Great investors · Ken Fisher · Q2 2025
What Ken Fisher bought and sold in Q2 2025
Fisher Investments 13F portfolio as of Jun 30, 2025: 986 positions worth $252 bn. Largest: NVDA, MSFT, AAPL, VCIT. Filed with the SEC on Aug 13, 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 Q2 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q2 2025
2 companies with material moves, out of 2 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 Q2 2025 13F lists 986 lines of US-listed securities worth $252 bn; the largest is NVDA at 5.18% of the portfolio. It was accepted by the SEC on Aug 13, 2025 at 12:27 PM ET.
Against the previous quarter, it opened 94 positions (CNI, CM, LTH and CVSA and 90 more), closed 104 (TENB, CRL, CNYA and FIVN and 100 more), added to 129 (ORLY, RY, EWL and TJX and 125 more) and trimmed 209 (NVDA, ORCL, JPM and LLY and 205 more). 53 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | NVIDIA NVDA | 82.5 M | $13.0 bn | 5.18% | −9.1% |
| 2 | Microsoft MSFT | 24.3 M | $12.1 bn | 4.80% | −3.6% |
| 3 | Apple AAPL | 53.6 M | $11.0 bn | 4.36% | no change |
| 4 | Vanguard Int-term Corporate ETF VCIT | 102.3 M | $8.5 bn | 3.37% | +5% |
| 5 | Amazon.com AMZN | 32.5 M | $7.1 bn | 2.83% | no change |
| 6 | Alphabet GOOGL | 36.7 M | $6.5 bn | 2.57% | no change |
| 7 | iShares 7-10 Year Treasury B ETF IEF | 57.7 M | $5.5 bn | 2.19% | +4.9% |
| 8 | Meta Platforms META | 6.4 M | $4.7 bn | 1.86% | −1.5% |
| 9 | Goldman Sachs Group GS | 6.5 M | $4.6 bn | 1.84% | +3.6% |
| 10 | JPMorgan Chase JPM | 15.4 M | $4.5 bn | 1.77% | −16% |
| 11 | SAP SAP | 14.2 M | $4.3 bn | 1.71% | +9% |
| 12 | Taiwan Semiconductor Manufacturing TSM | 17.7 M | $4.0 bn | 1.59% | −1.9% |
| 13 | Walmart WMT | 39.7 M | $3.9 bn | 1.54% | no change |
| 14 | Caterpillar CAT | 9.4 M | $3.7 bn | 1.45% | +2.3% |
| 15 | Home Depot HD | 9.9 M | $3.6 bn | 1.45% | +2.6% |
| 16 | Broadcom AVGO | 12.4 M | $3.4 bn | 1.35% | no change |
| 17 | ASML Holding ASML | 4.2 M | $3.4 bn | 1.35% | +6.3% |
| 18 | Morgan Stanley MS | 24.0 M | $3.4 bn | 1.34% | +3.2% |
| 19 | Eli Lilly LLY | 4.3 M | $3.4 bn | 1.33% | −21% |
| 20 | Exxon Mobil XOM | 30.9 M | $3.3 bn | 1.32% | +1.4% |
| 21 | Costco Wholesale COST | 3.1 M | $3.1 bn | 1.22% | no change |
| 22 | RTX RTX | 20.6 M | $3.0 bn | 1.19% | +4.2% |
| 23 | Chevron CVX | 20.8 M | $3.0 bn | 1.18% | +1.9% |
| 24 | American Express AXP | 8.7 M | $2.8 bn | 1.11% | −2.6% |
| 25 | Citigroup C | 32.2 M | $2.7 bn | 1.09% | +3.2% |
| 26 | Netflix NFLX | 2.0 M | $2.7 bn | 1.07% | −2.1% |
| 27 | Freeport-McMoRan FCX | 62.4 M | $2.7 bn | 1.07% | +3.2% |
