FA
Fisher Asset Management, LLC 13F Disclosure & Portfolio Data
Fisher Asset Management, LLCDiversified strategyMomentum followerLong-term holder
Total reported value
$294.9B
Reporting period: 2026-03-31 · Number of holdings: 1016
Fisher Asset Management, LLC disclosed 1016 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $294.9B and a quarterly turnover rate of 19.5%.
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Personality snowflake
- Concentration
- 7.22
- Portfolio Stability
- 19.55
- Momentum/Contrarian
- 100
- Sector conviction
- 46.57
- Diversification
- 100
- Sizing Uniformity
- 58.33
Recent moves
Trim MSFT
+2.5% -$2.6B
Add ABBV
+1347.0% $1.8B
Add XOM
+2.5% $1.7B
Add PFE
+102.0% $1.7B
Add CAT
+3.0% $1.5B
Trim ADBE
-96.8% -$1.4B
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Fisher Asset Management this quarter is hunting alpha by aggressively rotating capital out of congested technology names and into deeply discounted value sectors. The manager adds heavy weight to pharma, energy, and industrials while letting top-tier tech positions dilute through portfolio expansion. This is a pure contrarian playbook targeting mean reversion rather than momentum chasing.
Macro & Fundamentals
The embedded bet is that the current liquidity regime favors hard assets and cash-flow generators over speculative multiples. Financials and healthcare absorb nearly 40 percent of equity exposure, signaling a defense against growth deceleration and rising discount rates. The opposing thesis argues that AI-driven capex will continue to crown software leaders, leaving value sectors permanently undervalued relative to risk-adjusted returns.
Blind Spots / Risks
Structural vulnerability lies in the ultra-low concentration (HHI 0.018) across 1016 holdings driving a positioning squeeze. When multiple contrarian desks simultaneously accumulate identical low-float value names, liquidity dries up faster than fundamentals improve, forcing these broad diversifiers to absorb slippage on exit windows without pricing in idiosyncratic sector shocks.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.24% | -0.24% | +2.91% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.86% | -0.26% | +2.33% | |
| 3 | IEF | Ishares 7-10 Year Treasury B | ETF-Gov Bonds | 4.76% | +0.33% | +9.06% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.81% | -0.26% | +2.48% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.26% | -0.92% | +2.53% | |
| 6 | VCIT | Vanguard Int-term Corporate | ETF-Corp Bonds | 2.50% | — | +6.22% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.41% | -0.24% | +1.76% | |
| 8 | CAT | Caterpillar INC | Stock-Industrials | 2.35% | +0.49% | +2.98% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 2.13% | +0.25% | +2.59% | |
| 10 | ASML | ASML Holding N.V. | Stock-Tech | 2.06% | +0.42% | +2.58% | |
| 11 | GS | Goldman Sachs Group INC | Stock-Financials | 1.96% | — | +0.82% | |
| 12 | XOM | Exxon Mobil CORP | Stock-Energy | 1.86% | +0.57% | +2.49% | |
| 13 | WMT | Walmart INC | Stock-Consumer Staples | 1.73% | +0.19% | +0.86% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.70% | — | +6.25% | |
| 15 | AVGO | Broadcom INC | Stock-Tech | 1.54% | — | +6.12% | |
| 16 | CVX | Chevron CORP | Stock-Energy | 1.54% | +0.42% | +1.94% | |
