Fisher Asset Management Portfolio in 2026: Top Holdings & Recent Changes
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Ken Fisher's Fisher Asset Management Q4 2025 $293B portfolio showcases a dynamic blend of growth-oriented tech bets and tactical fixed-income adjustments amid market volatility. With a massive 1,016 positions reflecting broad diversification yet strategic top-end concentration, Fisher's latest 13F filing highlights incremental additions to AI and semiconductor leaders while scaling up bond exposure significantly, signaling a nuanced response to interest rate dynamics and equity valuations.
Portfolio Overview: Diversified Scale with Precision Tweaks
Portfolio Highlights (Q4’2025): - Market Value: $293.0B - Top 10 Holdings: 34.1% - Portfolio Size: 1016 -13 - Average Holding Period: 20 quarters - Turnover: 21.2%
Fisher Asset Management's $293B portfolio maintains its hallmark scale with over 1,000 positions, a slight trim of 13 holdings signaling disciplined pruning amid a high-turnover environment at 21.2%. The top 10 holdings command 34.1% of assets, underscoring Fisher's willingness to concentrate conviction plays within a broadly diversified framework that balances growth equities with fixed-income stability. This structure allows for long-term compounding—evidenced by the 20-quarter average holding period—while enabling nimble adjustments to capture emerging trends.
The portfolio's evolution reflects Ken Fisher's growth-at-a-reasonable-price philosophy, with incremental boosts to mega-cap tech amid AI fervor and a dramatic 53.81% addition to the ISHARES TR 7 10YR TR BD ETF, suggesting hedges against equity volatility. Portfolio shrinkage to 1,016 positions indicates active management, trimming lower-conviction names to fund high-conviction adds. Overall, this Q4 2025 filing positions Fisher for resilience in uncertain markets, blending enduring holds with opportunistic shifts.
Top Holdings Breakdown: Tech Dominance Meets Bond Momentum
The portfolio leads with NVIDIA Corporation (NVDA) at 5.5% after an Add 1.77%, followed closely by Apple Inc. (AAPL) (5.1%, Add 1.29%) and a standout ISHARES TR 7 10YR TR BD ETF (4.4%, Add 53.81%), highlighting Fisher's aggressive pivot toward intermediate-term bonds. Microsoft Corporation (MSFT) (4.2%, Add 1.84%) and Alphabet Inc. (GOOGL) (4.1%, Add 1.55%) round out the core tech stack, with Amazon.com, Inc. (AMZN) at 2.6% (Add 1.48%) reinforcing e-commerce and cloud conviction.
Fixed-income exposure tempers the tech tilt, as VANGUARD FDS INT TERM CORP holds 2.4% despite a Reduce 9.49%, while financials gain traction via The Goldman Sachs Group, Inc. (GS) (2.0%, Add 1.65%). Semiconductor strength persists with Taiwan Semiconductor Manufacturing Company Limited (TSM) (1.9%, Add 1.76%), and industrials like Caterpillar Inc. (CAT) (1.9%, Add 0.57%) provide cyclical balance. These moves across the top holdings illustrate Fisher's pattern of fine-tuning weights in familiar growth names while amplifying bond allocations for yield and diversification.
What the Portfolio Reveals About Fisher's Strategy
Fisher's Q4 adjustments reveal a strategy prioritizing high-quality growth leaders with global moats, particularly in technology and semiconductors, balanced by fixed-income for risk mitigation. Key themes include:
- Tech and AI Focus: Dominant weighting in NVDA, AAPL, MSFT, GOOGL, AMZN, and TSM signals enduring optimism in innovation-driven compounding, with modest adds reflecting confidence amid high valuations.
- Fixed-Income Hedging: Massive 53.81% boost to ISHARES TR 7-10YR TR BD ETF and adjustments in VANGUARD FDS INT TERM CORP indicate proactive duration management, likely anticipating rate cuts or equity pullbacks.
- Selective Cyclicals and Financials: Adds to GS and CAT suggest tactical bets on economic resilience, blending growth with value-oriented industrials and banks.
- Risk Management: 21.2% turnover and portfolio trim to 1,016 positions demonstrate disciplined rebalancing, favoring quality over speculation in a volatile macro environment.