| 28 | Sony Group SONY | 101.9 M | $2.7 bn | 1.05% | +19% |
| 29 | Visa V | 7.3 M | $2.6 bn | 1.02% | +1.6% |
| 30 | Bank of America BAC | 51.4 M | $2.4 bn | 0.97% | +5.2% |
| 31 | Mastercard MA | 4.2 M | $2.4 bn | 0.95% | no change |
| 32 | Intuit INTU | 2.8 M | $2.2 bn | 0.87% | −14% |
| 33 | Intuitive Surgical ISRG | 3.8 M | $2.1 bn | 0.83% | −4.9% |
| 34 | BlackRock BLK | 2.0 M | $2.1 bn | 0.82% | no change |
| 35 | iShares MBS ETF MBB | 21.3 M | $2.0 bn | 0.79% | +1.2% |
| 36 | Merck MRK | 25.0 M | $2.0 bn | 0.79% | +2.3% |
| 37 | UBS Group UBS | 58.4 M | $2.0 bn | 0.78% | +17% |
| 38 | Charles Schwab SCHW | 21.4 M | $2.0 bn | 0.77% | no change |
| 39 | Oracle ORCL | 8.9 M | $1.9 bn | 0.77% | −50% |
| 40 | BP BP | 64.4 M | $1.9 bn | 0.77% | +5.6% |
| 41 | Spotify Technology SPOT | 2.5 M | $1.9 bn | 0.76% | +23% |
| 42 | Shell SHEL | 26.4 M | $1.9 bn | 0.74% | +3.4% |
| 43 | Adobe ADBE | 4.6 M | $1.8 bn | 0.70% | −1.7% |
| 44 | Johnson Controls International JCI | 16.6 M | $1.8 bn | 0.70% | +2.7% |
| 45 | Procter & Gamble PG | 11.0 M | $1.7 bn | 0.69% | −4.1% |
| 46 | ServiceNow NOW | 1.6 M | $1.7 bn | 0.67% | −2.5% |
| 47 | Capital One Financial COF | 7.7 M | $1.6 bn | 0.65% | −6.3% |
| 48 | UnitedHealth Group UNH | 5.2 M | $1.6 bn | 0.65% | no change |
| 49 | Abbott Laboratories ABT | 11.9 M | $1.6 bn | 0.64% | +1.8% |
| 50 | Barclays BCS | 83.1 M | $1.5 bn | 0.61% | +13% |
| 51 | State Street SPDR PF LNG TRM TSY E-usd ETF SPTL | 58.0 M | $1.5 bn | 0.61% | +5.9% |
| 52 | Canadian Natural Resources CNQ | 47.9 M | $1.5 bn | 0.60% | +4.5% |
| 53 | Union Pacific UNP | 6.4 M | $1.5 bn | 0.58% | no change |
| 54 | Astrazeneca AZN | 20.7 M | $1.4 bn | 0.57% | +2.6% |
| 55 | Stryker SYK | 3.5 M | $1.4 bn | 0.54% | −5.6% |
| 56 | ING Groep ING | 60.9 M | $1.3 bn | 0.53% | −4.1% |
| 57 | Unilever | 21.6 M | $1.3 bn | 0.52% | +10% |
| 58 | Deere DE | 2.6 M | $1.3 bn | 0.52% | +10% |
| 59 | ConocoPhillips COP | 14.4 M | $1.3 bn | 0.51% | +1.6% |
| 60 | Johnson & Johnson JNJ | 8.3 M | $1.3 bn | 0.50% | −5% |
| 61 | TotalEnergies TTE | 20.5 M | $1.3 bn | 0.50% | −3.2% |
| 62 | Mitsubishi UFJ Financial Group MUFG | 89.5 M | $1.2 bn | 0.49% | +17% |
| 63 | GSK GSK | 31.3 M | $1.2 bn | 0.48% | +4.4% |
| 64 | Toyota Motor Corp/ TM | 6.8 M | $1.2 bn | 0.47% | +1.7% |
| 65 | Pfizer PFE | 48.4 M | $1.2 bn | 0.47% | +2% |
| 66 | Salesforce CRM | 4.2 M | $1.2 bn | 0.46% | −48% |
| 67 | iShares Msci Europe Financia ETF EUFN | 35.3 M | $1.1 bn | 0.44% | −7.8% |
| 68 | Boeing BA | 5.3 M | $1.1 bn | 0.44% | +3.8% |
| 69 | Carrier Global CARR | 15.0 M | $1.1 bn | 0.44% | +3.1% |
