Great investors · Ken Fisher · Q1 2025
What Ken Fisher bought and sold in Q1 2025
Fisher Investments 13F portfolio as of Mar 31, 2025: 999 positions worth $231 bn. Largest: AAPL, NVDA, MSFT, VCIT. Filed with the SEC on May 14, 2025.
The 13F is filed by Fisher Investments, not by Ken Fisher personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
Sells in Q1 2025
- ReducedAmazon.comAMZN−1.0 pp
- ReducedAdvanced Micro DevicesAMD−0.9 pp
- ReducedNetflixNFLX−0.9 pp
- ReducedAlphabetGOOGL−0.8 pp
- ReducedBroadcomAVGO−0.8 pp
- ReducedBooking HoldingsBKNG−0.7 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−0.7 pp
- ReducedAppleAAPL−0.5 pp
- ReducedLam ResearchLRCX−0.5 pp
12 companies with material moves, out of 12 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Fisher Investments's Q1 2025 13F lists 999 lines of US-listed securities worth $231 bn; the largest is AAPL at 5.12% of the portfolio. It was accepted by the SEC on May 14, 2025 at 11:12 AM ET.
Against the previous quarter, it opened 116 positions (SPOT, HSBC, LYG and DB and 112 more), closed 91 (UMC, ON, AA and IPGP and 87 more), added to 167 (BCS, UBS, LIN and MUFG and 163 more) and trimmed 170 (AMZN, GOOGL, AAPL and TSM and 166 more). 47 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Apple AAPL | 53.3 M | $11.8 bn | 5.12% | −10% |
| 2 | NVIDIA NVDA | 90.7 M | $9.8 bn | 4.26% | −7.7% |
| 3 | Microsoft MSFT | 25.2 M | $9.5 bn | 4.09% | −11% |
| 4 | Vanguard Int-term Corporate ETF VCIT | 97.4 M | $8.0 bn | 3.45% | +5% |
| 5 | Amazon.com AMZN | 32.6 M | $6.2 bn | 2.68% | −28% |
| 6 | Alphabet GOOGL | 37.0 M | $5.7 bn | 2.48% | −27% |
| 7 | iShares 7-10 Year Treasury B ETF IEF | 55.0 M | $5.2 bn | 2.27% | +12% |
| 8 | JPMorgan Chase JPM | 18.4 M | $4.5 bn | 1.95% | +5.6% |
| 9 | Eli Lilly LLY | 5.4 M | $4.5 bn | 1.94% | +3.9% |
| 10 | Meta Platforms META | 6.5 M | $3.7 bn | 1.61% | −3.4% |
| 11 | Exxon Mobil XOM | 30.4 M | $3.6 bn | 1.57% | +2% |
| 12 | Home Depot HD | 9.7 M | $3.5 bn | 1.54% | +1.3% |
| 13 | Walmart WMT | 39.9 M | $3.5 bn | 1.52% | −18% |
| 14 | SAP SAP | 13.0 M | $3.5 bn | 1.51% | +154% |
| 15 | Goldman Sachs Group GS | 6.3 M | $3.4 bn | 1.49% | +2.5% |
| 16 | Chevron CVX | 20.4 M | $3.4 bn | 1.48% | +2.8% |
| 17 | Caterpillar CAT | 9.2 M | $3.0 bn | 1.31% | +1.4% |
| 18 | Taiwan Semiconductor Manufacturing TSM | 18.0 M | $3.0 bn | 1.29% | −36% |
| 19 | Costco Wholesale COST | 3.1 M | $3.0 bn | 1.28% | +1.7% |
| 20 | UnitedHealth Group UNH | 5.3 M | $2.7 bn | 1.19% | +53% |
