Data as of Q4 2025 (Dec 31, 2025)

Fisher Asset Management, LLC

•CIK: 850529•Filing: Q4 2025

Fisher Asset Management, LLC, led by the renowned Bruce C. Fisher, maintains a concentrated portfolio with a focus on technology and financials, currently holding 1,016 positions and managing $293.0 billion in assets. Notably, the fund has recently increased its stakes in CSCO by 989% and PSMT by 833%, while exiting positions in UNILEVER P and TTEN, reflecting a strategic pivot towards growth-oriented tech and financial sectors.

Total AUM
$293.0B
QoQ Performance
+6.0%
Positions
997
Top 10 Concentration
34.9%
Latest Filing
Q4 2025

Top Holdings Allocation

NVDA
AAPL
NVDA5.5%
AAPL5.1%
IEF4.4%
MSFT4.2%
GOOGL4.1%
AMZN2.6%
VCIT2.4%
GS2.0%

📈 Biggest Buys

IEF
ISHARES TR 7 10YR TR BD ETF
+53.8%
4.4% of portfolio
NFLX
NETFLIX INC COM
+907.5%
0.7% of portfolio
UL
UNILEVER PLC
NEW
0.5% of portfolio
TTE
TOTALENERGIES SE ACT
NEW
0.4% of portfolio
NOW
SERVICENOW INC
+404.3%
0.4% of portfolio

📉 Biggest Sells

MBB
ISHARES TR MBS ETF
-95.3%
0.0% of portfolio
BVXB
ITAU UNIBANCO HLDG SA SPON ADR
-53.5%
0.1% of portfolio
INTU
INTUIT
-9.6%
0.5% of portfolio
SAN
BANCO SANTANDER SA ADR
-10.0%
0.4% of portfolio
BBD
BANCO BRADESCO SA SP ADR
-40.1%
0.1% of portfolio

Sector Breakdown

Other41.5%
Technology24.9%
Financial10.0%
Consumer6.9%
Healthcare5.9%
Industrial5.4%
Energy1.9%
Communication1.2%

🚪 Exited Positionssold since Q3 2025

SPTL
SPDR BLOOMBERG BRCLYS LG TRS E
SOLD
$1.6B
UL
UNILEVER PLC ADR
SOLD
$1.3B
TTEN
TOTALENERGIES SE ADR ADR
SOLD
$1.2B
LII
LENNOX INTL INC
SOLD
$316.9M
INFY
INFOSYS LTD ADR
SOLD
$145.7M
+811 more exited positions

Changes from Q3 2025

NEW2 new positions
↑125 increased
↓73 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

NVDA5.5%
NVIDIA CORP COM
$16.0B
AAPL5.1%
APPLE INC
$15.0B
IEF4.4%
ISHARES TR 7 10YR TR BD ETF
$13.0B
MSFT4.2%
MICROSOFT CORP
$12.2B
GOOGL4.1%
ALPHABET INC CLASS A
$11.9B

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