| 70 | BHP Group BHP | 22.8 M | $1.1 bn | 0.44% | +1.9% |
| 71 | Starbucks SBUX | 11.9 M | $1.1 bn | 0.43% | no change |
| 72 | Thermo Fisher Scientific TMO | 2.7 M | $1.1 bn | 0.43% | no change |
| 73 | RIO Tinto RIO | 18.6 M | $1.1 bn | 0.43% | +4.2% |
| 74 | Cummins CMI | 3.3 M | $1.1 bn | 0.43% | +4.5% |
| 75 | Pepsico PEP | 8.0 M | $1.1 bn | 0.42% | −2.7% |
| 76 | HSBC Holdings HSBC | 17.0 M | $1.0 bn | 0.41% | +9.2% |
| 77 | Banco Santander SAN | 117.6 M | $976M | 0.39% | −8.4% |
| 78 | iShares National Muni Bond E ETF MUB | 8.9 M | $931M | 0.37% | +43% |
| 79 | Illinois Tool Works ITW | 3.6 M | $889M | 0.35% | +2.3% |
| 80 | Trane Technologies TT | 2.0 M | $874M | 0.35% | no change |
| 81 | Vanguard S&P 500 ETF VOO | 1.5 M | $864M | 0.34% | no change |
| 82 | Novartis NVS | 7.1 M | $862M | 0.34% | +5.3% |
| 83 | Danaher DHR | 4.3 M | $857M | 0.34% | −6.4% |
| 84 | Boston Scientific BSX | 7.7 M | $828M | 0.33% | +14% |
| 85 | CSX CSX | 25.3 M | $825M | 0.33% | no change |
| 86 | Invesco QQQ Trust Series 1 ETF QQQ | 1.4 M | $799M | 0.32% | −4.5% |
| 87 | Novo Nordisk A/s NVO | 11.0 M | $759M | 0.30% | −7.3% |
| 88 | Royal Bank of Canada RY | 5.7 M | $753M | 0.30% | ×13 |
| 89 | Deutsche Bank Aktiengesellschaft DB | 25.5 M | $746M | 0.30% | +35% |
| 90 | Anheuser-Busch InBev BUD | 10.7 M | $733M | 0.29% | +4.5% |
| 91 | Emerson Electric EMR | 5.2 M | $692M | 0.27% | +43% |
| 92 | Banco Bilbao Vizcaya Argentaria BBVA | 41.4 M | $637M | 0.25% | −5% |
| 93 | Sanofi SNY | 13.1 M | $635M | 0.25% | −3.2% |
| 94 | Lloyds Banking Group LYG | 148.8 M | $633M | 0.25% | +13% |
| 95 | Alibaba Group Holding BABA | 5.3 M | $597M | 0.24% | +8% |
| 96 | iShares Global Healthcare ET ETF IXJ | 6.9 M | $594M | 0.24% | −5.3% |
| 97 | Ingersoll Rand IR | 6.9 M | $575M | 0.23% | no change |
| 98 | Crown Castle CCI | 5.3 M | $550M | 0.22% | +1.7% |
| 99 | NatWest Group NWG | 37.5 M | $531M | 0.21% | +13% |
| 100 | Vanguard Ftse Developed ETF VEA | 9.3 M | $529M | 0.21% | +13% |
The 100 largest lines are shown. The other 886 add up to 9.20% of the portfolio; full 13F of Fisher Investments →
Positions it closed (104)
- Tenable Holdings TENBwas 0.02% · 1.2 M shares
- Charles River Laboratories International CRLwas 0.02% · 255,223 shares
- Ishares Tr Msci China A CNYAwas 0.01% · 892,644 shares
- Five9 FIVNwas 0.01% · 717,889 shares
- MKS MKSIwas 0.00% · 53,108 shares
- Dayforce DAYwas 0.00% · 51,619 shares
- Ichor Holdings ICHRwas 0.00% · 121,000 shares
- FARO Technologies FAROwas 0.00% · 57,984 shares
- Flutter Entertainment FLUTwas 0.00% · 7,052 shares
- Twist Bioscience TWSTwas 0.00% · 39,415 shares
