13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q1 2023. See the latest, Q2 2026 →
Reported value
$164.66B
+11% on the quarter before
Positions
1,135
184 new · 74 sold out
Top 10
25.7%
of the value
Est. gain
+$14.38B
on stocks held all quarter
Est. return
+10.3%
on those stocks since Q4 2022
Positions as of Mar 31, 2023, 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 Q4 2022. Striped tiles are options.
Largest buys
Since Q4 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.
- Citigroup Inc~$1.11BAdded · 0.0% → 0.7%+23,616,143 shares
- SPDR Ser Tr Portfolio Sh Tsr~$980.3MNew · 0.0% → 0.6%+33,536,153 shares
- Booking Hldgs Inc Com~$880.1MAdded · 0.0% → 0.5%+331,817 shares
- Boeing Co~$843.4MAdded · 0.1% → 0.6%+3,970,127 shares
- Las Vegas Sands Corp~$520.4MAdded · 0.0% → 0.3%+9,058,124 shares
- Cummins~$469.1MAdded · 0.0% → 0.3%+1,963,648 shares
- Wynn Resorts Ltd~$393.1MAdded · 0.0% → 0.2%+3,512,229 shares
- Johnson Ctls Intl Plc Shs~$353.1MAdded · 0.2% → 0.4%+5,862,935 shares
- Paccar Inc~$347.6MNew · 0.0% → 0.2%+4,748,882 shares
- Carrier Global~$288.1MAdded · 0.1% → 0.3%+6,297,026 shares
Largest sells
Since Q4 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.
- Apple~$1.34BCut · 5.3% → 5.2%−8,151,122 shares
- Microsoft~$1.20BCut · 4.6% → 4.2%−4,165,496 shares
- Amazon~$1.08BCut · 2.9% → 2.5%−10,487,230 shares
- Meta~$927.1MCut · 0.7% → 0.6%−4,374,315 shares
- Netflix~$872.2MCut · 1.3% → 0.8%−2,524,522 shares
- SPDR Bloomberg Brclys Lg Trs E~$581.4MCut · 1.0% → 0.6%−18,826,558 shares
- American Express Co~$280.2MCut · 1.4% → 1.3%−1,698,617 shares
- Totalenergies Se ADR ADR~$190.4MCut · 1.0% → 0.7%−3,221,951 shares
- Ishares Tr 7 10yr Tr Bd ETF~$188.8MCut · 0.7% → 0.5%−1,904,274 shares
- Novo Nordisk A S ADR~$183.2MCut · 0.8% → 0.8%−1,151,095 shares
Holdings
As of Mar 31, 2023. Changes are in shares against Dec 31, 2022, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AppleCOM · shares −14% · price +26.9% | 5.2% | $8.53B | +$1.81B | ||||||||
| MicrosoftCOM · shares −15% · price +20.2% | 4.2% | $6.92B | +$1.16B | ||||||||
| Vanguard Fds Int Term CorpCOM · shares +5.8% · price +3.5% | 2.9% | $4.76B | +$152.1M | ||||||||
| AlphabetCOM · shares +0.3% · price +17.6% | 2.6% | $4.34B | +$645.8M | ||||||||
| AmazonCOM · shares −21% · price +23.0% | 2.5% | $4.14B | +$773.2M | ||||||||
| Asml Holding N V NysCOM · shares −0.7% · price +24.6% | 1.9% | $3.19B | +$629.8M | ||||||||
| SalesforceCOM · shares −2.6% · price +50.7% | 1.6% | $2.70B | +$907.9M | ||||||||
| NvidiaCOM · shares −4.4% · price +90.1% | 1.6% | $2.67B | +$1.26B | ||||||||
| AMDCOM · shares +1.6% · price +51.3% | 1.6% | $2.58B | +$860.4M | ||||||||
| Home Depot IncCOM · shares +1.3% · price −6.6% | 1.5% | $2.48B | −$171.9M | ||||||||
| TSMCCOM · shares +4.0% · price +25.1% | 1.4% | $2.37B | +$457.1M | ||||||||
| Freeport-McMoRanCOM · shares +1.1% · price +7.7% | 1.3% | $2.20B | +$155.2M | ||||||||
| American Express CoCOM · shares −12% · price +11.6% | 1.3% | $2.11B | +$220.4M | ||||||||
| Visa Inc.COM · shares +0.7% · price +8.5% | 1.1% | $1.89B | +$147.5M | ||||||||
| AdobeCOM · shares −9.1% · price +14.5% | 1.1% | $1.78B | +$225.2M | ||||||||
| Caterpillar IncCOM · shares +1.8% · price −4.5% | 1.0% | $1.72B | −$79.2M | ||||||||
| Morgan StanleyCOM · shares +1.8% · price +3.3% | 1.0% | $1.70B | +$52.7M | ||||||||
| OracleCOM · shares +0.8% · price +13.7% | 1.0% | $1.66B | +$198.4M | ||||||||
| Ishares Tr Iboxx Inv Cp ETFCOM · shares −2.5% · price +4.0% | 1.0% | $1.66B | +$63.3M | ||||||||
| Goldman SachsCOM · shares +3.0% · price −4.7% | 1.0% | $1.65B | −$79.7M | ||||||||
| Lvmh Moet Hennessy Lou Vui ADRCOM · shares −4.3% · price +26.4% | 0.99% | $1.63B | +$341.6M | ||||||||
| Lam ResearchCOM · shares +2.2% · price +26.1% | 0.87% | $1.43B | +$290.1M | ||||||||
| Eli LillyCOM · shares +2.5% · price −6.1% | 0.85% | $1.41B | −$89.6M | ||||||||
| Thermo Fisher Scientific IncCOM · shares +1.9% · price +4.7% | 0.84% | $1.38B | +$60.5M | ||||||||
| NetflixCOM · shares −39% · price +17.2% | 0.82% | $1.35B | +$197.9M | ||||||||
| Total · 1,135 positions | 100% | $164.66B | +$14.38B |
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 Q4 2022 to Q1 2023: 951 stocks held throughout, up $14.38B (+10.3%).
- Apple+$1.81B+27%
- Nvidia+$1.26B+90%
- Microsoft+$1.16B+20%
- Salesforce+$907.9M+51%
- AMD+$860.4M+51%
- Chevron Corp New−$111.3M−9%
- Conocophillips−$129.6M−16%
- Johnson Johnson−$131.9M−12%
- Home Depot Inc−$171.9M−7%
- Schwab Charles Corp Com−$499.0M−37%
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 ↗ |