Fisher Funds Management LTD

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 14, 2026), Fisher Funds Management LTD reported 173 stock positions worth $3.5 billion. Its top holding was Microsoft (MSFT) at 6.0% of the portfolio, followed by Nvidia (NVDA, 4.7%) and Amazon.com (AMZN, 4.1%). Compared with Q1 2026, it opened 6 new positions, sold out of 2, added to 25 and reduced 75. The biggest buy was Nvidia (NVDA, shares +45%) and the biggest sale HCA Healthcare (HCA, shares −76%).

Most Recent 13F
Q2 2026
Location
AUCKLAND, Q2
CIK
0001435028
Portfolio Value
$3.5B (Q2 2026)
SEC Filing
0001435028-26-000004 ↗ filed Jul 14, 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 Q1 2026 Q2 2026: $3.5B $3.5B Q2 2026

Holdings 173 stocks · $3.5B
MSFT Microsoft Corp. 6.00% 564,767 $210.7M Add +7.1%
NVDA Nvidia Corp. 4.70% 823,841 $164.8M Add +44.6%
AMZN Amazon.com Inc. 4.06% 597,393 $142.4M Reduce -13.9%
GOOGL Alphabet Inc. Class A 3.85% 377,935 $135.1M Add +3.5%
META Meta Platforms Inc. Class A 2.87% 179,034 $100.8M Reduce -1.5%
AAPL Apple Inc. 2.62% 318,286 $92.1M Add +22.2%
MA Mastercard Inc. Class A 2.57% 175,563 $90.2M Reduce -10.3%
FND Floor & Decor Holdings Inc. Class A 1.81% 1,069,475 $63.5M Reduce -1.6%
AVGO Broadcom Inc. 1.79% 166,610 $62.9M Reduce -9.7%
MELI MercadoLibre Inc. 1.74% 35,990 $61.1M Add +1.5%
DXCM Dexcom Inc. 1.61% 840,950 $56.6M Reduce -7.7%
DHR Danaher Corp. 1.59% 292,066 $55.6M Reduce -18.6%
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 1.46% 25,777 $51.3M Add +112.7%
NEE Nextera Energy Inc. 1.46% 582,884 $51.2M No change
JPM JPMorgan Chase & Co. 1.42% 151,953 $49.7M Add +0.0%
UBER Uber Technologies Inc. 1.41% 687,742 $49.6M Reduce -12.7%
NFLX Netflix Inc. 1.41% 694,523 $49.6M Reduce -15.9%
ISRG Intuitive Surgical Inc. 1.34% 118,359 $47.1M Reduce -16.7%
MU Micron Technology Inc. 1.34% 40,629 $46.9M Reduce -30.7%
MSCI MSCI Inc. 1.33% 83,148 $46.6M Reduce -23.8%
WMB Williams Cos Inc. 1.32% 624,065 $46.4M Add +87.3%
BSX Boston Scientific Corp. 1.23% 1,007,864 $43.0M Add +17.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.18% 181,006 $41.6M Reduce -12.7%
V Visa Inc. Class A 1.16% 118,511 $40.7M Add +359.4%
EW Edwards Lifesciences Corp. 1.03% 397,646 $36.0M Reduce -23.5%
ZTS Zoetis Inc. 1.01% 491,051 $35.3M No change
ODFL Old Dominion Freight Line 0.99% 160,100 $34.7M Reduce -41.7%
EFX Equifax Inc. 0.97% 214,436 $34.0M Reduce -5.4%
PGR Progressive Corp. 0.96% 153,654 $33.6M Reduce -13.8%
CMS CMS Energy Corp. 0.94% 429,193 $32.8M Reduce -18.4%
HUM Humana Inc. 0.94% 82,603 $32.8M Reduce -22.6%
AXP American Express Co. 0.93% 96,344 $32.6M Add +14.2%
FERG Ferguson Enterprises Inc. 0.91% 134,939 $32.0M Reduce -8.2%
TSM Taiwan Semiconductor-SP ADR 0.90% 65,978 $31.5M Add +160.7%
TW Tradeweb Markets Inc. Class A 0.85% 300,574 $30.0M Reduce -1.1%
KKR KKR & Co. Inc. 0.85% 325,985 $29.9M Reduce -23.7%
AMAT Applied Materials Inc. 0.84% 40,717 $29.4M Reduce -49.8%