| 21 | Morgan Stanley MS | 23.3 M | $2.7 bn | 1.18% | +2% |
| 22 | ASML Holding ASML | 4.0 M | $2.6 bn | 1.15% | +26% |
| 23 | RTX RTX | 19.8 M | $2.6 bn | 1.13% | +3.7% |
| 24 | Visa V | 7.1 M | $2.5 bn | 1.08% | −27% |
| 25 | Oracle ORCL | 17.6 M | $2.5 bn | 1.07% | −2.2% |
| 26 | American Express AXP | 9.0 M | $2.4 bn | 1.05% | +2.4% |
| 27 | Mastercard MA | 4.2 M | $2.3 bn | 1.01% | +1.6% |
| 28 | Freeport-McMoRan FCX | 60.4 M | $2.3 bn | 0.99% | +1.8% |
| 29 | Citigroup C | 31.2 M | $2.2 bn | 0.96% | +3.9% |
| 30 | Merck MRK | 24.4 M | $2.2 bn | 0.95% | +52% |
| 31 | Sony Group SONY | 85.6 M | $2.2 bn | 0.94% | +88% |
| 32 | Salesforce CRM | 8.1 M | $2.2 bn | 0.94% | −35% |
| 33 | Broadcom AVGO | 12.4 M | $2.1 bn | 0.90% | −48% |
| 34 | BP BP | 61.0 M | $2.1 bn | 0.89% | +161% |
| 35 | Bank of America BAC | 48.8 M | $2.0 bn | 0.88% | +4.2% |
| 36 | Intuitive Surgical ISRG | 4.0 M | $2.0 bn | 0.87% | −17% |
| 37 | Intuit INTU | 3.2 M | $2.0 bn | 0.86% | −12% |
| 38 | iShares MBS ETF MBB | 21.0 M | $2.0 bn | 0.85% | +6.8% |
| 39 | Procter & Gamble PG | 11.4 M | $1.9 bn | 0.84% | −39% |
| 40 | Netflix NFLX | 2.1 M | $1.9 bn | 0.83% | −54% |
| 41 | BlackRock BLK | 2.0 M | $1.9 bn | 0.81% | −3.7% |
| 42 | Shell SHEL | 25.5 M | $1.9 bn | 0.81% | +2.3% |
| 43 | Adobe ADBE | 4.6 M | $1.8 bn | 0.77% | −4.1% |
| 44 | Charles Schwab SCHW | 21.2 M | $1.7 bn | 0.72% | +3.5% |
| 45 | Abbott Laboratories ABT | 11.7 M | $1.5 bn | 0.67% | +3.3% |
| 46 | UBS Group UBS | 50.0 M | $1.5 bn | 0.66% | ×12 |
| 47 | Union Pacific UNP | 6.4 M | $1.5 bn | 0.65% | no change |
| 48 | State Street SPDR PF LNG TRM TSY E-usd ETF SPTL | 54.7 M | $1.5 bn | 0.65% | +7% |
| 49 | ConocoPhillips COP | 14.2 M | $1.5 bn | 0.64% | +2.8% |
| 50 | Astrazeneca AZN | 20.2 M | $1.5 bn | 0.64% | +84% |
| 51 | Capital One Financial COF | 8.2 M | $1.5 bn | 0.63% | −10% |
| 52 | Johnson & Johnson JNJ | 8.7 M | $1.4 bn | 0.63% | +6.3% |
| 53 | Canadian Natural Resources CNQ | 45.9 M | $1.4 bn | 0.61% | +4% |
| 54 | TotalEnergies TTE | 21.2 M | $1.4 bn | 0.59% | −3.9% |
| 55 | Stryker SYK | 3.7 M | $1.4 bn | 0.59% | −10% |
| 56 | Thermo Fisher Scientific TMO | 2.7 M | $1.4 bn | 0.58% | +1.9% |
| 57 | ServiceNow NOW | 1.7 M | $1.3 bn | 0.58% | no change |
| 58 | Johnson Controls International JCI | 16.2 M | $1.3 bn | 0.56% | +2.7% |
| 59 | ING Groep ING | 63.5 M | $1.2 bn | 0.54% | −3.8% |
| 60 | Pepsico PEP | 8.2 M | $1.2 bn | 0.53% | no change |
| 61 | Pfizer PFE | 47.4 M | $1.2 bn | 0.52% | +326% |
