Fisher Funds Management LTD

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Fisher Funds Management LTD reported 159 stock positions worth $3.8 billion. Its top holding was Microsoft (MSFT) at 5.2% of the portfolio, followed by Alphabet Class A (GOOGL, 4.2%) and Amazon.com (AMZN, 4.0%). Compared with Q2 2025, it opened 17 new positions, sold out of 25, added to 21 and reduced 26. The biggest buy was a new position in Old Dominion Freight Line (ODFL) and the biggest sale Gartner (IT, shares −51%).

Most Recent 13F
Q2 2026
Location
AUCKLAND, Q2
CIK
0001435028
Portfolio Value
$3.8B (Q3 2025)
SEC Filing
0001435028-25-000008 ↗ filed Oct 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 Q1 2025 Q2 2025: $4.2B Q2 2025 Q3 2025: $3.8B $3.8B Q3 2025 Q4 2025: $3.9B Q4 2025 Q1 2026: $3.4B Q1 2026 Q2 2026: $3.5B Q2 2026

Holdings 159 stocks · $3.8B
MSFT Microsoft Corp. 5.21% 379,888 $196.8M Reduce -23.4%
GOOGL Alphabet Inc. Class A 4.23% 658,098 $160.0M Reduce -33.1%
AMZN Amazon.com Inc. 4.03% 693,305 $152.2M Reduce -31.6%
MA Mastercard Inc. Class A 2.92% 193,948 $110.3M Reduce -27.9%
DHR Danaher Corp. 2.82% 537,263 $106.5M Reduce -17.7%
ISRG Intuitive Surgical Inc. 2.79% 236,015 $105.6M Reduce -9.8%
AVGO Broadcom Inc. 2.34% 268,074 $88.4M No change
META Meta Platforms Inc. Class A 2.32% 119,286 $87.6M Reduce -32.1%
AAPL Apple Inc. 2.26% 334,785 $85.2M No change
ZTS Zoetis Inc. 2.22% 574,225 $84.0M Add +27.8%
DXCM Dexcom Inc. 2.17% 1,217,090 $81.9M Reduce -7.0%
FND Floor & Decor Holdings Inc. Class A 2.00% 1,023,727 $75.4M Reduce -32.6%
ICLR Icon PLC 2.00% 431,083 $75.4M Add +11.5%
NVDA Nvidia Corp. 1.94% 392,159 $73.2M Reduce -10.6%
ASML ASML Holding NV-NY Reg SHS 1.86% 72,591 $70.3M Reduce -54.2%
EW Edwards Lifesciences Corp. 1.83% 887,596 $69.0M Reduce -6.4%
ODFL Old Dominion Freight Line 1.75% 468,469 $66.0M New
JPM JPMorgan Chase & Co. 1.66% 199,186 $62.8M Add +38.1%
CRM Salesforce Inc. 1.50% 238,846 $56.6M Reduce -23.4%
KKR KKR & Co. Inc. 1.48% 430,075 $55.9M Add +9.8%
HCA HCA Healthcare Inc. 1.35% 119,412 $50.9M Add +48.3%
TEAM Atlassian Corp. Class A 1.27% 300,526 $48.0M Add +12.5%
BSX Boston Scientific Corp. 1.25% 483,216 $47.2M Reduce -49.1%
AMT American Tower Corp. 1.23% 241,562 $46.5M Reduce -17.5%
NEE Nextera Energy Inc. 1.20% 598,931 $45.2M Add +23.6%
MSCI MSCI Inc. 1.18% 78,653 $44.6M Reduce -26.9%
MLM Martin Marietta Materials 1.15% 68,811 $43.4M Add +37.9%
NFLX Netflix Inc. 1.11% 34,895 $41.8M Reduce -46.2%
ORCL Oracle Corp. 1.09% 146,578 $41.2M No change
UNH Unitedhealth Group Inc. 1.07% 117,641 $40.6M Reduce -34.4%
CMS CMS Energy Corp. 1.05% 543,112 $39.8M Reduce -30.4%
KMI Kinder Morgan Inc. 1.05% 1,395,269 $39.5M Reduce -26.7%
FISV Fiserv Inc. 1.03% 301,359 $38.9M Add +82.0%
CP Canadian Pacific Kansas City 1.00% 508,570 $37.9M Reduce -16.6%
TW Tradeweb Markets Inc. Class A 0.97% 331,279 $36.8M Add +88.9%
FERG Ferguson Enterprises Inc. 0.95% 160,428 $36.0M Add +7.0%
UNP Union Pacific Corp. 0.95% 151,371 $35.8M No change
IT Gartner Inc. 0.89% 128,383 $33.7M Reduce -50.7%
NKE Nike Inc. Class B 0.89% 481,522 $33.6M Add +47.0%
BRK.B Berkshire Hathaway Inc. Class B 0.86% 64,785 $32.6M No change
ABBV Abbvie Inc. 0.79% 129,479 $30.0M No change