SPGI S&P Global Inc. 0.83% 71,588 $29.2M Add +726.0%
KMI Kinder Morgan Inc. 0.82% 896,697 $28.7M Reduce -30.9%
JNJ Johnson & Johnson 0.80% 110,089 $28.0M Reduce -10.8%
INTC Intel Corp. 0.77% 193,971 $27.1M Reduce -36.3%
BRK.B Berkshire Hathaway Inc. Class B 0.77% 54,037 $27.0M No change
AMT American Tower Corp. 0.77% 164,898 $27.0M Reduce -21.3%
CSCO Cisco Systems Inc. 0.76% 226,634 $26.6M Reduce -31.0%
COF Capital One Financial Corp. 0.74% 130,192 $26.1M Add +28.5%
ICLR Icon PLC filed as ICON PUB LTD CO 0.74% 149,726 $26.0M Reduce -14.1%
ABBV Abbvie Inc. 0.72% 99,740 $25.1M Reduce -5.5%
CP Canadian Pacific Kansas City 0.70% 285,288 $24.7M No change
EQIX Equinix Inc. 0.69% 23,071 $24.0M No change
WBD Warner Bros Discovery Inc. 0.68% 899,932 $24.0M Add +29.5%
VST Vistra Corp. 0.68% 150,963 $23.9M Add +7.8%
GOOG Alphabet Inc. Class C 0.66% 65,328 $23.1M No change
PAC Grupo Aeroportuario Pac-ADR 0.61% 84,412 $21.4M Reduce -15.1%
CRM Salesforce Inc. 0.60% 133,904 $21.0M Reduce -0.5%
TRGP Targa Resources Corp. 0.57% 75,007 $20.1M New
MRK Merck & Co. Inc. 0.55% 151,132 $19.4M No change
UNH Unitedhealth Group Inc. 0.55% 46,062 $19.1M Reduce -5.5%
CCI Crown Castle Inc. 0.53% 243,881 $18.5M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.52% 65,349 $18.4M Reduce -5.5%
MLM Martin Marietta Materials 0.52% 31,644 $18.2M Add +0.0%
LLY Eli Lilly & Co. 0.49% 14,451 $17.3M Add +38.3%
HD Home Depot Inc. 0.49% 49,127 $17.3M Reduce -5.5%
HDB HDFC Bank Ltd.-ADR 0.49% 665,937 $17.2M New
URI United Rentals Inc. 0.48% 14,855 $16.8M Reduce -11.4%
BNY Bank of New York Mellon Corp. 0.47% 115,019 $16.6M Reduce -5.5%
ORCL Oracle Corp. 0.46% 110,066 $16.1M Reduce -10.8%
TEAM Atlassian Corp. Class A 0.45% 201,695 $15.7M Reduce -9.4%
NUE Nucor Corp. 0.44% 68,876 $15.3M Reduce -11.3%
VZ Verizon Communications Inc. 0.43% 354,935 $15.0M Reduce -5.5%
PG The Procter & Gamble Co. 0.42% 100,816 $14.8M Reduce -5.5%
T AT&T Inc. 0.41% 700,833 $14.5M Reduce -5.5%
PH Parker Hannifin Corp. 0.40% 14,299 $14.0M Reduce -5.5%
WCN Waste Connections Inc. 0.39% 83,010 $13.8M Reduce -57.8%
LRCX Lam Research Corp. 0.39% 31,319 $13.6M Reduce -41.4%
STLD Steel Dynamics Inc. 0.36% 55,789 $12.8M Reduce -36.9%
UNP Union Pacific Corp. 0.30% 39,150 $10.6M No change
AWK American Water Works Co. Inc. 0.29% 78,502 $10.3M Add +215.6%
ADI Analog Devices Inc. 0.29% 25,871 $10.3M Reduce -21.5%
ALL Allstate Corp. 0.29% 42,694 $10.2M Reduce -5.5%
CVS CVS Health Corp. 0.29% 97,450 $10.1M Reduce -5.5%
AFL Aflac Inc. 0.28% 84,661 $9.9M Reduce -5.5%
PPL PPL Corp. 0.28% 270,148 $9.8M Reduce -5.5%
QCOM Qualcomm Inc. 0.28% 52,992 $9.8M Reduce -44.9%
EXC Exelon Corp. 0.27% 204,844 $9.5M Reduce -5.5%
EPD Enterprise Products Partners 0.27% 255,933 $9.4M Reduce -28.9%
LOW Lowe's Cos Inc. 0.27% 42,643 $9.4M Reduce -5.5%
F Ford Motor Co. filed as FORD MTR CO 0.27% 671,584 $9.3M Reduce -17.7%
BAC Bank of America Corp. 0.26% 162,734 $9.3M No change
AMP Ameriprise Financial Inc. 0.26% 20,204 $9.3M Reduce -5.5%
