Add +42.2% 1.05% +0.14
PGR Progressive Corp. Add +3.9% 0.69% +0.13
TEAM Atlassian Corp. Class A Add +26.4% 1.27% +0.13
ZTS Zoetis Inc. Add +4.9% 1.71% +0.11
WCN Waste Connections Inc. Add +44.0% 0.28% +0.11
DE Deere & Co. Add +8.3% 0.47% +0.08
CRM Salesforce Inc. Add +30.1% 1.49% +0.07
MSFT Microsoft Corp. Add +13.1% 5.86% +0.06
MLM Martin Marietta Materials Add +17.2% 0.58% +0.05
IBP Installed Building Products Add +15.1% 0.34% +0.04
KKR KKR & Co. Inc. Add +36.9% 0.50% +0.03
NKE Nike Inc. Class B Add +11.0% 0.30% −0.02
CP Canadian Pacific Kansas City Add +0.4% 1.04% −0.02
FND Floor & Decor Holdings Inc. Class A Add +21.6% 3.06% −0.05
DHR Danaher Corp. Add +8.7% 2.85% −0.07
AMZN Amazon.com Inc. Add +11.4% 5.19% −0.18
GOOGL Alphabet Inc. Class A Add +3.5% 3.58% −0.65

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 173$3.5BMSFT, NVDA, AMZN, GOOGL, META
Q1 2026 168$3.4BMSFT, AMZN, GOOGL, META, NVDA
Q4 2025 165$3.9BMSFT, AMZN, GOOGL, META, MA
Q3 2025 159$3.8BMSFT, GOOGL, AMZN, MA, DHR
Q2 2025 167$4.2BMSFT, AMZN, GOOGL, MA, ISRG
Q1 2025 164$4.1BMSFT, AMZN, GOOGL, MA, ASML
Q4 2024 164$4.1BMSFT, AMZN, GOOGL, MA, UNH