- Five Star Bancorp FSBCwas 0.00% · 43,240 shares
- Dimensional ETF Trust US High was 0.00% · 31,791 shares
- J P Morgan Exchange Traded Fd JEPQwas 0.00% · 20,156 shares
- Nuveen CAL AMT Free QUA Inc Fd XNCMXwas 0.00% · 74,913 shares
- Dimensional ETF Trust US Core DFACwas 0.00% · 27,609 shares
- Dimensional ETF Trust US Targe DFATwas 0.00% · 16,710 shares
- Dominion Energy Dwas 0.00% · 14,003 shares
- Nuveen CA Qualty MUN Income Fd NACwas 0.00% · 61,029 shares
- Toro TTCwas 0.00% · 9,270 shares
- Nuveen Nasdaq 100 Dynamic Over QQQXwas 0.00% · 24,655 shares
- Dimensional ETF Trust US Small DFASwas 0.00% · 9,413 shares
- Installed Building Products IBPwas 0.00% · 3,212 shares
- Designer Brands DBIwas 0.00% · 140,705 shares
- Vanguard Scottsdale Fds Short VGSHwas 0.00% · 8,627 shares
- Texas Pacific Land TPLwas 0.00% · 373 shares
- Annaly Capital Management NLYwas 0.00% · 23,651 shares
- Ishares Tr U S Energy ETF IYEwas 0.00% · 9,267 shares
- Albertsons Companies ACIwas 0.00% · 20,591 shares
- Dimensional ETF Trust US Core DFAUwas 0.00% · 11,722 shares
- Spdr Series Trust Prtflo S and P50 SPYVwas 0.00% · 8,775 shares
- Spdr Series Trust Prtflo S and P50 SPYGwas 0.00% · 5,492 shares
- Invesco Exchange Traded Fd Tr RSPTwas 0.00% · 12,856 shares
- BlackRock Calif MUN Income Tr XBFZXwas 0.00% · 39,619 shares
- First Tr Exchange Traded Fd IV FTSMwas 0.00% · 6,961 shares
- Invesco S and P Midcap Momentum ET XMMOwas 0.00% · 3,532 shares
- Wheaton Precious Metals WPMwas 0.00% · 5,169 shares
- Sprott Physical Gold and Silver CEFwas 0.00% · 13,302 shares
- Natural Gas Services Group NGSwas 0.00% · 16,828 shares
- Ishares Tr RUS Mid Cap ETF IWRwas 0.00% · 4,256 shares
- First Tr Exchange Traded Fd VI RDVYwas 0.00% · 6,135 shares
- Dimensional ETF Trust US Mktwi DFUVwas 0.00% · 8,644 shares
- Rithm Capital RITMwas 0.00% · 30,913 shares
- American Centy ETF Tr Intl SMC AVDVwas 0.00% · 5,016 shares
- First Tr Exchng Traded Fd Viii BUFRwas 0.00% · 11,684 shares
- Schwab Strategic Tr US Lcap VA SCHVwas 0.00% · 12,855 shares
- Spdr Series Trust Nuveen Blmbr SHMwas 0.00% · 7,060 shares
- Coinbase Global COINwas 0.00% · 1,937 shares
- First Tr Value Line Divid Inde FVDwas 0.00% · 7,477 shares
- Tidal ETF Tr Sofi Select 500 SFYwas 0.00% · 3,244 shares
- Arbor Realty Trust ABRwas 0.00% · 27,998 shares
- Ishares Tr 3 7 Yr Tr BD ETF IEIwas 0.00% · 2,732 shares
- Ishares Tr Core Div Grwth DGROwas 0.00% · 4,973 shares
- Schwab Strategic Tr Int TRM U SCHRwas 0.00% · 12,112 shares
- Vanguard World Fd Mega Cap IND MGCwas 0.00% · 1,461 shares
