Gifford Fong Associates

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Gifford Fong Associates reported 126 stock positions worth $362.6 million. Its top holding was Nvidia (NVDA) at 9.1% of the portfolio, followed by Amazon.com (AMZN, 4.8%) and Microsoft (MSFT, 4.0%). Compared with Q4 2023, it sold out of 13 and reduced 25. The biggest sale was Nvidia (NVDA, shares −71%).

Most Recent 13F
Q4 2025
Location
LAFAYETTE, CA
CIK
0001740316
Portfolio Value
$362.6M (Q1 2024)
SEC Filing
0001740316-24-000002 ↗ filed May 10, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $362.6M $362.6M Q1 2024 Q2 2024: $377.4M Q2 2024 Q3 2024: $399.9M Q3 2024 Q4 2024: $407.5M Q4 2024 Q1 2025: $401.9M Q1 2025 Q2 2025: $434.3M Q2 2025 Q3 2025: $475.8M Q3 2025 Q4 2025: $501.4M Q4 2025

Holdings 126 stocks · $362.6M
NVDA Nvidia Corp. 9.11% 36,571 $33.0M Reduce -71.3%
AMZN Amazon.com Inc. 4.82% 96,793 $17.5M Reduce -32.9%
MSFT Microsoft Corp. 3.98% 34,302 $14.4M Reduce -35.2%
AAPL Apple Inc. 3.84% 81,169 $13.9M Reduce -47.2%
BRK.B Berkshire Hathaway Inc. Class B 3.07% 26,500 $11.1M No change
META Meta Platforms Inc. Class A 3.01% 22,500 $10.9M No change
AMD Advanced Micro Devices 2.41% 48,318 $8.7M Reduce -25.6%
JPM JPMorgan Chase & Co. 1.95% 35,296 $7.1M No change
GOOG Alphabet Inc. Class C 1.93% 46,055 $7.0M Reduce -45.6%
GE General Electric 1.85% 38,301 $6.7M Reduce -32.9%
MA Mastercard Inc. Class A 1.57% 11,829 $5.7M Reduce -42.0%
SYF Synchrony Financial 1.57% 132,073 $5.7M No change
CRM Salesforce Inc. 1.50% 18,009 $5.4M Reduce -37.0%
SHOP Shopify Inc. Class A 1.49% 70,000 $5.4M No change
WFC Wells Fargo & Co. 1.41% 88,052 $5.1M No change
ABBV Abbvie Inc. 1.40% 27,900 $5.1M No change
V Visa Inc. Class A 1.34% 17,375 $4.8M No change
GOOGL Alphabet Inc. Class A 1.30% 31,140 $4.7M Reduce -45.4%
ORCL Oracle Corp. 1.29% 37,250 $4.7M Reduce -46.0%
F Ford Motor Co. filed as FORD MTR CO DEL 1.26% 345,157 $4.6M No change
JNJ Johnson & Johnson 1.26% 28,900 $4.6M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.23% 36,407 $4.5M Reduce -39.4%
IVZ Invesco Ltd. 1.17% 255,393 $4.2M No change
WMT Walmart Inc. 1.09% 65,550 $3.9M No change
LOW Lowe's Cos Inc. 1.08% 15,320 $3.9M No change
C Citigroup Inc. 1.07% 61,471 $3.9M No change
VZ Verizon Communications Inc. 1.07% 92,263 $3.9M Reduce -6.1%
AMGN Amgen Inc. 1.07% 13,609 $3.9M No change
CMCSA Comcast Corp. Class A 1.05% 88,000 $3.8M No change
COST Costco Wholesale Corp. 1.01% 5,016 $3.7M Reduce -41.1%
PXD Pioneer Natural Resources Co. 1.01% 14,000 $3.7M No change
CVX Chevron Corp. 0.97% 22,200 $3.5M No change
XOM Exxon Mobil Corp. 0.95% 29,539 $3.4M No change
GS Goldman Sachs Group Inc. 0.92% 8,000 $3.3M No change
PFE Pfizer Inc. 0.85% 111,527 $3.1M No change
MRK Merck & Co. Inc. 0.83% 22,900 $3.0M No change
INTC Intel Corp. 0.81% 66,395 $2.9M Reduce -48.0%
UNH Unitedhealth Group Inc. 0.81% 5,918 $2.9M Reduce -55.2%
HON Honeywell International Inc. 0.80% 14,100 $2.9M No change
CAT Caterpillar Inc. 0.79% 7,800 $2.9M No change
MS Morgan Stanley 0.78% 30,000 $2.8M No change
MRO Marathon Oil Corp. 0.78% 99,143 $2.8M Reduce -46.3%
FHN First Horizon Corp. 0.76% 180,082 $2.8M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.73% 26,000 $2.6M No change
T AT&T Inc. 0.70% 143,689 $2.5M No change
AXP American Express Co. 0.69% 11,000 $2.5M No change
ADP Automatic Data Processing 0.69% 10,000 $2.5M No change
GILD Gilead Sciences Inc. 0.69% 34,000 $2.5M No change
DE Deere & Co. 0.67% 5,900 $2.4M No change
ALL Allstate Corp. 0.66% 13,800 $2.4M No change
MU Micron Technology Inc. 0.64% 19,800 $2.3M No change
OXY Occidental Petroleum Corp. 0.63% 35,179 $2.3M No change
PEP Pepsico Inc. 0.63% 13,000 $2.3M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.63% 11,900 $2.3M No change
KO The Coca-Cola Co. 0.62% 37,000 $2.3M No change
PNW Pinnacle West Capital 0.62% 30,000 $2.2M No change
