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Ken Fisher Portfolio

Ken Fisher founded Fisher Investments.

Fisher Asset Management, LLC Holdings · Q4 2025

Disclosed value
$293.0B
Holdings
1,017
Top sector
Technology
Filed
Feb 9, 2026
Performance
YTD
+8.9%
−0.1% vs S&P 500
1Y
+19.4%
+2.8% vs S&P 500
3Y
+75.0%
+10.7% vs S&P 500
Ken Fisher's latest portfolio (Q4 2025) holds 1,017 stocks worth $293.0B. Top holdings: NVIDIA Corporation (NVDA), Apple Inc. (AAPL), iShares Tr 7 10yr Tr Bd ETF.Biggest last-quarter moves:

Fisher Asset Management, LLC Holdings · 1017

Q4 2025 · Showing 15 positions from the selected holding view.
Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
NSemiconductorsNVIDIA Corporation (NVDA) 5.5%
Avg. buy price $98.40 Estimated gain+91.9%Quarter-end price $188.84 Last transaction Added· Q4 2025Increased shares by 1.8%
N 5.5% $98.40 +91.9% $188.84 Added· Q4 2025Increased shares by 1.8%
AConsumer ElectronicsApple Inc. (AAPL) 5.1%
Avg. buy price $141.92 Estimated gain+91.6%Quarter-end price $271.86 Last transaction Added· Q4 2025Increased shares by 1.3%
A 5.1% $141.92 +91.6% $271.86 Added· Q4 2025Increased shares by 1.3%
Not classifiediShares Tr 7 10yr Tr Bd ETF 4.4%
Not classifiedValue$13.0B
 Not classifiediShares Tr 7 10yr Tr Bd ETF 4.4% – – – –
MSoftware - InfrastructureMicrosoft Corporation (MSFT) 4.2%
Avg. buy price $274.17 Estimated gain+76.4%Quarter-end price $483.62 Last transaction Added· Q4 2025Increased shares by 1.8%
M 4.2% $274.17 +76.4% $483.62 Added· Q4 2025Increased shares by 1.8%
GInternet Content & InformationAlphabet Inc. (GOOGL) 4.1%
Avg. buy price $122.00 Estimated gain+156.6%Quarter-end price $313.00 Last transaction Added· Q4 2025Increased shares by 1.6%
G 4.1% $122.00 +156.6% $313.00 Added· Q4 2025Increased shares by 1.6%
ASpecialty RetailAmazon.com, Inc. (AMZN) 2.6%
Avg. buy price $133.92 Estimated gain+72.8%Quarter-end price $231.46 Last transaction Added· Q4 2025Increased shares by 1.5%
A 2.6% $133.92 +72.8% $231.46 Added· Q4 2025Increased shares by 1.5%
Not classifiedVanguard Fds Int Term Corp 2.4%
Not classifiedValue$7.0B
 Not classifiedVanguard Fds Int Term Corp 2.4% – – – –
GFinancial - Capital MarketsThe Goldman Sachs Group, Inc. (GS) 2.0%
Avg. buy price $368.58 Estimated gain+138.5%Quarter-end price $879.00 Last transaction Added· Q4 2025Increased shares by 1.7%
G 2.0% $368.58 +138.5% $879.00 Added· Q4 2025Increased shares by 1.7%
T 1.9% $121.85 +151.0% $305.83 Added· Q4 2025Increased shares by 1.8%
CAgricultural - MachineryCaterpillar Inc. (CAT) 1.9%
Avg. buy price $232.28 Estimated gain+146.6%Quarter-end price $572.87 Last transaction Added· Q4 2025Increased shares by 0.6%
C 1.9% $232.28 +146.6% $572.87 Added· Q4 2025Increased shares by 0.6%
JBanks - DiversifiedJPMorgan Chase & Co. (JPM) 1.8%
Avg. buy price $175.81 Estimated gain+83.3%Quarter-end price $322.22 Last transaction Added· Q4 2025Increased shares by 1.9%
J 1.8% $175.81 +83.3% $322.22 Added· Q4 2025Increased shares by 1.9%
LDrug Manufacturers - GeneralEli Lilly and Company (LLY) 1.7%
Avg. buy price $370.44 Estimated gain+191.5%Quarter-end price $1,079.86 Last transaction Added· Q4 2025Increased shares by 3.4%
L 1.7% $370.44 +191.5% $1,079.86 Added· Q4 2025Increased shares by 3.4%
ASemiconductorsASML Holding N.V. (ASML) 1.6%
Avg. buy price $637.96 Estimated gain+67.8%Quarter-end price $1,070.80 Last transaction Added· Q4 2025Increased shares by 3.0%
A 1.6% $637.96 +67.8% $1,070.80 Added· Q4 2025Increased shares by 3.0%
ASemiconductorsBroadcom Inc. (AVGO) 1.6%
Avg. buy price $173.08 Estimated gain+100.3%Quarter-end price $346.64 Last transaction Added· Q4 2025Increased shares by 9.8%
A 1.6% $173.08 +100.3% $346.64 Added· Q4 2025Increased shares by 9.8%
WDiscount StoresWalmart Inc. (WMT) 1.5%
Avg. buy price $57.57 Estimated gain+93.5%Quarter-end price $111.41 Last transaction Added· Q4 2025Increased shares by 0.8%
W 1.5% $57.57 +93.5% $111.41 Added· Q4 2025Increased shares by 0.8%
Data through Q4 2025 · filed Feb 9, 2026
15 of 1017
Show all 1017 holdings

