Gifford Fong Associates

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Gifford Fong Associates reported 123 stock positions worth $434.3 million. Its top holding was Nvidia (NVDA) at 10.0% of the portfolio, followed by Amazon.com (AMZN, 4.9%) and Microsoft (MSFT, 3.9%). Compared with Q1 2025, it sold out of 2, added to 1 and reduced 6. The biggest buy was Occidental Petroleum (OXY, shares +28%) and the biggest sale Gilead Sciences (GILD, shares −74%).

Most Recent 13F
Q4 2025
Location
LAFAYETTE, CA
CIK
0001740316
Portfolio Value
$434.3M (Q2 2025)
SEC Filing
0001740316-25-000003 ↗ filed Aug 13, 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 Q4 2024 Q1 2025: $401.9M Q1 2025 Q2 2025: $434.3M $434.3M Q2 2025 Q3 2025: $475.8M Q3 2025 Q4 2025: $501.4M Q4 2025

Holdings 123 stocks · $434.3M
NVDA Nvidia Corp. 10.05% 276,210 $43.6M Reduce -8.3%
AMZN Amazon.com Inc. 4.89% 96,793 $21.2M No change
MSFT Microsoft Corp. 3.93% 34,302 $17.1M No change
AAPL Apple Inc. 3.83% 81,169 $16.7M No change
META Meta Platforms Inc. Class A 3.82% 22,500 $16.6M No change
BRK.B Berkshire Hathaway Inc. Class B 2.96% 26,500 $12.9M No change
CRM Salesforce Inc. 2.70% 43,009 $11.7M No change
JPM JPMorgan Chase & Co. 2.36% 35,296 $10.2M No change
GE General Electric filed as GE AEROSPACE 2.27% 38,301 $9.9M No change
SYF Synchrony Financial 2.03% 132,073 $8.8M No change
GOOG Alphabet Inc. Class C 1.88% 46,055 $8.2M No change
ORCL Oracle Corp. 1.88% 37,250 $8.1M No change
SHOP Shopify Inc. Class A 1.86% 70,000 $8.1M No change
WFC Wells Fargo & Co. 1.62% 88,052 $7.1M No change
AMD Advanced Micro Devices 1.58% 48,318 $6.9M No change
XOM Exxon Mobil Corp. 1.54% 62,066 $6.7M No change
MA Mastercard Inc. Class A 1.53% 11,829 $6.6M No change
WMT Walmart Inc. 1.48% 65,550 $6.4M No change
V Visa Inc. Class A 1.42% 17,375 $6.2M No change
GS Goldman Sachs Group Inc. 1.30% 8,000 $5.7M No change
PBI Pitney Bowes Inc. 1.28% 511,059 $5.6M No change
GOOGL Alphabet Inc. Class A 1.26% 31,140 $5.5M No change
C Citigroup Inc. 1.20% 61,471 $5.2M No change
ABBV Abbvie Inc. 1.19% 27,900 $5.2M No change
OXY Occidental Petroleum Corp. 1.17% 121,429 $5.1M Add +27.6%
GEV GE Vernova Inc. 1.17% 9,575 $5.1M No change
COST Costco Wholesale Corp. 1.14% 5,016 $5.0M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.04% 36,407 $4.5M No change
JNJ Johnson & Johnson 1.02% 28,900 $4.4M No change
MS Morgan Stanley 0.97% 30,000 $4.2M No change
IVZ Invesco Ltd. 0.93% 255,393 $4.0M No change
SPOT Spotify Technology SA 0.88% 5,000 $3.8M No change
FHN First Horizon Corp. 0.88% 180,082 $3.8M No change
AMGN Amgen Inc. 0.87% 13,609 $3.8M No change
F Ford Motor Co. filed as FORD MTR CO 0.86% 345,157 $3.7M No change
COP Conocophillips 0.85% 41,281 $3.7M No change
AXP American Express Co. 0.81% 11,000 $3.5M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.81% 11,900 $3.5M No change
LOW Lowe's Cos Inc. 0.78% 15,320 $3.4M No change
BEN Franklin Templeton Inc. 0.77% 140,480 $3.4M No change
HON Honeywell International Inc. 0.76% 14,100 $3.3M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.74% 26,000 $3.2M No change
CVX Chevron Corp. 0.73% 22,200 $3.2M No change
CMCSA Comcast Corp. Class A 0.72% 88,000 $3.1M No change
ADP Automatic Data Processing 0.71% 10,000 $3.1M No change
CAT Caterpillar Inc. 0.70% 7,800 $3.0M No change
DE Deere & Co. 0.69% 5,900 $3.0M No change
VZ Verizon Communications Inc. 0.67% 67,263 $2.9M Reduce -27.1%
ALL Allstate Corp. 0.64% 13,800 $2.8M No change
