Ken Fisher - Fisher Asset Management, Llc Portfolio Q2'2025: Top Holdings & Recent Changes
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Ken Fisher, founder and CIO of Fisher Asset Management, continues to exemplify the power of disciplined, diversified investing. His Q2 2025 portfolio—valued at $251.9 billion—reflects a nuanced approach to risk management and sector allocation, with notable adjustments across mega-cap tech, financials, and fixed income. While the portfolio remains broad (986 positions), Fisher’s latest moves signal a measured response to market volatility, trimming exposure to high-flying tech names while selectively adding to financials and bonds.
Portfolio Overview: Diversification as a Discipline
Portfolio Highlights (Q2 2025): - Market Value: $251.9 billion - Top 10 Holdings: 30.8% of portfolio - Portfolio Size: 986 positions (down 25 from prior quarter) - Average Holding Period: 20 quarters (5 years) - Turnover: 19.2%
Fisher’s portfolio is a masterclass in diversification, with no single position dominating the allocation. The top 10 holdings account for less than a third of the total portfolio, underscoring Fisher’s belief in spreading risk across hundreds of companies and sectors. This quarter, the portfolio saw a modest reduction in size, suggesting a more selective approach amid market uncertainty. Turnover remains moderate, reflecting a balance between active management and long-term conviction.
Fisher’s strategy is not about betting big on a handful of stocks, but rather building a resilient, all-weather portfolio that can withstand sector rotations and macroeconomic shifts. The average holding period of 20 quarters indicates a patient, buy-and-hold mentality, even as the team actively rebalances to capture new opportunities and manage risk.
Holdings Overview: Tech Trims, Financials & Fixed Income Additions
Fisher’s Q2 portfolio is anchored by technology giants, though several saw meaningful reductions. NVIDIA remains a top holding at 5.2% of the portfolio, but Fisher reduced this position by 9.07%, likely locking in gains after the stock’s historic run. Similarly, Microsoft 4.8% and Alphabet 2.6% were trimmed by 3.57% and 0.89%, respectively, while Amazon 2.8% and Meta Platforms 1.9% saw smaller cuts of 0.30% and 1.46%.
In contrast, Apple received a slight increase +0.50%, now representing 4.4% of the portfolio, signaling continued confidence in the tech titan’s cash flow and ecosystem strength. The most dramatic addition was to Vanguard Intermediate-Term Corporate Bond ETF, with a 72.19% increase, bringing this fixed income position to 3.4% of the portfolio. iShares 7-10 Year Treasury Bond ETF also saw a 4.89% boost, now at 2.2%.
Financials saw selective additions, with Goldman Sachs up 3.61% (1.8% of portfolio) and a new position in JPMorgan Chase 1.8%. These moves suggest Fisher is positioning for a potential shift in market leadership, with financials and bonds offering relative value and defensive characteristics.
Other notable positions include Vanguard Funds and iShares ETFs, reflecting Fisher’s use of low-cost, liquid instruments to manage risk and enhance diversification. The portfolio’s breadth—spanning tech, financials, consumer, healthcare, and fixed income—demonstrates Fisher’s commitment to avoiding overconcentration in any single sector or theme.
What the Portfolio Reveals About Current Strategy
- Quality and Diversification Over Concentration: Fisher’s portfolio is a testament to the power of diversification, with no single stock or sector dominating returns. This approach is designed to smooth volatility and capture opportunities across the market cycle.
- Active Risk Management: The reduction in high-flying tech names, particularly NVIDIA and Microsoft, suggests a disciplined approach to profit-taking and risk management. At the same time, the addition to bonds and financials indicates a defensive tilt amid elevated valuations in growth stocks.
- Sector Agnosticism: Fisher’s strategy is not wedded to any one sector. The portfolio’s composition reflects a willingness to adapt to changing market conditions, whether through tech, financials, or fixed income.
- Long-Term Orientation: With an average holding period of 20 quarters, Fisher emphasizes patience and compounding, even as the team actively rebalances to reflect new information and market dynamics.
