Gifford Fong Associates

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Gifford Fong Associates reported 125 stock positions worth $407.5 million. Its top holding was Nvidia (NVDA) at 9.9% of the portfolio, followed by Amazon.com (AMZN, 5.2%) and Apple (AAPL, 5.0%). Compared with Q3 2024, it sold out of 2, added to 3 and reduced 1. The biggest buy was Occidental Petroleum (OXY, shares +171%) and the biggest sale Nvidia (NVDA, shares −18%).

Most Recent 13F
Q4 2025
Location
LAFAYETTE, CA
CIK
0001740316
Portfolio Value
$407.5M (Q4 2024)
SEC Filing
0001740316-25-000001 ↗ filed Feb 12, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $362.6M Q1 2024 Q2 2024: $377.4M Q2 2024 Q3 2024: $399.9M Q3 2024 Q4 2024: $407.5M $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 125 stocks · $407.5M
NVDA Nvidia Corp. 9.93% 301,210 $40.4M Reduce -17.6%
AMZN Amazon.com Inc. 5.21% 96,793 $21.2M No change
AAPL Apple Inc. 4.99% 81,169 $20.3M No change
MSFT Microsoft Corp. 3.55% 34,302 $14.5M No change
META Meta Platforms Inc. Class A 3.23% 22,500 $13.2M No change
BRK.B Berkshire Hathaway Inc. Class B 2.95% 26,500 $12.0M No change
GOOG Alphabet Inc. Class C 2.15% 46,055 $8.8M No change
SYF Synchrony Financial 2.11% 132,073 $8.6M No change
JPM JPMorgan Chase & Co. 2.08% 35,296 $8.5M No change
SHOP Shopify Inc. Class A 1.83% 70,000 $7.4M No change
XOM Exxon Mobil Corp. 1.64% 62,066 $6.7M No change
GE General Electric filed as GE AEROSPACE 1.57% 38,301 $6.4M No change
MA Mastercard Inc. Class A 1.53% 11,829 $6.2M No change
ORCL Oracle Corp. 1.52% 37,250 $6.2M No change
WFC Wells Fargo & Co. 1.52% 88,052 $6.2M No change
CRM Salesforce Inc. 1.48% 18,009 $6.0M No change
WMT Walmart Inc. 1.45% 65,550 $5.9M No change
GOOGL Alphabet Inc. Class A 1.45% 31,140 $5.9M No change
AMD Advanced Micro Devices 1.43% 48,318 $5.8M No change
V Visa Inc. Class A 1.35% 17,375 $5.5M No change
ABBV Abbvie Inc. 1.22% 27,900 $5.0M No change
OXY Occidental Petroleum Corp. 1.15% 95,179 $4.7M Add +170.6%
COST Costco Wholesale Corp. 1.13% 5,016 $4.6M No change
GS Goldman Sachs Group Inc. 1.12% 8,000 $4.6M No change
IVZ Invesco Ltd. 1.10% 255,393 $4.5M No change
C Citigroup Inc. 1.06% 61,471 $4.3M No change
JNJ Johnson & Johnson 1.03% 28,900 $4.2M No change
COP Conocophillips 1.00% 41,281 $4.1M Add +158.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.99% 36,407 $4.1M No change
LOW Lowe's Cos Inc. 0.93% 15,320 $3.8M No change
MS Morgan Stanley 0.93% 30,000 $3.8M No change
PBI Pitney Bowes Inc. 0.91% 511,059 $3.7M No change
VZ Verizon Communications Inc. 0.91% 92,263 $3.7M No change
FHN First Horizon Corp. 0.89% 180,082 $3.6M No change
AMGN Amgen Inc. 0.87% 13,609 $3.5M No change
F Ford Motor Co. filed as FORD MTR CO 0.84% 345,157 $3.4M No change
CMCSA Comcast Corp. Class A 0.81% 88,000 $3.3M No change
T AT&T Inc. 0.80% 143,689 $3.3M No change
AXP American Express Co. 0.80% 11,000 $3.3M No change
CVX Chevron Corp. 0.79% 22,200 $3.2M No change
HON Honeywell International Inc. 0.78% 14,100 $3.2M No change
GEV GE Vernova Inc. 0.77% 9,575 $3.1M No change
GILD Gilead Sciences Inc. 0.77% 34,000 $3.1M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.77% 26,000 $3.1M No change
UNH Unitedhealth Group Inc. 0.73% 5,918 $3.0M No change
PFE Pfizer Inc. 0.73% 111,527 $3.0M No change
ADP Automatic Data Processing 0.72% 10,000 $2.9M No change
BEN Franklin Templeton Inc. 0.70% 140,480 $2.9M No change
CAT Caterpillar Inc. 0.69% 7,800 $2.8M No change
TSLA Tesla Inc. 0.67% 6,782 $2.7M No change
ALL Allstate Corp. 0.65% 13,800 $2.7M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.64% 11,900 $2.6M No change
PNW Pinnacle West Capital 0.62% 30,000 $2.5M No change
DE Deere & Co. 0.61% 5,900 $2.5M No change
KO The Coca-Cola Co. 0.57% 37,000 $2.3M No change
MRK Merck & Co. Inc. 0.56% 22,900 $2.3M No change
SPOT Spotify Technology SA 0.55% 5,000 $2.2M No change
ABT Abbott Laboratories 0.54% 19,400 $2.2M No change
AFL Aflac Inc. 0.52% 20,600 $2.1M No change
