GF
Gifford Fong Associates 13F Holdings (Q4 2025) — Stock Portfolio & Buys
Gifford Fong AssociatesCIK: 0001740316
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$501.4M
Reporting period: 2025-12-31 · Number of holdings: 124
Gifford Fong Associates disclosed 124 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $501.4M and a quarterly turnover rate of 10.1%.
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Personality snowflake
- Concentration
- 9.94
- Portfolio Stability
- 10.09
- Momentum
- 100
- Sector conviction
- 62.87
- Diversification
- 100
- Sizing Uniformity
- 85.52
Gifford Fong Associates's disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 40 equally-sized positions, well below its 124 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.45), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd AMD
+20.7% $4.7M
Trim ORCL
0.0% -$3.2M
Add CRM
+15.9% $4.4M
Add GOOG
0.0% $3.2M
Trim META
0.0% -$1.7M
Add MU
0.0% $2.3M
Holdings Map
New buyAddUnchangedTrim
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 | 9.16% | — | — | |
| 2 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 4.46% | -0.01% | — | |
| 3 | AAPL | Apple Inc | Stock-Tech | 4.40% | +0.06% | — | |
| 4 | CRM | Salesforce Inc | Stock-Tech | 3.86% | +0.72% | +15.87% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.31% | -0.42% | — | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.96% | -0.51% | — | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.88% | +0.52% | — | |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 2.66% | — | — | |
| 9 | AMD | Advanced Micro Devices | Stock-Tech | 2.49% | +0.85% | +20.70% | |
| 10 | GE | General Electric | Stock-Industrials | 2.35% | -0.07% | — | |
| 11 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.27% | -0.07% | — | |
| 12 | SHOP | Shopify Inc - Class A | Stock-Tech | 2.25% | +0.06% | — | |
| 13 | SYF | Synchrony Financial | Stock-Financials | 2.20% | +0.23% | — | |
| 14 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.94% | +0.35% | — | |
| 15 | WFC | Wells Fargo & Co | Stock-Financials | 1.64% | +0.09% | — | |
| 16 | XOM | Exxon Mobil CORP | Stock-Energy | 1.49% | +0.02% | — | |
| 17 | WMT | Walmart Inc | Stock-Consumer Staples | 1.46% | +0.04% | — | |
| 18 | ORCL | Oracle CORP | Stock-Tech | 1.45% | -0.75% | — | |
| 19 | C | Citigroup Inc | Stock-Financials | 1.43% | +0.12% | — | |
| 20 | OXY | Occidental Petroleum CORP | Stock-Energy | 1.41% | -0.29% | — | |
| 21 | GS | Goldman Sachs Group Inc | Stock-Financials | 1.40% | +0.06% | — | |
| 22 | MA | Mastercard Inc - A | Stock-Financials | 1.35% | — | — | |
| 23 | IVZ | Invesco Ltd. | Stock-Financials | 1.34% | +0.11% | — | |
| 24 | ABBV | Abbvie Inc | Stock-Healthcare | 1.27% | — | — | |
| 25 | GEV | GE Vernova Inc | Stock-Industrials | 1.25% | +0.01% | — | |
| 26 | V | Visa Inc-class A Shares | Stock-Financials | 1.22% | — | — | |
| 27 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.19% | +0.06% | — | |
| 28 | MU | Micron Technology Inc | Stock-Tech | 1.13% | +0.43% | — | |
| 29 | PBI | Pitney Bowes Inc | Stock-Other | 1.08% | -0.15% | — | |
| 30 | MS | Morgan Stanley | Stock-Financials | 1.06% | +0.06% | — | |
| 31 | F | Ford Motor Co | Stock-Consumer Disc | 0.90% | +0.03% | — | |
| 32 | CAT | Caterpillar Inc | Stock-Industrials | 0.89% | +0.11% | — | |
| 33 | AMGN | Amgen Inc | Stock-Healthcare | 0.89% | +0.08% | — | |
| 34 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.86% | -0.12% | — | |
| 35 | FHN | First Horizon CORP | Stock-Financials | 0.86% | — | — | |
| 36 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.83% | — | — | |
| 37 | AXP | American Express Co | Stock-Financials | 0.81% | +0.04% | — | |
| 38 | TJX | Tjx Companies Inc | Stock-Consumer Disc | 0.80% | +0.01% | — | |
| 39 | COP | Conocophillips | Stock-Energy | 0.77% | — | — | |
