13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q2 2025. See the latest, Q2 2026 →
Reported value
$251.89B
+9.0% on the quarter before
Positions
986
94 new · 107 sold out
Top 10
30.8%
of the value
Est. gain
+$21.62B
on stocks held all quarter
Est. return
+9.8%
on those stocks since Q1 2025
Positions as of Jun 30, 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, 50% of the reported value, each sized by its share, colored by what the fund did with it since Q1 2025. Striped tiles are options.
Largest buys
Since Q1 2025, 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.
- Royal Bk Cda~$695.8MAdded · 0.0% → 0.3%+5,289,330 shares
- Sony Group Corp ADR~$423.8MAdded · 0.9% → 1.1%+16,280,542 shares
- Vanguard Fds Int-Term Corp~$402.2MAdded · 3.4% → 3.4%+4,850,259 shares
- Sap Se ADR~$353.9MAdded · 1.5% → 1.7%+1,163,616 shares
- Spotify Technology S A~$353.1MAdded · 0.5% → 0.8%+460,115 shares
- Canadian Pacific Kansas City C~$317.6MAdded · 0.0% → 0.2%+4,005,942 shares
- Ubs Group Ag~$285.7MAdded · 0.7% → 0.8%+8,448,219 shares
- Ishares National Muni Bond ETF~$279.9MAdded · 0.3% → 0.4%+2,679,139 shares
- Ishares Tr 7 10yr Tr Bd ETF~$257.3MAdded · 2.3% → 2.2%+2,686,141 shares
- Emerson Electric~$208.2MAdded · 0.2% → 0.3%+1,561,600 shares
Largest sells
Since Q1 2025, 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.
- Oracle~$1.91BCut · 1.1% → 0.8%−8,714,141 shares
- Nvidia~$1.30BCut · 4.3% → 5.2%−8,229,696 shares
- Salesforce~$1.04BCut · 0.9% → 0.5%−3,824,987 shares
- Eli Lilly~$885.5MCut · 1.9% → 1.3%−1,135,979 shares
- Jpmorgan Chase & Co.~$867.9MCut · 2.0% → 1.8%−2,993,722 shares
- Edwards Lifesciences Corp~$765.2MCut · 0.3% → 0.0%−9,784,074 shares
- Microsoft~$447.8MCut · 4.1% → 4.8%−900,270 shares
- Intuit~$355.5MCut · 0.9% → 0.9%−451,318 shares
- Vanguard Scottsdale Fds Inter~$118.0MCut · 0.2% → 0.1%−1,973,116 shares
- Smith A O Corp~$117.1MCut · 0.1% → 0.0%−1,786,000 shares
Holdings
As of Jun 30, 2025. Changes are in shares against Mar 31, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NvidiaCOM · shares −9.1% · price +45.8% | 5.2% | $13.04B | +$4.09B | ||||||||
| MicrosoftCOM · shares −3.6% · price +32.5% | 4.8% | $12.09B | +$2.96B | ||||||||
| AppleCOM · shares +0.5% · price −7.6% | 4.4% | $10.99B | −$903.8M | ||||||||
| Vanguard Fds Int-Term CorpCOM · shares +5.0% · price +1.4% | 3.4% | $8.48B | +$113.0M | ||||||||
| AmazonCOM · shares −0.3% · price +15.3% | 2.8% | $7.13B | +$946.2M | ||||||||
| AlphabetCOM · shares −0.9% · price +14.0% | 2.6% | $6.47B | +$792.0M | ||||||||
| Ishares Tr 7 10yr Tr Bd ETFCOM · shares +4.9% · price +0.4% | 2.2% | $5.52B | +$22.0M | ||||||||
| MetaCOM · shares −1.5% · price +28.1% | 1.9% | $4.69B | +$1.03B | ||||||||
| Goldman SachsCOM · shares +3.6% · price +29.6% | 1.8% | $4.63B | +$1.02B | ||||||||
| Jpmorgan Chase & Co.COM · shares −16% · price +18.2% | 1.8% | $4.46B | +$685.9M | ||||||||
| Sap Se ADRCOM · shares +9.0% · price +13.3% | 1.7% | $4.31B | +$463.4M | ||||||||
| TSMCCOM · shares −1.9% · price +36.4% | 1.6% | $4.00B | +$1.07B | ||||||||
| Walmart IncCOM · shares −0.6% · price +11.4% | 1.5% | $3.88B | +$396.2M | ||||||||
| Caterpillar IncCOM · shares +2.3% · price +17.7% | 1.5% | $3.66B | +$538.0M | ||||||||
| Home Depot IncCOM · shares +2.6% · price +0.0% | 1.4% | $3.64B | +$1.5M | ||||||||
| BroadcomCOM · shares −0.3% · price +64.6% | 1.4% | $3.41B | +$1.34B | ||||||||
| Asml Holding N V NysCOM · shares +6.3% · price +20.9% | 1.4% | $3.40B | +$554.1M | ||||||||
| Morgan StanleyCOM · shares +3.2% · price +20.7% | 1.3% | $3.39B | +$563.5M | ||||||||
| Eli LillyCOM · shares −21% · price −5.6% | 1.3% | $3.35B | −$199.5M | ||||||||
| Exxon Mobil CorpCOM · shares +1.4% · price −9.4% | 1.3% | $3.33B | −$338.5M | ||||||||
| Costco Whsl Corp NewCOM · shares −0.7% · price +4.7% | 1.2% | $3.08B | +$137.4M | ||||||||
| Rtx Corporation ComCOM · shares +4.2% · price +10.2% | 1.2% | $3.01B | +$268.0M | ||||||||
| Chevron Corp NewCOM · shares +1.9% · price −14.4% | 1.2% | $2.98B | −$492.8M | ||||||||
| American Express CoCOM · shares −2.6% · price +18.6% | 1.1% | $2.79B | +$436.1M | ||||||||
| Citigroup IncCOM · shares +3.2% · price +19.9% | 1.1% | $2.74B | +$440.5M | ||||||||
| Total · 986 positions | 100% | $251.89B | +$21.62B |
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 Q1 2025 to Q2 2025: 892 stocks held throughout, up $21.62B (+9.8%).
- Nvidia+$4.09B+46%
- Microsoft+$2.96B+33%
- Broadcom+$1.34B+65%
- TSMC+$1.07B+36%
- Meta+$1.03B+28%
- Merck & Co Inc−$259.1M−12%
- Exxon Mobil Corp−$338.5M−9%
- Chevron Corp New−$492.8M−14%
- Apple−$903.8M−8%
- Unitedhealth Group Inc−$1.10B−40%
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 ↗ |