BMY Bristol-Myers Squibb Co. 0.50% 35,899 $2.0M No change
PM Philip Morris International 0.49% 16,700 $2.0M No change
PEP Pepsico Inc. 0.49% 13,000 $2.0M No change
PNC PNC Financial Services Group 0.47% 10,000 $1.9M No change
SBUX Starbucks Corp. 0.47% 21,000 $1.9M No change
TRV The Travelers Cos Inc. 0.41% 7,000 $1.7M No change
MU Micron Technology Inc. 0.41% 19,800 $1.7M No change
PRU Prudential Financial Inc. 0.39% 13,500 $1.6M No change
PH Parker Hannifin Corp. 0.39% 2,500 $1.6M No change
CSCO Cisco Systems Inc. 0.39% 26,540 $1.6M No change
BA The Boeing Co. 0.38% 8,735 $1.5M No change
TXN Texas Instruments Inc. 0.37% 8,000 $1.5M No change
PSA Public Storage 0.37% 5,000 $1.5M No change
UPS United Parcel Service Class B 0.37% 11,800 $1.5M No change
GEHC GE Healthcare Technology 0.36% 19,012 $1.5M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.36% 18,872 $1.4M No change
AIG American International Group 0.34% 19,100 $1.4M No change
INTC Intel Corp. 0.33% 66,395 $1.3M No change
LUMN Lumen Technologies Inc. 0.33% 250,000 $1.3M No change
X United States Steel Corp. 0.31% 37,700 $1.3M No change
MMM 3M Co. 0.31% 9,750 $1.3M No change
MET Metlife Inc. 0.30% 15,000 $1.2M No change
ZM Zoom Communications Inc. 0.30% 15,000 $1.2M No change
SPG Simon Property Group Inc. 0.30% 7,000 $1.2M No change
PGR Progressive Corp. 0.29% 5,000 $1.2M No change
RTX RTX Corp. 0.28% 10,000 $1.2M No change
NKE Nike Inc. Class B 0.28% 15,000 $1.1M No change
CIEN Ciena Corp. 0.26% 12,255 $1.0M No change
SHW The Sherwin-Williams Co. 0.25% 3,000 $1.0M No change
CL Colgate-Palmolive Co. 0.23% 10,400 $945K No change
RIG Transocean Ltd. 0.23% 250,000 $938K No change
BIIB Biogen Inc. 0.22% 5,750 $879K No change
ADI Analog Devices Inc. 0.21% 4,000 $850K No change
BAX Baxter International Inc. 0.21% 29,000 $846K No change
BHC Bausch Health Cos Inc. 0.20% 100,000 $806K No change
DELL Dell Technologies -C 0.20% 6,946 $800K No change
QCOM Qualcomm Inc. 0.19% 5,000 $768K No change
DB Deutsche Bank AG-Registered 0.19% 45,000 $767K No change
EOG EOG Resources Inc. 0.18% 6,000 $735K No change
ITT Itt Inc. 0.18% 5,000 $714K No change
CARR Carrier Global Corp. 0.17% 10,000 $683K No change
HSY The Hershey Co. 0.17% 4,000 $677K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 15,147 $666K No change
HRL Hormel Foods Corp. 0.15% 20,000 $627K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.15% 10,125 $593K No change
APA Apa Corp. 0.14% 25,000 $577K No change
USB US Bancorp 0.14% 12,000 $574K No change
L Loews Corp. 0.14% 6,700 $567K No change
CTVA Corteva Inc. 0.14% 9,828 $560K No change
KEY Keycorp 0.13% 30,000 $514K No change
GL Globe Life Inc. 0.12% 4,500 $502K No change
DOW Dow Inc. 0.10% 9,828 $394K No change
DD Dupont DE Nemours Inc. 0.09% 4,665 $356K No change
NUE Nucor Corp. 0.09% 3,000 $350K No change
WAB Wabtec Corp. 0.08% 1,806 $342K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.08% 3,707 $313K No change
WBA Walgreens Boots Alliance Inc. 0.07% 30,000 $280K No change
SWK Stanley Black & Decker Inc. 0.06% 3,000 $241K No change
HAL Halliburton Co. 0.05% 8,000 $218K No change
VTRS Viatris Inc. 0.05% 15,476 $193K No change
BB Blackberry Ltd. 0.05% 50,000 $189K No change
NOV Nov Inc. 0.04% 12,000 $175K No change
SOLV Solventum Corp. 0.04% 2,438 $161K Add +0.0%
WBD Warner Bros Discovery Inc. 0.04% 13,760 $145K No change
CVS CVS Health Corp. 0.02% 1,675 $75K No change
EMR Emerson Electric Co. 0.01% 178 $22K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $34K (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 1,250$34KNo change

Total filed on the 13F, all lines: $407.5M.

Portfolio Sells Q3 2024 → Q4 2024
NVDA Nvidia Corp. Reduce -17.6% 9.93% −1.18
MRO Marathon Oil Corp. Sold out 0.00% −0.66
MFC Manulife Financial Corp. Sold out 0.00% −0.18

Portfolio Buys Q3 2024 → Q4 2024
OXY Occidental Petroleum Corp. Add +170.6% 1.15% +0.70
COP Conocophillips Add +158.0% 1.00% +0.58
SOLV Solventum Corp. Add +0.0% 0.04% −0.00

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