Fisher Asset Management, LLC
Reported US equity positions for Q1 2026 — $294.9B across 1,016 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $15.4B | 5.2% | 88,559,570 |
| AAPL Apple Inc. | $14.3B | 4.9% | 56,430,341 |
| IEF iShares 7-10 Year Treasury Bond ETF | $14.0B | 4.8% | 147,045,481 |
| GOOGL Alphabet Inc. | $11.2B | 3.8% | 39,050,562 |
| MSFT Microsoft Corporation | $9.6B | 3.3% | 25,941,594 |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | $7.4B | 2.5% | 89,198,232 |
| AMZN Amazon.com, Inc. | $7.1B | 2.4% | 34,185,457 |
| CAT Caterpillar, Inc. | $6.9B | 2.3% | 9,775,952 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $6.3B | 2.1% | 18,617,691 |
| N07059210 Asml Hldg Nv Nys | $6.1B | 2.1% | 4,600,512 |
| GS The Goldman Sachs Group, Inc. | $5.8B | 2.0% | 6,827,310 |
| XOM ExxonMobil Holdings Corporation | $5.5B | 1.9% | 32,282,677 |
| WMT Walmart Inc. | $5.1B | 1.7% | 40,977,756 |
| JPM JP Morgan Chase & Co. | $5.0B | 1.7% | 17,020,065 |
| AVGO Broadcom Inc. | $4.5B | 1.5% | 14,691,363 |
| CVX Chevron Corporation | $4.5B | 1.5% | 21,887,438 |
| LLY Eli Lilly and Company | $4.5B | 1.5% | 4,838,986 |
| RTX RTX Corporation | $4.3B | 1.5% | 22,244,732 |
| MS Morgan Stanley | $4.2B | 1.4% | 25,600,068 |
| C Citigroup, Inc. | $4.0B | 1.4% | 35,218,996 |
| FCX Freeport-McMoRan, Inc. | $3.8B | 1.3% | 65,089,606 |
| META Meta Platforms, Inc. | $3.8B | 1.3% | 6,685,482 |
| HD The Home Depot, Inc. | $3.4B | 1.1% | 10,293,059 |
| COST Costco Wholesale Corporation | $3.2B | 1.1% | 3,219,856 |
| MRK Merck & Company, Inc. Common Stock (new) | $3.2B | 1.1% | 26,436,284 |
| BP BP p.l.c. | $3.1B | 1.1% | 66,622,798 |
| PFE Pfizer, Inc. | $2.9B | 1.0% | 104,964,427 |
| AXP American Express Company | $2.8B | 0.9% | 9,250,373 |
| BAC Bank of America Corporation | $2.8B | 0.9% | 57,349,020 |
| H42097107 Ubs Group Ag | $2.6B | 0.9% | 66,074,238 |
| SHEL Shell PLC American Preferred | $2.6B | 0.9% | 27,474,710 |
| SAP SAP SE ADS | $2.5B | 0.8% | 14,534,441 |
| G51502105 Johnson Ctls Intl PLC Shs | $2.3B | 0.8% | 17,526,516 |
| V Visa Inc. | $2.3B | 0.8% | 7,589,158 |
| SONY Sony Group Corporation American Depositary Shares | $2.3B | 0.8% | 110,630,948 |
| JNJ Johnson & Johnson | $2.3B | 0.8% | 9,263,611 |
| MA Mastercard Incorporated | $2.2B | 0.7% | 4,407,853 |
| CRC California Resources Corporation | $2.2B | 0.7% | 45,024,405 |
| G0593M107 Astrazeneca PLC | $2.1B | 0.7% | 10,845,708 |
| NVS Novartis AG | $2.1B | 0.7% | 13,885,749 |
| SCHW The Charles Schwab Corporation | $2.1B | 0.7% | 22,218,091 |
| COP ConocoPhillips | $2.0B | 0.7% | 15,217,736 |
| ABBV AbbVie Inc. | $2.0B | 0.7% | 9,092,054 |
| NFLX Netflix, Inc. | $2.0B | 0.7% | 20,336,474 |
| BCS Barclays PLC | $1.9B | 0.7% | 91,450,850 |
| GSK GSK plc American Preferred | $1.9B | 0.6% | 34,522,363 |
| CMI Cummins Inc. | $1.9B | 0.6% | 3,497,060 |
| RIO Rio Tinto Plc | $1.9B | 0.6% | 20,135,992 |
| ISRG Intuitive Surgical, Inc. | $1.8B | 0.6% | 3,852,940 |
| BHP BHP Group Limited American Preferred | $1.7B | 0.6% | 23,872,244 |