CSCO Cisco Systems Inc. 0.77% 427,712 $29.3M No change
JNJ Johnson & Johnson 0.77% 156,053 $28.9M No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.75% 92,078 $28.5M Add +40.6%
ADBE Adobe Inc. 0.75% 79,948 $28.2M Add +72.1%
PGR Progressive Corp. 0.72% 110,245 $27.2M Add +32.8%
COST Costco Wholesale Corp. 0.71% 28,826 $26.7M Add +18.9%
HD Home Depot Inc. 0.69% 64,302 $26.1M No change
DE Deere & Co. 0.68% 56,116 $25.7M Add +47.0%
T AT&T Inc. 0.63% 847,357 $23.9M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.56% 75,339 $21.3M No change
WMB Williams Cos Inc. 0.56% 333,234 $21.1M No change
HUM Humana Inc. 0.55% 79,282 $20.6M Add +43.1%
GOOG Alphabet Inc. Class C 0.55% 84,674 $20.6M No change
CCI Crown Castle Inc. 0.54% 212,193 $20.5M No change
PG The Procter & Gamble Co. 0.47% 116,244 $17.9M No change
URI United Rentals Inc. 0.47% 18,539 $17.7M No change
IBP Installed Building Products 0.45% 68,943 $17.0M Reduce -14.6%
AMAT Applied Materials Inc. 0.44% 81,063 $16.6M No change
VZ Verizon Communications Inc. 0.44% 375,497 $16.5M No change
EQIX Equinix Inc. 0.43% 20,698 $16.2M Reduce -38.0%
QCOM Qualcomm Inc. 0.42% 96,161 $16.0M No change
MRK Merck & Co. Inc. 0.42% 190,238 $16.0M No change
WCN Waste Connections Inc. 0.41% 88,336 $15.5M Add +51.2%
STLD Steel Dynamics Inc. 0.39% 104,541 $14.6M No change
WBD Warner Bros Discovery Inc. 0.36% 694,932 $13.6M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.35% 121,682 $13.3M No change
ASR Grupo Aeroportuario Sur-ADR 0.35% 40,654 $13.1M Add +13.3%
EMR Emerson Electric Co. 0.34% 98,998 $13.0M No change
OMAB Grupo Aeroportuario Cen-ADR 0.34% 123,968 $12.9M Reduce -51.6%
LOW Lowe's Cos Inc. 0.34% 50,895 $12.8M No change
PH Parker Hannifin Corp. 0.34% 16,739 $12.7M No change
PPL PPL Corp. 0.32% 324,754 $12.1M No change
MDLZ Mondelez International Inc. Class A 0.31% 188,734 $11.8M No change
MU Micron Technology Inc. 0.31% 68,962 $11.5M No change
EPD Enterprise Products Partners 0.30% 359,963 $11.3M Reduce -16.8%
ALL Allstate Corp. 0.30% 52,294 $11.2M No change
NUE Nucor Corp. 0.28% 77,627 $10.5M No change
AMP Ameriprise Financial Inc. 0.28% 21,374 $10.5M No change
INTC Intel Corp. 0.27% 304,713 $10.2M No change
PFE Pfizer Inc. 0.27% 401,134 $10.2M No change
MCK McKesson Corp. 0.27% 13,118 $10.1M No change
AFL Aflac Inc. 0.26% 89,565 $10.0M No change
AWK American Water Works Co. Inc. 0.26% 70,789 $9.9M No change
CMCSA Comcast Corp. Class A 0.26% 311,422 $9.8M No change
F Ford Motor Co. filed as FORD MTR CO 0.26% 816,282 $9.8M No change
EXC Exelon Corp. 0.26% 216,711 $9.8M No change
CI The Cigna Group 0.25% 32,735 $9.4M No change
ABT Abbott Laboratories 0.25% 70,035 $9.4M No change
CRH CRH PLC 0.24% 74,967 $9.0M No change
V Visa Inc. Class A 0.23% 25,796 $8.8M No change
ATO Atmos Energy Corp. 0.22% 49,500 $8.5M No change
AMGN Amgen Inc. 0.22% 29,841 $8.4M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.22% 162,734 $8.4M No change
ADI Analog Devices Inc. 0.21% 32,967 $8.1M No change
CBRE CBRE Group Inc. Class A 0.21% 50,913 $8.0M No change
LLY Eli Lilly & Co. 0.21% 10,451 $8.0M No change
CVS CVS Health Corp. 0.21% 103,095 $7.8M No change
TEL Te Connectivity PLC 0.21% 35,377 $7.8M No change
LRCX Lam Research Corp. 0.19% 53,433 $7.2M No change