| 17 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.51% | -0.18% | +5.05% | |
| 18 | RTX | Rtx CORP | Stock-Industrials | 1.46% | — | +2.04% | |
| 19 | MS | Morgan Stanley | Stock-Financials | 1.43% | — | +2.33% | |
| 20 | C | Citigroup INC | Stock-Financials | 1.35% | — | +3.93% | |
| 21 | FCX | Freeport-mcmoran INC | Stock-Materials | 1.30% | +0.19% | +1.89% | |
| 22 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.30% | -0.19% | +1.14% | |
| 23 | HD | Home Depot INC | Stock-Consumer Disc | 1.15% | — | +1.36% | |
| 24 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.09% | +0.16% | +1.37% | |
| 25 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.08% | +0.19% | +6.28% | |
| 26 | BP | Bp Plc-spons Adr | Stock-Energy | 1.06% | +0.27% | +0.29% | |
| 27 | PFE | Pfizer INC | Stock-Healthcare | 1.00% | +0.56% | +102.04% | |
| 28 | AXP | American Express Co | Stock-Financials | 0.95% | -0.19% | +2.51% | |
| 29 | BAC | Bank Of America CORP | Stock-Financials | 0.95% | — | +6.63% | |
| 30 | UBS | UBS Group AG | Stock-Financials | 0.88% | -0.13% | +3.07% | |
| 31 | SHEL | Shell Plc-adr | Stock-Energy | 0.87% | +0.19% | +1.22% | |
| 32 | SAP | Sap Se-sponsored Adr | Stock-Tech | 0.84% | -0.38% | -1.32% | |
| 33 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.78% | — | +1.66% | |
| 34 | V | Visa Inc-class A Shares | Stock-Financials | 0.78% | — | +1.39% | |
| 35 | SONY | Sony Group CORP - Sp Adr | Stock-Tech | 0.78% | -0.17% | +1.51% | |
| 36 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.77% | +0.14% | +4.48% | |
| 37 | MA | Mastercard INC - A | Stock-Financials | 0.75% | — | +1.19% | |
| 38 | CNQ | Canadian Natural Resources | Stock-Energy | 0.74% | +0.25% | +5.33% | |
| 39 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.73% | +0.73% | NEW | |
| 40 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.72% | +0.37% | +85.99% | |
| 41 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.71% | — | +1.83% | |
| 42 | COP | Conocophillips | Stock-Energy | 0.68% | +0.21% | +2.49% | |
| 43 | ABBV | Abbvie INC | Stock-Healthcare | 0.67% | +0.62% | +1347.00% | |
| 44 | NFLX | Netflix INC | Stock-Comm Services | 0.66% | — | -0.75% | |
| 45 | BCS | Barclays Plc-spons Adr | Stock-Financials | 0.66% | — | +1.90% | |
| 46 | GSK | Gsk Plc-spon Adr | Stock-Healthcare | 0.65% | — | +4.00% | |
| 47 | CMI | Cummins INC | Stock-Industrials | 0.64% | — | +2.53% | |
| 48 | RIO | Rio Tinto Plc-spon Adr | Stock-Materials | 0.64% | — | +2.51% | |
| 49 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.60% | — | +1.80% | |
| 50 | BHP | Bhp Group Ltd-spon Adr | Stock-Materials | 0.59% | — | +2.01% |
1–50 of 1,016
Portfolio Performance
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+23%
Based on 81% of reported portfolio value with available pricing
- Stdev
- +13.2%
- Beta
- +0.97
- Alpha
- +0.3%
- Max Drawdown
- -8.9%
- Annualized Perf
- +18.8%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.81
- Stutzer
- +0.41
- Treynor
- +0.19
- Sterling
- +1.1
- Calmar
- +2.12
- Information Ratio
- -0.06
- Tracking Error
- +3.7%
- Stdev Down
- +6.5%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +37.9%
- Worst 12 Months
- +4.5%
- Efficiency Ratio
- +0.57
- Sharpe
- +1.38
- Stdev Sectors
