Fisher Funds Management LTD

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), Fisher Funds Management LTD reported 167 stock positions worth $4.2 billion. Its top holding was Microsoft (MSFT) at 5.9% of the portfolio, followed by Amazon.com (AMZN, 5.3%) and Alphabet Class A (GOOGL, 4.1%). Compared with Q1 2025, it opened 4 new positions, sold out of 1, added to 13 and reduced 134. The biggest buy was Intuitive Surgical (ISRG, shares +29%) and the biggest sale Unitedhealth (UNH, shares −26%).

Most Recent 13F
Q2 2026
Location
AUCKLAND, Q2
CIK
0001435028
Portfolio Value
$4.2B (Q2 2025)
SEC Filing
0001435028-25-000005 ↗ filed Aug 4, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q4 2024: $4.1B Q4 2024 Q1 2025: $4.1B Q1 2025 Q2 2025: $4.2B $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 167 stocks · $4.2B
MSFT Microsoft Corp. 5.87% 496,219 $246.8M Reduce -22.9%
AMZN Amazon.com Inc. 5.29% 1,014,155 $222.5M Reduce -9.8%
GOOGL Alphabet Inc. Class A 4.12% 983,825 $173.4M Add +3.1%
MA Mastercard Inc. Class A 3.60% 269,165 $151.3M Add +9.1%
ISRG Intuitive Surgical Inc. 3.38% 261,707 $142.2M Add +28.5%
META Meta Platforms Inc. Class A 3.08% 175,699 $129.7M Reduce -13.4%
DHR Danaher Corp. 3.06% 652,472 $128.9M Add +13.9%
ASML ASML Holding NV-NY Reg SHS 3.02% 158,592 $127.1M Reduce -20.1%
FND Floor & Decor Holdings Inc. Class A 2.74% 1,519,717 $115.4M Reduce -3.1%
DXCM Dexcom Inc. 2.72% 1,308,249 $114.2M Reduce -20.6%
IT Gartner Inc. 2.50% 260,315 $105.2M Add +29.4%
BSX Boston Scientific Corp. 2.42% 949,094 $101.9M Reduce -10.6%
NFLX Netflix Inc. 2.06% 64,829 $86.8M Reduce -29.0%
CRM Salesforce Inc. 2.02% 311,714 $85.0M Add +36.1%
EW Edwards Lifesciences Corp. 1.76% 948,161 $74.2M Add +13.9%
AVGO Broadcom Inc. 1.76% 268,074 $73.9M Reduce -10.0%
ZTS Zoetis Inc. 1.67% 449,503 $70.1M Add +5.3%
NVDA Nvidia Corp. 1.65% 438,430 $69.3M Add +10.0%
AAPL Apple Inc. 1.63% 334,785 $68.7M Reduce -10.0%
AMT American Tower Corp. 1.54% 292,801 $64.7M Reduce -9.6%
MSCI MSCI Inc. 1.47% 107,542 $62.0M Reduce -16.9%
ICLR Icon PLC 1.34% 386,693 $56.2M Reduce -25.2%
KMI Kinder Morgan Inc. 1.33% 1,903,915 $56.0M Reduce -5.1%
UNH Unitedhealth Group Inc. 1.33% 179,355 $56.0M Reduce -25.7%
TEAM Atlassian Corp. Class A 1.29% 267,212 $54.3M Add +8.1%
CMS CMS Energy Corp. 1.29% 780,606 $54.1M No change
KKR KKR & Co. Inc. 1.24% 391,800 $52.1M Add +121.4%
CP Canadian Pacific Kansas City 1.15% 609,481 $48.3M No change
JPM JPMorgan Chase & Co. 0.99% 144,193 $41.8M Reduce -5.0%
UNP Union Pacific Corp. 0.83% 151,371 $34.8M Reduce -2.0%
NEE Nextera Energy Inc. 0.80% 484,407 $33.6M New
FERG Ferguson Enterprises Inc. 0.78% 150,002 $32.7M No change
