Fisher Funds Management LTD

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 16, 2026), Fisher Funds Management LTD reported 168 stock positions worth $3.4 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Amazon.com (AMZN, 4.2%) and Alphabet Class A (GOOGL, 3.1%). Compared with Q4 2025, it opened 4 new positions, sold out of 2, added to 24 and reduced 63. The biggest buy was MercadoLibre (MELI, shares +646%) and the biggest sale Icon (ICLR, shares −66%).

Most Recent 13F
Q2 2026
Location
AUCKLAND, Q2
CIK
0001435028
Portfolio Value
$3.4B (Q1 2026)
SEC Filing
0001435028-26-000003 ↗ filed Apr 16, 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 Q4 2025 Q1 2026: $3.4B $3.4B Q1 2026 Q2 2026: $3.5B Q2 2026

Holdings 168 stocks · $3.4B
MSFT Microsoft Corp. 5.73% 527,159 $195.1M Add +18.3%
AMZN Amazon.com Inc. 4.25% 693,708 $144.5M Add +1.5%
GOOGL Alphabet Inc. Class A 3.09% 365,199 $105.0M Reduce -17.1%
META Meta Platforms Inc. Class A 3.06% 181,787 $104.0M Add +1.8%
NVDA Nvidia Corp. 2.92% 569,809 $99.4M Add +5.8%
MA Mastercard Inc. Class A 2.87% 195,699 $97.8M Add +10.4%
NFLX Netflix Inc. 2.33% 825,858 $79.4M Add +32.6%
DHR Danaher Corp. 2.00% 358,885 $68.0M Reduce -9.8%
AAPL Apple Inc. 1.94% 260,471 $66.1M Reduce -22.2%
ISRG Intuitive Surgical Inc. 1.93% 142,156 $65.5M Add +28.3%
MELI MercadoLibre Inc. 1.80% 35,471 $61.3M Add +646.0%
MSCI MSCI Inc. 1.73% 109,160 $58.8M Reduce -4.0%
ZTS Zoetis Inc. 1.71% 491,051 $58.0M Reduce -13.7%
DXCM Dexcom Inc. 1.68% 910,584 $57.2M Reduce -25.3%
AVGO Broadcom Inc. 1.68% 184,521 $57.1M Reduce -18.0%
UBER Uber Technologies Inc. 1.67% 788,026 $56.7M Add +584.2%
FND Floor & Decor Holdings Inc. Class A 1.62% 1,086,888 $55.2M Add +22.0%
NEE Nextera Energy Inc. 1.59% 582,884 $54.1M Reduce -5.9%
BSX Boston Scientific Corp. 1.59% 860,964 $54.0M Add +132.3%
ODFL Old Dominion Freight Line 1.58% 274,549 $53.6M Reduce -49.0%
HCA HCA Healthcare Inc. 1.36% 97,979 $46.3M Add +5.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.32% 207,219 $44.9M Add +50.3%
JPM JPMorgan Chase & Co. 1.31% 151,952 $44.7M Reduce -23.7%
KMI Kinder Morgan Inc. 1.28% 1,297,651 $43.5M Reduce -7.0%
EW Edwards Lifesciences Corp. 1.22% 519,594 $41.6M Reduce -31.8%
EFX Equifax Inc. 1.20% 226,651 $40.8M Add +76.9%
CMS CMS Energy Corp. 1.20% 525,747 $40.8M Add +3.4%
KKR KKR & Co. Inc. 1.16% 427,156 $39.5M Add +9.3%
MCK McKesson Corp. 1.12% 43,890 $38.0M Add +25.5%
AMT American Tower Corp. 1.06% 209,470 $36.2M Reduce -27.2%
TW Tradeweb Markets Inc. Class A 1.05% 303,799 $35.7M Reduce -12.8%
PGR Progressive Corp. 1.04% 178,334 $35.4M Add +12.6%
FERG Ferguson Enterprises Inc. 1.01% 147,016 $34.3M Reduce -8.4%
WCN Waste Connections Inc. 0.94% 196,508 $31.9M Add +23.1%
JNJ Johnson & Johnson 0.89% 123,343 $30.1M Reduce -21.0%
AMAT Applied Materials Inc. 0.81% 81,063 $27.7M No change
