13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q3 2025. See the latest, Q2 2026 →
Reported value
$276.29B
+9.7% on the quarter before
Positions
1,014
110 new · 82 sold out
Top 10
32.4%
of the value
Est. gain
+$19.04B
on stocks held all quarter
Est. return
+7.7%
on those stocks since Q2 2025
Positions as of Sep 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, 52% of the reported value, each sized by its share, colored by what the fund did with it since Q2 2025. Striped tiles are options.
Largest buys
Since Q2 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.
- Ishares Tr 7 10yr Tr Bd ETF~$2.89BAdded · 2.2% → 3.1%+30,011,547 shares
- Nvidia~$382.9MAdded · 5.2% → 5.7%+2,052,153 shares
- Suncor Energy Inc New~$299.3MAdded · 0.1% → 0.2%+7,158,953 shares
- Microsoft~$282.3MAdded · 4.8% → 4.7%+545,027 shares
- Apple~$225.7MAdded · 4.4% → 5.0%+886,473 shares
- Alphabet~$203.7MAdded · 2.6% → 3.3%+837,893 shares
- Emerson Electric~$140.2MAdded · 0.3% → 0.3%+1,069,122 shares
- Amazon~$136.5MAdded · 2.8% → 2.6%+621,669 shares
- Eli Lilly~$114.9MAdded · 1.3% → 1.2%+150,595 shares
- Ishares Tr Mbs ETF~$114.8MAdded · 0.8% → 0.8%+1,206,273 shares
Largest sells
Since Q2 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.
- Vanguard Fds Intterm Corp~$1.82BCut · 3.4% → 2.5%−21,616,511 shares
- Canadian Nat Res Ltd~$208.9MCut · 0.6% → 0.5%−6,536,558 shares
- Intuit~$167.7MCut · 0.9% → 0.6%−245,547 shares
- Adobe~$117.6MCut · 0.7% → 0.5%−333,339 shares
- Banco Santander Sa ADR~$104.4MCut · 0.4% → 0.4%−9,962,970 shares
- Chart Inds Inc~$100.3MCut · 0.0% → 0.0%−500,950 shares
- Ing Groep Nv ADR~$97.9MCut · 0.5% → 0.5%−3,752,253 shares
- Ishares Tr Iboxx Inv Cp ETF~$93.2MCut · 0.1% → 0.1%−836,423 shares
- Merck And Co Inc~$79.4MCut · 0.8% → 0.7%−945,571 shares
- Capital One Finl Corp~$76.0MCut · 0.6% → 0.6%−357,454 shares
Holdings
As of Sep 30, 2025. Changes are in shares against Jun 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NvidiaCOM · shares +2.5% · price +18.1% | 5.7% | $15.78B | +$2.36B | ||||||||
| AppleCOM · shares +1.7% · price +24.1% | 5.0% | $13.86B | +$2.65B | ||||||||
| MicrosoftCOM · shares +2.2% · price +4.1% | 4.7% | $12.87B | +$499.1M | ||||||||
| AlphabetCOM · shares +2.3% · price +37.9% | 3.3% | $9.12B | +$2.45B | ||||||||
| Ishares Tr 7 10yr Tr Bd ETFCOM · shares +52% · price +0.7% | 3.1% | $8.46B | +$39.8M | ||||||||
| AmazonCOM · shares +1.9% · price +0.1% | 2.6% | $7.27B | +$5.8M | ||||||||
| Vanguard Fds Intterm CorpCOM · shares −21% · price +1.4% | 2.5% | $6.78B | +$96.0M | ||||||||
| Goldman SachsCOM · shares +1.9% · price +12.5% | 1.9% | $5.30B | +$579.4M | ||||||||
| TSMCCOM · shares +1.0% · price +23.3% | 1.8% | $4.98B | +$932.7M | ||||||||
| Jpmorgan Chase And CoCOM · shares +2.3% · price +8.8% | 1.8% | $4.96B | +$392.4M | ||||||||
| MetaCOM · shares +2.2% · price −0.5% | 1.7% | $4.77B | −$23.6M | ||||||||
| Caterpillar IncCOM · shares +0.2% · price +22.9% | 1.6% | $4.50B | +$837.7M | ||||||||
| Asml Holding N V NysCOM · shares +2.6% · price +20.8% | 1.5% | $4.21B | +$707.5M | ||||||||
| BroadcomCOM · shares +1.9% · price +19.7% | 1.5% | $4.16B | +$671.4M | ||||||||
| Walmart IncCOM · shares +1.6% · price +5.4% | 1.5% | $4.15B | +$209.4M | ||||||||
| Home Depot IncCOM · shares +2.0% · price +10.5% | 1.5% | $4.10B | +$382.9M | ||||||||
| Morgan StanleyCOM · shares +1.9% · price +12.8% | 1.4% | $3.89B | +$435.2M | ||||||||
| Sap Se ADRCOM · shares +2.8% · price −12.1% | 1.4% | $3.89B | −$522.3M | ||||||||
| Rtx Corporation ComCOM · shares +2.8% · price +14.6% | 1.3% | $3.54B | +$439.0M | ||||||||
| Exxon Mobil CorpCOM · shares +1.1% · price +4.6% | 1.3% | $3.52B | +$152.7M | ||||||||
| Eli LillyCOM · shares +3.5% · price −2.1% | 1.2% | $3.40B | −$71.1M | ||||||||
| Citigroup IncCOM · shares +2.7% · price +19.2% | 1.2% | $3.35B | +$526.8M | ||||||||
| Chevron Corp NewCOM · shares +1.6% · price +8.5% | 1.2% | $3.28B | +$252.0M | ||||||||
| Sony Group Corp ADRCOM · shares +2.7% · price +14.9% | 1.1% | $3.13B | +$394.3M | ||||||||
| American Express CoCOM · shares +1.7% · price +4.1% | 1.1% | $2.95B | +$115.1M | ||||||||
| Total · 1,014 positions | 100% | $276.29B | +$19.04B |
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 Q2 2025 to Q3 2025: 904 stocks held throughout, up $19.04B (+7.7%).
- Apple+$2.65B+24%
- Alphabet+$2.45B+38%
- Nvidia+$2.36B+18%
- TSMC+$932.7M+23%
- Caterpillar Inc+$837.7M+23%
- Freeport-McMoRan−$257.5M−10%
- Intuit−$264.6M−13%
- Netflix−$283.1M−10%
- Intuitive Surgical−$370.2M−18%
- Sap Se ADR−$522.3M−12%
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 ↗ |