13F filer · CIK 850529 ↗
Fisher Investments
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$292.99B
+6.0% on the quarter before
Positions
1,017
116 new · 113 sold out
Top 10
34.1%
of the value
Est. gain
+$11.85B
on stocks held all quarter
Est. return
+4.4%
on those stocks since Q3 2025
Positions as of Dec 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, 54% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2025. Striped tiles are options.
Largest buys
Since Q3 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~$4.54BAdded · 3.1% → 4.4%+47,170,533 shares
- Unilever Plc~$1.35BNew · 0.0% → 0.5%+20,658,738 shares
- Totalenergies Se Act~$1.26BNew · 0.0% → 0.4%+19,324,336 shares
- Broadcom~$426.6MAdded · 1.5% → 1.6%+1,232,466 shares
- Vanguard Fds Int Term Corp~$279.6MAdded · 2.5% → 2.4%+3,339,026 shares
- Nvidia~$278.6MAdded · 5.7% → 5.5%+1,493,962 shares
- Microsoft~$221.5MAdded · 4.7% → 4.2%+458,014 shares
- Cisco~$220.2MAdded · 0.0% → 0.1%+2,858,205 shares
- Apple~$191.5MAdded · 5.0% → 5.1%+704,293 shares
- Alphabet~$182.5MAdded · 3.3% → 4.1%+583,078 shares
Largest sells
Since Q3 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 Mbs ETF~$2.04BCut · 0.8% → 0.0%−21,448,046 shares
- SPDR Bloomberg Brclys Lg Trs E~$1.57BCut · 0.6% → 0.0%−59,477,965 shares
- Unilever Plc ADR~$1.34BSold out · 0.5% → 0.0%−22,537,917 shares
- Totalenergies Se ADR ADR~$1.19BSold out · 0.4% → 0.0%−19,963,832 shares
- Lennox Intl Inc~$275.3MCut · 0.1% → 0.0%−566,964 shares
- Itau Unibanco Hldg Sa Spon ADR~$235.4MCut · 0.2% → 0.1%−32,882,046 shares
- Intuit~$160.7MCut · 0.6% → 0.5%−242,597 shares
- Infosys Ltd ADR~$145.7MSold out · 0.1% → 0.0%−8,954,374 shares
- Banco Santander Sa ADR~$126.3MCut · 0.4% → 0.4%−10,763,516 shares
- Banco Bradesco Sa Sp ADR~$118.1MCut · 0.1% → 0.1%−35,478,749 shares
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NvidiaCOM · shares +1.8% · price −0.0% | 5.5% | $16.05B | −$6.8M | ||||||||
| AppleCOM · shares +1.3% · price +6.8% | 5.1% | $14.99B | +$938.0M | ||||||||
| Ishares Tr 7 10yr Tr Bd ETFCOM · shares +54% · price −0.3% | 4.4% | $12.97B | −$26.3M | ||||||||
| MicrosoftCOM · shares +1.8% · price −6.6% | 4.2% | $12.24B | −$852.8M | ||||||||
| AlphabetCOM · shares +1.6% · price +28.8% | 4.1% | $11.93B | +$2.62B | ||||||||
| AmazonCOM · shares +1.5% · price +5.1% | 2.6% | $7.75B | +$372.4M | ||||||||
| Vanguard Fds Int Term CorpCOM · shares +4.1% · price −0.4% | 2.4% | $7.03B | −$29.0M | ||||||||
| Goldman SachsCOM · shares +1.7% · price +10.4% | 2.0% | $5.95B | +$550.6M | ||||||||
| TSMCCOM · shares +1.8% · price +8.8% | 1.9% | $5.51B | +$438.7M | ||||||||
| Caterpillar IncCOM · shares +0.6% · price +20.1% | 1.9% | $5.44B | +$903.5M | ||||||||
| Jpmorgan Chase CoCOM · shares +1.9% · price +2.2% | 1.8% | $5.16B | +$106.8M | ||||||||
| Eli LillyCOM · shares +3.4% · price +40.8% | 1.7% | $4.95B | +$1.39B | ||||||||
| Asml Holding N V NysCOM · shares +3.0% · price +10.5% | 1.6% | $4.80B | +$443.0M | ||||||||
| BroadcomCOM · shares +9.8% · price +4.9% | 1.6% | $4.79B | +$204.2M | ||||||||
| Walmart IncCOM · shares +0.8% · price +8.1% | 1.5% | $4.53B | +$336.5M | ||||||||
| Morgan StanleyCOM · shares +2.1% · price +11.7% | 1.5% | $4.44B | +$454.9M | ||||||||
| MetaCOM · shares +1.7% · price −10.1% | 1.5% | $4.36B | −$482.6M | ||||||||
| Rtx Corporation ComCOM · shares +3.0% · price +9.6% | 1.4% | $4.00B | +$340.3M | ||||||||
| Citigroup IncCOM · shares +2.6% · price +15.0% | 1.3% | $3.95B | +$501.9M | ||||||||
| Exxon Mobil CorpCOM · shares +1.0% · price +6.7% | 1.3% | $3.79B | +$236.8M | ||||||||
| Sap Se ADRCOM · shares +1.2% · price −9.1% | 1.2% | $3.58B | −$353.5M | ||||||||
| Home Depot IncCOM · shares +0.2% · price −15.1% | 1.2% | $3.49B | −$618.9M | ||||||||
| American Express CoCOM · shares +1.6% · price +11.4% | 1.1% | $3.34B | +$335.6M | ||||||||
| Chevron Corp NewCOM · shares +1.5% · price −1.9% | 1.1% | $3.27B | −$60.9M | ||||||||
| Freeport-McMoRanCOM · shares +1.0% · price +29.5% | 1.1% | $3.24B | +$731.9M | ||||||||
| Total · 1,017 positions | 100% | $292.99B | +$11.85B |
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 2025 to Q4 2025: 900 stocks held throughout, up $11.85B (+4.4%).
- Alphabet+$2.62B+29%
- Eli Lilly+$1.39B+41%
- Apple+$938.0M+7%
- Caterpillar Inc+$903.5M+20%
- Freeport-McMoRan+$731.9M+30%
- Meta−$482.6M−10%
- Netflix10:1 split−$531.5M−22%
- Home Depot Inc−$618.9M−15%
- Oracle−$780.9M−31%
- Microsoft−$852.8M−7%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 2 splits 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 ↗ |