BRK.B Berkshire Hathaway Inc. Class B 0.76% 54,037 $25.9M Reduce -16.6%
AXP American Express Co. 0.75% 84,377 $25.5M Add +132.7%
CSCO Cisco Systems Inc. 0.75% 328,629 $25.5M Reduce -19.8%
CRM Salesforce Inc. 0.74% 134,513 $25.1M Reduce -52.4%
PAC Grupo Aeroportuario Pac-ADR 0.72% 99,446 $24.6M No change
WMB Williams Cos Inc. 0.71% 333,234 $24.3M No change
ABBV Abbvie Inc. 0.67% 105,518 $22.9M Reduce -18.5%
EQIX Equinix Inc. 0.66% 23,071 $22.6M Add +2.5%
CP Canadian Pacific Kansas City 0.66% 285,288 $22.4M Reduce -21.4%
T AT&T Inc. 0.63% 741,432 $21.5M Reduce -12.5%
VST Vistra Corp. 0.62% 140,089 $21.1M Add +2111.7%
CCI Crown Castle Inc. 0.58% 243,881 $19.8M Reduce -22.8%
MU Micron Technology Inc. 0.58% 58,643 $19.8M Reduce -15.0%
ICLR Icon PLC 0.57% 174,291 $19.3M Reduce -66.0%
WBD Warner Bros Discovery Inc. 0.56% 694,932 $19.1M No change
VZ Verizon Communications Inc. 0.55% 375,497 $18.8M No change
GOOG Alphabet Inc. Class C 0.55% 65,328 $18.7M Reduce -18.4%
MLM Martin Marietta Materials 0.55% 31,643 $18.6M Reduce -45.4%
HUM Humana Inc. 0.54% 106,667 $18.5M Reduce -6.0%
COF Capital One Financial Corp. 0.54% 101,321 $18.5M Add +1636.7%
MRK Merck & Co. Inc. 0.53% 151,132 $18.2M Reduce -20.6%
ORCL Oracle Corp. 0.53% 123,319 $18.1M Reduce -15.9%
HD Home Depot Inc. 0.50% 51,973 $17.1M Reduce -19.2%
OMAB Grupo Aeroportuario Cen-ADR 0.50% 148,551 $17.0M Add +19.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.49% 69,135 $16.8M Reduce -8.2%
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.47% 12,118 $16.0M Reduce -66.3%
STLD Steel Dynamics Inc. 0.47% 88,464 $15.9M Reduce -15.4%
ASR Grupo Aeroportuario Sur-ADR 0.45% 45,902 $15.4M No change
DE Deere & Co. 0.45% 27,369 $15.4M Reduce -51.2%
PG The Procter & Gamble Co. 0.45% 106,656 $15.4M Reduce -8.3%
TEAM Atlassian Corp. Class A 0.45% 222,613 $15.2M Reduce -33.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.42% 121,682 $14.4M No change
EPD Enterprise Products Partners 0.40% 359,963 $13.6M No change
PH Parker Hannifin Corp. 0.40% 15,127 $13.5M Reduce -9.6%
INTC Intel Corp. 0.40% 304,713 $13.4M No change
UNH Unitedhealth Group Inc. 0.39% 48,730 $13.2M No change
NUE Nucor Corp. 0.39% 77,627 $13.1M No change
DG Dollar General Corp. 0.37% 105,665 $12.5M New
QCOM Qualcomm Inc. 0.36% 96,161 $12.4M No change
URI United Rentals Inc. 0.36% 16,774 $12.2M Reduce -9.5%
LRCX Lam Research Corp. 0.34% 53,433 $11.4M No change
PPL PPL Corp. 0.32% 285,798 $10.9M Reduce -12.0%
LOW Lowe's Cos Inc. 0.31% 45,113 $10.7M Reduce -11.4%
EXC Exelon Corp. 0.31% 216,711 $10.6M No change
ADI Analog Devices Inc. 0.31% 32,967 $10.5M No change
AFL Aflac Inc. 0.29% 89,565 $9.8M No change
PFE Pfizer Inc. 0.28% 343,247 $9.6M Reduce -14.4%
LLY Eli Lilly & Co. 0.28% 10,451 $9.6M No change
UNP Union Pacific Corp. 0.28% 39,150 $9.5M Reduce -66.0%
AMP Ameriprise Financial Inc. 0.28% 21,374 $9.5M No change
