Gifford Fong Associates

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 3, 2025), Gifford Fong Associates reported 122 stock positions worth $475.8 million. Its top holding was Nvidia (NVDA) at 9.7% of the portfolio, followed by Amazon.com (AMZN, 4.5%) and Apple (AAPL, 4.3%). Compared with Q2 2025, it sold out of 1, added to 2 and reduced 2. The biggest buy was Occidental Petroleum (OXY, shares +41%) and the biggest sale Nvidia (NVDA, shares −11%).

Most Recent 13F
Q4 2025
Location
LAFAYETTE, CA
CIK
0001740316
Portfolio Value
$475.8M (Q3 2025)
SEC Filing
0001740316-25-000005 ↗ filed Nov 3, 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 Q2 2025 Q3 2025: $475.8M $475.8M Q3 2025 Q4 2025: $501.4M Q4 2025

Holdings 122 stocks · $475.8M
NVDA Nvidia Corp. 9.65% 246,210 $45.9M Reduce -10.9%
AMZN Amazon.com Inc. 4.47% 96,793 $21.3M No change
AAPL Apple Inc. 4.34% 81,169 $20.7M No change
MSFT Microsoft Corp. 3.73% 34,302 $17.8M No change
META Meta Platforms Inc. Class A 3.47% 22,500 $16.5M No change
CRM Salesforce Inc. 3.14% 63,009 $14.9M Add +46.5%
BRK.B Berkshire Hathaway Inc. Class B 2.80% 26,500 $13.3M No change
GE General Electric filed as GE AEROSPACE 2.42% 38,301 $11.5M No change
GOOG Alphabet Inc. Class C 2.36% 46,055 $11.2M No change
JPM JPMorgan Chase & Co. 2.34% 35,296 $11.1M No change
ORCL Oracle Corp. 2.20% 37,250 $10.5M No change
SHOP Shopify Inc. Class A 2.19% 70,000 $10.4M No change
SYF Synchrony Financial 1.97% 132,073 $9.4M No change
OXY Occidental Petroleum Corp. 1.70% 171,429 $8.1M Add +41.2%
AMD Advanced Micro Devices 1.64% 48,318 $7.8M No change
GOOGL Alphabet Inc. Class A 1.59% 31,140 $7.6M No change
WFC Wells Fargo & Co. 1.55% 88,052 $7.4M No change
XOM Exxon Mobil Corp. 1.47% 62,066 $7.0M No change
WMT Walmart Inc. 1.42% 65,550 $6.8M No change
MA Mastercard Inc. Class A 1.41% 11,829 $6.7M No change
ABBV Abbvie Inc. 1.36% 27,900 $6.5M No change
GS Goldman Sachs Group Inc. 1.34% 8,000 $6.4M No change
C Citigroup Inc. 1.31% 61,471 $6.2M No change
V Visa Inc. Class A 1.25% 17,375 $5.9M No change
GEV GE Vernova Inc. 1.24% 9,575 $5.9M No change
IVZ Invesco Ltd. 1.23% 255,393 $5.9M No change
PBI Pitney Bowes Inc. 1.23% 511,059 $5.8M No change
JNJ Johnson & Johnson 1.13% 28,900 $5.4M No change
MS Morgan Stanley 1.00% 30,000 $4.8M No change
COST Costco Wholesale Corp. 0.98% 5,016 $4.6M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.88% 36,407 $4.2M No change
F Ford Motor Co. filed as FORD MTR CO 0.87% 345,157 $4.1M No change
FHN First Horizon Corp. 0.86% 180,082 $4.1M No change
COP Conocophillips 0.82% 41,281 $3.9M No change
LOW Lowe's Cos Inc. 0.81% 15,320 $3.9M No change
AMGN Amgen Inc. 0.81% 13,609 $3.8M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.79% 26,000 $3.8M No change
CAT Caterpillar Inc. 0.78% 7,800 $3.7M No change
AXP American Express Co. 0.77% 11,000 $3.7M No change
SPOT Spotify Technology SA 0.73% 5,000 $3.5M No change
CVX Chevron Corp. 0.72% 22,200 $3.4M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.71% 11,900 $3.4M No change
MU Micron Technology Inc. 0.70% 19,800 $3.3M No change
BEN Franklin Templeton Inc. 0.68% 140,480 $3.2M No change
TSLA Tesla Inc. 0.63% 6,782 $3.0M No change
HON Honeywell International Inc. 0.62% 14,100 $3.0M No change
