13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q4 2018. See the latest, Q2 2026 →
Reported value
$73.22B
−11% on the quarter before
Positions
866
85 new · 89 sold out
Top 10
25.9%
of the value
Est. gain
−$12.06B
on stocks held all quarter
Est. return
−14.9%
on those stocks since Q3 2018
Positions as of Dec 31, 2018, from Fisher Investments's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
The 24 largest positions, 46% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2018. Striped tiles are options.
Largest buys
Since Q3 2018, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Cisco~$313.7MAdded · 1.2% → 1.6%+7,238,755 shares
- Royal Dutch Shell Plc ADR~$304.2MAdded · 0.6% → 1.0%+5,220,185 shares
- Salesforce~$299.7MAdded · 0.2% → 0.6%+2,188,122 shares
- Adobe~$275.8MAdded · 0.1% → 0.5%+1,218,872 shares
- Vanguard Fds Int-Term Corp~$217.4MAdded · 1.0% → 1.5%+2,623,812 shares
- Itau Unibanco Hldg Sa Spon ADR~$162.4MAdded · 0.4% → 0.6%+17,763,695 shares
- Weibo Corp ADR~$161.5MNew · 0.0% → 0.2%+2,764,345 shares
- Fi Enhanced Lrg Cap Growth Gs~$135.2MAdded · 0.4% → 0.5%+1,640,547 shares
- Fi Enhanced Glbl High Yld Ubs~$133.3MAdded · 1.8% → 1.8%+941,941 shares
- Amazon~$77.7MAdded · 3.8% → 3.3%+51,724 shares
Largest sells
Since Q3 2018, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Vodafone Group Plc New ADR~$407.2MCut · 0.6% → 0.0%−21,119,917 shares
- Lloyds Banking Group Plc ADR~$226.7MCut · 0.3% → 0.0%−88,598,071 shares
- Barclays Plc ADR~$121.1MCut · 0.2% → 0.0%−16,055,049 shares
- Fi Enhanced Glbl High Yld Bcsb~$65.0MCut · 2.0% → 1.7%−767,690 shares
- Ishares Tr Iboxx Inv Cp ETF~$62.9MCut · 3.0% → 3.3%−557,088 shares
- Luxottica Group S P A ADR~$51.0MSold out · 0.1% → 0.0%−750,029 shares
- Fi Enhanced Lrg Cap Growth Cs~$38.5MCut · 2.8% → 1.9%−203,331 shares
- Esterline Technologies Corp~$27.2MSold out · 0.0% → 0.0%−298,897 shares
- America Movil Sab De Cv ADR~$26.2MCut · 0.3% → 0.2%−1,841,425 shares
- Tata Global Bevera Gds-Rep 1 O~$25.2MSold out · 0.0% → 0.0%−7,816,839 shares
Holdings
As of Dec 31, 2018. Changes are in shares against Sep 30, 2018, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Visa Inc.COM · shares +3.0% · price −12.1% | 3.4% | $2.46B | −$328.3M | ||||||||
| AmazonCOM · shares +3.3% · price −25.0% | 3.3% | $2.43B | −$786.2M | ||||||||
| Ishares Tr Iboxx Inv Cp ETFCOM · shares −2.6% · price −1.8% | 3.3% | $2.40B | −$44.9M | ||||||||
| AppleCOM · shares +3.4% · price −30.1% | 2.8% | $2.01B | −$839.7M | ||||||||
| MicrosoftCOM · shares +3.6% · price −11.2% | 2.7% | $1.97B | −$240.2M | ||||||||
| Pfizer IncCOM · shares +3.3% · price −1.0% | 2.5% | $1.83B | −$17.0M | ||||||||
| AlibabaCOM · shares +4.3% · price −16.8% | 2.1% | $1.57B | −$304.9M | ||||||||
| Johnson& JohnsonCOM · shares +0.7% · price −6.6% | 2.0% | $1.46B | −$102.7M | ||||||||
| Fi Enhanced Lrg Cap Growth CsCOM · shares −2.6% · price −36.5% | 1.9% | $1.42B | −$814.0M | ||||||||
| AlphabetCOM · shares +4.0% · price −13.4% | 1.9% | $1.38B | −$206.1M | ||||||||
| Fi Enhanced Glbl High Yld UbsCOM · shares +11% · price −18.2% | 1.8% | $1.35B | −$271.0M | ||||||||
| TSMCCOM · shares +3.1% · price −16.4% | 1.8% | $1.34B | −$254.8M | ||||||||
| Fi Enhanced Glbl High Yld BcsbCOM · shares −4.9% · price −17.7% | 1.7% | $1.26B | −$270.6M | ||||||||
| CiscoCOM · shares +36% · price −10.9% | 1.6% | $1.18B | −$106.9M | ||||||||
| IntelCOM · shares +3.3% · price −0.8% | 1.6% | $1.17B | −$8.7M | ||||||||
| Vanguard Fds Int-Term CorpCOM · shares +26% · price −0.8% | 1.5% | $1.06B | −$6.8M | ||||||||
| Fi Enhanced Lrg Cap Growth UbsCOM · shares −1.1% · price −36.5% | 1.4% | $1.05B | −$605.9M | ||||||||
| American Express CoCOM · shares +3.1% · price −10.5% | 1.4% | $1.02B | −$115.7M | ||||||||
| Walmart IncCOM · shares +3.3% · price −0.8% | 1.3% | $956.0M | −$7.5M | ||||||||
| Procter And Gamble CoCOM · shares +3.0% · price +10.4% | 1.3% | $950.0M | +$87.2M | ||||||||
| Total S A ADRCOM · shares +3.7% · price −19.0% | 1.2% | $881.4M | −$198.8M | ||||||||
| Home Depot IncCOM · shares +3.1% · price −17.1% | 1.1% | $787.4M | −$157.1M | ||||||||
| Tencent Hldgs Ltd ADR ADRCOM · shares +2.4% · price −2.9% | 1.1% | $775.8M | −$22.6M | ||||||||
| Pepsico Inc ComCOM · shares +2.9% · price −1.2% | 1.0% | $757.0M | −$8.8M | ||||||||
| Softbank Group Corp ADR ADRCOM · shares +1.2% · price −34.1% | 1.0% | $752.4M | −$384.3M | ||||||||
| Total · 866 positions | 100% | $73.22B | −$12.06B |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q3 2018 to Q4 2018: 732 stocks held throughout, down $12.06B (−14.9%).
