13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q4 2022. See the latest, Q2 2026 →
Reported value
$147.93B
+11% on the quarter before
Positions
1,025
152 new · 206 sold out
Top 10
25.7%
of the value
Est. gain
+$12.13B
on stocks held all quarter
Est. return
+9.5%
on those stocks since Q3 2022
Positions as of Dec 31, 2022, 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, 41% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2022. Striped tiles are options.
Largest buys
Since Q3 2022, 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~$827.9MAdded · 2.6% → 2.9%+10,681,374 shares
- SPDR Bloomberg Brclys Lg Trs E~$563.5MAdded · 0.7% → 1.0%+19,411,205 shares
- Block~$426.8MAdded · 0.2% → 0.5%+6,791,842 shares
- AMD~$420.4MAdded · 0.9% → 1.1%+6,490,705 shares
- Vaneck Semiconductor ETF~$332.5MAdded · 0.0% → 0.2%+1,638,186 shares
- Vangaurd Fds Inf Tech ETF~$297.1MAdded · 0.0% → 0.2%+930,095 shares
- Select Sector SPDR Tr Communic~$278.5MAdded · 0.0% → 0.2%+5,803,056 shares
- First Tr Dow Jones Internet In~$271.6MAdded · 0.0% → 0.2%+2,205,414 shares
- Crown Castl Inc~$219.3MAdded · 0.3% → 0.4%+1,616,949 shares
- Intuit~$180.0MAdded · 0.6% → 0.6%+462,468 shares
Largest sells
Since Q3 2022, 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 Tr Iboxx Inv Cp ETF~$688.1MCut · 1.7% → 1.1%−6,527,047 shares
- Ishares Tr 20 Yr Tr Bd ETF~$481.8MCut · 0.4% → 0.0%−4,839,509 shares
- Marvell Technology Inc~$381.2MCut · 0.4% → 0.0%−10,290,635 shares
- Ishares Tr Expanded Tech~$369.8MCut · 0.9% → 0.6%−1,445,567 shares
- Meta~$324.2MCut · 1.2% → 0.7%−2,693,807 shares
- Nvidia~$302.6MCut · 1.1% → 1.0%−2,070,604 shares
- PayPal~$289.8MCut · 1.1% → 0.7%−4,069,384 shares
- American Tower~$210.2MCut · 0.3% → 0.2%−992,250 shares
- Microsoft~$202.7MCut · 5.1% → 4.6%−845,202 shares
- Broadcom~$201.4MCut · 0.5% → 0.4%−360,211 shares
Holdings
As of Dec 31, 2022. Changes are in shares against Sep 30, 2022, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AppleCOM · shares +1.2% · price −6.0% | 5.3% | $7.78B | −$489.4M | ||||||||
| MicrosoftCOM · shares −2.9% · price +3.0% | 4.6% | $6.76B | +$194.9M | ||||||||
| Vanguard Fds Int Term CorpCOM · shares +24% · price +2.4% | 2.9% | $4.35B | +$83.1M | ||||||||
| AmazonCOM · shares +1.4% · price −25.7% | 2.9% | $4.25B | −$1.45B | ||||||||
| AlphabetCOM · shares −1.9% · price −7.8% | 2.5% | $3.68B | −$309.2M | ||||||||
| Home Depot IncCOM · shares +1.5% · price +14.5% | 1.8% | $2.62B | +$326.1M | ||||||||
| Asml Holding N V NysCOM · shares +0.6% · price +31.6% | 1.7% | $2.58B | +$615.1M | ||||||||
| American Express CoCOM · shares −3.5% · price +9.5% | 1.4% | $2.14B | +$186.3M | ||||||||
| Freeport-McMoRanCOM · shares +0.3% · price +39.0% | 1.4% | $2.03B | +$567.3M | ||||||||
| NetflixCOM · shares −3.8% · price +25.2% | 1.3% | $1.90B | +$382.5M | ||||||||
| SalesforceCOM · shares +9.0% · price −7.8% | 1.2% | $1.84B | −$143.2M | ||||||||
| TSMCCOM · shares −2.8% · price +8.6% | 1.2% | $1.82B | +$144.8M | ||||||||
| Caterpillar Inc DelCOM · shares +1.4% · price +46.0% | 1.2% | $1.77B | +$550.3M | ||||||||
| Visa Inc.COM · shares −1.2% · price +16.9% | 1.2% | $1.73B | +$250.9M | ||||||||
| AdobeCOM · shares −1.4% · price +22.3% | 1.2% | $1.71B | +$311.0M | ||||||||
| Goldman SachsCOM · shares +3.3% · price +17.2% | 1.1% | $1.68B | +$238.7M | ||||||||
| AMDCOM · shares +33% · price +2.2% | 1.1% | $1.68B | +$27.3M | ||||||||
| Ishares Tr Iboxx Inv Cp ETFCOM · shares −30% · price +2.9% | 1.1% | $1.64B | +$46.3M | ||||||||
| Morgan StanleyCOM · shares +3.0% · price +7.6% | 1.1% | $1.61B | +$110.7M | ||||||||
| SPDR Bloomberg Brclys Lg Trs ECOM · shares +60% · price −2.1% | 1.0% | $1.50B | −$19.6M | ||||||||
| NvidiaCOM · shares −17% · price +20.4% | 0.99% | $1.47B | +$248.4M | ||||||||
| Eli LillyCOM · shares +2.3% · price +13.1% | 0.99% | $1.46B | +$165.9M | ||||||||
| OracleCOM · shares +0.7% · price +33.8% | 0.98% | $1.45B | +$364.3M | ||||||||
| Totalenergies Se ADR ADRCOM · shares +1.0% · price +33.4% | 0.98% | $1.45B | +$359.3M | ||||||||
| Merck Co IncCOM · shares +1.2% · price +28.8% | 0.91% | $1.35B | +$298.9M | ||||||||
| Total · 1,025 positions | 100% | $147.93B | +$12.13B |
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 2022 to Q4 2022: 872 stocks held throughout, up $12.13B (+9.5%).
- Asml Holding N V Nys+$615.1M+32%
- Freeport-McMoRan+$567.3M+39%
- Caterpillar Inc Del+$550.3M+46%
- Netflix+$382.5M+25%
- Oracle+$364.3M+34%
- Salesforce−$143.2M−8%
- PayPal−$201.9M−17%
- Alphabet−$309.2M−8%
- Apple−$489.4M−6%
- Amazon−$1.45B−26%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
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 ↗ |