F Ford Motor Co. filed as FORD MTR CO 0.28% 816,282 $9.4M No change
MDLZ Mondelez International Inc. Class A 0.28% 162,752 $9.4M Reduce -13.8%
ALL Allstate Corp. 0.28% 45,167 $9.4M Reduce -13.6%
ATO Atmos Energy Corp. 0.27% 49,500 $9.1M No change
AMGN Amgen Inc. 0.27% 25,650 $9.0M Reduce -14.0%
CMCSA Comcast Corp. Class A 0.26% 311,422 $8.9M No change
TYL Tyler Technologies Inc. 0.26% 25,778 $8.8M New
CI The Cigna Group 0.26% 32,735 $8.7M No change
TSM Taiwan Semiconductor-SP ADR 0.25% 25,311 $8.6M New
GILD Gilead Sciences Inc. 0.24% 59,571 $8.3M No change
ADBE Adobe Inc. 0.24% 34,152 $8.3M Reduce -36.5%
NEM Newmont Corp. 0.24% 74,619 $8.1M No change
WAB Wabtec Corp. 0.24% 32,238 $8.1M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.23% 162,734 $7.9M No change
CRH CRH PLC 0.23% 74,967 $7.9M No change
V Visa Inc. Class A 0.23% 25,796 $7.8M No change
IBP Installed Building Products 0.23% 28,966 $7.7M Reduce -65.0%
CVS CVS Health Corp. 0.22% 103,095 $7.4M No change
CAT Caterpillar Inc. 0.21% 10,023 $7.1M No change
JCI Johnson Controls Internation 0.20% 53,255 $7.0M Reduce -7.7%
TEL Te Connectivity PLC 0.20% 32,700 $6.8M Reduce -7.6%
TRV The Travelers Cos Inc. 0.20% 23,134 $6.7M Reduce -7.9%
EBAY eBay Inc. 0.19% 72,684 $6.6M No change
LYB Lyondellbasell Indu Class A 0.19% 79,727 $6.4M Reduce -13.7%
CBRE CBRE Group Inc. Class A 0.19% 46,667 $6.3M Reduce -8.3%
SRE Sempra 0.18% 64,547 $6.3M No change
ABT Abbott Laboratories 0.18% 59,326 $6.1M Reduce -15.3%
PNC PNC Financial Services Group 0.17% 28,263 $5.9M No change
KEYS Keysight Technologies Inc. 0.17% 20,813 $5.9M Reduce -13.3%
VRTX Vertex Pharmaceuticals Inc. 0.17% 12,898 $5.8M No change
ELV Elevance Health Inc. 0.16% 18,372 $5.4M Reduce -14.5%
CCEP Coca-Cola Europacific Partne 0.15% 55,757 $5.1M Reduce -13.8%
HLT Hilton Worldwide Holdings Inc. 0.14% 16,001 $4.9M No change
ON On Semiconductor 0.14% 78,462 $4.9M Reduce -10.6%
DOW Dow Inc. filed as DOW HLDGS INC 0.14% 115,112 $4.8M No change
EA Electronic Arts Inc. 0.14% 22,923 $4.7M No change
MDT Medtronic PLC 0.13% 49,347 $4.3M Reduce -11.5%
DHI D.R. Horton Inc. 0.12% 30,401 $4.2M Reduce -11.7%
BLK BlackRock Inc. 0.12% 4,299 $4.1M Reduce -12.2%
LIN Linde PLC 0.12% 7,991 $4.0M No change
DOV Dover Corp. 0.11% 18,657 $3.9M No change
MMM 3M Co. 0.11% 26,736 $3.9M Reduce -22.5%
SPGI S&P Global Inc. 0.11% 8,667 $3.7M No change
CTVA Corteva Inc. 0.11% 43,937 $3.7M No change
CPAY Corpay Inc. 0.10% 11,751 $3.4M No change
TSN Tyson Foods Inc. Class A 0.10% 53,316 $3.4M No change
Q Qnity Electronics Inc. 0.10% 29,366 $3.4M No change
AWK American Water Works Co. Inc. 0.10% 24,871 $3.4M No change
STZ Constellation Brands Inc. Class A 0.09% 21,311 $3.2M No change
DLTR Dollar Tree Inc. 0.09% 28,626 $3.1M No change
UPS United Parcel Service Class B 0.09% 31,258 $3.1M No change
DD Dupont DE Nemours Inc. 0.08% 58,733 $2.7M No change