| 62 | Toyota Motor Corp/ TM | 6.7 M | $1.2 bn | 0.51% | −2.6% |
| 63 | Starbucks SBUX | 12.0 M | $1.2 bn | 0.51% | no change |
| 64 | Unilever | 19.6 M | $1.2 bn | 0.51% | +9.2% |
| 65 | GSK GSK | 30.0 M | $1.2 bn | 0.50% | +59% |
| 66 | Barclays BCS | 73.4 M | $1.1 bn | 0.49% | ×293 |
| 67 | Spotify Technology SPOT | 2.0 M | $1.1 bn | 0.48% | new |
| 68 | Deere DE | 2.3 M | $1.1 bn | 0.48% | +8.7% |
| 69 | iShares Msci Europe Financia ETF EUFN | 38.3 M | $1.1 bn | 0.47% | +35% |
| 70 | BHP Group BHP | 22.4 M | $1.1 bn | 0.47% | no change |
| 71 | RIO Tinto RIO | 17.8 M | $1.1 bn | 0.46% | +1.2% |
| 72 | Mitsubishi UFJ Financial Group MUFG | 76.2 M | $1.0 bn | 0.45% | +871% |
| 73 | Cummins CMI | 3.1 M | $982M | 0.43% | +2% |
| 74 | Danaher DHR | 4.6 M | $950M | 0.41% | +1.2% |
| 75 | Carrier Global CARR | 14.6 M | $926M | 0.40% | +2% |
| 76 | HSBC Holdings HSBC | 15.6 M | $897M | 0.39% | new |
| 77 | Boeing BA | 5.1 M | $875M | 0.38% | +2% |
| 78 | Illinois Tool Works ITW | 3.5 M | $872M | 0.38% | +2.1% |
| 79 | Banco Santander SAN | 128.3 M | $860M | 0.37% | −7.2% |
| 80 | Novo Nordisk A/s NVO | 11.9 M | $824M | 0.36% | −6.1% |
| 81 | Vanguard S&P 500 ETF VOO | 1.5 M | $787M | 0.34% | −12% |
| 82 | Novartis NVS | 6.8 M | $754M | 0.33% | +238% |
| 83 | Sanofi SNY | 13.6 M | $752M | 0.33% | +8.4% |
| 84 | CSX CSX | 25.1 M | $738M | 0.32% | no change |
| 85 | Edwards Lifesciences EW | 10.1 M | $732M | 0.32% | +3.3% |
| 86 | Invesco QQQ Trust Series 1 ETF QQQ | 1.5 M | $711M | 0.31% | −13% |
| 87 | Boston Scientific BSX | 6.8 M | $683M | 0.30% | +17% |
| 88 | Trane Technologies TT | 2.0 M | $675M | 0.29% | no change |
| 89 | iShares Global Healthcare ET ETF IXJ | 7.3 M | $665M | 0.29% | +36% |
| 90 | iShares National Muni Bond E ETF MUB | 6.2 M | $658M | 0.28% | +8.5% |
| 91 | Alibaba Group Holding BABA | 4.9 M | $645M | 0.28% | −4.3% |
| 92 | Anheuser-Busch InBev BUD | 10.2 M | $628M | 0.27% | +1.2% |
| 93 | Banco Bilbao Vizcaya Argentaria BBVA | 43.6 M | $594M | 0.26% | −11% |
| 94 | Ingersoll Rand IR | 6.9 M | $550M | 0.24% | no change |
| 95 | Crown Castle CCI | 5.3 M | $548M | 0.24% | no change |
| 96 | Paccar PCAR | 5.2 M | $506M | 0.22% | no change |
| 97 | Lloyds Banking Group LYG | 132.1 M | $505M | 0.22% | new |
| 98 | Coca-Cola KO | 6.5 M | $463M | 0.20% | −2.4% |
| 99 | iShares Global Energy ETF IXC | 10.9 M | $459M | 0.20% | +7.7% |
| 100 | Deutsche Bank Aktiengesellschaft DB | 18.9 M | $450M | 0.19% | new |