PBI Pitney Bowes Inc. 0.61% 511,059 $2.2M No change
ABT Abbott Laboratories 0.61% 19,400 $2.2M No change
COP Conocophillips 0.56% 16,000 $2.0M No change
BMY Bristol-Myers Squibb Co. 0.54% 35,899 $1.9M No change
SBUX Starbucks Corp. 0.53% 21,000 $1.9M No change
BEN Franklin Templeton Inc. 0.51% 65,480 $1.8M No change
AFL Aflac Inc. 0.49% 20,600 $1.8M No change
UPS United Parcel Service Class B 0.48% 11,800 $1.8M No change
GEHC GE Healthcare Technology 0.48% 19,012 $1.7M No change
BA The Boeing Co. 0.47% 8,735 $1.7M Reduce -53.3%
PNC PNC Financial Services Group 0.45% 10,000 $1.6M No change
TRV The Travelers Cos Inc. 0.44% 7,000 $1.6M No change
PRU Prudential Financial Inc. 0.44% 13,500 $1.6M No change
RIG Transocean Ltd. 0.43% 250,000 $1.6M No change
X United States Steel Corp. 0.42% 37,700 $1.5M No change
PM Philip Morris International 0.42% 16,700 $1.5M No change
AIG American International Group 0.41% 19,100 $1.5M No change
PSA Public Storage 0.40% 5,000 $1.4M No change
NKE Nike Inc. Class B 0.39% 15,000 $1.4M No change
TXN Texas Instruments Inc. 0.38% 8,000 $1.4M No change
PH Parker Hannifin Corp. 0.38% 2,500 $1.4M No change
CSCO Cisco Systems Inc. 0.37% 26,540 $1.3M No change
SPOT Spotify Technology SA 0.36% 5,000 $1.3M No change
BIIB Biogen Inc. 0.34% 5,750 $1.2M Reduce -50.0%
BAX Baxter International Inc. 0.34% 29,000 $1.2M No change
TSLA Tesla Inc. 0.33% 6,782 $1.2M Reduce -50.1%
MET Metlife Inc. 0.31% 15,000 $1.1M No change
SPG Simon Property Group Inc. 0.30% 7,000 $1.1M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.30% 18,872 $1.1M No change
BHC Bausch Health Cos Inc. 0.29% 100,000 $1.1M No change
SHW The Sherwin-Williams Co. 0.29% 3,000 $1.0M No change
PGR Progressive Corp. 0.29% 5,000 $1.0M No change
MMM 3M Co. 0.29% 9,750 $1.0M No change
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.27% 15,000 $981K No change
RTX RTX Corp. 0.27% 10,000 $975K No change
CL Colgate-Palmolive Co. 0.26% 10,400 $937K No change
APA Apa Corp. 0.24% 25,000 $860K No change
QCOM Qualcomm Inc. 0.23% 5,000 $847K No change
DELL Dell Technologies -C 0.22% 6,946 $793K No change
ADI Analog Devices Inc. 0.22% 4,000 $791K No change
HSY The Hershey Co. 0.21% 4,000 $778K No change
EOG EOG Resources Inc. 0.21% 6,000 $767K No change
DB Deutsche Bank AG-Registered 0.20% 45,000 $710K No change
HRL Hormel Foods Corp. 0.19% 20,000 $698K No change
ITT Itt Inc. 0.19% 5,000 $680K No change
WBA Walgreens Boots Alliance Inc. 0.18% 30,000 $651K Reduce -50.0%
MFC Manulife Financial Corp. 0.17% 25,000 $625K No change
CIEN Ciena Corp. 0.17% 12,255 $606K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.16% 6,750 $597K No change
NUE Nucor Corp. 0.16% 3,000 $594K No change
CARR Carrier Global Corp. 0.16% 10,000 $581K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 15,147 $574K Reduce -95.8%
DOW Dow Inc. 0.16% 9,828 $569K No change
CTVA Corteva Inc. 0.16% 9,828 $567K No change
USB US Bancorp 0.15% 12,000 $536K No change
L Loews Corp. 0.14% 6,700 $525K No change
GL Globe Life Inc. 0.14% 4,500 $524K No change
KEY Keycorp 0.13% 30,000 $474K No change
LUMN Lumen Technologies Inc. 0.11% 250,000 $390K No change
DD Dupont DE Nemours Inc. 0.10% 4,665 $358K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.09% 3,707 $319K No change
HAL Halliburton Co. 0.09% 8,000 $315K No change
SWK Stanley Black & Decker Inc. 0.08% 3,000 $294K No change
WAB Wabtec Corp. 0.07% 1,806 $263K No change
NOV Nov Inc. 0.06% 12,000 $234K No change
VTRS Viatris Inc. 0.05% 15,476 $185K No change
BB Blackberry Ltd. 0.04% 50,000 $138K Reduce -50.0%
CVS CVS Health Corp. 0.04% 1,675 $134K No change
WBD Warner Bros Discovery Inc. 0.03% 13,760 $120K Reduce -60.4%
EMR Emerson Electric Co. 0.01% 178 $20K Reduce -99.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $54K (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 1,250$54KNo change