BBY Best Buy Co. Inc. 0.08% 41,103 $2.6M No change
BDX Becton Dickinson and Co. 0.08% 16,545 $2.6M No change
NSC Norfolk Southern Corp. 0.07% 8,885 $2.6M No change
XYZ Block Inc. 0.07% 41,857 $2.5M No change
KDP Keurig Dr Pepper Inc. 0.07% 93,252 $2.5M No change
VRT Vertiv Holdings Co. Class A 0.07% 9,298 $2.3M No change
KMB Kimberly-Clark Corp. 0.06% 21,593 $2.1M No change
MCD McDonald's Corp. 0.06% 6,511 $2.0M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 20,165 $1.9M No change
FISV Fiserv Inc. 0.05% 32,022 $1.8M No change
IT Gartner Inc. 0.05% 11,035 $1.7M Reduce -93.2%
APTV Aptiv PLC 0.05% 24,930 $1.7M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.05% 27,824 $1.6M No change
MRVL Marvell Technology Inc. 0.05% 16,453 $1.6M No change
DELL Dell Technologies -C 0.05% 9,862 $1.6M No change
PYPL PayPal Holdings Inc. 0.04% 33,417 $1.5M No change
DAL Delta Air Lines Inc. 0.04% 22,548 $1.5M No change
KLAC KLA Corp. 0.04% 978 $1.4M No change
C Citigroup Inc. 0.04% 12,635 $1.4M No change
GS Goldman Sachs Group Inc. 0.04% 1,622 $1.4M No change
MS Morgan Stanley 0.04% 8,134 $1.3M No change
IBKR Interactive Brokers Gro Class A 0.04% 19,810 $1.3M No change
AMD Advanced Micro Devices 0.04% 6,519 $1.3M No change
HPE Hewlett Packard Enterprise 0.04% 53,694 $1.3M No change
WFC Wells Fargo & Co. 0.04% 15,395 $1.2M No change
MOH Molina Healthcare Inc. 0.03% 8,810 $1.2M No change
NXPI NXP Semiconductors NV 0.03% 5,775 $1.1M No change
RCL Royal Caribbean Cruises Ltd. 0.03% 3,971 $1.1M No change
WAT Waters Corp. 0.02% 2,239 $667K New
VSNT Versant Media Group Inc. 0.01% 12,456 $461K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $9.3M (not counted above)
SecurityClassShares / PrincipalValueChange
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 166,836$9.3MNo change

Total filed on the 13F, all lines: $3.4B.

Portfolio Sells Q4 2025 → Q1 2026
ICLR Icon PLC Reduce -66.0% 0.57% −1.85
CRM Salesforce Inc. Reduce -52.4% 0.74% −1.20
IT Gartner Inc. Reduce -93.2% 0.05% −1.02
TEAM Atlassian Corp. Class A Reduce -33.4% 0.45% −0.96
NKE Nike Inc. Class B Sold out 0.00% −0.90
COST Costco Wholesale Corp. Sold out 0.00% −0.71
ODFL Old Dominion Freight Line Reduce -49.0% 1.58% −0.62
ASML ASML Holding NV-NY Reg SHS Reduce -66.3% 0.47% −0.52
GOOGL Alphabet Inc. Class A Reduce -17.1% 3.09% −0.49
EW Edwards Lifesciences Corp. Reduce -31.8% 1.22% −0.46
DXCM Dexcom Inc. Reduce -25.3% 1.68% −0.42
AAPL Apple Inc. Reduce -22.2% 1.94% −0.42
UNP Union Pacific Corp. Reduce -66.0% 0.28% −0.41
MLM Martin Marietta Materials Reduce -45.4% 0.55% −0.39
DHR Danaher Corp. Reduce -9.8% 2.00% −0.36
JPM JPMorgan Chase & Co. Reduce -23.7% 1.31% −0.35
AVGO Broadcom Inc. Reduce -18.0% 1.68% −0.34
IBP Installed Building Products Reduce -65.0% 0.23% −0.33
AMT American Tower Corp. Reduce -27.2% 1.06% −0.25
ADBE Adobe Inc. Reduce -36.5% 0.24% −0.24
