Fisher Funds Management LTD

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Fisher Funds Management LTD reported 165 stock positions worth $3.9 billion. Its top holding was Microsoft (MSFT) at 5.6% of the portfolio, followed by Amazon.com (AMZN, 4.1%) and Alphabet Class A (GOOGL, 3.6%). Compared with Q3 2025, it opened 6 new positions, sold out of 1, added to 25 and reduced 23. The biggest buy was Meta Platforms Class A (META, shares +50%) and the biggest sale Intuitive Surgical (ISRG, shares −53%).

Most Recent 13F
Q2 2026
Location
AUCKLAND, Q2
CIK
0001435028
Portfolio Value
$3.9B (Q4 2025)
SEC Filing
0001435028-26-000002 ↗ filed Jan 26, 2026

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 Q3 2025 Q4 2025: $3.9B $3.9B Q4 2025 Q1 2026: $3.4B Q1 2026 Q2 2026: $3.5B Q2 2026

Holdings 165 stocks · $3.9B
MSFT Microsoft Corp. 5.59% 445,659 $216.0M Add +17.3%
AMZN Amazon.com Inc. 4.08% 683,197 $157.9M Reduce -1.5%
GOOGL Alphabet Inc. Class A 3.57% 440,524 $138.1M Reduce -33.1%
META Meta Platforms Inc. Class A 3.05% 178,531 $118.0M Add +49.7%
MA Mastercard Inc. Class A 2.63% 177,303 $101.6M Reduce -8.6%
NVDA Nvidia Corp. 2.61% 538,479 $101.0M Add +37.3%
ICLR Icon PLC 2.41% 513,102 $93.2M Add +19.0%
DHR Danaher Corp. 2.36% 397,715 $91.2M Reduce -26.0%
AAPL Apple Inc. 2.36% 334,785 $91.2M No change
ODFL Old Dominion Freight Line 2.20% 538,799 $85.0M Add +15.0%
DXCM Dexcom Inc. 2.10% 1,218,848 $81.1M Add +0.1%
AVGO Broadcom Inc. 2.02% 225,044 $78.2M Reduce -16.1%
CRM Salesforce Inc. 1.94% 282,465 $74.9M Add +18.3%
ZTS Zoetis Inc. 1.86% 569,266 $71.8M Reduce -0.9%
MSCI MSCI Inc. 1.70% 113,733 $65.6M Add +44.6%
EW Edwards Lifesciences Corp. 1.69% 761,899 $65.1M Reduce -14.2%
JPM JPMorgan Chase & Co. 1.67% 199,186 $64.4M No change
ISRG Intuitive Surgical Inc. 1.63% 110,764 $63.1M Reduce -53.1%
NFLX Netflix Inc. 1.51% 622,895 $58.5M Add +78.5%
FND Floor & Decor Holdings Inc. Class A 1.41% 890,936 $54.5M Reduce -13.0%
TEAM Atlassian Corp. Class A 1.41% 334,011 $54.4M Add +11.1%
AMT American Tower Corp. 1.31% 287,681 $50.7M Add +19.1%
KKR KKR & Co. Inc. 1.29% 390,887 $49.9M Reduce -9.1%
NEE Nextera Energy Inc. 1.29% 619,640 $49.9M Add +3.5%
HCA HCA Healthcare Inc. 1.12% 92,756 $43.3M Reduce -22.3%
IT Gartner Inc. 1.07% 162,614 $41.3M Add +26.7%
ASML ASML Holding NV-NY Reg SHS 1.00% 35,905 $38.5M Reduce -50.5%
KMI Kinder Morgan Inc. 0.99% 1,395,269 $38.4M No change
TW Tradeweb Markets Inc. Class A 0.98% 348,380 $37.7M Add +5.2%
PGR Progressive Corp. 0.94% 158,416 $36.3M Add +43.7%
MLM Martin Marietta Materials 0.94% 57,950 $36.3M Reduce -15.8%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.93% 137,840 $36.0M Add +49.7%
FERG Ferguson Enterprises Inc. 0.93% 160,428 $35.8M No change
CMS CMS Energy Corp. 0.92% 508,558 $35.6M Reduce -6.4%
BSX Boston Scientific Corp. 0.92% 370,577 $35.5M Reduce -23.3%
NKE Nike Inc. Class B 0.90% 547,474 $34.9M Add +13.7%
BRK.B Berkshire Hathaway Inc. Class B 0.85% 64,785 $32.7M No change
JNJ Johnson & Johnson 0.84% 156,053 $32.3M No change
CSCO Cisco Systems Inc. 0.82% 409,822 $31.7M Reduce -4.2%
ABBV Abbvie Inc. 0.77% 129,479 $29.7M No change
HUM Humana Inc. 0.76% 113,467 $29.3M Add +43.1%
MCK McKesson Corp. 0.75% 34,969 $28.8M Add +166.6%
ORCL Oracle Corp. 0.74% 146,578 $28.7M No change
WCN Waste Connections Inc. 0.73% 159,613 $28.2M Add +80.7%