ORCL Oracle Corp. 0.76% 146,578 $32.0M Reduce -10.0%
BRK.B Berkshire Hathaway Inc. Class B 0.75% 64,785 $31.5M No change
HCA HCA Healthcare Inc. 0.73% 80,536 $30.9M Reduce -5.4%
CSCO Cisco Systems Inc. 0.71% 427,712 $29.7M Reduce -10.0%
FISV Fiserv Inc. 0.68% 165,631 $28.6M Add +17.8%
MLM Martin Marietta Materials 0.65% 49,896 $27.4M No change
OMAB Grupo Aeroportuario Cen-ADR 0.64% 256,372 $27.0M Reduce -45.6%
EQIX Equinix Inc. 0.63% 33,366 $26.5M No change
TW Tradeweb Markets Inc. Class A 0.61% 175,357 $25.7M New
T AT&T Inc. 0.58% 847,357 $24.5M Reduce -17.4%
ABBV Abbvie Inc. 0.57% 129,479 $24.0M Reduce -13.8%
COST Costco Wholesale Corp. 0.57% 24,254 $24.0M New
JNJ Johnson & Johnson 0.57% 156,053 $23.8M Reduce -10.0%
HD Home Depot Inc. 0.56% 64,302 $23.6M Reduce -10.0%
NKE Nike Inc. Class B 0.55% 327,467 $23.3M Add +66.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.53% 75,339 $22.2M Reduce -10.0%
PGR Progressive Corp. 0.53% 83,005 $22.2M Reduce -17.4%
CCI Crown Castle Inc. 0.52% 212,193 $21.8M No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.50% 65,466 $21.0M Reduce -24.7%
WMB Williams Cos Inc. 0.50% 333,234 $20.9M No change
DE Deere & Co. 0.46% 38,164 $19.4M Reduce -6.8%
PG The Procter & Gamble Co. 0.44% 116,244 $18.5M Reduce -10.0%
ADBE Adobe Inc. 0.43% 46,446 $18.0M New
VZ Verizon Communications Inc. 0.39% 375,497 $16.2M Reduce -10.0%
QCOM Qualcomm Inc. 0.36% 96,161 $15.3M Reduce -10.0%
MRK Merck & Co. Inc. 0.36% 190,238 $15.1M Reduce -10.0%
GOOG Alphabet Inc. Class C 0.36% 84,674 $15.0M Reduce -10.0%
AMAT Applied Materials Inc. 0.35% 81,063 $14.8M Reduce -10.0%
IBP Installed Building Products 0.35% 80,736 $14.6M No change
URI United Rentals Inc. 0.33% 18,539 $14.0M Reduce -10.0%
HUM Humana Inc. 0.32% 55,415 $13.5M Reduce -17.7%
EPD Enterprise Products Partners 0.32% 432,735 $13.4M No change
STLD Steel Dynamics Inc. 0.32% 104,541 $13.4M Reduce -10.0%
EMR Emerson Electric Co. 0.31% 98,998 $13.2M Reduce -10.0%
MDLZ Mondelez International Inc. Class A 0.30% 188,734 $12.7M Reduce -10.0%
PH Parker Hannifin Corp. 0.28% 16,739 $11.7M Reduce -10.0%
ASR Grupo Aeroportuario Sur-ADR 0.27% 35,868 $11.4M Reduce -31.4%
AMP Ameriprise Financial Inc. 0.27% 21,374 $11.4M Reduce -10.0%
LOW Lowe's Cos Inc. 0.27% 50,895 $11.3M Reduce -10.0%
CMCSA Comcast Corp. Class A 0.26% 311,422 $11.1M Reduce -55.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.26% 121,682 $11.1M Reduce -10.0%
PPL PPL Corp. 0.26% 324,754 $11.0M Reduce -10.0%
WCN Waste Connections Inc. 0.26% 58,411 $10.9M No change
CI The Cigna Group 0.26% 32,735 $10.8M Reduce -10.0%
ALL Allstate Corp. 0.25% 52,294 $10.5M Reduce -10.0%
NUE Nucor Corp. 0.24% 77,627 $10.1M Reduce -10.0%