Show all 159 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $8.1M (not counted above)
SecurityClassShares / PrincipalValueChange
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 166,836$8.1MNo change

Total filed on the 13F, all lines: $3.8B.

Portfolio Sells Q2 2025 → Q3 2025
IT Gartner Inc. Reduce -50.7% 0.89% −1.61
AMZN Amazon.com Inc. Reduce -31.6% 4.03% −1.26
BSX Boston Scientific Corp. Reduce -49.1% 1.25% −1.18
ASML ASML Holding NV-NY Reg SHS Reduce -54.2% 1.86% −1.16
NFLX Netflix Inc. Reduce -46.2% 1.11% −0.96
META Meta Platforms Inc. Class A Reduce -32.1% 2.32% −0.77
FND Floor & Decor Holdings Inc. Class A Reduce -32.6% 2.00% −0.75
MA Mastercard Inc. Class A Reduce -27.9% 2.92% −0.68
MSFT Microsoft Corp. Reduce -23.4% 5.21% −0.66
ISRG Intuitive Surgical Inc. Reduce -9.8% 2.79% −0.59
DXCM Dexcom Inc. Reduce -7.0% 2.17% −0.55
CRM Salesforce Inc. Reduce -23.4% 1.50% −0.52
AMT American Tower Corp. Reduce -17.5% 1.23% −0.31
OMAB Grupo Aeroportuario Cen-ADR Reduce -51.6% 0.34% −0.30
MSCI MSCI Inc. Reduce -26.9% 1.18% −0.29
KMI Kinder Morgan Inc. Reduce -26.7% 1.05% −0.29
UNH Unitedhealth Group Inc. Reduce -34.4% 1.07% −0.26
DHR Danaher Corp. Reduce -17.7% 2.82% −0.25
CMS CMS Energy Corp. Reduce -30.4% 1.05% −0.23
EQIX Equinix Inc. Reduce -38.0% 0.43% −0.20
CP Canadian Pacific Kansas City Reduce -16.6% 1.00% −0.15
EG Everest Group Ltd. Sold out 0.00% −0.14
CF CF Industries Holdings Inc. Sold out 0.00% −0.14
NI Nisource Inc. Sold out 0.00% −0.13
ARW Arrow Electronics Inc. Sold out 0.00% −0.12
FNF Fidelity National Financial Sold out 0.00% −0.12
SW Smurfit Westrock PLC Sold out 0.00% −0.10
STLA Stellantis NV Sold out 0.00% −0.09
CNP Centerpoint Energy Inc. Sold out 0.00% −0.08
NTRS Northern Trust Corp. Sold out 0.00% −0.07
IP International Paper Co. Sold out 0.00% −0.07
STX Seagate Technology Holdings Sold out 0.00% −0.06
ESS Essex Property Trust Inc. Sold out 0.00% −0.06
FG F&G Annuities & Life Inc. Sold out 0.00% −0.06
SSNC Ss&c Technologies Holdings Sold out 0.00% −0.06
TAP Molson Coors Beverage Co. Class B Sold out 0.00% −0.06
LKQ LKQ Corp. Sold out 0.00% −0.03
IPG Interpublic Group of Cos Inc. Sold out 0.00% −0.03
FMC FMC Corp. Sold out 0.00% −0.03
SWK Stanley Black & Decker Inc. Sold out 0.00% −0.03
CE Celanese Corp. Sold out 0.00% −0.03
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.02
EPD Enterprise Products Partners Reduce -16.8% 0.30% −0.02
CAG Conagra Brands Inc. Sold out 0.00% −0.02
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.02
OGN Organon & Co. Sold out 0.00% −0.02
SOLV Solventum Corp. Sold out 0.00% −0.01
EW Edwards Lifesciences Corp. Reduce -6.4% 1.83% +0.06
IBP Installed Building Products Reduce -14.6% 0.45% +0.10
GOOGL Alphabet Inc. Class A Reduce -33.1% 4.23% +0.11