CCI Crown Castle Inc. 0.73% 316,014 $28.1M Add +48.9%
EFX Equifax Inc. 0.72% 128,154 $27.9M New
COST Costco Wholesale Corp. 0.71% 31,698 $27.4M Add +10.0%
CP Canadian Pacific Kansas City 0.69% 362,901 $26.8M Reduce -28.6%
UNP Union Pacific Corp. 0.69% 115,129 $26.7M Reduce -23.9%
DE Deere & Co. 0.68% 56,116 $26.3M No change
PAC Grupo Aeroportuario Pac-ADR 0.67% 99,446 $25.9M New
GOOG Alphabet Inc. Class C 0.65% 80,069 $25.2M Reduce -5.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.58% 75,339 $22.3M No change
HD Home Depot Inc. 0.57% 64,302 $22.2M No change
IBP Installed Building Products 0.55% 82,848 $21.4M Add +20.2%
T AT&T Inc. 0.55% 847,357 $21.1M No change
AMAT Applied Materials Inc. 0.54% 81,063 $20.8M No change
WMB Williams Cos Inc. 0.52% 333,234 $20.0M No change
WBD Warner Bros Discovery Inc. 0.52% 694,932 $20.0M No change
MRK Merck & Co. Inc. 0.52% 190,238 $20.0M No change
MU Micron Technology Inc. 0.51% 68,962 $19.7M No change
ADBE Adobe Inc. 0.49% 53,810 $18.9M Reduce -32.7%
STLD Steel Dynamics Inc. 0.46% 104,541 $17.7M No change
EQIX Equinix Inc. 0.45% 22,503 $17.3M Add +8.7%
PG The Procter & Gamble Co. 0.43% 116,244 $16.7M No change
QCOM Qualcomm Inc. 0.43% 96,161 $16.5M No change
UNH Unitedhealth Group Inc. 0.42% 48,730 $16.1M Reduce -58.6%
VZ Verizon Communications Inc. 0.40% 375,497 $15.4M No change
URI United Rentals Inc. 0.39% 18,539 $15.1M No change
PH Parker Hannifin Corp. 0.38% 16,739 $14.8M No change
ASR Grupo Aeroportuario Sur-ADR 0.38% 45,902 $14.7M Add +12.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.37% 121,682 $14.2M No change
AXP American Express Co. 0.35% 36,256 $13.5M New
OMAB Grupo Aeroportuario Cen-ADR 0.34% 123,968 $13.3M No change
NUE Nucor Corp. 0.33% 77,627 $12.6M No change
LOW Lowe's Cos Inc. 0.32% 50,895 $12.3M No change
EPD Enterprise Products Partners 0.30% 359,963 $11.5M No change
PPL PPL Corp. 0.30% 324,754 $11.4M No change
INTC Intel Corp. 0.29% 304,713 $11.3M No change
LLY Eli Lilly & Co. 0.29% 10,451 $11.3M No change
ALL Allstate Corp. 0.28% 52,294 $10.9M No change
F Ford Motor Co. filed as FORD MTR CO 0.28% 816,282 $10.7M No change
AMP Ameriprise Financial Inc. 0.27% 21,374 $10.5M No change
MDLZ Mondelez International Inc. Class A 0.26% 188,734 $10.2M No change
PFE Pfizer Inc. 0.26% 401,134 $10.0M No change
AFL Aflac Inc. 0.26% 89,565 $9.9M No change
AMGN Amgen Inc. 0.25% 29,841 $9.8M No change
MELI MercadoLibre Inc. 0.25% 4,755 $9.6M New
EXC Exelon Corp. 0.25% 216,711 $9.5M No change
UBER Uber Technologies Inc. 0.24% 115,168 $9.4M New
CRH CRH PLC 0.24% 74,967 $9.4M No change
CMCSA Comcast Corp. Class A 0.24% 311,422 $9.3M No change
LRCX Lam Research Corp. 0.24% 53,433 $9.1M No change
V Visa Inc. Class A 0.23% 25,796 $9.1M No change
CI The Cigna Group 0.23% 32,735 $9.0M No change
ADI Analog Devices Inc. 0.23% 32,967 $9.0M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.23% 162,734 $9.0M No change
ABT Abbott Laboratories 0.23% 70,035 $8.8M No change
ATO Atmos Energy Corp. 0.21% 49,500 $8.3M No change
CBRE CBRE Group Inc. Class A 0.21% 50,913 $8.2M No change

Show all 165 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $9.1M (not counted above)
SecurityClassShares / PrincipalValueChange
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 166,836$9.1MNo change

Total filed on the 13F, all lines: $3.9B.