- Liquidity and Flexibility: The use of ETFs and bond funds provides liquidity and flexibility, allowing Fisher to adjust exposures quickly in response to macroeconomic shifts.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| NVIDIA Corporation (NVDA) | $13.0B | 5.2% | Reduce 9.07% |
| Microsoft Corporation (MSFT) | $12.1B | 4.8% | Reduce 3.57% |
| Apple Inc. (AAPL) | $11.0B | 4.4% | Add 0.50% |
| VANGUARD FDS INT-TERM CORP | $8.48B | 3.4% | Add 72.19% |
| Amazon.com, Inc. (AMZN) | $7.13B | 2.8% | Reduce 0.30% |
| Alphabet Inc. (GOOGL) | $6.47B | 2.6% | Reduce 0.89% |
| ISHARES TR 7 10YR TR BD ETF | $5.52B | 2.2% | Add 4.89% |
| Meta Platforms, Inc. (META) | $4.69B | 1.9% | Reduce 1.46% |
| GOLDMAN SACHS GROUP INC | $4.63B | 1.8% | Add 3.61% |
| JPMORGAN CHASE & CO. | $4.46B | 1.8% | Buy |
The table above highlights Fisher’s disciplined approach to position sizing. Even the largest holding, NVIDIA, represents just over 5% of the portfolio, with the top 10 accounting for less than a third of total assets. This level of diversification is rare among superinvestors and reflects Fisher’s belief in spreading risk across a wide range of opportunities. The recent changes—particularly the tech trims and bond/financial additions—suggest a tactical response to market conditions, rather than a wholesale shift in philosophy.
Investment Lessons from Ken Fisher’s Strategy
- Diversification Works: Fisher’s portfolio demonstrates that broad diversification can deliver competitive returns with lower volatility, especially during periods of market stress.
- Discipline in Profit-Taking: Trimming winners like NVIDIA and Microsoft shows the importance of locking in gains and avoiding emotional attachment to individual positions.
- Adaptability is Key: Fisher’s willingness to add to bonds and financials—even as tech remains a core holding—highlights the value of flexibility and sector agnosticism.
- Patience Pays: An average holding period of 20 quarters underscores the power of compounding and the importance of avoiding short-term noise.
- Risk Management Matters: The use of ETFs and bond funds for liquidity and defensive positioning is a reminder that risk management should always be a priority, even in bull markets.
Looking Ahead: What Comes Next for Fisher Asset Management?
With $251.9 billion under management and a portfolio that spans nearly 1,000 positions, Fisher Asset Management is well-positioned to navigate an uncertain market environment. The recent additions to fixed income and financials suggest a defensive posture, while continued exposure to tech leaders like Apple and Amazon provides growth potential. The portfolio’s sheer breadth allows Fisher to capitalize on opportunities across sectors and geographies, without overexposing clients to any single risk.
Looking ahead, investors should watch for further adjustments in tech exposure, as well as potential new positions in undervalued sectors. Fisher’s disciplined, data-driven approach—combined with a long-term orientation—positions the firm to deliver consistent results, regardless of market conditions.
FAQ about Ken Fisher’s Portfolio
Q: Why did Ken Fisher reduce his NVIDIA and Microsoft positions?
A: Fisher likely trimmed these positions to lock in gains after significant rallies, reflecting a disciplined approach to risk management and profit-taking. This is consistent with his long-standing philosophy of avoiding overconcentration in any single stock or sector.
Q: What does the addition to bonds and financials signal?
A: The increased allocation to bonds (Vanguard Intermediate-Term Corporate Bond ETF, iShares 7-10 Year Treasury Bond ETF) and financials (Goldman Sachs, JPMorgan Chase) suggests a defensive tilt, possibly in response to elevated valuations in growth stocks and macroeconomic uncertainty.
Q: How concentrated is Fisher’s portfolio compared to other superinvestors?
A: Fisher’s portfolio is notably less concentrated than many peers. The top 10 holdings account for just 30.8% of assets, compared to 60%+ for some concentrated value investors. This reflects Fisher’s belief in diversification as a risk management tool.
Q: How can I track Ken Fisher’s portfolio changes?
A: Fisher’s portfolio is disclosed quarterly via 13F filings, which are available on the SEC website. For real-time analysis and visualization, platforms like ValueSense provide tools to track superinvestor holdings, changes, and performance.
Q: Is there a lag in seeing Fisher’s portfolio updates?
A: Yes, 13F filings are typically released 45 days after the end of each quarter, so there is a delay between Fisher’s actual moves and public disclosure.
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