ASR Grupo Aeroportuario Sur-ADR 0.26% 29,931 $9.2M Reduce -34.8%
HCA HCA Healthcare Inc. 0.26% 23,224 $9.1M Reduce -76.3%
MDLZ Mondelez International Inc. Class A 0.25% 153,840 $8.9M Reduce -5.5%
AMGN Amgen Inc. 0.25% 24,245 $8.8M Reduce -5.5%
CI The Cigna Group 0.24% 30,942 $8.5M Reduce -5.5%
MCK McKesson Corp. 0.23% 10,895 $8.2M Reduce -75.2%
WAB Wabtec Corp. 0.23% 30,473 $8.2M Reduce -5.5%
CRH CRH PLC 0.23% 74,967 $8.0M No change
PFE Pfizer Inc. 0.22% 324,451 $7.8M Reduce -5.5%
JCI Johnson Controls Internation 0.22% 53,255 $7.8M No change
EBAY eBay Inc. 0.22% 68,704 $7.7M Reduce -5.5%
CMCSA Comcast Corp. Class A 0.22% 311,422 $7.6M No change
TRV The Travelers Cos Inc. 0.22% 23,134 $7.6M No change
ATO Atmos Energy Corp. 0.22% 44,079 $7.6M Reduce -10.9%
TYL Tyler Technologies Inc. 0.21% 25,778 $7.5M No change
GILD Gilead Sciences Inc. 0.21% 59,571 $7.5M No change
KEYS Keysight Technologies Inc. 0.21% 20,813 $7.3M No change
ELV Elevance Health Inc. 0.20% 18,372 $7.1M No change
PNC PNC Financial Services Group 0.20% 28,263 $7.0M No change
OMAB Grupo Aeroportuario Cen-ADR 0.19% 60,071 $6.8M Reduce -59.6%
IBP Installed Building Products 0.19% 28,967 $6.7M Add +0.0%
TEL Te Connectivity PLC 0.19% 32,700 $6.6M No change
NEM Newmont Corp. 0.19% 70,533 $6.6M Reduce -5.5%
CAT Caterpillar Inc. 0.18% 6,023 $6.4M Reduce -39.9%
VRTX Vertex Pharmaceuticals Inc. 0.18% 12,898 $6.4M No change
CBRE CBRE Group Inc. Class A 0.18% 46,667 $6.3M No change
SRE Sempra 0.17% 64,547 $6.0M No change
AMD Advanced Micro Devices 0.17% 10,161 $5.9M Add +55.9%
CCEP Coca-Cola Europacific Partne 0.16% 55,757 $5.6M No change
ABT Abbott Laboratories 0.15% 59,326 $5.4M No change
HLT Hilton Worldwide Holdings Inc. 0.15% 16,001 $5.3M No change
WMT Walmart Inc. 0.14% 44,882 $5.1M New
DHI D.R. Horton Inc. 0.14% 30,401 $5.0M No change
EA Electronic Arts Inc. 0.13% 22,923 $4.7M No change
MMM 3M Co. 0.12% 26,736 $4.3M No change
DELL Dell Technologies -C 0.12% 9,862 $4.3M No change
LYB Lyondellbasell Indu Class A 0.12% 79,727 $4.2M No change
DOV Dover Corp. 0.12% 18,657 $4.2M No change
LIN Linde PLC 0.12% 7,991 $4.1M No change
BLK BlackRock Inc. 0.12% 4,299 $4.1M No change
CPAY Corpay Inc. 0.11% 11,751 $3.9M No change
MDT Medtronic PLC 0.11% 49,347 $3.9M No change
DE Deere & Co. 0.11% 6,000 $3.8M Reduce -78.1%
CTVA Corteva Inc. 0.11% 43,937 $3.7M No change
DLTR Dollar Tree Inc. 0.10% 28,626 $3.5M No change
UPS United Parcel Service Class B 0.10% 31,258 $3.4M No change
Q Qnity Electronics Inc. 0.09% 19,866 $3.2M Reduce -32.4%
XYZ Block Inc. 0.09% 41,857 $3.2M No change
DOW Dow Inc. filed as DOW HLDGS INC 0.09% 115,112 $3.1M No change
BBY Best Buy Co. Inc. 0.09% 41,103 $3.1M No change
VRT Vertiv Holdings Co. Class A 0.09% 9,298 $3.1M No change
TSN Tyson Foods Inc. Class A 0.09% 53,316 $3.1M No change
KDP Keurig Dr Pepper Inc. 0.09% 93,252 $3.1M No change
STZ Constellation Brands Inc. Class A 0.08% 21,311 $3.0M No change
KLAC KLA Corp. 0.08% 9,780 $3.0M No change