Portfolio Buys Q2 2025 → Q3 2025
ODFL Old Dominion Freight Line New 1.75% +1.75
JPM JPMorgan Chase & Co. Add +38.1% 1.66% +0.67
ICLR Icon PLC Add +11.5% 2.00% +0.66
HCA HCA Healthcare Inc. Add +48.3% 1.35% +0.61
ZTS Zoetis Inc. Add +27.8% 2.22% +0.56
MLM Martin Marietta Materials Add +37.9% 1.15% +0.50
NEE Nextera Energy Inc. Add +23.6% 1.20% +0.40
TW Tradeweb Markets Inc. Class A Add +88.9% 0.97% +0.36
FISV Fiserv Inc. Add +82.0% 1.03% +0.35
NKE Nike Inc. Class B Add +47.0% 0.89% +0.34
ADBE Adobe Inc. Add +72.1% 0.75% +0.32
AJG Arthur J Gallagher & Co. Add +40.6% 0.75% +0.26
KKR KKR & Co. Inc. Add +9.8% 1.48% +0.24
HUM Humana Inc. Add +43.1% 0.55% +0.22
DE Deere & Co. Add +47.0% 0.68% +0.22
PGR Progressive Corp. Add +32.8% 0.72% +0.19
FERG Ferguson Enterprises Inc. Add +7.0% 0.95% +0.18
WCN Waste Connections Inc. Add +51.2% 0.41% +0.15
COST Costco Wholesale Corp. Add +18.9% 0.71% +0.14
ASR Grupo Aeroportuario Sur-ADR Add +13.3% 0.35% +0.08
ON On Semiconductor Add +42.0% 0.11% +0.04
VRT Vertiv Holdings Co. Class A New 0.04% +0.04
DELL Dell Technologies -C New 0.04% +0.04
MRVL Marvell Technology Inc. New 0.04% +0.04
IBKR Interactive Brokers Gro Class A New 0.04% +0.04
HPE Hewlett Packard Enterprise New 0.03% +0.03
NXPI NXP Semiconductors NV New 0.03% +0.03
GS Goldman Sachs Group Inc. New 0.03% +0.03
MS Morgan Stanley New 0.03% +0.03
WFC Wells Fargo & Co. New 0.03% +0.03
RCL Royal Caribbean Cruises Ltd. New 0.03% +0.03
C Citigroup Inc. New 0.03% +0.03
DAL Delta Air Lines Inc. New 0.03% +0.03
COF Capital One Financial Corp. New 0.03% +0.03
VST Vistra Corp. New 0.03% +0.03
AMD Advanced Micro Devices New 0.03% +0.03
KLAC KLA Corp. New 0.03% +0.03
TEAM Atlassian Corp. Class A Add +12.5% 1.27% −0.02

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