DE Deere & Co. Reduce -51.2% 0.45% −0.23
HUM Humana Inc. Reduce -6.0% 0.54% −0.21
ORCL Oracle Corp. Reduce -15.9% 0.53% −0.21
ZTS Zoetis Inc. Reduce -13.7% 1.71% −0.15
CCI Crown Castle Inc. Reduce -22.8% 0.58% −0.15
GOOG Alphabet Inc. Class C Reduce -18.4% 0.55% −0.10
ABBV Abbvie Inc. Reduce -18.5% 0.67% −0.09
BRK.B Berkshire Hathaway Inc. Class B Reduce -16.6% 0.76% −0.09
IBM Intl Business Machines Corp. Reduce -8.2% 0.49% −0.09
HD Home Depot Inc. Reduce -19.2% 0.50% −0.07
CSCO Cisco Systems Inc. Reduce -19.8% 0.75% −0.07
ABT Abbott Laboratories Reduce -15.3% 0.18% −0.05
ELV Elevance Health Inc. Reduce -14.5% 0.16% −0.04
CP Canadian Pacific Kansas City Reduce -21.4% 0.66% −0.03
URI United Rentals Inc. Reduce -9.5% 0.36% −0.03
MMM 3M Co. Reduce -22.5% 0.11% −0.03
CBRE CBRE Group Inc. Class A Reduce -8.3% 0.19% −0.03
BLK BlackRock Inc. Reduce -12.2% 0.12% −0.01
MDT Medtronic PLC Reduce -11.5% 0.13% −0.01
TEL Te Connectivity PLC Reduce -7.6% 0.20% −0.01
ALL Allstate Corp. Reduce -13.6% 0.28% −0.01
DHI D.R. Horton Inc. Reduce -11.7% 0.12% −0.01
LOW Lowe's Cos Inc. Reduce -11.4% 0.31% −0.01
CCEP Coca-Cola Europacific Partne Reduce -13.8% 0.15% −0.00
TRV The Travelers Cos Inc. Reduce -7.9% 0.20% +0.01
STLD Steel Dynamics Inc. Reduce -15.4% 0.47% +0.01
MDLZ Mondelez International Inc. Class A Reduce -13.8% 0.28% +0.01
AMGN Amgen Inc. Reduce -14.0% 0.27% +0.01
PH Parker Hannifin Corp. Reduce -9.6% 0.40% +0.02
MRK Merck & Co. Inc. Reduce -20.6% 0.53% +0.02

Portfolio Buys Q4 2025 → Q1 2026
MELI MercadoLibre Inc. Add +646.0% 1.80% +1.55
UBER Uber Technologies Inc. Add +584.2% 1.67% +1.42
NFLX Netflix Inc. Add +32.6% 2.33% +0.82
BSX Boston Scientific Corp. Add +132.3% 1.59% +0.67
VST Vistra Corp. Add +2111.7% 0.62% +0.59
COF Capital One Financial Corp. Add +1636.7% 0.54% +0.51
EFX Equifax Inc. Add +76.9% 1.20% +0.48
AXP American Express Co. Add +132.7% 0.75% +0.40
AJG Arthur J Gallagher & Co. Add +50.3% 1.32% +0.39
MCK McKesson Corp. Add +25.5% 1.12% +0.37
DG Dollar General Corp. New 0.37% +0.37
NVDA Nvidia Corp. Add +5.8% 2.92% +0.31
ISRG Intuitive Surgical Inc. Add +28.3% 1.93% +0.29
CMS CMS Energy Corp. Add +3.4% 1.20% +0.28
TYL Tyler Technologies Inc. New 0.26% +0.26
TSM Taiwan Semiconductor-SP ADR New 0.25% +0.25
MA Mastercard Inc. Class A Add +10.4% 2.87% +0.25
HCA HCA Healthcare Inc. Add +5.6% 1.36% +0.24
EQIX Equinix Inc. Add +2.5% 0.66% +0.22
FND Floor & Decor Holdings Inc. Class A Add +22.0% 1.62% +0.21
WCN Waste Connections Inc. Add +23.1% 0.94% +0.21
AMZN Amazon.com Inc. Add +1.5% 4.25% +0.16
OMAB Grupo Aeroportuario Cen-ADR Add +19.8% 0.50% +0.16
MSFT Microsoft Corp. Add +18.3% 5.73% +0.14
PGR Progressive Corp. Add +12.6% 1.04% +0.10
WAT Waters Corp. New 0.02% +0.02
META Meta Platforms Inc. Class A Add +1.8% 3.06% +0.00
KKR KKR & Co. Inc. Add +9.3% 1.16% −0.13

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