AWK American Water Works Co. Inc. 0.23% 70,789 $9.8M Reduce -35.9%
PFE Pfizer Inc. 0.23% 401,134 $9.7M Reduce -10.0%
MCK McKesson Corp. 0.23% 13,118 $9.6M Reduce -10.0%
ABT Abbott Laboratories 0.23% 70,035 $9.5M Reduce -10.0%
AFL Aflac Inc. 0.22% 89,565 $9.4M Reduce -10.0%
EXC Exelon Corp. 0.22% 216,711 $9.4M Reduce -10.0%
V Visa Inc. Class A 0.22% 25,796 $9.2M Reduce -10.0%
F Ford Motor Co. filed as FORD MTR CO 0.21% 816,282 $8.9M Reduce -10.0%
MU Micron Technology Inc. 0.20% 68,962 $8.5M Reduce -10.0%
ELV Elevance Health Inc. 0.20% 21,492 $8.4M Reduce -10.0%
AMGN Amgen Inc. 0.20% 29,841 $8.3M Reduce -10.0%
LLY Eli Lilly & Co. 0.19% 10,451 $8.1M Reduce -10.0%
WBD Warner Bros Discovery Inc. 0.19% 694,932 $8.0M Reduce -10.0%
ADI Analog Devices Inc. 0.19% 32,967 $7.8M Reduce -10.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.18% 162,734 $7.7M Reduce -10.0%
ATO Atmos Energy Corp. 0.18% 49,500 $7.6M Reduce -10.0%
CBRE CBRE Group Inc. Class A 0.17% 50,913 $7.1M Reduce -10.0%
CVS CVS Health Corp. 0.17% 103,095 $7.1M Reduce -10.0%
CRH CRH PLC 0.16% 74,967 $6.9M Reduce -10.0%
INTC Intel Corp. 0.16% 304,713 $6.8M Reduce -10.0%
WAB Wabtec Corp. 0.16% 32,238 $6.7M Reduce -10.0%
TRV The Travelers Cos Inc. 0.16% 25,120 $6.7M Reduce -10.0%
GILD Gilead Sciences Inc. 0.16% 59,571 $6.6M Reduce -10.0%
JCI Johnson Controls Internation 0.14% 57,672 $6.1M Reduce -10.0%
CCEP Coca-Cola Europacific Partne 0.14% 64,709 $6.0M Reduce -10.0%
TEL Te Connectivity PLC 0.14% 35,377 $6.0M Reduce -10.0%
EG Everest Group Ltd. 0.14% 17,313 $5.9M Reduce -39.9%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.14% 63,000 $5.8M Reduce -39.9%
VRTX Vertex Pharmaceuticals Inc. 0.14% 12,898 $5.7M Reduce -10.0%
NI Nisource Inc. 0.13% 139,224 $5.6M Reduce -39.9%
EBAY eBay Inc. 0.13% 72,684 $5.4M Reduce -10.0%
LYB Lyondellbasell Indu Class A 0.13% 92,363 $5.3M Reduce -10.0%
PNC PNC Financial Services Group 0.13% 28,263 $5.3M Reduce -10.0%
MMM 3M Co. 0.12% 34,510 $5.3M Reduce -10.0%
LRCX Lam Research Corp. 0.12% 53,433 $5.2M Reduce -10.0%
BLK BlackRock Inc. 0.12% 4,897 $5.1M Reduce -10.0%
ARW Arrow Electronics Inc. 0.12% 39,684 $5.1M Reduce -39.9%
FNF Fidelity National Financial 0.12% 87,825 $4.9M Reduce -39.9%
SRE Sempra 0.12% 64,547 $4.9M Reduce -10.0%
MDT Medtronic PLC 0.12% 55,772 $4.9M Reduce -10.0%
SPGI S&P Global Inc. 0.11% 8,667 $4.6M No change
DHI D.R. Horton Inc. 0.11% 34,418 $4.4M Reduce -10.0%
NEM Newmont Corp. 0.10% 74,619 $4.3M Reduce -10.0%
HLT Hilton Worldwide Holdings Inc. 0.10% 16,001 $4.3M Reduce -10.0%
SW Smurfit Westrock PLC 0.10% 93,963 $4.1M Reduce -39.9%
DD Dupont DE Nemours Inc. 0.10% 58,733 $4.0M Reduce -10.0%
KEYS Keysight Technologies Inc. 0.09% 23,995 $3.9M Reduce -10.0%
