13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q1 2025. See the latest, Q2 2026 →
Reported value
$231.00B
−8.1% on the quarter before
Positions
999
118 new · 94 sold out
Top 10
29.9%
of the value
Est. gain
−$8.40B
on stocks held all quarter
Est. return
−3.9%
on those stocks since Q4 2024
Positions as of Mar 31, 2025, 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, 49% of the reported value, each sized by its share, colored by what the fund did with it since Q4 2024. Striped tiles are options.
Largest buys
Since Q4 2024, 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.
- Sap Se ADR~$2.11BAdded · 0.5% → 1.5%+7,875,567 shares
- Ubs Group Ag~$1.41BAdded · 0.0% → 0.7%+45,938,949 shares
- Bp Plc Sponsored ADR ADR~$1.27BAdded · 0.3% → 0.9%+37,651,668 shares
- Barclays Plc ADR~$1.12BAdded · 0.0% → 0.5%+73,119,252 shares
- Spotify Technology S A~$1.12BNew · 0.0% → 0.5%+2,028,898 shares
- Sony Group Corp ADR~$1.02BAdded · 0.4% → 0.9%+40,177,432 shares
- Unitedhealth Group Inc~$951.2MAdded · 0.7% → 1.2%+1,816,113 shares
- Mitsubishi Ufj Finl Group ADR~$932.1MAdded · 0.0% → 0.4%+68,389,085 shares
- Pfizer Inc~$919.6MAdded · 0.1% → 0.5%+36,291,913 shares
- Hsbc Hldgs Plc Spon ADR Ne ADR~$896.6MNew · 0.0% → 0.4%+15,612,574 shares
Largest sells
Since Q4 2024, 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.
- Amazon~$2.39BCut · 3.9% → 2.7%−12,580,834 shares
- AMD~$2.34BCut · 1.2% → 0.1%−22,735,111 shares
- Netflix~$2.30BCut · 1.6% → 0.8%−2,465,235 shares
- Alphabet~$2.10BCut · 3.8% → 2.5%−13,598,727 shares
- Broadcom~$1.92BCut · 2.2% → 0.9%−11,490,766 shares
- Booking Hldgs Inc Com~$1.85BCut · 0.8% → 0.0%−402,391 shares
- TSMC~$1.72BCut · 2.2% → 1.3%−10,346,607 shares
- Apple~$1.33BCut · 5.9% → 5.1%−6,001,266 shares
- Lam Research~$1.28BCut · 0.5% → 0.0%−17,659,058 shares
- Procter And Gamble Co~$1.24BCut · 1.2% → 0.8%−7,260,396 shares
Holdings
As of Mar 31, 2025. Changes are in shares against Dec 31, 2024, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AppleCOM · shares −10% · price −11.3% | 5.1% | $11.84B | −$1.51B | ||||||||
| NvidiaCOM · shares −7.7% · price −19.3% | 4.3% | $9.83B | −$2.35B | ||||||||
| MicrosoftCOM · shares −11% · price −10.9% | 4.1% | $9.46B | −$1.16B | ||||||||
| Vanguard Fds Int Term CorpCOM · shares +5.0% · price +1.9% | 3.4% | $7.96B | +$138.2M | ||||||||
| AmazonCOM · shares −28% · price −13.3% | 2.7% | $6.20B | −$949.0M | ||||||||
| AlphabetCOM · shares −27% · price −18.3% | 2.5% | $5.72B | −$1.28B | ||||||||
| Ishares Tr 7 10yr Tr Bd ETFCOM · shares +12% · price +3.2% | 2.3% | $5.24B | +$143.7M | ||||||||
| Jpmorgan Chase And CoCOM · shares +5.6% · price +2.3% | 2.0% | $4.51B | +$97.3M | ||||||||
| Eli LillyCOM · shares +3.9% · price +7.0% | 1.9% | $4.49B | +$282.3M | ||||||||
| MetaCOM · shares −3.4% · price −1.6% | 1.6% | $3.72B | −$59.0M | ||||||||
| Exxon Mobil CorpCOM · shares +2.0% · price +10.6% | 1.6% | $3.62B | +$338.9M | ||||||||
| Home Depot IncCOM · shares +1.3% · price −5.8% | 1.5% | $3.55B | −$214.9M | ||||||||
| Walmart IncCOM · shares −18% · price −2.8% | 1.5% | $3.50B | −$102.2M | ||||||||
| Sap Se ADRCOM · shares +154% · price +9.0% | 1.5% | $3.49B | +$113.8M | ||||||||
| Goldman SachsCOM · shares +2.5% · price −4.6% | 1.5% | $3.45B | −$162.1M | ||||||||
| Chevron Corp NewCOM · shares +2.8% · price +15.5% | 1.5% | $3.42B | +$446.6M | ||||||||
| Caterpillar IncCOM · shares +1.4% · price −9.1% | 1.3% | $3.04B | −$299.3M | ||||||||
| TSMCCOM · shares −36% · price −15.9% | 1.3% | $2.99B | −$567.0M | ||||||||
| Costco Whsl Corp NewCOM · shares +1.7% · price +3.2% | 1.3% | $2.96B | +$90.8M | ||||||||
| Unitedhealth Group IncCOM · shares +53% · price +3.5% | 1.2% | $2.75B | +$61.4M | ||||||||
| Morgan StanleyCOM · shares +2.0% · price −7.2% | 1.2% | $2.72B | −$206.6M | ||||||||
| Asml Holding N V NysCOM · shares +26% · price −4.4% | 1.1% | $2.65B | −$96.3M | ||||||||
| Rtx Corporation ComCOM · shares +3.7% · price +14.5% | 1.1% | $2.62B | +$318.9M | ||||||||
| Visa Inc.COM · shares −27% · price +10.9% | 1.1% | $2.50B | +$245.8M | ||||||||
| OracleCOM · shares −2.2% · price −16.1% | 1.1% | $2.46B | −$472.3M | ||||||||
| Total · 999 positions | 100% | $231.00B | −$8.40B |
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 2024 to Q1 2025: 881 stocks held throughout, down $8.40B (−3.9%).
- Chevron Corp New+$446.6M+15%
- Exxon Mobil Corp+$338.9M+11%
- Rtx Corporation Com+$318.9M+14%
- Eli Lilly+$282.3M+7%
- Banco Santander S A ADR+$274.7M+47%
- Amazon−$949.0M−13%
- Microsoft−$1.16B−11%
- Alphabet−$1.28B−18%
- Apple−$1.51B−11%
- Nvidia−$2.35B−19%
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 ↗ |