13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q4 2020. See the latest, Q2 2026 →
Reported value
$133.48B
+17% on the quarter before
Positions
1,010
125 new · 55 sold out
Top 10
31.9%
of the value
Est. gain
+$13.82B
on stocks held all quarter
Est. return
+12.2%
on those stocks since Q3 2020
Positions as of Dec 31, 2020, 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, 51% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2020. Striped tiles are options.
Largest buys
Since Q3 2020, 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.
- Vanguard Fds Int-Term Corp~$392.7MAdded · 3.0% → 2.9%+4,042,563 shares
- Apple~$342.4MAdded · 5.9% → 6.1%+2,580,700 shares
- Amazon~$237.6MAdded · 4.7% → 4.3%+72,943 shares
- Microsoft~$228.4MAdded · 4.1% → 3.9%+1,026,766 shares
- Total Se-Spon ADR ADR~$221.7MAdded · 0.5% → 0.7%+5,290,178 shares
- Royal Dutch Shell Plc ADR~$179.5MAdded · 0.2% → 0.4%+5,108,848 shares
- Alphabet~$154.4MAdded · 2.0% → 2.2%+88,079 shares
- Visa Inc.~$149.3MAdded · 3.8% → 3.6%+682,741 shares
- Adobe~$139.3MAdded · 2.4% → 2.2%+278,509 shares
- Salesforce~$133.5MAdded · 2.6% → 2.1%+599,727 shares
Largest sells
Since Q3 2020, 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.
- Ishares Global Energy ETF~$417.6MCut · 0.3% → 0.0%−20,562,664 shares
- Infosys Ltd ADR~$138.7MCut · 0.3% → 0.2%−8,182,985 shares
- Essilorluxottica Unsponsor ADR~$46.3MCut · 0.0% → 0.0%−593,174 shares
- Ishares Global Tech ETF~$39.8MCut · 0.2% → 0.1%−132,566 shares
- Equinor Asa Sponsored ADR ADR~$28.4MCut · 0.0% → 0.0%−1,731,191 shares
- Vanguard Ftse Emerging Mkt ETF~$20.0MCut · 0.0% → 0.0%−398,318 shares
- Sanofi ADR~$19.9MCut · 0.8% → 0.7%−409,356 shares
- Waddell& Reed Finl Inc~$19.5MSold out · 0.0% → 0.0%−1,313,173 shares
- Lojas Renner Sa Sponsored ADR~$13.8MSold out · 0.0% → 0.0%−1,963,690 shares
- Compagnie Fin Richemontag ADR~$13.2MCut · 0.1% → 0.1%−1,456,565 shares
Holdings
As of Dec 31, 2020. Changes are in shares against Sep 30, 2020, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AppleCOM · shares +4.4% · price +14.6% | 6.1% | $8.13B | +$990.8M | ||||||||
| AmazonCOM · shares +4.3% · price +3.4% | 4.3% | $5.75B | +$183.3M | ||||||||
| MicrosoftCOM · shares +4.6% · price +5.7% | 3.9% | $5.20B | +$270.4M | ||||||||
| Visa Inc.COM · shares +3.2% · price +9.4% | 3.6% | $4.86B | +$404.0M | ||||||||
| Vanguard Fds Int-Term CorpCOM · shares +11% · price +1.4% | 2.9% | $3.82B | +$47.2M | ||||||||
| AlibabaCOM · shares +3.3% · price −20.8% | 2.4% | $3.25B | −$826.6M | ||||||||
| TSMCCOM · shares +0.5% · price +34.5% | 2.3% | $3.01B | +$769.4M | ||||||||
| AlphabetCOM · shares +5.6% · price +19.6% | 2.2% | $2.93B | +$454.2M | ||||||||
| AdobeCOM · shares +5.0% · price +2.0% | 2.2% | $2.91B | +$53.7M | ||||||||
| SalesforceCOM · shares +5.0% · price −11.5% | 2.1% | $2.78B | −$342.4M | ||||||||
| Tencent Hldgs Ltd ADR ADRCOM · shares +3.7% · price +10.2% | 1.9% | $2.54B | +$226.9M | ||||||||
| PayPalCOM · shares +5.5% · price +18.9% | 1.9% | $2.50B | +$376.1M | ||||||||
| Ishares Tr Iboxx Inv Cp ETFCOM · shares −0.09% · price +2.5% | 1.5% | $2.04B | +$50.4M | ||||||||
| NetflixCOM · shares +4.7% · price +8.1% | 1.5% | $2.00B | +$143.7M | ||||||||
| Asml Holding N V NysCOM · shares +5.6% · price +32.1% | 1.4% | $1.88B | +$432.2M | ||||||||
| Home Depot IncCOM · shares +4.4% · price −4.4% | 1.4% | $1.82B | −$79.3M | ||||||||
| American Express CoCOM · shares +2.6% · price +20.6% | 1.4% | $1.81B | +$301.7M | ||||||||
| Walt Disney Company (The)COM · shares +4.1% · price +46.0% | 1.3% | $1.79B | +$542.3M | ||||||||
| Walmart IncCOM · shares +4.4% · price +3.0% | 1.3% | $1.71B | +$48.0M | ||||||||
| Lvmh Moet Hennessy Lou Vui ADRCOM · shares +1.4% · price +33.5% | 1.1% | $1.47B | +$364.3M | ||||||||
| IntelCOM · shares +3.2% · price −3.8% | 1.1% | $1.45B | −$55.5M | ||||||||
| MastercardCOM · shares +8.8% · price +5.6% | 1.1% | $1.42B | +$68.8M | ||||||||
| Costco Whsl Corp NewCOM · shares +4.1% · price +6.1% | 1.00% | $1.33B | +$73.9M | ||||||||
| MetaCOM · shares +7.4% · price +4.3% | 0.95% | $1.26B | +$48.4M | ||||||||
| L Oreal Co ADRCOM · shares +1.2% · price +16.8% | 0.86% | $1.14B | +$162.6M | ||||||||
| Total · 1,010 positions | 100% | $133.48B | +$13.82B |
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 2020 to Q4 2020: 808 stocks held throughout, up $13.82B (+12.2%).
- Apple+$990.8M+15%
- TSMC+$769.4M+35%
- Walt Disney Company (The)+$542.3M+46%
- Alphabet+$454.2M+20%
- Asml Holding N V Nys+$432.2M+32%
- Home Depot Inc−$79.3M−4%
- Astrazeneca Plc ADR−$83.4M−9%
- Sap Se ADR−$206.5M−16%
- Salesforce−$342.4M−11%
- Alibaba−$826.6M−21%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 5 splits 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 ↗ |