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Fisher Asset Management Portfolio: Q2 2025 Update
ByAinvest
Tuesday, Aug 19, 2025 9:30 pm ET1min read
This article is part of a series analyzing Kenneth Fisher's 13F stock portfolio on a quarterly basis. Fisher Asset Management's regulatory 13F filings are used to track changes to the portfolio. The focus is on the principal points of the portfolio update.
In the latest quarterly update, Kenneth Fisher's Fisher Asset Management portfolio has seen significant changes. The portfolio value increased from approximately $231 billion to $252 billion, with the number of holdings decreasing from 999 to 986. Notably, the number of significantly large stock positions increased from 53 to 55. The five largest individual stock positions are Nvidia, Microsoft, Apple, Amazon, and Alphabet, which together account for approximately 20% of the 13F stock portfolio.The largest position is Nvidia, which currently holds 5.18% of the portfolio. This position was built in Q3 2022 and has seen significant fluctuations, with a 17% selling in the next quarter and a 15% reduction in Q2 2023. However, the position was increased by 7% in Q4 2023 and saw a 9% selling this quarter.
Microsoft Corporation is the second-largest position, holding 4.80% of the portfolio. This long-term stake has seen a combined 30% increase over two years through Q2 2019 and a 40% increase through Q3 2022. However, there was a 13% trimming in Q1 2023, followed by minor increases and a 11% selling in the last quarter.
Apple Inc. is the third-largest position, now holding 4.36% of the portfolio. The position was built in 2012 and has seen substantial increases through incremental buying. The position was trimmed by 10% in Q3 2022 and 13% in Q1 2023. The last quarter also saw similar trimming, with the stock currently trading at $231.
Significant changes were also seen in other positions, including SAP SE, Home Depot, and ASML Holding. SAP SE saw a 9% stake increase this quarter, while Home Depot saw a 25% stake increase in Q3 2019 and minor buying since then. ASML Holding saw a 6% stake increase this quarter after a 38% selling in Q1 2024.
Overall, the portfolio has seen a mix of increases and decreases in various positions. The focus remains on long-term investments and personalized client portfolios, with beating the S&P not being a primary goal.
References:
[1] https://seekingalpha.com/article/4815038-tracking-ken-fishers-fisher-asset-management-portfolio-q2-2025-update
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