ALL Allstate Corp. 0.62% 13,800 $3.0M No change
VZ Verizon Communications Inc. 0.62% 67,263 $3.0M No change
ADP Automatic Data Processing 0.62% 10,000 $2.9M No change
PFE Pfizer Inc. 0.60% 111,527 $2.8M No change
CMCSA Comcast Corp. Class A 0.58% 88,000 $2.8M No change
DE Deere & Co. 0.57% 5,900 $2.7M No change
PNW Pinnacle West Capital 0.57% 30,000 $2.7M No change
T AT&T Inc. 0.56% 93,689 $2.6M No change
ABT Abbott Laboratories 0.55% 19,400 $2.6M No change
KO The Coca-Cola Co. 0.52% 37,000 $2.5M No change
AFL Aflac Inc. 0.48% 20,600 $2.3M No change
INTC Intel Corp. 0.47% 66,395 $2.2M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.43% 18,872 $2.1M No change
UNH Unitedhealth Group Inc. 0.43% 5,918 $2.0M No change
PNC PNC Financial Services Group 0.42% 10,000 $2.0M No change
TRV The Travelers Cos Inc. 0.41% 7,000 $2.0M No change
MRK Merck & Co. Inc. 0.40% 22,900 $1.9M No change
PH Parker Hannifin Corp. 0.40% 2,500 $1.9M No change
BA The Boeing Co. 0.40% 8,735 $1.9M No change
PEP Pepsico Inc. 0.38% 13,000 $1.8M No change
CSCO Cisco Systems Inc. 0.38% 26,540 $1.8M No change
CIEN Ciena Corp. 0.38% 12,255 $1.8M No change
SBUX Starbucks Corp. 0.37% 21,000 $1.8M No change
RTX RTX Corp. 0.35% 10,000 $1.7M No change
BMY Bristol-Myers Squibb Co. 0.34% 35,899 $1.6M No change
LUMN Lumen Technologies Inc. 0.32% 250,000 $1.5M No change
MMM 3M Co. 0.32% 9,750 $1.5M No change
AIG American International Group 0.32% 19,100 $1.5M No change
TXN Texas Instruments Inc. 0.31% 8,000 $1.5M No change
PSA Public Storage 0.30% 5,000 $1.4M No change
GEHC GE Healthcare Technology 0.30% 19,012 $1.4M No change
PRU Prudential Financial Inc. 0.29% 13,500 $1.4M No change
SPG Simon Property Group Inc. 0.28% 7,000 $1.3M No change
ZM Zoom Communications Inc. 0.26% 15,000 $1.2M No change
MET Metlife Inc. 0.26% 15,000 $1.2M No change
PGR Progressive Corp. 0.26% 5,000 $1.2M No change
NKE Nike Inc. Class B 0.22% 15,000 $1.0M No change
SHW The Sherwin-Williams Co. 0.22% 3,000 $1.0M No change
GILD Gilead Sciences Inc. 0.21% 9,000 $999K No change
UPS United Parcel Service Class B 0.21% 11,800 $986K No change
DELL Dell Technologies -C 0.21% 6,946 $985K No change
ADI Analog Devices Inc. 0.21% 4,000 $983K No change
ITT Itt Inc. 0.19% 5,000 $894K No change
QCOM Qualcomm Inc. 0.17% 5,000 $832K No change
CL Colgate-Palmolive Co. 0.17% 10,400 $831K No change
BIIB Biogen Inc. 0.17% 5,750 $805K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 15,147 $781K No change
RIG Transocean Ltd. 0.16% 250,000 $780K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.16% 10,125 $776K No change
HSY The Hershey Co. 0.16% 4,000 $748K No change
EOG EOG Resources Inc. 0.14% 6,000 $673K No change
L Loews Corp. 0.14% 6,700 $673K No change
CTVA Corteva Inc. 0.14% 9,828 $665K No change
BAX Baxter International Inc. 0.14% 29,000 $660K No change

Show all 122 holdings

Portfolio Sells Q2 2025 → Q3 2025
NVDA Nvidia Corp. Reduce -10.9% 9.65% −0.39
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.04
SOLV Solventum Corp. Reduce -0.0% 0.04% −0.01

Portfolio Buys Q2 2025 → Q3 2025
OXY Occidental Petroleum Corp. Add +41.2% 1.70% +0.53
CRM Salesforce Inc. Add +46.5% 3.14% +0.44

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