- Banco Bradesco S A Sp ADR ADR+$96.2M+40%
- Procter And Gamble Co+$87.2M+10%
- Merck& Co Inc+$44.0M+8%
- Hdfc Bank Ltd ADR+$41.7M+10%
- Petroleo Brasileiro Sa Pet ADR+$38.2M+8%
- Softbank Group Corp ADR ADR−$384.3M−34%
- Fi Enhanced Lrg Cap Growth Ubs−$605.9M−37%
- Amazon−$786.2M−25%
- Fi Enhanced Lrg Cap Growth Cs−$814.0M−36%
- Apple−$839.7M−30%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 1 split read into the share counts.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 4, 2026 | $335.83B+14% | SEC ↗ |
| Q1 2026 | May 5, 2026 | $294.89B+1% | SEC ↗ |
| Q4 2025 | Feb 9, 2026 | $292.99B+6% | SEC ↗ |
| Q3 2025 | Nov 12, 2025 | $276.29B+10% | SEC ↗ |
| Q2 2025 | Aug 13, 2025 | $251.89B+9% | SEC ↗ |
| Q1 2025 | May 14, 2025 | $231.00B−8% | SEC ↗ |
| Q4 2024 | Feb 5, 2025 | $251.33B+3% | SEC ↗ |
| Q3 2024 | Nov 12, 2024 | $244.02B+6% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $229.85B+7% | SEC ↗ |
| Q1 2024 | May 9, 2024 | $214.11B+13% | SEC ↗ |
| Q4 2023 | Mar 5, 2024 (amended) | $189.13B+7% | SEC ↗ |
| Q3 2023 | Nov 13, 2023 | $176.32B−3% | SEC ↗ |
| Q2 2023 | Dec 12, 2023 (amended) | $180.88B+10% | SEC ↗ |
| Q1 2023 | Dec 12, 2023 (amended) | $164.66B+11% | SEC ↗ |
| Q4 2022 | Feb 3, 2023 | $147.93B+11% | SEC ↗ |
| Q3 2022 | Nov 8, 2022 | $133.41B−6% | SEC ↗ |
| Q2 2022 | Aug 9, 2022 | $141.30B−17% | SEC ↗ |
| Q1 2022 | May 5, 2022 | $169.49B−5% | SEC ↗ |
| Q4 2021 | Feb 2, 2022 | $178.57B+11% | SEC ↗ |
| Q3 2021 | Oct 26, 2021 | $161.00B+1% | SEC ↗ |
| Q2 2021 | Jul 27, 2021 | $159.27B+12% | SEC ↗ |
| Q1 2021 | Apr 27, 2021 | $141.96B+6% | SEC ↗ |
| Q4 2020 | Jan 29, 2021 | $133.48B+17% | SEC ↗ |
| Q3 2020 | Nov 12, 2020 (amended) | $114.26B+12% | SEC ↗ |
| Q2 2020 | Aug 7, 2020 | $102.46B+27% | SEC ↗ |
| Q1 2020 | Apr 28, 2020 | $80.64B−19% | SEC ↗ |
| Q4 2019 | Feb 12, 2020 | $98.96B+9% | SEC ↗ |
| Q3 2019 | Oct 29, 2019 | $91.13B+1% | SEC ↗ |
| Q2 2019 | Jul 30, 2019 | $90.45B+6% | SEC ↗ |
| Q1 2019 | Apr 22, 2019 (amended) | $85.30B+17% | SEC ↗ |
| Q4 2018 | Jan 25, 2019 | $73.22B−11% | SEC ↗ |
| Q3 2018 | Oct 23, 2018 | $82.37B+7% | SEC ↗ |
| Q2 2018 | Jul 9, 2018 | $77.02B+2% | SEC ↗ |
| Q1 2018 | May 10, 2018 (amended) | $75.40B−2% | SEC ↗ |
| Q4 2017 | Jan 24, 2018 | $76.56B+7% | SEC ↗ |
| Q3 2017 | Oct 17, 2017 | $71.30B+8% | SEC ↗ |
| Q2 2017 | Jul 12, 2017 | $66.32B+6% | SEC ↗ |
| Q1 2017 | Apr 24, 2017 | $62.44B+9% | SEC ↗ |
| Q4 2016 | Jan 10, 2017 | $57.43B+2% | SEC ↗ |
| Q3 2016 | Oct 11, 2016 | $56.32B+4% | SEC ↗ |
| Q2 2016 | Jul 12, 2016 | $53.89B+2% | SEC ↗ |
| Q1 2016 | Apr 15, 2016 | $52.63B | SEC ↗ |