Biggest position changes

In Q4 2025: 114 new, 481 added, 400 reduced, 85 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q4 2025, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
L Lennox International Inc. (LII) −$284M I Intuit Inc. (INTU) −$160M S Banco Santander, S.A. (SAN) −$114M A Adobe Inc. (ADBE) −$93M B BlackRock, Inc. (BLK) −$85M C Capital One Financial Corporation (COF) −$80M A Abbott Laboratories (ABT) −$75M L Lumentum Holdings Inc. (LITE) −$72M N Netflix, Inc. (NFLX) +$11.9B N ServiceNow, Inc. (NOW) +$5.2B A Broadcom Inc. (AVGO) +$440M N NVIDIA Corporation (NVDA) +$278M M Microsoft Corporation (MSFT) +$229M C Cisco Systems, Inc. (CSCO) +$212M A Apple Inc. (AAPL) +$189M G Alphabet Inc. (GOOGL) +$167M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
Spdr Bloomberg Brclys Lg Trs E −59.5M
B Banco Bradesco S.A. (BBD) −35.5M I Itaú Unibanco Holding S.A. (ITUB) −32.9M U Unilever PLC (UL) Exited−22.5M
iShares Tr Mbs ETF −21.4M
T TotalEnergies SE (TTE) Exited−20.0M I Infosys Limited (INFY) Exited−9.0M W Wipro Limited (WIT) −6.3M
iShares Tr 7 10yr Tr Bd ETF +47.2M
Unilever PLC New+20.7M
Totalenergies SE Act New+19.3M
Vanguard Fds Int Term Corp +3.3M
N Nomura Holdings, Inc. (NMR) +3.2M H HDFC Bank Limited (HDB) +2.7M M Mitsubishi UFJ Financial Group, Inc. (MUFG) +1.8M
Natwest Group PLC +1.7M

New this quarter

B Belden Inc. (BDC) New· Q4 2025 C Commvault Systems, Inc. (CVLT) New· Q4 2025 F Fresh Del Monte Produce Inc. (FDP) New· Q4 2025 W Western Digital Corporation (WDC) New· Q4 2025 C Confluent, Inc. (CFLT) New· Q4 2025 K Krystal Biotech, Inc. (KRYS) New· Q4 2025 C Cincinnati Financial Corporation (CINF) New· Q4 2025 H The Hartford Insurance Group, Inc. (HIG) New· Q4 2025

Portfolio composition

Largest holdings in Q4 2025, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

NVIDIA Corporation (NVDA): 5.5%Apple Inc. (AAPL): 5.1%iShares Tr 7 10yr Tr Bd ETF: 4.4%Microsoft Corporation (MSFT): 4.2%Alphabet Inc. (GOOGL): 4.1%Other holdings: 76.7%
N NVIDIA Corporation (NVDA) 5.5%
A Apple Inc. (AAPL) 5.1%
iShares Tr 7 10yr Tr Bd ETF 4.4%
M Microsoft Corporation (MSFT) 4.2%
G Alphabet Inc. (GOOGL) 4.1%
Other holdings 76.7%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%202120222023202420252026
NVIDIA Corporation (NVDA)Apple Inc. (AAPL)Alphabet Inc. (GOOGL)Microsoft Corporation (MSFT)Amazon.com, Inc. (AMZN)Caterpillar Inc. (CAT)Other holdings

