CIK: 0001740316
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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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.
Add 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
| # | 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% | — | — |
Performance for Q3 2026
+5%
Performance Last 4 Quarters
+30%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-12-31 | 124 | $501.4M | 10 | |
| 2025-09-30 | 122 | $475.8M | 24 | |
| 2025-06-30 | 123 | $434.3M | 0 | |
| 2025-03-31 | 126 | $401.9M | 100 | |
| 2024-12-31 | 126 | $407.5M | 0 | |
| 2024-09-30 | 128 | $399.9M | 0 | |
| 2024-06-30 | 128 | $377.5M | 0 | |
| 2024-03-31 | 127 | $362.7M | 0 | |
| 2023-12-31 | 140 | $470.1M | 0 | |
| 2023-09-30 | 141 | $418.1M | 0 | |
| 2023-06-30 | 141 | $426.0M | 0 | |
| 2023-03-31 | 141 | $379.8M | 0 | |
| 2022-12-31 | 139 | $436.1M | 0 | |
| 2022-09-30 | 140 | $404.3M | 0 | |
| 2022-06-30 | 139 | $429.2M | 0 | |
| 2022-03-31 | 138 | $547.0M | 0 | |
| 2021-12-31 | 139 | $571.6M | 0 | |
| 2021-09-30 | 136 | $514.7M | 0 | |
| 2021-06-30 | 135 | $514.4M | 95 | |
| 2021-03-31 | 135 | $465.3M | 13 | |
| 2020-12-31 | 136 | $430.9M | 23 | |
| 2020-09-30 | 132 | $373.2M | 18 | |
| 2020-06-30 | 129 | $330.1M | 23 | |
| 2020-03-31 | 127 | $272.5M | 39 | |
| 2019-12-31 | 125 | $342.7M | 13 | |
| 2019-09-30 | 124 | $305.8M | 17 | |
| 2019-06-30 | 121 | $298.9M | 13 | |
| 2019-03-31 | 119 | $302.8M | 14 | |
| 2018-12-31 | 118 | $264.9M | 21 | |
| 2018-09-30 | 117 | $314.3M | 18 | |
| 2018-06-30 | 112 | $289.4M | 25 | |
| 2018-03-31 | 76 | $244.9M | 0 |
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 |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-03 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-03-01 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-11 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-08 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-07 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-30 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-08 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-16 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
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