Great investors · Ken Fisher · Q3 2025
What Ken Fisher bought and sold in Q3 2025
Fisher Investments 13F portfolio as of Sep 30, 2025: 1,014 positions worth $276 bn. Largest: NVDA, AAPL, MSFT, GOOGL. Filed with the SEC on Nov 12, 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 Q3 2025
- IncreasediShares 7-10 Year Treasury B ETFIEF+1.0 pp
Sells in Q3 2025
- ReducedVanguard Int-term Corporate ETFVCIT−0.7 pp
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 Q3 2025 13F lists 1,014 lines of US-listed securities worth $276 bn; the largest is NVDA at 5.71% of the portfolio. It was accepted by the SEC on Nov 12, 2025 at 10:57 AM ET.
Against the previous quarter, it opened 108 positions (SANM and RMBS and 106 more), closed 72 (WEX, CVCO, TOL and TER and 68 more), added to 214 (IEF, SU, NVDA and MSFT and 210 more) and trimmed 138 (VCIT, CNQ, INTU and ADBE and 134 more). 46 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | NVIDIA NVDA | 84.6 M | $15.8 bn | 5.71% | +2.5% |
| 2 | Apple AAPL | 54.4 M | $13.9 bn | 5.02% | +1.7% |
| 3 | Microsoft MSFT | 24.8 M | $12.9 bn | 4.66% | +2.2% |
| 4 | Alphabet GOOGL | 37.5 M | $9.1 bn | 3.30% | +2.3% |
| 5 | iShares 7-10 Year Treasury B ETF IEF | 87.7 M | $8.5 bn | 3.06% | +52% |
| 6 | Amazon.com AMZN | 33.1 M | $7.3 bn | 2.63% | +1.9% |
| 7 | Vanguard Int-term Corporate ETF VCIT | 80.6 M | $6.8 bn | 2.45% | −21% |
| 8 | Goldman Sachs Group GS | 6.7 M | $5.3 bn | 1.92% | +1.9% |
| 9 | Taiwan Semiconductor Manufacturing TSM | 17.8 M | $5.0 bn | 1.80% | no change |
| 10 | JPMorgan Chase JPM | 15.7 M | $5.0 bn | 1.80% | +2.3% |
| 11 | Meta Platforms META | 6.5 M | $4.8 bn | 1.73% | +2.2% |
| 12 | Caterpillar CAT | 9.4 M | $4.5 bn | 1.63% | no change |
| 13 | ASML Holding ASML | 4.4 M | $4.2 bn | 1.53% | +2.6% |
| 14 | Broadcom AVGO | 12.6 M | $4.2 bn | 1.51% | +1.9% |
| 15 | Walmart WMT | 40.3 M | $4.2 bn | 1.50% | +1.6% |
| 16 | Home Depot HD | 10.1 M | $4.1 bn | 1.49% | +2% |
| 17 | Morgan Stanley MS | 24.5 M | $3.9 bn | 1.41% | +1.9% |
| 18 | SAP SAP | 14.5 M | $3.9 bn | 1.41% | +2.8% |
| 19 | RTX RTX | 21.2 M | $3.5 bn | 1.28% | +2.8% |
| 20 | Exxon Mobil XOM | 31.2 M | $3.5 bn | 1.27% | +1.1% |
| 21 | Eli Lilly LLY | 4.5 M | $3.4 bn | 1.23% | +3.5% |
| 22 | Citigroup C | 33.0 M | $3.4 bn | 1.21% | +2.7% |
| 23 | Chevron CVX | 21.2 M | $3.3 bn | 1.19% | +1.6% |
| 24 | Sony Group SONY | 104.6 M | $3.1 bn | 1.13% | +2.7% |
| 25 | American Express AXP | 8.9 M | $3.0 bn | 1.07% | +1.7% |
| 26 | Costco Wholesale COST | 3.1 M | $2.9 bn | 1.05% | +1.1% |
| 27 | Bank of America BAC | 52.7 M | $2.7 bn | 0.98% | +2.5% |
| 28 | Oracle ORCL | 9.0 M | $2.5 bn | 0.92% | +1.8% |
| 29 | Visa V | 7.4 M | $2.5 bn | 0.91% | +1.4% |
| 30 | UBS Group UBS | 61.2 M | $2.5 bn | 0.91% | +4.7% |
| 31 | Freeport-McMoRan FCX | 63.3 M | $2.5 bn | 0.90% | +1.4% |