NSC Norfolk Southern Corp. 0.08% 8,885 $2.8M No change
COST Costco Wholesale Corp. 0.08% 2,959 $2.8M New
DD Dupont DE Nemours Inc. 0.08% 19,577 $2.7M No change
BDX Becton Dickinson and Co. 0.07% 16,545 $2.5M No change
ON On Semiconductor 0.07% 26,157 $2.5M Reduce -66.7%
C Citigroup Inc. 0.07% 17,558 $2.5M Add +39.0%
HPE Hewlett Packard Enterprise 0.07% 53,694 $2.4M No change
KMB Kimberly-Clark Corp. 0.07% 21,593 $2.4M No change
MS Morgan Stanley 0.07% 11,285 $2.4M Add +38.7%
MCD McDonald's Corp. 0.07% 8,726 $2.4M Add +34.0%
MRVL Marvell Technology Inc. 0.07% 7,753 $2.3M Reduce -52.9%
DAL Delta Air Lines Inc. 0.06% 22,548 $2.1M No change
TXN Texas Instruments Inc. 0.06% 7,000 $2.1M New
MOH Molina Healthcare Inc. 0.06% 8,810 $2.0M No change
WFC Wells Fargo & Co. 0.06% 23,712 $2.0M Add +54.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 20,165 $1.9M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.05% 27,824 $1.9M No change
IBKR Interactive Brokers Gro Class A 0.05% 19,810 $1.7M No change
GS Goldman Sachs Group Inc. 0.05% 1,622 $1.6M No change
NXPI NXP Semiconductors NV 0.05% 5,775 $1.6M No change
FISV Fiserv Inc. 0.04% 32,022 $1.6M No change
APTV Aptiv PLC 0.04% 24,930 $1.5M No change
KO The Coca-Cola Co. 0.04% 18,000 $1.5M New
PYPL PayPal Holdings Inc. 0.04% 33,417 $1.4M No change
IT Gartner Inc. 0.04% 11,035 $1.4M No change
RCL Royal Caribbean Cruises Ltd. 0.04% 3,971 $1.3M No change
WAT Waters Corp. 0.02% 2,239 $840K No change
VSNT Versant Media Group Inc. 0.01% 12,456 $449K No change
VGNT Versigent PLC 0.01% 8,309 $349K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $8.4M (not counted above)
SecurityClassShares / PrincipalValueChange
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 157,700$8.4MReduce -5.5%

Total filed on the 13F, all lines: $3.5B.

Portfolio Sells Q1 2026 → Q2 2026
HCA HCA Healthcare Inc. Reduce -76.3% 0.26% −1.10
NFLX Netflix Inc. Reduce -15.9% 1.41% −0.92
MCK McKesson Corp. Reduce -75.2% 0.23% −0.88
ODFL Old Dominion Freight Line Reduce -41.7% 0.99% −0.59
ISRG Intuitive Surgical Inc. Reduce -16.7% 1.34% −0.58
WCN Waste Connections Inc. Reduce -57.8% 0.39% −0.54
KMI Kinder Morgan Inc. Reduce -30.9% 0.82% −0.46
DHR Danaher Corp. Reduce -18.6% 1.59% −0.41
MSCI MSCI Inc. Reduce -23.8% 1.33% −0.40
DG Dollar General Corp. Sold out 0.00% −0.37
DE Deere & Co. Reduce -78.1% 0.11% −0.34
KKR KKR & Co. Inc. Reduce -23.7% 0.85% −0.31
OMAB Grupo Aeroportuario Cen-ADR Reduce -59.6% 0.19% −0.31
MA Mastercard Inc. Class A Reduce -10.3% 2.57% −0.30
AMT American Tower Corp. Reduce -21.3% 0.77% −0.29
CMS CMS Energy Corp. Reduce -18.4% 0.94% −0.26
UBER Uber Technologies Inc. Reduce -12.7% 1.41% −0.25
ADBE Adobe Inc. Sold out 0.00% −0.24
EFX Equifax Inc. Reduce -5.4% 0.97% −0.23
T AT&T Inc. Reduce -5.5% 0.41% −0.22
EW Edwards Lifesciences Corp. Reduce -23.5% 1.03% −0.20
TW Tradeweb Markets Inc. Class A Reduce -1.1% 0.85% −0.20
ASR Grupo Aeroportuario Sur-ADR Reduce -34.8% 0.26% −0.19