Total filed on the 13F, all lines: $362.7M.

Portfolio Sells Q4 2023 → Q1 2024
NVDA Nvidia Corp. Reduce -71.3% 9.11% −4.31
AAPL Apple Inc. Reduce -47.2% 3.84% −2.46
BAC Bank of America Corp. Reduce -95.8% 0.16% −2.41
LLY Eli Lilly & Co. Sold out 0.00% −2.00
UNP Union Pacific Corp. Sold out 0.00% −1.20
EMR Emerson Electric Co. Reduce -99.6% 0.01% −1.03
UNH Unitedhealth Group Inc. Reduce -55.2% 0.81% −0.67
GOOG Alphabet Inc. Class C Reduce -45.6% 1.93% −0.61
BA The Boeing Co. Reduce -53.3% 0.47% −0.57
INTC Intel Corp. Reduce -48.0% 0.81% −0.56
GOOGL Alphabet Inc. Class A Reduce -45.4% 1.30% −0.40
TSLA Tesla Inc. Reduce -50.1% 0.33% −0.39
BIIB Biogen Inc. Reduce -50.0% 0.34% −0.29
MA Mastercard Inc. Class A Reduce -42.0% 1.57% −0.28
ORCL Oracle Corp. Reduce -46.0% 1.29% −0.26
MSFT Microsoft Corp. Reduce -35.2% 3.98% −0.25
COST Costco Wholesale Corp. Reduce -41.1% 1.01% −0.18
MRO Marathon Oil Corp. Reduce -46.3% 0.78% −0.17
WBA Walgreens Boots Alliance Inc. Reduce -50.0% 0.18% −0.15
CRM Salesforce Inc. Reduce -37.0% 1.50% −0.10
OTIS Otis Worldwide Corp. Sold out 0.00% −0.10
LNC Lincoln National Corp. Sold out 0.00% −0.06
WBD Warner Bros Discovery Inc. Reduce -60.4% 0.03% −0.05
BB Blackberry Ltd. Reduce -50.0% 0.04% −0.04
OGE Oge Energy Corp. Sold out 0.00% −0.03
MCY Mercury General Corp. Sold out 0.00% −0.02
BHF Brighthouse Financial Inc. Sold out 0.00% −0.02
KD Kyndryl Holdings Inc. Sold out 0.00% −0.01
REZI Resideo Technologies Inc. Sold out 0.00% −0.01
OGN Organon & Co. Sold out 0.00% −0.01
ASIX Advansix Inc. Sold out 0.00% −0.00
GTX Garrett Motion Inc. Sold out 0.00% −0.00
SIVBQ SVB Financial Group Sold out 0.00% 0.00
DIS The Walt Disney Co. Reduce -39.4% 1.23% +0.08
AMZN Amazon.com Inc. Reduce -32.9% 4.82% +0.15
VZ Verizon Communications Inc. Reduce -6.1% 1.07% +0.28
GE General Electric Reduce -32.9% 1.85% +0.31
AMD Advanced Micro Devices Reduce -25.6% 2.41% +0.37

Portfolio Buys Q4 2023 → Q1 2024
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 124$501.4MNVDA, AMZN, AAPL, CRM, MSFT
Q3 2025 122$475.8MNVDA, AMZN, AAPL, MSFT, META
Q2 2025 123$434.3MNVDA, AMZN, MSFT, AAPL, META
Q1 2025 125$401.9MNVDA, AMZN, AAPL, BRK.B, META
Q4 2024 125$407.5MNVDA, AMZN, AAPL, MSFT, META
Q3 2024 127$399.9MNVDA, AAPL, AMZN, MSFT, META
Q2 2024 127$377.4MNVDA, AMZN, AAPL, MSFT, META
Q1 2024 126$362.6MNVDA, AMZN, MSFT, AAPL, BRK.B