The 100 largest lines are shown. The other 899 add up to 9.35% of the portfolio; full 13F of Fisher Investments →
Positions it closed (91)
- United Microelectronics UMCwas 0.02% · 7.3 M shares
- ON Semiconductor ONwas 0.01% · 446,017 shares
- Alcoa AAwas 0.01% · 702,651 shares
- IPG Photonics IPGPwas 0.01% · 249,830 shares
- Kulicke and Soffa Industries KLICwas 0.01% · 388,169 shares
- H and E Equipment Services was 0.01% · 348,656 shares
- Silicon Laboratories SLABwas 0.01% · 119,292 shares
- Solarwinds was 0.01% · 974,481 shares
- Diodes DIODwas 0.00% · 186,489 shares
- Ultra Clean Holdings UCTTwas 0.00% · 225,469 shares
- Championx was 0.00% · 287,070 shares
- Dropbox DBXwas 0.00% · 196,406 shares
- Radius Recycling was 0.00% · 131,611 shares
- BEL Fuse BELFBwas 0.00% · 20,014 shares
- Jack Henry & Associates JKHYwas 0.00% · 7,091 shares
- Invesco Exch TRD SLF Idx Fd Tr BSCPwas 0.00% · 57,789 shares
- Strategy MSTRwas 0.00% · 3,122 shares
- CVB Financial CVBFwas 0.00% · 41,273 shares
- Photronics PLABwas 0.00% · 36,987 shares
- Dell Technologies DELLwas 0.00% · 5,945 shares
- Ishares Tr Core S and P US VLU IUSVwas 0.00% · 7,324 shares
- Agilent Technologies Awas 0.00% · 4,948 shares
- SEI Investments SEICwas 0.00% · 7,949 shares
- Dorchester Minerals DMLPwas 0.00% · 19,511 shares
- Grayscale Bitcoin Tr ETF GBTCwas 0.00% · 8,557 shares
- Vanguard BD Index Fds Short Tr BSVwas 0.00% · 7,624 shares
- Spdr SER Tr Spdr Russel 2000 SPSMwas 0.00% · 12,595 shares
- Hilton Worldwide Holdings HLTwas 0.00% · 2,222 shares
- Schwab Strategic Tr US Mid Cap SCHMwas 0.00% · 17,911 shares
- Vanguard Malvern Fds Strm Infp VTIPwas 0.00% · 9,190 shares
- Schwab Strategic Tr 1000 Index SCHKwas 0.00% · 15,314 shares
- Cognizant Technology Solutions CTSHwas 0.00% · 5,245 shares
- Ishares Tr Eafe SML CP ETF SCZwas 0.00% · 6,541 shares
- Zions Bancorporation, National Association ZIONwas 0.00% · 7,176 shares
- Fidelity Msci Information Tech FTECwas 0.00% · 2,015 shares
- ARM Holdings ARMwas 0.00% · 3,008 shares
- Fidelity Merrimack Str Tr Inve FSECwas 0.00% · 8,411 shares
- HP HPQwas 0.00% · 10,930 shares
- UBS AG London Branch Etracs UB UCIBwas 0.00% · 13,800 shares
- Thomson Reuters TRIwas 0.00% · 2,214 shares
- Etfis SER Tr I Virtus Infrcap PFFAwas 0.00% · 15,001 shares
- Vanguard Ftse All WO X US SC VSSwas 0.00% · 2,861 shares
- Sempra SREwas 0.00% · 3,713 shares
- Innovator Etfs Trust Equity De AAPRwas 0.00% · 12,227 shares
- Spdr SER Tr Portfolio S and P400 SPMDwas 0.00% · 5,849 shares