AMZN Amazon.com Inc. Reduce -13.9% 4.06% −0.19
META Meta Platforms Inc. Class A Reduce -1.5% 2.87% −0.18
CRM Salesforce Inc. Reduce -0.5% 0.60% −0.14
AJG Arthur J Gallagher & Co. Reduce -12.7% 1.18% −0.13
EPD Enterprise Products Partners Reduce -28.9% 0.27% −0.13
VZ Verizon Communications Inc. Reduce -5.5% 0.43% −0.13
PAC Grupo Aeroportuario Pac-ADR Reduce -15.1% 0.61% −0.11
STLD Steel Dynamics Inc. Reduce -36.9% 0.36% −0.10
FERG Ferguson Enterprises Inc. Reduce -8.2% 0.91% −0.10
JNJ Johnson & Johnson Reduce -10.8% 0.80% −0.09
QCOM Qualcomm Inc. Reduce -44.9% 0.28% −0.08
PGR Progressive Corp. Reduce -13.8% 0.96% −0.08
ORCL Oracle Corp. Reduce -10.8% 0.46% −0.07
ON On Semiconductor Reduce -66.7% 0.07% −0.07
DXCM Dexcom Inc. Reduce -7.7% 1.61% −0.07
PFE Pfizer Inc. Reduce -5.5% 0.22% −0.06
ATO Atmos Energy Corp. Reduce -10.9% 0.22% −0.05
NEM Newmont Corp. Reduce -5.5% 0.19% −0.05
LOW Lowe's Cos Inc. Reduce -5.5% 0.27% −0.05
PPL PPL Corp. Reduce -5.5% 0.28% −0.04
EXC Exelon Corp. Reduce -5.5% 0.27% −0.04
PG The Procter & Gamble Co. Reduce -5.5% 0.42% −0.03
CAT Caterpillar Inc. Reduce -39.9% 0.18% −0.03
MDLZ Mondelez International Inc. Class A Reduce -5.5% 0.25% −0.02
ADI Analog Devices Inc. Reduce -21.5% 0.29% −0.02
AMP Ameriprise Financial Inc. Reduce -5.5% 0.26% −0.01
AMGN Amgen Inc. Reduce -5.5% 0.25% −0.01

Portfolio Buys Q1 2026 → Q2 2026
NVDA Nvidia Corp. Add +44.6% 4.70% +1.78
ASML ASML Holding NV-NY Reg SHS Add +112.7% 1.46% +0.99
V Visa Inc. Class A Add +359.4% 1.16% +0.93
GOOGL Alphabet Inc. Class A Add +3.5% 3.85% +0.76
SPGI S&P Global Inc. Add +726.0% 0.83% +0.72
AAPL Apple Inc. Add +22.2% 2.62% +0.68
TSM Taiwan Semiconductor-SP ADR Add +160.7% 0.90% +0.65
WMB Williams Cos Inc. Add +87.3% 1.32% +0.61
TRGP Targa Resources Corp. New 0.57% +0.57
HDB HDFC Bank Ltd.-ADR New 0.49% +0.49
MSFT Microsoft Corp. Add +7.1% 6.00% +0.27
LLY Eli Lilly & Co. Add +38.3% 0.49% +0.21
COF Capital One Financial Corp. Add +28.5% 0.74% +0.20
AWK American Water Works Co. Inc. Add +215.6% 0.29% +0.19
AXP American Express Co. Add +14.2% 0.93% +0.18
WMT Walmart Inc. New 0.14% +0.14
AMD Advanced Micro Devices Add +55.9% 0.17% +0.13
WBD Warner Bros Discovery Inc. Add +29.5% 0.68% +0.12
JPM JPMorgan Chase & Co. Add +0.0% 1.42% +0.10
COST Costco Wholesale Corp. New 0.08% +0.08
VST Vistra Corp. Add +7.8% 0.68% +0.06
TXN Texas Instruments Inc. New 0.06% +0.06
KO The Coca-Cola Co. New 0.04% +0.04
C Citigroup Inc. Add +39.0% 0.07% +0.03
MS Morgan Stanley Add +38.7% 0.07% +0.03
WFC Wells Fargo & Co. Add +54.0% 0.06% +0.02
MCD McDonald's Corp. Add +34.0% 0.07% +0.01
MLM Martin Marietta Materials Add +0.0% 0.52% −0.03
IBP Installed Building Products Add +0.0% 0.19% −0.04
MELI MercadoLibre Inc. Add +1.5% 1.74% −0.06
BSX Boston Scientific Corp. Add +17.1% 1.23% −0.36

Notes & Other Activity Q1 2026 → Q2 2026
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 Reduce -5.5% 157,700 $8.4M

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