Investors with similar portfolios

Ken GriffinCitadel Advisors LLCAlso holds iShares Tr 7 10yr Tr Bd ETF and NVIDIA Corporation (NVDA)InvescoInvesco Ltd.Also holds NVIDIA Corporation (NVDA) and Apple Inc. (AAPL)Tiger Global ManagementTiger Global Management LLCAlso holds Alphabet Inc. (GOOGL) and NVIDIA Corporation (NVDA)Ray DalioBridgewater Associates, LPAlso holds iShares Tr and State Str Spdr S&p 500 ETF TJeremy GranthamGrantham, Mayo, Van Otterloo & Co. LLCAlso holds Apple Inc. (AAPL) and Alphabet Inc. (GOOGL)Coatue ManagementCoatue Management LLCAlso holds Taiwan Semiconductor Manufacturing Company Limited (TSM) and Alphabet Inc. (GOOGL)

About Ken Fisher and Fisher Asset Management, LLC

Ken Fisher founded Fisher Investments. This page shows Fisher Asset Management's quarterly Form 13F report of certain United States listed long positions, not Fisher's personal account or a client-by-client view. Cash, short positions, private investments, many derivatives, and trades completed before quarter end may be absent.

SEC filing history for Fisher Asset Management, LLC

Ken Fisher FAQ

Profile refreshed July 20, 2026

What stocks does Ken Fisher own?

As of the Q4 2025 filing, Ken Fisher's largest disclosed holdings are NVIDIA Corporation (NVDA), Apple Inc. (AAPL), iShares Tr 7 10yr Tr Bd ETF. The table shows 15 of 1,017 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Ken Fisher buy last quarter?

The biggest disclosed buys in Q4 2025 were Netflix, Inc. (NFLX), ServiceNow, Inc. (NOW), Broadcom Inc. (AVGO), based on the Fisher Asset Management, LLC 13F filing. New positions are marked "new" in the table above.

What did Ken Fisher sell last quarter?

The biggest reductions in Q4 2025 were Lennox International Inc. (LII), Intuit Inc. (INTU), Banco Santander, S.A. (SAN). The filing comparison contains 85 full exits, summarized in the activity view above.

How big is Ken Fisher's portfolio?

The latest 13F discloses $293.0B across 1,017 positions in Q4 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q4 2025, the latest disclosed quarter. The filing date is shown with every table.

Where does the Fisher Asset Management, LLC portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Fisher Asset Management, LLC provide the Q4 2025 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (74%); holdings without sufficient price history are excluded from the calculation.

Who is Ken Fisher?

Ken Fisher founded Fisher Investments in 1979. He stepped down as chief executive in 2016 but remains the firm's executive chairman and co-chief investment officer.

How did Fisher Investments get started?

Fisher began the business with $250. What started in 1979 later grew into a large independent investment manager.

What investing idea is Ken Fisher best known for?

He helped define and test the price-to-sales ratio as a stock-valuation tool. Fisher later wrote that the measure had become widely known and was no longer as useful on its own for finding undervalued stocks.

What did Ken Fisher write?

He has written eleven investing books. His Forbes Portfolio Strategy column ran from 1984 through 2017, making him the magazine's longest continuously running columnist.

What did Ken Fisher study?

Fisher went to Cal Poly Humboldt intending to study forestry and graduated with an associate degree in economics in 1972.

Is Ken Fisher still the chief executive of Fisher Investments?

No. He left the chief executive role in July 2016 and remains executive chairman and co-chief investment officer.

Is Ken Fisher related to Philip Fisher?

Yes. He is the son of Philip A. Fisher, the investor and author known for writing Common Stocks and Uncommon Profits.

Is this Ken Fisher's personal portfolio or net worth?

No. It is Fisher Asset Management's Form 13F portfolio, not Fisher's personal account or an estimate of his wealth.

Can this page show Fisher's complete strategy or track record?

No. It shows certain US-listed long positions held at quarter end, not client returns, cash, shorts, private investments, or every trade. It is useful for studying disclosed holdings, not reconstructing the whole strategy.