| 32 | Mastercard MA | 4.3 M | $2.5 bn | 0.89% | +1.4% |
| 33 | Netflix NFLX | 2.0 M | $2.4 bn | 0.88% | no change |
| 34 | BP BP | 65.5 M | $2.3 bn | 0.82% | +1.6% |
| 35 | BlackRock BLK | 1.9 M | $2.2 bn | 0.80% | −3.3% |
| 36 | iShares MBS ETF MBB | 22.5 M | $2.1 bn | 0.78% | +5.7% |
| 37 | Charles Schwab SCHW | 21.6 M | $2.1 bn | 0.75% | +1.3% |
| 38 | Merck MRK | 24.1 M | $2.0 bn | 0.73% | −3.8% |
| 39 | Shell SHEL | 26.8 M | $1.9 bn | 0.69% | +1.6% |
| 40 | Johnson Controls International JCI | 17.0 M | $1.9 bn | 0.67% | +2.1% |
| 41 | Spotify Technology SPOT | 2.6 M | $1.8 bn | 0.66% | +4.6% |
| 42 | UnitedHealth Group UNH | 5.3 M | $1.8 bn | 0.66% | no change |
| 43 | Barclays BCS | 86.0 M | $1.8 bn | 0.64% | +3.6% |
| 44 | Intuitive Surgical ISRG | 3.9 M | $1.7 bn | 0.63% | +1.1% |
| 45 | Intuit INTU | 2.5 M | $1.7 bn | 0.62% | −8.9% |
| 46 | Procter & Gamble PG | 11.0 M | $1.7 bn | 0.61% | no change |
| 47 | State Street SPDR PF LNG TRM TSY E-usd ETF SPTL | 60.6 M | $1.6 bn | 0.59% | +4.6% |
| 48 | Astrazeneca AZN | 21.2 M | $1.6 bn | 0.59% | +2.3% |
| 49 | Abbott Laboratories ABT | 12.0 M | $1.6 bn | 0.58% | +1.4% |
| 50 | Johnson & Johnson JNJ | 8.4 M | $1.6 bn | 0.57% | +2.1% |
| 51 | Capital One Financial COF | 7.3 M | $1.6 bn | 0.56% | −4.7% |
| 52 | ServiceNow NOW | 1.7 M | $1.5 bn | 0.55% | +1.2% |
| 53 | Union Pacific UNP | 6.4 M | $1.5 bn | 0.55% | no change |
| 54 | Adobe ADBE | 4.2 M | $1.5 bn | 0.54% | −7.3% |
| 55 | ING Groep ING | 57.1 M | $1.5 bn | 0.54% | −6.2% |
| 56 | Mitsubishi UFJ Financial Group MUFG | 91.5 M | $1.5 bn | 0.53% | +2.2% |
| 57 | Cummins CMI | 3.4 M | $1.4 bn | 0.51% | +2.8% |
| 58 | GSK GSK | 32.2 M | $1.4 bn | 0.50% | +2.8% |
| 59 | ConocoPhillips COP | 14.7 M | $1.4 bn | 0.50% | +1.8% |
| 60 | Unilever | 22.5 M | $1.3 bn | 0.48% | +4.4% |
| 61 | Canadian Natural Resources CNQ | 41.4 M | $1.3 bn | 0.48% | −14% |
| 62 | Toyota Motor Corp/ TM | 6.9 M | $1.3 bn | 0.48% | +1.2% |
| 63 | Thermo Fisher Scientific TMO | 2.7 M | $1.3 bn | 0.48% | +1.2% |
| 64 | BHP Group BHP | 23.1 M | $1.3 bn | 0.47% | +1.3% |
| 65 | RIO Tinto RIO | 19.1 M | $1.3 bn | 0.46% | +3% |
| 66 | Pfizer PFE | 49.3 M | $1.3 bn | 0.45% | +1.9% |
| 67 | Deere DE | 2.7 M | $1.2 bn | 0.45% | +5.5% |
| 68 | HSBC Holdings HSBC | 17.4 M | $1.2 bn | 0.45% | +2.1% |
| 69 | iShares Msci Europe Financia ETF EUFN | 35.9 M | $1.2 bn | 0.45% | +1.7% |
| 70 | Stryker SYK | 3.3 M | $1.2 bn | 0.44% | −4.1% |
| 71 | TotalEnergies TTE | 20.0 M | $1.2 bn | 0.43% | −2.6% |
| 72 | Boeing BA | 5.5 M | $1.2 bn | 0.43% | +3.3% |
| 73 | Pepsico PEP | 8.1 M | $1.1 bn | 0.41% | +2% |
| 74 | Banco Santander SAN | 107.6 M | $1.1 bn | 0.41% | −8.5% |
| 75 | iShares National Muni Bond E ETF MUB | 9.7 M | $1.0 bn | 0.37% | +9.1% |
| 76 | Salesforce CRM | 4.3 M | $1.0 bn | 0.37% | +2.4% |