| 40 | LOW | Lowe's Cos Inc | Stock-Consumer Disc | 0.74% | — | — | |
| 41 | IBM | Intl Business Machines CORP | Stock-Tech | 0.70% | — | — | |
| 42 | CVX | Chevron CORP | Stock-Energy | 0.67% | — | — | |
| 43 | BEN | Franklin Resources Inc | Stock-Financials | 0.67% | — | — | |
| 44 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.61% | — | — | |
| 45 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 0.58% | -0.15% | — | |
| 46 | ALL | Allstate CORP | Stock-Financials | 0.57% | — | — | |
| 47 | CIEN | Ciena CORP | Stock-Tech | 0.57% | +0.19% | — | |
| 48 | PFE | Pfizer Inc | Stock-Healthcare | 0.55% | — | — | |
| 49 | HON | Honeywell International Inc | Stock-Industrials | 0.55% | -0.07% | — | |
| 50 | DE | Deere & Co | Stock-Industrials | 0.55% | — | — |
1–50 of 124
Portfolio Performance
Performance for Q3 2026
+2.7%
Performance Last 4 Quarters
+29.2%
- Stdev
- +14.4%
- Beta
- +1.08
- Alpha
- +3.5%
- Max Drawdown
- -9.4%
- Annualized Perf
- +27.1%
- Batting Avg vs S&P
- +61.1%
- Sortino
- +4.03
- Stutzer
- +0.52
- Treynor
- +0.23
- Sterling
- +1.7
- Calmar
- +2.87
- Information Ratio
- +1.44
- Tracking Error
- +3.6%
- Stdev Down
- +6.3%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +45.7%
- Worst 12 Months
- +10.5%
- Efficiency Ratio
- +0.77
- Sharpe
- +1.75
- Stdev Sectors
- +10.5%
- Skewness
- +0.12
- Kurtosis
- -0.24
- Upside Potential
- +5.65
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q4 | 124 | $501.4M | 10 | ||
| 2025 Q3 | 122 | $475.8M | 24 | ||
| 2025 Q2 | 123 | $434.3M | 0 | ||
| 2025 Q1 | 126 | $401.9M | 100 | ||
| 2024 Q4 | 126 | $407.5M | 0 | ||
| 2024 Q3 | 128 | $399.9M | 0 | ||
| 2024 Q2 | 128 | $377.5M | 0 | ||
| 2024 Q1 | 127 | $362.7M | 0 | ||
| 2023 Q4 | 140 | $470.1M | 0 | ||
| 2023 Q3 | 141 | $418.1M | 0 | ||
| 2023 Q2 | 141 | $426.0M | 0 | ||
| 2023 Q1 | 141 | $379.8M | 0 | ||
| 2022 Q4 | 139 | $436.1M | 0 | ||
| 2022 Q3 | 140 | $404.3M | 0 | ||
| 2022 Q2 | 139 | $429.2M | 0 | ||
| 2022 Q1 | 138 | $547.0M | 0 | ||
| 2021 Q4 | 139 | $571.6M | 0 | ||
| 2021 Q3 | 136 | $514.7M | 0 | ||
| 2021 Q2 | 135 | $514.4M | 95 | ||
| 2021 Q1 | 135 | $465.3M | 13 | ||
| 2020 Q4 | 136 | $430.9M | 23 | ||
| 2020 Q3 | 132 | $373.2M | 18 | ||
| 2020 Q2 | 129 | $330.1M | 23 | ||
| 2020 Q1 | 127 | $272.5M | 39 | ||
| 2019 Q4 | 125 | $342.7M | 13 | ||
| 2019 Q3 | 124 | $305.8M | 17 | ||
| 2019 Q2 | 121 | $298.9M | 13 | ||
| 2019 Q1 | 119 | $302.8M | 14 | ||
| 2018 Q4 | 118 | $264.9M | 21 | ||
| 2018 Q3 | 117 | $314.3M | 18 | ||
| 2018 Q2 | 112 | $289.4M | 25 | ||
| 2018 Q1 | 76 | $244.9M | 0 |
Holding changes this quarter
Gifford Fong Associates's most significant position changes for 2025-12-31: New buy: Qnity Electronics Inc (Q); New buy: Solstice Adv Materials Inc (SOLS); Add: Advanced Micro Devices (AMD) — shares +20.70%; Add: Salesforce Inc (CRM) — shares +15.87%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMD | Advanced Micro Devices | +0.9% | +20.70% | Add |
| 2 | CRM | Salesforce Inc | +0.7% | +15.87% | Add |
| 3 | GOOG | Alphabet Inc-cl C | +0.5% | — | Unchanged |
| 4 | MU | Micron Technology Inc | +0.4% | — | Unchanged |
| 5 | GOOGL | Alphabet Inc-cl A | +0.4% | — | Unchanged |
| 6 | SYF | Synchrony Financial | +0.2% | — | Unchanged |
| 7 | CIEN | Ciena CORP | +0.2% | — | Unchanged |
| 8 | C | Citigroup Inc | +0.1% | — | Unchanged |
| 9 | IVZ | Invesco Ltd. | +0.1% | — | Unchanged |
| 10 | CAT | Caterpillar Inc | +0.1% | — | Unchanged |
| 11 | WFC | Wells Fargo & Co | +0.1% | — | Unchanged |
| 12 | AMGN | Amgen Inc | +0.1% | — | Unchanged |
| 13 | MRK | Merck & Co. Inc. | +0.1% | — | Unchanged |
| 14 | LUMN | Lumen Technologies Inc | +0.1% | — | Unchanged |
| 15 | AAPL | Apple Inc | +0.1% | — | Unchanged |
| 16 | SHOP | Shopify Inc - Class A | +0.1% | — | Unchanged |
