Gifford Fong Associates

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), Gifford Fong Associates reported 127 stock positions worth $377.4 million. Its top holding was Nvidia (NVDA) at 12.0% of the portfolio, followed by Amazon.com (AMZN, 5.0%) and Apple (AAPL, 4.5%). Compared with Q1 2024, it sold out of 1 and added to 2. The biggest buy was Exxon Mobil (XOM, shares +110%) and the biggest sale an exit from Pioneer Natural Resources (PXD).

Most Recent 13F
Q4 2025
Location
LAFAYETTE, CA
CIK
0001740316
Portfolio Value
$377.4M (Q2 2024)
SEC Filing
0001740316-24-000003 ↗ filed Aug 12, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $362.6M Q1 2024 Q2 2024: $377.4M $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 127 stocks · $377.4M
NVDA Nvidia Corp. 11.97% 365,710 $45.2M No change
AMZN Amazon.com Inc. 4.96% 96,793 $18.7M No change
AAPL Apple Inc. 4.53% 81,169 $17.1M No change
MSFT Microsoft Corp. 4.06% 34,302 $15.3M No change
META Meta Platforms Inc. Class A 3.01% 22,500 $11.3M No change
BRK.B Berkshire Hathaway Inc. Class B 2.86% 26,500 $10.8M No change
GOOG Alphabet Inc. Class C 2.24% 46,055 $8.4M No change
AMD Advanced Micro Devices 2.08% 48,318 $7.8M No change
XOM Exxon Mobil Corp. 1.89% 62,066 $7.1M Add +110.1%
JPM JPMorgan Chase & Co. 1.89% 35,296 $7.1M No change
SYF Synchrony Financial 1.65% 132,073 $6.2M No change
GE General Electric filed as GE AEROSPACE 1.61% 38,301 $6.1M No change
GOOGL Alphabet Inc. Class A 1.50% 31,140 $5.7M No change
ORCL Oracle Corp. 1.39% 37,250 $5.3M No change
WFC Wells Fargo & Co. 1.39% 88,052 $5.2M No change
MA Mastercard Inc. Class A 1.38% 11,829 $5.2M No change
ABBV Abbvie Inc. 1.27% 27,900 $4.8M No change
CRM Salesforce Inc. 1.23% 18,009 $4.6M No change
SHOP Shopify Inc. Class A 1.23% 70,000 $4.6M No change
V Visa Inc. Class A 1.21% 17,375 $4.6M No change
WMT Walmart Inc. 1.18% 65,550 $4.4M No change
F Ford Motor Co. filed as FORD MTR CO DEL 1.15% 345,157 $4.3M No change
COST Costco Wholesale Corp. 1.13% 5,016 $4.3M No change
AMGN Amgen Inc. 1.13% 13,609 $4.3M No change
JNJ Johnson & Johnson 1.12% 28,900 $4.2M No change
C Citigroup Inc. 1.03% 61,471 $3.9M No change
IVZ Invesco Ltd. 1.01% 255,393 $3.8M No change
VZ Verizon Communications Inc. 1.01% 92,263 $3.8M No change
GS Goldman Sachs Group Inc. 0.96% 8,000 $3.6M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.96% 36,407 $3.6M No change
CVX Chevron Corp. 0.92% 22,200 $3.5M No change
CMCSA Comcast Corp. Class A 0.91% 88,000 $3.4M No change
LOW Lowe's Cos Inc. 0.89% 15,320 $3.4M No change
BEN Franklin Templeton Inc. 0.83% 140,480 $3.1M Add +114.5%
PFE Pfizer Inc. 0.83% 111,527 $3.1M No change
UNH Unitedhealth Group Inc. 0.80% 5,918 $3.0M No change
HON Honeywell International Inc. 0.80% 14,100 $3.0M No change
MS Morgan Stanley 0.77% 30,000 $2.9M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.76% 26,000 $2.9M No change
MRO Marathon Oil Corp. 0.75% 99,143 $2.8M No change
FHN First Horizon Corp. 0.75% 180,082 $2.8M No change
MRK Merck & Co. Inc. 0.75% 22,900 $2.8M No change
T AT&T Inc. 0.73% 143,689 $2.7M No change
MU Micron Technology Inc. 0.69% 19,800 $2.6M No change
CAT Caterpillar Inc. 0.69% 7,800 $2.6M No change
PBI Pitney Bowes Inc. 0.69% 511,059 $2.6M No change
AXP American Express Co. 0.67% 11,000 $2.5M No change
ADP Automatic Data Processing 0.63% 10,000 $2.4M No change
KO The Coca-Cola Co. 0.62% 37,000 $2.4M No change
GILD Gilead Sciences Inc. 0.62% 34,000 $2.3M No change
PNW Pinnacle West Capital 0.61% 30,000 $2.3M No change
OXY Occidental Petroleum Corp. 0.59% 35,179 $2.2M No change
DE Deere & Co. 0.58% 5,900 $2.2M No change
ALL Allstate Corp. 0.58% 13,800 $2.2M No change
PEP Pepsico Inc. 0.57% 13,000 $2.1M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.55% 11,900 $2.1M No change
INTC Intel Corp. 0.54% 66,395 $2.1M No change
ABT Abbott Laboratories 0.53% 19,400 $2.0M No change
AFL Aflac Inc. 0.49% 20,600 $1.8M No change
COP Conocophillips 0.48% 16,000 $1.8M No change
