This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher's 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management's regulatory 13F Form filed on 08/14/2024. Please visit our Tracking Kenneth Fisher's Fisher Asset Management Holdings article for an idea on his investment style and philosophy and our previous update highlighting the fund's moves in Q1 2024.
This quarter, Fisher's 13F portfolio value increased ~7% from ~$214B to ~$230B. The number of holdings increased from 964 to 986. Significantly large stock positions decreased from 56 to 53. The five largest individual stock positions are Microsoft, Apple, Nvidia, Alphabet, and Amazon. Together, they account for ~23% of the 13F stock portfolio.
Note: Fisher manages ~100,000 client accounts with a total AUM of ~$245B. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is unknown.
To know more about Ken Fisher, check out his Research Papers (most notably in Behavioral Finance) and investment books.
Stake Increases:
Microsoft Corporation (MSFT): MSFT is currently the largest 13F position at 5.30% of the portfolio. It is a very long-term stake that has been in the portfolio for well over a decade. The two years through Q2 2019 had seen a combined ~30% increase at prices between ~$69 and ~$137. The period through Q3 2022 saw another ~40% increase at prices between ~$135 and ~$343. There was a ~13% trimming during Q1 2023 while in the last four quarters there were minor increases. The stock is now at ~$419.
Apple Inc. (AAPL): AAPL is now the second largest position at 5.27% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. Q3 2022 saw a ~10% trimming and that was followed with a ~13% selling during Q1 2023. There were minor increases in the last five quarters. The stock currently trades at ~$226.
Nvidia Corp (NVDA): NVDA is a large (top three) ~5% of the portfolio position built during Q3 2022 at prices between ~$12 and ~$19. There was a ~17% selling in the next quarter at prices between ~$11 and ~$18. That was followed with a ~15% reduction during Q2 2023 at prices between ~$26 and ~$44. The position was increased by 7% during Q4 2023 at prices between ~$40 and ~$50. The stock is now at ~$125. The last two quarters have also seen minor increases.
Alphabet Inc. (GOOG): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between ~$12 and ~$15. Recent activity follows. Q3 2020 saw a ~8% selling at prices between ~$71 and ~$86 while in the next quarter there was a ~17% stake increase at prices between ~$73 and ~$92. The seven quarters through Q3 2022 also saw minor increases. The stock is now at ~$165. The position stands at 3.85% of the portfolio. The last four quarters saw minor increases.
Amazon.com (AMZN): AMZN is a top five 3.68% of the portfolio position. The stake is from 2011 at a cost-basis of ~$10. Q2 2016 saw a ~20% selling at prices between ~$29 and ~$36. There was another ~16% selling in Q2 2017 at prices between ~$44 and ~$51. The three quarters through Q1 2018 had seen a ~15% increase at prices between ~$47 and ~$80 while the following quarter saw a similar reduction at prices between ~$69 and ~$88. There was a ~22% stake increase over the two quarters through Q1 2022 at prices between ~$136 and ~$185. Q1 2023 saw a ~18% reduction at prices between ~$82 and ~$113. The last four quarters saw minor increases. The stock currently trades at ~$177.
Exxon Mobil (XOM): The 1.41% stake in XOM was doubled during the last quarter at prices between ~$96 and ~$116. The stock currently trades just above that range at ~$118. There was a ~7% increase this quarter.
ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The position had seen a ~45% stake increase since Q1 2020 through incremental buying most quarters. The last quarter saw a ~38% selling at prices between ~$698 and ~$1045. The stock currently trades at ~$919. There was a minor ~2% increase this quarter.
Home Depot (HD): HD is a 1.38% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal in the next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234. The period since has also seen minor buying. The stock is now at ~$362.
Meta Platforms (META): The META stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase in the next quarter at prices between ~$307 and ~$348. Q1 2022 also saw a ~17% increase at prices between ~$187 and ~$339. There was a ~23% selling during Q4 2022 at prices between ~$89 and ~$140. That was followed with a ~42% reduction in the next quarter at prices between ~$123 and ~$206. Q2 2023 saw a ~8% trimming while in the next quarter there was a ~3% increase. The position was increased by 8% during Q4 2023 at prices between ~$288 and ~$358. This quarter also saw a ~11% stake increase at prices between ~$430 and ~$527. The stock is now at ~$527 and the stake is at 1.38% of the portfolio.
Walmart Stores (WMT): The 1.34% WMT position was increased by ~50% in the last quarter at prices between ~$52 and ~$62 and the stock is now well above that range at $73.45. There was a minor ~5% increase this quarter.