Portfolio Sells Q3 2025 → Q4 2025
ISRG Intuitive Surgical Inc. Reduce -53.1% 1.63% −1.16
FISV Fiserv Inc. Reduce -89.4% 0.06% −0.97
ASML ASML Holding NV-NY Reg SHS Reduce -50.5% 1.00% −0.86
GOOGL Alphabet Inc. Class A Reduce -33.1% 3.57% −0.66
UNH Unitedhealth Group Inc. Reduce -58.6% 0.42% −0.66
FND Floor & Decor Holdings Inc. Class A Reduce -13.0% 1.41% −0.59
DHR Danaher Corp. Reduce -26.0% 2.36% −0.46
ZTS Zoetis Inc. Reduce -0.9% 1.86% −0.36
EMR Emerson Electric Co. Sold out 0.00% −0.34
BSX Boston Scientific Corp. Reduce -23.3% 0.92% −0.33
AVGO Broadcom Inc. Reduce -16.1% 2.02% −0.32
CP Canadian Pacific Kansas City Reduce -28.6% 0.69% −0.31
MA Mastercard Inc. Class A Reduce -8.6% 2.63% −0.29
ADBE Adobe Inc. Reduce -32.7% 0.49% −0.26
UNP Union Pacific Corp. Reduce -23.9% 0.69% −0.26
HCA HCA Healthcare Inc. Reduce -22.3% 1.12% −0.23
MLM Martin Marietta Materials Reduce -15.8% 0.94% −0.21
KKR KKR & Co. Inc. Reduce -9.1% 1.29% −0.19
AWK American Water Works Co. Inc. Reduce -64.9% 0.08% −0.18
EW Edwards Lifesciences Corp. Reduce -14.2% 1.69% −0.14
CMS CMS Energy Corp. Reduce -6.4% 0.92% −0.13
CSCO Cisco Systems Inc. Reduce -4.2% 0.82% +0.04
AMZN Amazon.com Inc. Reduce -1.5% 4.08% +0.06
GOOG Alphabet Inc. Class C Reduce -5.4% 0.65% +0.11

Portfolio Buys Q3 2025 → Q4 2025
META Meta Platforms Inc. Class A Add +49.7% 3.05% +0.74
EFX Equifax Inc. New 0.72% +0.72
NVDA Nvidia Corp. Add +37.3% 2.61% +0.68
PAC Grupo Aeroportuario Pac-ADR New 0.67% +0.67
MSCI MSCI Inc. Add +44.6% 1.70% +0.52
MCK McKesson Corp. Add +166.6% 0.75% +0.48
ODFL Old Dominion Freight Line Add +15.0% 2.20% +0.46
CRM Salesforce Inc. Add +18.3% 1.94% +0.44
ICLR Icon PLC Add +19.0% 2.41% +0.42
NFLX Netflix Inc. Add +78.5% 1.51% +0.41
MSFT Microsoft Corp. Add +17.3% 5.59% +0.38
AXP American Express Co. New 0.35% +0.35
WCN Waste Connections Inc. Add +80.7% 0.73% +0.32
MELI MercadoLibre Inc. New 0.25% +0.25
UBER Uber Technologies Inc. New 0.24% +0.24
PGR Progressive Corp. Add +43.7% 0.94% +0.22
HUM Humana Inc. Add +43.1% 0.76% +0.21
CCI Crown Castle Inc. Add +48.9% 0.73% +0.19
AJG Arthur J Gallagher & Co. Add +49.7% 0.93% +0.18
IT Gartner Inc. Add +26.7% 1.07% +0.18
TEAM Atlassian Corp. Class A Add +11.1% 1.41% +0.14
IBP Installed Building Products Add +20.2% 0.55% +0.10
NEE Nextera Energy Inc. Add +3.5% 1.29% +0.09
AMT American Tower Corp. Add +19.1% 1.31% +0.08
APTV Aptiv PLC New 0.05% +0.05
ASR Grupo Aeroportuario Sur-ADR Add +12.9% 0.38% +0.03
EQIX Equinix Inc. Add +8.7% 0.45% +0.02
NKE Nike Inc. Class B Add +13.7% 0.90% +0.02
TW Tradeweb Markets Inc. Class A Add +5.2% 0.98% +0.00
COST Costco Wholesale Corp. Add +10.0% 0.71% +0.00
DXCM Dexcom Inc. Add +0.1% 2.10% −0.07

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