| 77 | Starbucks SBUX | 12.0 M | $1.0 bn | 0.37% | no change |
| 78 | Illinois Tool Works ITW | 3.7 M | $952M | 0.34% | +1.5% |
| 79 | Alibaba Group Holding BABA | 5.3 M | $946M | 0.34% | no change |
| 80 | Vanguard S&P 500 ETF VOO | 1.5 M | $945M | 0.34% | +1.4% |
| 81 | Deutsche Bank Aktiengesellschaft DB | 26.4 M | $936M | 0.34% | +3.8% |
| 82 | Novartis NVS | 7.2 M | $928M | 0.34% | +1.7% |
| 83 | CSX CSX | 25.9 M | $918M | 0.33% | +2.3% |
| 84 | Carrier Global CARR | 15.1 M | $904M | 0.33% | no change |
| 85 | Royal Bank of Canada RY | 6.0 M | $885M | 0.32% | +4.9% |
| 86 | Danaher DHR | 4.4 M | $866M | 0.31% | no change |
| 87 | Invesco QQQ Trust Series 1 ETF QQQ | 1.4 M | $838M | 0.30% | −3.6% |
| 88 | Trane Technologies TT | 2.0 M | $837M | 0.30% | no change |
| 89 | Boston Scientific BSX | 8.5 M | $826M | 0.30% | +9.8% |
| 90 | Emerson Electric EMR | 6.3 M | $822M | 0.30% | +21% |
| 91 | Banco Bilbao Vizcaya Argentaria BBVA | 38.3 M | $737M | 0.27% | −7.5% |
| 92 | Lloyds Banking Group LYG | 150.0 M | $681M | 0.25% | no change |
| 93 | iShares Global Healthcare ET ETF IXJ | 7.4 M | $659M | 0.24% | +7.8% |
| 94 | Anheuser-Busch InBev BUD | 11.0 M | $656M | 0.24% | +3.3% |
| 95 | Suncor Energy SU | 15.5 M | $649M | 0.24% | +86% |
| 96 | Sanofi SNY | 12.6 M | $594M | 0.21% | −4.2% |
| 97 | Ingersoll Rand IR | 6.9 M | $574M | 0.21% | no change |
| 98 | Novo Nordisk A/s NVO | 10.3 M | $573M | 0.21% | −6.2% |
| 99 | iShares Global Energy ETF IXC | 13.6 M | $568M | 0.21% | +8.5% |
| 100 | Vanguard Ftse Developed ETF VEA | 9.4 M | $565M | 0.20% | +1.6% |
The 100 largest lines are shown. The other 914 add up to 9.10% of the portfolio; full 13F of Fisher Investments →
Positions it closed (72)
- WEX WEXwas 0.01% · 96,642 shares
- Cavco Industries CVCOwas 0.00% · 27,682 shares
- Toll Brothers TOLwas 0.00% · 88,890 shares
- Teradyne TERwas 0.00% · 103,299 shares
- Morningstar MORNwas 0.00% · 16,141 shares
- Factset Research Systems FDSwas 0.00% · 9,313 shares
- Spdr Series Trust Portflio MOR SPMBwas 0.00% · 147,312 shares
- Spdr Series Trust Bloomberg In IBNDwas 0.00% · 46,234 shares
- M/i Homes MHOwas 0.00% · 12,975 shares
- EA Series Trust Freedom Day MBOXwas 0.00% · 35,000 shares
- Middlefield Banc MBCNwas 0.00% · 35,072 shares
- Beazer Homes USA BZHwas 0.00% · 47,090 shares
- Invesco Exchange Traded Fd Tr PWBwas 0.00% · 8,877 shares
- Consumer Portfolio Services CPSSwas 0.00% · 102,377 shares
- Invesco Exchange Traded Fd Tr XMHQwas 0.00% · 8,003 shares
- Replimune Group REPLwas 0.00% · 81,949 shares
- Pacer Fds Tr US Cash Cows 100 COWZwas 0.00% · 13,734 shares
- Amcor AMCRwas 0.00% · 65,186 shares
- Janus Detroit Str Tr Hendrson JAAAwas 0.00% · 11,286 shares
- EA Series Trust Bridgeway Blue BBLUwas 0.00% · 38,588 shares