Salesforce.com (CRM): The 1.34% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase in the next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The position has wavered. The six quarters through Q4 2023 saw a ~5% trimming. That was followed by a ~27% selling during the last quarter at prices between ~$251 and ~$317. This quarter saw a ~10% stake increase at prices between ~$218 and ~$304. The stock is now at ~$263.
Chevron Corp (CVX): CVX is a 1.28% of the portfolio position that was more than doubled during the last quarter at prices between ~$140 and ~$158. The stock is now at ~$147. There was a minor ~5% stake increase this quarter.
Netflix (NFLX): The 1.28% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Q4 2021 saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase in the next quarter at prices between ~$331 and ~$597. The two quarters through Q3 2022 saw minor increases while during Q1 2023 there was a ~35% selling at prices between ~$295 and ~$368. The stock currently trades at ~$674. The last four quarters saw minor increases.
Procter & Gamble (PG): The 1.26% PG stake was increased by ~55% in the last quarter at prices between ~$146 and ~$162 and the stock currently trades at ~$168. There was a ~7% stake increase this quarter.
Adobe Inc. (ADBE): ADBE is a 1.15% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase in the next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The seven quarters through Q4 2021 saw minor buying while in the last nine quarters there was a ~42% reduction. The stock is now at ~$554. There was a minor ~6% stake increase this quarter.
Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$267. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the next three quarters at prices between ~$190 and ~$251. That was followed with a ~40% reduction during Q3 2022 at prices between ~$178 and ~$217. The position is now at ~1% of the portfolio. The last four quarters saw minor increases.
RTX Corporation (RTX): The 0.77% RTX position saw a ~85% stake increase this quarter at prices between ~$97 and ~$108. The stock currently trades above that range at ~$118.
Canadian Natural Resources (CNQ): CNQ is a 0.65% of the portfolio stake was primarily built this quarter at prices between ~$34 and ~$41 and the stock is now at $36.52.
Charles Schwab (SCHW): SCHW is a 0.63% of the portfolio stake built during Q3 2022 at prices between ~$61 and ~$77 and the stock currently trades at $65.55. The last seven quarters have seen minor increases.
Abbot Labs (ABT), BHP Billiton (BHP), Bank of America (BAC), BlackRock Inc. (BLK), Booking Holdings (BKNG), Broadcom (AVGO), Caterpillar (CAT), Costco Wholesale (COST), Citigroup (C), Capital One Financial (COF), Eli Lilly (LLY), Freeport-McMoRan (FCX), Goldman Sachs (GS), Intuit (INTU), Intuitive Surgical (ISRG), JP Morgan Chase (JPM), Morgan Stanley (MS), MasterCard Inc. (MA), Merck Inc. (MRK), PepsiCo (PEP), Shell plc (SHEL), Stryker Corp (SYK), ServiceNow (NOW), TotalEnergies (TTE), Thermo Fisher Scientific (TMO), Toyota Motor (TM), UnitedHealth (UNH), and Union Pacific (UNP): These positions (less than ~2% of the portfolio each) were increased during the quarter.
Stake Decreases:
Taiwan Semiconductor (TSM): TSM is a very long-term 2.15% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: There was a ~17% stake increase during Q2 2023 at prices between ~$82 and ~$107. H2 2023 saw a ~5% increase while in the last two quarters there was similar trimming. The stock currently trades at ~$175.
Advanced Micro Devices (AMD): AMD is currently a 1.63% of the portfolio stake. The original position was from Q1 2020 purchased at prices between $40 and $57. It saw a ~25% stake increase in Q4 2021 at prices between ~$100 and ~$162. That was followed by a ~22% increase next quarter at prices between ~$103 and ~$150. Q3 2022 saw a similar reduction at prices between ~$63 and ~$104. There was a roughly one-third stake increase in the next quarter at prices between ~$56 and ~$78. This quarter saw a ~20% selling at prices between ~$144 and ~$183. The stock currently trades at ~$149.
Note: they built this position after dropping Intel (INTC).
American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 8.9M shares. The two years through Q2 2020 saw a combined ~40% stake increase at prices between $74 and $138. The last six quarters saw a ~50% reduction at prices between ~$141 and ~$243. The stock is now at ~$252 and the stake is at 0.90% of the portfolio.
Lam Research (LRCX), Novo-Nordisk A S ADR (NVO), and Oracle Corporation (ORCL): These positions (less than ~1.10% of the portfolio each) were reduced during the quarter.
The spreadsheet below highlights changes to Fisher's 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q2 2024:
Source: John Vincent. Data constructed from Fisher Asset Management's 13F filings for Q1 2024 and Q2 2024.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
John Vincent
Focused on analyzing 13F reports & building tools to help DIY investors generate absolute returnsthrough exploiting inefficiency, volatility, and momentum.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of NVDA, GOOGL, AMZN, ASML, META, C either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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