| BLK BlackRock, Inc. | $1.7B | 0.6% | 1,780,959 |
| DE Deere & Company | $1.7B | 0.6% | 3,028,164 |
| F92124100 Totalenergies Se Act | $1.6B | 0.6% | 17,953,188 |
| MUFG Mitsubishi UFJ Financial Group, Inc. | $1.6B | 0.6% | 95,689,304 |
| PG The Procter & Gamble Company | $1.6B | 0.5% | 11,013,572 |
| UNP Union Pacific Corporation | $1.6B | 0.5% | 6,504,065 |
| HSBC HSBC Holdings, plc. | $1.5B | 0.5% | 18,202,800 |
| TM Toyota Motor Corporation | $1.5B | 0.5% | 7,067,216 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $1.4B | 0.5% | 5,237,701 |
| ORCL Oracle Corporation | $1.4B | 0.5% | 9,562,254 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Add | $15.4B | $16.0B | +3% |
| AAPL Apple Inc. | Add | $14.3B | $15.0B | +2% |
| IEF iShares 7-10 Year Treasury Bond ETF | Add | $14.0B | $13.0B | +9% |
| GOOGL Alphabet Inc. | Add | $11.2B | $11.9B | +2% |
| MSFT Microsoft Corporation | Add | $9.6B | $12.2B | +3% |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | Add | $7.4B | $7.0B | +6% |
| AMZN Amazon.com, Inc. | Add | $7.1B | $7.8B | +2% |
| CAT Caterpillar, Inc. | Add | $6.9B | $5.4B | +3% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Add | $6.3B | $5.5B | +3% |
| N07059210 Asml Hldg Nv Nys | Add | $6.1B | $4.8B | +3% |
| XOM ExxonMobil Holdings Corporation | Add | $5.5B | $3.8B | +2% |
| JPM JP Morgan Chase & Co. | Add | $5.0B | $5.2B | +6% |
| AVGO Broadcom Inc. | Add | $4.5B | $4.8B | +6% |
| CVX Chevron Corporation | Add | $4.5B | $3.3B | +2% |
| LLY Eli Lilly and Company | Add | $4.5B | $5.0B | +5% |
| RTX RTX Corporation | Add | $4.3B | $4.0B | +2% |
| MS Morgan Stanley | Add | $4.2B | $4.4B | +2% |
| C Citigroup, Inc. | Add | $4.0B | $4.0B | +4% |
| FCX Freeport-McMoRan, Inc. | Add | $3.8B | $3.2B | +2% |
| META Meta Platforms, Inc. | Add | $3.8B | $4.4B | +1% |
| HD The Home Depot, Inc. | Add | $3.4B | $3.5B | +1% |
| COST Costco Wholesale Corporation | Add | $3.2B | $2.7B | +1% |
| MRK Merck & Company, Inc. Common Stock (new) | Add | $3.2B | $2.6B | +6% |
| PFE Pfizer, Inc. | Add | $2.9B | $1.3B | +102% |
| AXP American Express Company | Add | $2.8B | $3.3B | +3% |
| BAC Bank of America Corporation | Add | $2.8B | $3.0B | +7% |
| H42097107 Ubs Group Ag | Add | $2.6B | $3.0B | +3% |
| SHEL Shell PLC American Preferred | Add | $2.6B | $2.0B | +1% |
| SAP SAP SE ADS | Trim | $2.5B | $3.6B | -1% |
| G51502105 Johnson Ctls Intl PLC Shs | Add | $2.3B | $2.1B | +2% |
| V Visa Inc. | Add | $2.3B | $2.6B | +1% |
| SONY Sony Group Corporation American Depositary Shares | Add | $2.3B | $2.8B | +2% |
| JNJ Johnson & Johnson | Add | $2.3B | $1.8B | +4% |
| MA Mastercard Incorporated | Add | $2.2B | $2.5B | +1% |
| CRC California Resources Corporation | Add | $2.2B | $1.4B | +5% |
| NVS Novartis AG | Add | $2.1B | $1.0B | +86% |
| SCHW The Charles Schwab Corporation | Add | $2.1B | $2.2B | +2% |
| COP ConocoPhillips | Add | $2.0B | $1.4B | +2% |
| ABBV AbbVie Inc. | Add | $2.0B | $143.6M | +1,347% |
| BCS Barclays PLC | Add | $1.9B | $2.3B | +2% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.