- IonQ IONQwas 0.00% · 12,031 shares
- Ishares Tr RUS Tp200 VL ETF IWXwas 0.00% · 5,720 shares
- Dimensional ETF Trust World EX DFAXwas 0.00% · 16,393 shares
- Innovator Etfs Trust US Equity XBAPwas 0.00% · 12,439 shares
- Ishares Tr US Treas BD ETF GOVTwas 0.00% · 19,637 shares
- Elevation Series Trust Truesha ERNZwas 0.00% · 19,743 shares
- Invesco Exch Traded Fd Tr II S IDHQwas 0.00% · 13,414 shares
- Wisdomtree Tr US Qtly Div GRT DGRWwas 0.00% · 5,179 shares
- Ishares Tr CRE U S Reit ETF USRTwas 0.00% · 6,414 shares
- Imperial Oil IMOwas 0.00% · 4,497 shares
- Ishares Short-term Corporate B IGSBwas 0.00% · 6,710 shares
- Southwest Airlines LUVwas 0.00% · 10,897 shares
- Vanguard Index Fds Mcap VL Idx VOEwas 0.00% · 2,087 shares
- Spdr Index SHS Fds Portfolio E SPEMwas 0.00% · 7,510 shares
- Vanguard Scottsdale Fds VNG RU VONVwas 0.00% · 3,662 shares
- Norwood Financial NWFLwas 0.00% · 11,815 shares
- Ishares Tr Core Msci Intl IDEVwas 0.00% · 3,862 shares
- Keurig Dr Pepper KDPwas 0.00% · 8,619 shares
- Dell Technologies DELLwas 0.00% · 2,314 shares
- Dimensional ETF Trust US Equit DFUSwas 0.00% · 4,180 shares
- Rocket Lab RKLBwas 0.00% · 7,671 shares
- J P Morgan Exchange Traded Fd JEPIwas 0.00% · 4,735 shares
- Genuine Parts GPCwas 0.00% · 2,145 shares
- Vanguard Index Fds SML CP Grw VBKwas 0.00% · 928 shares
- Ishares Tr Eafe SML CP ETF SCZwas 0.00% · 3,520 shares
- RPM International RPMwas 0.00% · 2,240 shares
- Nuveen MUN High Income Opportu NMZwas 0.00% · 23,495 shares
- Pacer Fds Tr Trendp US LAR CP PTLCwas 0.00% · 4,788 shares
- BlackRock ETF Trust Ishares US DYNFwas 0.00% · 4,439 shares
- Ishares Bitcoin Trust ETF IBITwas 0.00% · 3,924 shares
- Brookfield Investment Funds RAwas 0.00% · 17,845 shares
- Select Sector Spdr Tr RL EST XLREwas 0.00% · 5,733 shares
- Fidelity Covington Trust Enhan FELGwas 0.00% · 6,336 shares
- Ishares Tr Select Divid ETF DVYwas 0.00% · 1,751 shares
- First Tr Exchange Traded Fd II CIBRwas 0.00% · 3,075 shares
- Sarepta Therapeutics SRPTwas 0.00% · 12,910 shares
- Quest Diagnostics DGXwas 0.00% · 1,224 shares
- Exelon EXCwas 0.00% · 4,834 shares
- Dow DOWwas 0.00% · 7,912 shares
- Guggenheim Strategic Opportun GOFwas 0.00% · 13,964 shares
- Snowflake SNOWwas 0.00% · 920 shares
- Jacobs Solutions Jwas 0.00% · 1,562 shares
- Ingredion INGRwas 0.00% · 1,494 shares
- Schwab Strategic Tr US Aggrega SCHZwas 0.00% · 8,722 shares
- Nuveen Amt-free MUN Inc Fd XNEAXwas 0.00% · 13,575 shares
- Orchid Island Capital ORCwas 0.00% · 11,000 shares
- OFS Credit OCCIwas 0.00% · 11,000 shares
- Prospect Capital PSECwas 0.00% · 20,384 shares
- Solid Power SLDPwas 0.00% · 15,800 shares
- Apyx Medical APYXwas 0.00% · 14,949 shares
- Blink Charging BLNKwas 0.00% · 16,980 shares
- Vaxart VXRTwas 0.00% · 10,069 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.