- +7.6%
- Skewness
- +0.13
- Kurtosis
- -0.01
- Upside Potential
- +4.46
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1016 | $294.9B | 20 | |
| 2025-12-31 | 1017 | $293.0B | 16 | |
| 2025-09-30 | 1014 | $276.3B | 25 | |
| 2025-06-30 | 986 | $251.9B | 0 | |
| 2025-03-31 | 999 | $231.0B | 100 | |
| 2024-12-31 | 975 | $251.3B | 0 | |
| 2024-09-30 | 919 | $244.0B | 0 | |
| 2024-06-30 | 986 | $229.9B | 0 | |
| 2024-03-31 | 964 | $214.1B | 0 | |
| 2023-12-31 | 981 | $189.1B | 0 | |
| 2023-09-30 | 1168 | $176.3B | 0 | |
| 2023-06-30 | 1163 | $180.9B | — | |
| 2023-03-31 | 1135 | $164.7B | — | |
| 2022-12-31 | 1025 | $147.9B | 0 | |
| 2022-09-30 | 1079 | $133.4B | 0 | |
| 2022-06-30 | 1066 | $141.3B | 0 | |
| 2022-03-31 | 1087 | $169.5B | 0 | |
| 2021-12-31 | 1067 | $178.6B | 0 | |
| 2021-09-30 | 1028 | $161.0B | 0 | |
| 2021-06-30 | 1010 | $159.3B | 100 | |
| 2021-03-31 | 999 | $142.0B | 12 | |
| 2020-12-31 | 1010 | $133.5B | 19 | |
| 2020-09-30 | 940 | $114.3B | 16 | |
| 2020-06-30 | 902 | $102.5B | 38 | |
| 2020-03-31 | 866 | $80.6B | 37 | |
| 2019-12-31 | 898 | $99.0B | 14 | |
| 2019-09-30 | 903 | $91.1B | 19 | |
| 2019-06-30 | 902 | $90.5B | 30 | |
| 2019-03-31 | 865 | $73.2B | 0 | |
| 2018-12-31 | 866 | $73.2B | 19 | |
| 2018-09-30 | 870 | $82.4B | 20 | |
| 2018-06-30 | 862 | $77.0B | 15 | |
| 2018-03-31 | 829 | $75.4B | 19 | |
| 2017-12-31 | 922 | $76.6B | 15 | |
| 2017-09-30 | 843 | $71.3B | 11 | |
| 2017-06-30 | 802 | $66.3B | 31 | |
| 2017-03-31 | 773 | $62.4B | 16 | |
| 2016-12-31 | 783 | $57.4B | 12 | |
| 2016-09-30 | 776 | $56.3B | 13 | |
| 2016-06-30 | 745 | $53.9B | 9 | |
| 2016-03-31 | 744 | $52.6B | 12 | |
| 2015-12-31 | 793 | $51.9B | 16 | |
| 2015-09-30 | 716 | $48.0B | 14 | |
| 2015-06-30 | 632 | $51.4B | 11 | |
| 2015-03-31 | 605 | $50.0B | 10 | |
| 2014-12-31 | 621 | $48.4B | 16 | |
| 2014-09-30 | 585 | $46.9B | 9 | |
| 2014-06-30 | 599 | $47.6B | 21 | |
| 2014-03-31 | 586 | $44.3B | 12 | |
| 2013-12-31 | 561 | $44.1B | 16 | |
| 2013-09-30 | 534 | $40.6B | 23 | |
| 2013-06-30 | 525 | $38.5B | — |
Holding changes this quarter
Fisher Asset Management, LLC's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: Port Bui Blo Wor Phr Bit ETF (PBPH); New buy: Portfolio Bui Blo Int Og ETF (PBOG); New buy: Portfolio Bldg Bk Eb Idx ETF (PBEU).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ABBV | Abbvie INC | +0.6% | +1347.00% | Add |
| 2 | XOM | Exxon Mobil CORP | +0.6% | +2.49% | Add |
| 3 | PFE | Pfizer INC | +0.6% | +102.04% | Add |
| 4 | CAT | Caterpillar INC | +0.5% | +2.98% | Add |
| 5 | ASML | ASML Holding N.V. | +0.4% | +2.58% | Add |
| 6 | CVX | Chevron CORP | +0.4% | +1.94% | Add |
| 7 | CSCO | Cisco Systems INC | +0.4% | +442.73% | Add |
| 8 | NVS | Novartis Ag-sponsored Adr | +0.4% | +85.99% | Add |
| 9 | IEF | Ishares 7-10 Year Treasury B | +0.3% | +9.06% | Add |
| 10 | BP | Bp Plc-spons Adr | +0.3% | +0.29% | Add |
| 11 | TSM | Taiwan Semiconductor-sp Adr | +0.3% | +2.59% | Add |
| 12 | CNQ | Canadian Natural Resources | +0.3% | +5.33% | Add |
| 13 | COP | Conocophillips | +0.2% | +2.49% | Add |
| 14 | FCX | Freeport-mcmoran INC | +0.2% | +1.89% | Add |
| 15 | WMT | Walmart INC | +0.2% | +0.86% | Add |
| 16 | MRK | Merck & Co. INC. | +0.2% | +6.28% | Add |