| 17 | GS | Goldman Sachs Group Inc | +0.1% | — | Unchanged |
| 18 | JNJ | Johnson & Johnson | +0.1% | — | Unchanged |
| 19 | MS | Morgan Stanley | +0.1% | — | Unchanged |
| 20 | BMY | Bristol-myers Squibb Co | +0.1% | — | Unchanged |
| 21 | RIG | Transocean Ltd. | +0.1% | — | Unchanged |
| 22 | WMT | Walmart Inc | 0% | — | Unchanged |
| 23 | AXP | American Express Co | 0% | — | Unchanged |
| 24 | PH | Parker Hannifin CORP | 0% | — | Unchanged |
| 25 | F | Ford Motor Co | 0% | — | Unchanged |
| 26 | CSCO | Cisco Systems Inc | 0% | — | Unchanged |
| 27 | BIIB | Biogen Inc | 0% | — | Unchanged |
| 28 | XOM | Exxon Mobil CORP | 0% | — | Unchanged |
| 29 | INTC | Intel CORP | 0% | — | Unchanged |
| 30 | UPS | United Parcel Service-cl B | 0% | — | Unchanged |
| 31 | GEV | GE Vernova Inc | 0% | — | Unchanged |
| 32 | TJX | Tjx Companies Inc | 0% | — | Unchanged |
| 33 | FHN | First Horizon CORP | — | — | Unchanged |
| 34 | AMZN | Amazon.com Inc | 0% | — | Unchanged |
| 35 | 6D8 | Dupont De Nemours Inc | 0% | — | Unchanged |
| 36 | GE | General Electric | -0.1% | — | Unchanged |
| 37 | JPM | Jpmorgan Chase & Co | -0.1% | — | Unchanged |
| 38 | HON | Honeywell International Inc | -0.1% | — | Unchanged |
| 39 | VZ | Verizon Communications Inc | -0.1% | — | Unchanged |
| 40 | T | At&t Inc | -0.1% | — | Unchanged |
| 41 | ADP | Automatic Data Processing | -0.1% | — | Unchanged |
| 42 | COST | Costco Wholesale CORP | -0.1% | — | Unchanged |
| 43 | SPOT | Spotify Technology S.A. | -0.2% | — | Unchanged |
| 44 | PBI | Pitney Bowes Inc | -0.2% | — | Unchanged |
| 45 | OXY | Occidental Petroleum CORP | -0.3% | — | Unchanged |
| 46 | MSFT | Microsoft CORP | -0.4% | — | Unchanged |
| 47 | META | Meta Platforms Inc-class A | -0.5% | — | Unchanged |
| 48 | ORCL | Oracle CORP | -0.8% | — | Unchanged |
| 49 | Q | Qnity Electronics Inc | — | NEW | New buy |
| 50 | SOLS | Solstice Adv Materials Inc | — | NEW | New buy |
Filing History
FAQ
What is Gifford Fong Associates and what type of investor is it?
Gifford Fong Associates is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-12-31), the firm manages a tracked equity portfolio valued at approximately $501.4M, spread across 124 disclosed positions.
What are Gifford Fong Associates's largest equity positions?
Based on the latest 13F filing, Gifford Fong Associates's top holdings by market value are:
1. Nvidia CORP (NVDA) — $45.9M (9.2%)
2. Amazon.com Inc (AMZN) — $22.3M (4.5%)
3. Apple Inc (AAPL) — $22.1M (4.4%)
4. Salesforce Inc (CRM) — $19.3M (3.9%)
5. Microsoft CORP (MSFT) — $16.6M (3.3%)
What changes did Gifford Fong Associates make in its most recent portfolio filing?
In the latest quarter, Gifford Fong Associates was primarily adding exposure — initiating 2 new positions and adding to 2 existing holdings. The largest of these moves: New buy: Qnity Electronics Inc (Q); New buy: Solstice Adv Materials Inc (SOLS); Add: Advanced Micro Devices (AMD) — shares +20.70%; Add: Salesforce Inc (CRM) — shares +15.87%
What sectors does Gifford Fong Associates focus on?
Gifford Fong Associates is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 37.6%
• Financials: 17.4%
• Communication Services: 12.4%
• Industrials: 8.0%
• Consumer Discretionary: 7.8%
• Health Care: 7.2%
Investment Profile
Gifford Fong Associates returned an annualized 27.1% over the trailing 36 months — outperforming the S&P 500 by 3.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.08 (roughly in line with the market) and a 61% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 37.6% of the portfolio concentrated in Information Technology.
It has added to its CRM position over the past two quarters (+$7.6M, now $19.3M), while trimming META over the same stretch (-$1.8M, still holding $14.9M).
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