- Ishares US Telecom ETF IYZwas 0.00% · 11,637 shares
- Invesco Exch Traded Fd Tr II S SPHDwas 0.00% · 6,308 shares
- Global X Fds US Infr DEV ETF PAVEwas 0.00% · 7,447 shares
- Schwab Strategic Tr US Reit ET SCHHwas 0.00% · 14,014 shares
- MPLX MPLXwas 0.00% · 5,981 shares
- Bruker BRKRwas 0.00% · 4,536 shares
- Ishares Tr RUS MD CP GR ETF IWPwas 0.00% · 2,085 shares
- Ishares Tr GLB CNS Disc ETF RXIwas 0.00% · 1,420 shares
- United Airlines Holdings UALwas 0.00% · 2,670 shares
- Take-two Interactive Software TTWOwas 0.00% · 1,405 shares
- Spdr Index SHS Fds Portfolio E SPEMwas 0.00% · 6,691 shares
- Vanguard Index Fds SML CP Grw VBKwas 0.00% · 913 shares
- Hewlett Packard Enterprise HPEwas 0.00% · 11,369 shares
- First Tr Exchange Traded Fd II CIBRwas 0.00% · 3,809 shares
- Strategy SHS Day Hagan NED SSUSwas 0.00% · 5,707 shares
- Ishares Tr U S Utilits ETF IDUwas 0.00% · 2,493 shares
- Fidelity Merrimack Str Tr Tota FBNDwas 0.00% · 5,145 shares
- First Tr Exchange Traded Fd II FXLwas 0.00% · 1,520 shares
- Ishares Tr Exponential Tech XTwas 0.00% · 3,755 shares
- Spdr SER Tr S and P Kensho KOMPwas 0.00% · 4,389 shares
- Copart CPRTwas 0.00% · 3,843 shares
- Ishares Silver Tr Ishares SLVwas 0.00% · 8,349 shares
- Carnival CCLwas 0.00% · 8,817 shares
- Aon AONwas 0.00% · 597 shares
- Vaneck ETF Tr GDXJwas 0.00% · 5,019 shares
- Arthur J. Gallagher AJGwas 0.00% · 755 shares
- Alps ETF Tr Alerian MLP AMLPwas 0.00% · 4,388 shares
- Ishares Inc Msci GBL Gold MN RINGwas 0.00% · 7,430 shares
- Spdr SER Tr S and P Retail ETF XRTwas 0.00% · 2,590 shares
- Fifth Third Bancorp FITBwas 0.00% · 4,848 shares
- Ishares Tr Ibonds Dec25 ETF IBDQwas 0.00% · 8,173 shares
- Ishares Msci South Korea ETF EWYwas 0.00% · 4,006 shares
- Datadog DDOGwas 0.00% · 1,423 shares
- Reddit RDDTwas 0.00% · 1,230 shares
- Churchill Downs CHDNwas 0.00% · 1,500 shares
- Antero Midstream AMwas 0.00% · 10,920 shares
- Invesco SR Income Tr VVRwas 0.00% · 40,500 shares
- Pacific Biosciences of California PACBwas 0.00% · 55,432 shares
- Citius Pharmaceuticals CTXRwas 0.00% · 12,800 shares
- Greenbrier COS was 0.00% · 16,000 shares
- Akamai Technologies was 0.00% · 19,000 shares
- LCI Inds was 0.00% · 19,000 shares
- Ford MTR was 0.00% · 19,000 shares
- Biomarin Pharmaceutical was 0.00% · 19,000 shares
- Galiano Gold GAUwas 0.00% · 11,870 shares
- Uber Technologies was 0.00% · 10,000 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Fisher Investments's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.