CPAY Corpay Inc. 0.09% 11,751 $3.9M Reduce -10.0%
CAT Caterpillar Inc. 0.09% 10,023 $3.9M No change
LIN Linde PLC 0.09% 7,991 $3.7M No change
STLA Stellantis NV 0.09% 367,584 $3.7M Reduce -40.0%
EA Electronic Arts Inc. 0.09% 22,923 $3.7M Reduce -10.0%
STZ Constellation Brands Inc. Class A 0.08% 21,311 $3.5M Reduce -10.0%
DOV Dover Corp. 0.08% 18,657 $3.4M Reduce -10.0%
CNP Centerpoint Energy Inc. 0.08% 90,565 $3.3M Reduce -39.9%
CTVA Corteva Inc. 0.08% 43,937 $3.3M Reduce -10.0%
ON On Semiconductor 0.08% 61,780 $3.2M Reduce -10.0%
UPS United Parcel Service Class B 0.07% 31,258 $3.2M Reduce -10.0%
KDP Keurig Dr Pepper Inc. 0.07% 93,252 $3.1M Reduce -10.0%
DOW Dow Inc. 0.07% 115,112 $3.0M Reduce -10.0%
TSN Tyson Foods Inc. Class A 0.07% 53,316 $3.0M Reduce -10.0%
NTRS Northern Trust Corp. 0.07% 22,827 $2.9M Reduce -40.0%
BDX Becton Dickinson and Co. 0.07% 16,545 $2.8M Reduce -10.0%
XYZ Block Inc. 0.07% 41,857 $2.8M Reduce -10.0%
DLTR Dollar Tree Inc. 0.07% 28,626 $2.8M Reduce -10.0%
KMB Kimberly-Clark Corp. 0.07% 21,593 $2.8M Reduce -10.0%
IP International Paper Co. 0.07% 59,213 $2.8M Reduce -39.9%
BBY Best Buy Co. Inc. 0.07% 41,103 $2.8M Reduce -10.0%
STX Seagate Technology Holdings 0.06% 18,225 $2.6M Reduce -39.9%
MOH Molina Healthcare Inc. 0.06% 8,810 $2.6M Reduce -10.0%
ESS Essex Property Trust Inc. 0.06% 9,159 $2.6M Reduce -40.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 20,165 $2.5M No change
FG F&G Annuities & Life Inc. 0.06% 78,135 $2.5M Reduce -39.9%
PYPL PayPal Holdings Inc. 0.06% 33,417 $2.5M Reduce -10.0%
SSNC Ss&c Technologies Holdings 0.06% 28,099 $2.3M Reduce -39.9%
TAP Molson Coors Beverage Co. Class B 0.06% 48,313 $2.3M Reduce -40.0%
NSC Norfolk Southern Corp. 0.05% 8,885 $2.3M Reduce -10.0%
MCD McDonald's Corp. 0.05% 6,511 $1.9M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.04% 27,824 $1.9M Reduce -10.0%
LKQ LKQ Corp. 0.03% 39,548 $1.5M Reduce -40.0%
IPG Interpublic Group of Cos Inc. 0.03% 50,701 $1.2M Reduce -39.9%
FMC FMC Corp. 0.03% 27,002 $1.1M Reduce -39.9%
SWK Stanley Black & Decker Inc. 0.03% 16,175 $1.1M Reduce -40.0%
CE Celanese Corp. 0.03% 19,499 $1.1M Reduce -40.0%
WBA Walgreens Boots Alliance Inc. 0.02% 81,218 $932K Reduce -39.9%
CAG Conagra Brands Inc. 0.02% 42,057 $861K Reduce -39.9%
LW Lamb Weston Holdings Inc. 0.02% 14,834 $769K Reduce -39.9%
OGN Organon & Co. 0.02% 76,046 $736K Reduce -40.0%
SOLV Solventum Corp. 0.01% 7,161 $543K Reduce -33.3%
Other holdings (1): bonds, preferreds, convertibles and warrants · $8.3M (not counted above)
SecurityClassShares / PrincipalValueChange
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 166,836$8.3MNew

Total filed on the 13F, all lines: $4.2B.