- Sprott Physical Gold Tr Unit PHYSwas 0.00% · 12,211 shares
- American Water Works AWKwas 0.00% · 1,956 shares
- Ishares Tr HDG Msci Eafe HEFAwas 0.00% · 7,933 shares
- The Trade Desk TTDwas 0.00% · 5,256 shares
- Ishares Tr S and P SML 600 GWT IJTwas 0.00% · 2,277 shares
- Schwab Strategic Tr 5 10yr COR SCHIwas 0.00% · 12,595 shares
- Becton, Dickinson BDXwas 0.00% · 1,191 shares
- Idexx Laboratories IDXXwas 0.00% · 643 shares
- Ishares Tr U S FIN SVC ETF IYGwas 0.00% · 3,328 shares
- Vanguard Admiral Fds Inc 500 G VOOGwas 0.00% · 774 shares
- Spdr Series Trust S and P BK ETF KBEwas 0.00% · 4,816 shares
- Consolidated Edison EDwas 0.00% · 2,255 shares
- Elevance Health ELVwas 0.00% · 571 shares
- lululemon athletica LULUwas 0.00% · 877 shares
- NVR NVRwas 0.00% · 34 shares
- Alkami Technology ALKTwas 0.00% · 9,349 shares
- Sysco SYYwas 0.00% · 3,229 shares
- Steris STEwas 0.00% · 1,059 shares
- Dupont De Nemours DDwas 0.00% · 3,198 shares
- Millrose Properties MRPwas 0.00% · 8,791 shares
- Ishares Tr US Hlthcare ETF IYHwas 0.00% · 3,753 shares
- Fidelity Covington Trust Enhan FELCwas 0.00% · 7,251 shares
- Schwab Strategic Tr Fundamenta FNDEwas 0.00% · 7,326 shares
- Public Storage PSAwas 0.00% · 751 shares
- Ishares Core S and P U S Growth E IUSGwas 0.00% · 1,732 shares
- Newmont NEMwas 0.00% · 4,550 shares
- J P Morgan Exchange Traded Fd JPSTwas 0.00% · 4,297 shares
- Ishares Tr Iboxx HI YD ETF HYGwas 0.00% · 2,734 shares
- TC Energy TRPwas 0.00% · 4,558 shares
- BlackRock ETF Trust II Ishares BINCwas 0.00% · 4,089 shares
- Ameriprise Financial AMPwas 0.00% · 440 shares
- WEC Energy Group WECwas 0.00% · 1,950 shares
- Schwab Strategic Tr Long Term SCHQwas 0.00% · 6,484 shares
- Spdr Bloomberg Brclys AGG ETF SPABwas 0.00% · 7,988 shares
- Cardinal Health CAHwas 0.00% · 1,474 shares
- Xcel Energy XELwas 0.00% · 2,866 shares
- Cheniere Energy Partners CQPwas 0.00% · 3,072 shares
- Hartford Insurance Group HIGwas 0.00% · 1,638 shares
- First Tr Exchange Traded Fd CA FTCSwas 0.00% · 2,248 shares
- Virtus Convertible and Inc Fd II NCZwas 0.00% · 12,968 shares
- Invesco Exch Traded Fd Tr II P PGXwas 0.00% · 12,527 shares
- Transocean RIGwas 0.00% · 41,216 shares
- SoFi Technologies SOFIwas 0.00% · 10,540 shares
- Lument Finance Trust was 0.00% · 34,447 shares
- Sandstorm Gold was 0.00% · 10,925 shares
- Callaway Golf CALYwas 0.00% · 11,267 shares
- Lucid Group LCIDwas 0.00% · 13,997 shares
- RAVE Restaurant Group RAVEwas 0.00% · 10,033 shares
- Icecure Medical LTD Caesarea ICCMwas 0.00% · 11,300 shares
- GEE Group JOBwas 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.