This approach underscores Fisher's evolution from pure growth to multifaceted allocation, leveraging scale for alpha generation.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| NVIDIA Corporation | $16.0B | 5.5% | Add 1.77% |
| Apple Inc. | $15.0B | 5.1% | Add 1.29% |
| ISHARES TR 7 10YR TR BD ETF | $13.0B | 4.4% | Add 53.81% |
| Microsoft Corporation | $12.2B | 4.2% | Add 1.84% |
| Alphabet Inc. | $11.9B | 4.1% | Add 1.55% |
| Amazon.com, Inc. | $7,754.1M | 2.6% | Add 1.48% |
| VANGUARD FDS INT TERM CORP | $7,033.0M | 2.4% | Reduce 9.49% |
| The Goldman Sachs Group, Inc. | $5,952.2M | 2.0% | Add 1.65% |
| Taiwan Semiconductor Manufacturing Company Limited | $5,514.7M | 1.9% | Add 1.76% |
| Caterpillar Inc. | $5,438.4M | 1.9% | Add 0.57% |
This table captures Fisher Asset Management's top 10 at 34.1% of the $293B portfolio, with no single position exceeding 5.5%—a deliberate diversification tactic within the leaders. The bond ETF's outsized 53.81% add stands out as a defensive pivot, offsetting modest equity increases and the sole reduction in VANGUARD FDS INT TERM CORP, which tempers overall fixed-income risk.
Concentration here is measured rather than extreme, allowing Fisher's team to overweight proven winners like NVDA and AAPL while maintaining flexibility across 1,016 holdings. This 20-quarter average tenure reinforces patience, with turnover at 21.2% funding opportunistic shifts without disrupting core positioning.
Investment Lessons from Ken Fisher's Approach
Ken Fisher's Q4 2025 portfolio exemplifies timeless principles adapted to modern markets:
- Scale Quality Bets Incrementally: Modest adds to NVDA 1.77%, MSFT 1.84%, and TSM 1.76% show conviction built gradually, avoiding overcommitment in frothy names.
- Diversify with Purpose: 1,016 positions across tech, bonds, financials, and industrials balance growth pursuit with stability, as seen in the bond ETF surge.
- Embrace Long Holding Periods: 20 quarters average tenure highlights patience in compounding machines like AAPL and GOOGL.
- Monitor Macro Signals: Dramatic fixed-income moves reflect rate sensitivity, teaching adaptation to yield curves and volatility.
- Trim Ruthlessly: Dropping 13 positions amid 21.2% turnover enforces discipline, freeing capital for higher-conviction ideas like GS and CAT.
Looking Ahead: What Comes Next?
Fisher's positioning sets up for AI tailwinds and semiconductor cycles, with top holdings like NVDA, TSM, and MSFT poised for enterprise adoption. The bond emphasis provides dry powder if rates fall further, potentially enabling equity deploys in undervalued cyclicals. With 65.9% beyond the top 10 spread across 1,006 positions, flexibility abounds for new themes like healthcare or emerging markets. In a 2026 landscape of moderating inflation and tech maturation, this portfolio appears primed for steady gains, monitoring turnover for fresh 13F signals.
FAQ about Fisher Asset Management Portfolio
Q: What are the biggest changes in Fisher Asset Management's Q4 2025 13F filing?
A: Key moves include a massive Add 53.81% to ISHARES TR 7 10YR TR BD ETF, alongside incremental adds to NVDA 1.77%, MSFT 1.84%, AAPL 1.29%, GOOGL 1.55%, TSM 1.76%, and others, with a Reduce 9.49% in VANGUARD FDS INT TERM CORP. Portfolio size dipped to 1016 -13.
Q: Why is Fisher's portfolio so large yet concentrated in top holdings?
A: At $293B across 1,016 positions, it balances broad exposure with 34.1% in the top 10, allowing scale while overweighting high-conviction tech and bonds. This reflects Fisher's growth-at-reasonable-price strategy with a 20-quarter hold average.
Q: What sectors dominate Ken Fisher's top positions?
A: Technology leads with NVDA, AAPL, MSFT, GOOGL, AMZN, and TSM (over 23% combined), supplemented by fixed-income ETFs and cyclicals like GS and CAT, indicating growth bias with defensive tilts.
Q: How can I track Fisher Asset Management's portfolio updates?
A: Follow quarterly 13F filings (lagging ~45 days) via ValueSense's Fisher Asset tracker for real-time analysis, changes, and intrinsic value insights on holdings like NVDA and AAPL.
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