| 17 | SHEL | Shell Plc-adr | +0.2% | +1.22% | Add |
| 18 | COST | Costco Wholesale CORP | +0.2% | +1.37% | Add |
| 19 | SU | Suncor Energy INC | +0.2% | +7.54% | Add |
| 20 | JNJ | Johnson & Johnson | +0.1% | +4.48% | Add |
| 21 | DE | Deere & Co | +0.1% | +6.13% | Add |
| 22 | UBS | UBS Group AG | -0.1% | +3.07% | Add |
| 23 | IXC | Ishares Global Energy ETF | -0.1% | -76.07% | Trim |
| 24 | ORCL | Oracle CORP | -0.1% | +2.66% | Add |
| 25 | CRM | Salesforce INC | -0.1% | -9.04% | Trim |
| 26 | COF | Capital One Financial CORP | -0.2% | -5.14% | Trim |
| 27 | NOW | Servicenow INC | -0.2% | -3.82% | Trim |
| 28 | SONY | Sony Group CORP - Sp Adr | -0.2% | +1.51% | Add |
| 29 | LLY | Eli Lilly & Co | -0.2% | +5.05% | Add |
| 30 | AXP | American Express Co | -0.2% | +2.51% | Add |
| 31 | META | Meta Platforms Inc-class A | -0.2% | +1.14% | Add |
| 32 | IXJ | Ishares Global Healthcare Et | -0.2% | -71.85% | Trim |
| 33 | INTU | Intuit INC | -0.2% | -10.91% | Trim |
| 34 | EUFN | Ishares Msci Europe Financia | -0.2% | -45.55% | Trim |
| 35 | SAN | Banco Santander Sa-spon Adr | -0.2% | -59.20% | Trim |
| 36 | AMZN | Amazon.com INC | -0.2% | +1.76% | Add |
| 37 | NVDA | Nvidia CORP | -0.2% | +2.91% | Add |
| 38 | GOOGL | Alphabet Inc-cl A | -0.3% | +2.48% | Add |
| 39 | AAPL | Apple INC | -0.3% | +2.33% | Add |
| 40 | BSX | Boston Scientific CORP | -0.3% | -95.07% | Trim |
| 41 | SYK | Stryker CORP | -0.3% | -85.29% | Trim |
| 42 | SAP | Sap Se-sponsored Adr | -0.4% | -1.32% | Trim |
| 43 | ADBE | Adobe INC | -0.5% | -96.85% | Trim |
| 44 | ABT | Abbott Laboratories | -0.5% | -93.43% | Trim |
| 45 | MSFT | Microsoft CORP | -0.9% | +2.53% | Add |
| 46 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 47 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 48 | PBPH | Port Bui Blo Wor Phr Bit ETF | — | NEW | New buy |
| 49 | PBOG | Portfolio Bui Blo Int Og ETF | — | NEW | New buy |
| 50 | PBEU | Portfolio Bldg Bk Eb Idx ETF | — | NEW | New buy |
FAQ
What is Fisher Asset Management, LLC and what type of investor is it?
Fisher Asset Management, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $294.9B, spread across 1016 disclosed positions.
What are Fisher Asset Management, LLC's largest equity positions?
Based on the latest 13F filing, Fisher Asset Management, LLC's top holdings by market value are:
1. Nvidia CORP (NVDA) — $15.4B (5.2%)
2. Apple INC (AAPL) — $14.3B (4.9%)
3. Ishares 7-10 Year Treasury B (IEF) — $14.0B (4.8%)
4. Alphabet Inc-cl A (GOOGL) — $11.2B (3.8%)
5. Microsoft CORP (MSFT) — $9.6B (3.3%)
What changes did Fisher Asset Management, LLC make in its most recent portfolio filing?
In the latest reported quarter, Fisher Asset Management, LLC made 50 notable position adjustments: 4 new positions were initiated, 32 existing holdings were added to, 13 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: Port Bui Blo Wor Phr Bit ETF (PBPH); New buy: Portfolio Bui Blo Int Og ETF (PBOG); New buy: Portfolio Bldg Bk Eb Idx ETF (PBEU)
What sectors does Fisher Asset Management, LLC focus on?
Fisher Asset Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 26.5%
• Financials: 19.6%
• Health Care: 12.1%
• Industrials: 10.9%
• Energy: 8.6%
• Communication Services: 7.3%
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