PM Philip Morris International 0.45% 16,700 $1.7M No change
GEV GE Vernova Inc. 0.44% 9,575 $1.6M No change
SBUX Starbucks Corp. 0.43% 21,000 $1.6M No change
UPS United Parcel Service Class B 0.43% 11,800 $1.6M No change
BA The Boeing Co. 0.42% 8,735 $1.6M No change
PRU Prudential Financial Inc. 0.42% 13,500 $1.6M No change
SPOT Spotify Technology SA 0.42% 5,000 $1.6M No change
TXN Texas Instruments Inc. 0.41% 8,000 $1.6M No change
PNC PNC Financial Services Group 0.41% 10,000 $1.6M No change
BMY Bristol-Myers Squibb Co. 0.40% 35,899 $1.5M No change
GEHC GE Healthcare Technology 0.39% 19,012 $1.5M No change
PSA Public Storage 0.38% 5,000 $1.4M No change
X United States Steel Corp. 0.38% 37,700 $1.4M No change
TRV The Travelers Cos Inc. 0.38% 7,000 $1.4M No change
AIG American International Group 0.38% 19,100 $1.4M No change
TSLA Tesla Inc. 0.36% 6,782 $1.3M No change
RIG Transocean Ltd. 0.35% 250,000 $1.3M No change
BIIB Biogen Inc. 0.35% 5,750 $1.3M No change
PH Parker Hannifin Corp. 0.34% 2,500 $1.3M No change
CSCO Cisco Systems Inc. 0.33% 26,540 $1.3M No change
NKE Nike Inc. Class B 0.30% 15,000 $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
SPG Simon Property Group Inc. 0.28% 7,000 $1.1M No change
MET Metlife Inc. 0.28% 15,000 $1.1M No change
PGR Progressive Corp. 0.28% 5,000 $1.0M No change
CL Colgate-Palmolive Co. 0.27% 10,400 $1.0M No change
RTX RTX Corp. 0.27% 10,000 $1.0M No change
QCOM Qualcomm Inc. 0.26% 5,000 $996K No change
MMM 3M Co. 0.26% 9,750 $996K No change
BAX Baxter International Inc. 0.26% 29,000 $970K No change
DELL Dell Technologies -C 0.25% 6,946 $958K No change
ADI Analog Devices Inc. 0.24% 4,000 $913K No change
SHW The Sherwin-Williams Co. 0.24% 3,000 $895K No change
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.24% 15,000 $888K No change
EOG EOG Resources Inc. 0.20% 6,000 $755K No change
APA Apa Corp. 0.20% 25,000 $736K No change
HSY The Hershey Co. 0.19% 4,000 $735K No change
DB Deutsche Bank AG-Registered 0.19% 45,000 $717K No change
BHC Bausch Health Cos Inc. 0.18% 100,000 $697K No change
MFC Manulife Financial Corp. 0.18% 25,000 $666K No change
ITT Itt Inc. 0.17% 5,000 $646K No change
CARR Carrier Global Corp. 0.17% 10,000 $631K No change
HRL Hormel Foods Corp. 0.16% 20,000 $610K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 15,147 $602K No change
CIEN Ciena Corp. 0.16% 12,255 $590K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.14% 6,750 $530K No change
CTVA Corteva Inc. 0.14% 9,828 $530K No change
DOW Dow Inc. 0.14% 9,828 $521K No change
L Loews Corp. 0.13% 6,700 $501K No change
USB US Bancorp 0.13% 12,000 $476K No change
NUE Nucor Corp. 0.13% 3,000 $474K No change
KEY Keycorp 0.11% 30,000 $426K No change
DD Dupont DE Nemours Inc. 0.10% 4,665 $375K No change
GL Globe Life Inc. 0.10% 4,500 $370K No change
WBA Walgreens Boots Alliance Inc. 0.10% 30,000 $363K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.09% 3,707 $353K No change
WAB Wabtec Corp. 0.08% 1,806 $285K No change
LUMN Lumen Technologies Inc. 0.07% 250,000 $275K No change
HAL Halliburton Co. 0.07% 8,000 $270K No change
SWK Stanley Black & Decker Inc. 0.06% 3,000 $240K No change
NOV Nov Inc. 0.06% 12,000 $228K No change
VTRS Viatris Inc. 0.04% 15,476 $165K No change
SOLV Solventum Corp. 0.03% 2,438 $129K No change
BB Blackberry Ltd. 0.03% 50,000 $124K No change
WBD Warner Bros Discovery Inc. 0.03% 13,760 $102K No change
CVS CVS Health Corp. 0.03% 1,675 $99K No change
EMR Emerson Electric Co. 0.01% 178 $20K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $51K (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 1,250$51KNo change

Total filed on the 13F, all lines: $377.5M.

Portfolio Sells Q1 2024 → Q2 2024
PXD Pioneer Natural Resources Co. Sold out 0.00% −1.01

Portfolio Buys Q1 2024 → Q2 2024
XOM Exxon Mobil Corp. Add +110.1% 1.89% +0.95
BEN Franklin Templeton Inc. Add +114.5% 0.83% +0.32

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