T AT&T Inc. 0.62% 93,689 $2.7M Reduce -34.8%
PFE Pfizer Inc. 0.62% 111,527 $2.7M No change
PNW Pinnacle West Capital 0.62% 30,000 $2.7M No change
ABT Abbott Laboratories 0.61% 19,400 $2.6M No change
KO The Coca-Cola Co. 0.60% 37,000 $2.6M No change
MU Micron Technology Inc. 0.56% 19,800 $2.4M No change
AFL Aflac Inc. 0.50% 20,600 $2.2M No change
TSLA Tesla Inc. 0.50% 6,782 $2.2M No change
SBUX Starbucks Corp. 0.44% 21,000 $1.9M No change
TRV The Travelers Cos Inc. 0.43% 7,000 $1.9M No change
PNC PNC Financial Services Group 0.43% 10,000 $1.9M No change
UNH Unitedhealth Group Inc. 0.42% 5,918 $1.8M No change
CSCO Cisco Systems Inc. 0.42% 26,540 $1.8M No change
BA The Boeing Co. 0.42% 8,735 $1.8M No change
MRK Merck & Co. Inc. 0.42% 22,900 $1.8M No change
PH Parker Hannifin Corp. 0.40% 2,500 $1.7M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.40% 18,872 $1.7M No change
PEP Pepsico Inc. 0.40% 13,000 $1.7M No change
BMY Bristol-Myers Squibb Co. 0.38% 35,899 $1.7M No change
TXN Texas Instruments Inc. 0.38% 8,000 $1.7M No change
AIG American International Group 0.38% 19,100 $1.6M No change
INTC Intel Corp. 0.34% 66,395 $1.5M No change
MMM 3M Co. 0.34% 9,750 $1.5M No change
PSA Public Storage 0.34% 5,000 $1.5M No change
RTX RTX Corp. 0.34% 10,000 $1.5M No change
PRU Prudential Financial Inc. 0.33% 13,500 $1.4M No change
GEHC GE Healthcare Technology 0.32% 19,012 $1.4M No change
PGR Progressive Corp. 0.31% 5,000 $1.3M No change
MET Metlife Inc. 0.28% 15,000 $1.2M No change
UPS United Parcel Service Class B 0.27% 11,800 $1.2M No change
ZM Zoom Communications Inc. 0.27% 15,000 $1.2M No change
SPG Simon Property Group Inc. 0.26% 7,000 $1.1M No change
LUMN Lumen Technologies Inc. 0.25% 250,000 $1.1M No change
NKE Nike Inc. Class B 0.25% 15,000 $1.1M No change
SHW The Sherwin-Williams Co. 0.24% 3,000 $1.0M No change
GILD Gilead Sciences Inc. 0.23% 9,000 $998K Reduce -73.5%
CIEN Ciena Corp. 0.23% 12,255 $997K No change
ADI Analog Devices Inc. 0.22% 4,000 $952K No change
CL Colgate-Palmolive Co. 0.22% 10,400 $945K No change
BAX Baxter International Inc. 0.20% 29,000 $878K No change
DELL Dell Technologies -C 0.20% 6,946 $852K No change
QCOM Qualcomm Inc. 0.18% 5,000 $796K No change
ITT Itt Inc. 0.18% 5,000 $784K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.17% 10,125 $744K No change
CARR Carrier Global Corp. 0.17% 10,000 $732K No change
CTVA Corteva Inc. 0.17% 9,828 $732K No change
BIIB Biogen Inc. 0.17% 5,750 $722K No change
EOG EOG Resources Inc. 0.17% 6,000 $718K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.17% 15,147 $717K No change
BHC Bausch Health Cos Inc. 0.15% 100,000 $666K No change
HSY The Hershey Co. 0.15% 4,000 $664K No change

Show all 123 holdings

Portfolio Sells Q1 2025 → Q2 2025
GILD Gilead Sciences Inc. Reduce -73.5% 0.23% −0.72
PM Philip Morris International Sold out 0.00% −0.66
X United States Steel Corp. Sold out 0.00% −0.40
T AT&T Inc. Reduce -34.8% 0.62% −0.39
VZ Verizon Communications Inc. Reduce -27.1% 0.67% −0.37
DB Deutsche Bank AG-Registered Reduce -66.7% 0.10% −0.17
WBA Walgreens Boots Alliance Inc. Reduce -50.0% 0.04% −0.04
NVDA Nvidia Corp. Reduce -8.3% 10.05% +1.92

Portfolio Buys Q1 2025 → Q2 2025
OXY Occidental Petroleum Corp. Add +27.6% 1.17% +0.01

Notes & Other Activity Q1 2025 → Q2 2025
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Sold out 1,250 $35Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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