Portfolio Sells Q1 2025 → Q2 2025
UNH Unitedhealth Group Inc. Reduce -25.7% 1.33% −1.73
ICLR Icon PLC Reduce -25.2% 1.34% −0.86
AAPL Apple Inc. Reduce -10.0% 1.63% −0.37
CMCSA Comcast Corp. Class A Reduce -55.0% 0.26% −0.36
FND Floor & Decor Holdings Inc. Class A Reduce -3.1% 2.74% −0.32
MSCI MSCI Inc. Reduce -16.9% 1.47% −0.30
OMAB Grupo Aeroportuario Cen-ADR Reduce -45.6% 0.64% −0.26
AJG Arthur J Gallagher & Co. Reduce -24.7% 0.50% −0.23
ABBV Abbvie Inc. Reduce -13.8% 0.57% −0.19
BSX Boston Scientific Corp. Reduce -10.6% 2.42% −0.17
AMT American Tower Corp. Reduce -9.6% 1.54% −0.17
ASML ASML Holding NV-NY Reg SHS Reduce -20.1% 3.02% −0.17
PGR Progressive Corp. Reduce -17.4% 0.53% −0.16
AWK American Water Works Co. Inc. Reduce -35.9% 0.23% −0.16
JNJ Johnson & Johnson Reduce -10.0% 0.57% −0.13
T AT&T Inc. Reduce -17.4% 0.58% −0.12
EG Everest Group Ltd. Reduce -39.9% 0.14% −0.11
FNF Fidelity National Financial Reduce -39.9% 0.12% −0.11
HUM Humana Inc. Reduce -17.7% 0.32% −0.11
MRK Merck & Co. Inc. Reduce -10.0% 0.36% −0.10
PG The Procter & Gamble Co. Reduce -10.0% 0.44% −0.09
NI Nisource Inc. Reduce -39.9% 0.13% −0.09
STLA Stellantis NV Reduce -40.0% 0.09% −0.08
ASR Grupo Aeroportuario Sur-ADR Reduce -31.4% 0.27% −0.08
SW Smurfit Westrock PLC Reduce -39.9% 0.10% −0.07
HD Home Depot Inc. Reduce -10.0% 0.56% −0.07
VZ Verizon Communications Inc. Reduce -10.0% 0.39% −0.07
TAP Molson Coors Beverage Co. Class B Reduce -40.0% 0.06% −0.06
IP International Paper Co. Reduce -39.9% 0.07% −0.06
CF CF Industries Holdings Inc. Reduce -39.9% 0.14% −0.06
UNP Union Pacific Corp. Reduce -2.0% 0.83% −0.06
KMI Kinder Morgan Inc. Reduce -5.1% 1.33% −0.06
FG F&G Annuities & Life Inc. Reduce -39.9% 0.06% −0.05
PPL PPL Corp. Reduce -10.0% 0.26% −0.05
CNP Centerpoint Energy Inc. Reduce -39.9% 0.08% −0.05
ELV Elevance Health Inc. Reduce -10.0% 0.20% −0.05
AMGN Amgen Inc. Reduce -10.0% 0.20% −0.05
ESS Essex Property Trust Inc. Reduce -40.0% 0.06% −0.05
LOW Lowe's Cos Inc. Reduce -10.0% 0.27% −0.05
LYB Lyondellbasell Indu Class A Reduce -10.0% 0.13% −0.05
ARW Arrow Electronics Inc. Reduce -39.9% 0.12% −0.05
EXC Exelon Corp. Reduce -10.0% 0.22% −0.05
AFL Aflac Inc. Reduce -10.0% 0.22% −0.04
PFE Pfizer Inc. Reduce -10.0% 0.23% −0.04
MDLZ Mondelez International Inc. Class A Reduce -10.0% 0.30% −0.04
ALL Allstate Corp. Reduce -10.0% 0.25% −0.04
SSNC Ss&c Technologies Holdings Reduce -39.9% 0.06% −0.04
LLY Eli Lilly & Co. Reduce -10.0% 0.19% −0.04
APTV Aptiv Irish Holdings Ltd. Sold out 0.00% −0.04
DOW Dow Inc. Reduce -10.0% 0.07% −0.04

Portfolio Buys Q1 2025 → Q2 2025
ISRG Intuitive Surgical Inc. Add +28.5% 3.38% +0.94
NEE Nextera Energy Inc. New 0.80% +0.80
KKR KKR & Co. Inc. Add +121.4% 1.24% +0.74
TW Tradeweb Markets Inc. Class A New 0.61% +0.61
NVDA Nvidia Corp. Add +10.0% 1.65% +0.60
COST Costco Wholesale Corp. New 0.57% +0.57
GOOGL Alphabet Inc. Class A Add +3.1% 4.12% +0.54
CRM Salesforce Inc. Add +36.1% 2.02% +0.53
IT Gartner Inc. Add +29.4% 2.50% +0.45
ADBE Adobe Inc. New 0.43% +0.43
MA Mastercard Inc. Class A Add +9.1% 3.60% +0.32
EW Edwards Lifesciences Corp. Add +13.9% 1.76% +0.30
NKE Nike Inc. Class B Add +66.4% 0.55% +0.25
DHR Danaher Corp. Add +13.9% 3.06% +0.22
TEAM Atlassian Corp. Class A Add +8.1% 1.29% +0.02
ZTS Zoetis Inc. Add +5.3% 1.67% −0.04
FISV Fiserv Inc. Add +17.8% 0.68% −0.07

Notes & Other Activity Q1 2025 → Q2 2025
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 New 166,836 $8.3M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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