Great investors · Ken Fisher · Q4 2025
What Ken Fisher bought and sold in Q4 2025
Fisher Investments 13F portfolio as of Dec 31, 2025: 1,016 positions worth $293 bn. Largest: NVDA, AAPL, IEF, MSFT. Filed with the SEC on Feb 9, 2026.
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 Q4 2025
- IncreasediShares 7-10 Year Treasury B ETFIEF+1.5 pp
Sells in Q4 2025
- ReducediShares MBS ETFMBB−0.7 pp
- ReducedState Street SPDR PF LNG TRM TSY E-usd ETFSPTL−0.5 pp
3 companies with material moves, out of 3 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 Q4 2025 13F lists 1,016 lines of US-listed securities worth $293 bn; the largest is NVDA at 5.48% of the portfolio. It was accepted by the SEC on Feb 9, 2026 at 11:19 AM ET.
Against the previous quarter, it opened 111 positions (BDC, BELFB, DMC and ACLX and 107 more), closed 106 (INFY, POOL, SAM and AGIO and 102 more), added to 174 (IEF, FN, CSCO and RVMD and 170 more) and trimmed 164 (INTU, SAN, ITUB and ING and 160 more). 55 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | NVIDIA NVDA | 86.1 M | $16.0 bn | 5.48% | +1.8% |
| 2 | Apple AAPL | 55.1 M | $15.0 bn | 5.12% | +1.3% |
| 3 | iShares 7-10 Year Treasury B ETF IEF | 134.8 M | $13.0 bn | 4.43% | +54% |
| 4 | Microsoft MSFT | 25.3 M | $12.2 bn | 4.18% | +1.8% |
| 5 | Alphabet GOOGL | 38.1 M | $11.9 bn | 4.07% | +1.6% |
| 6 | Amazon.com AMZN | 33.6 M | $7.8 bn | 2.65% | +1.5% |
| 7 | Vanguard Int-term Corporate ETF VCIT | 84.0 M | $7.0 bn | 2.40% | +4.1% |
| 8 | Goldman Sachs Group GS | 6.8 M | $6.0 bn | 2.03% | +1.7% |
| 9 | Taiwan Semiconductor Manufacturing TSM | 18.1 M | $5.5 bn | 1.88% | +1.8% |
| 10 | Caterpillar CAT | 9.5 M | $5.4 bn | 1.86% | no change |
| 11 | JPMorgan Chase JPM | 16.0 M | $5.2 bn | 1.76% | +1.9% |
| 12 | Eli Lilly LLY | 4.6 M | $5.0 bn | 1.69% | +3.4% |
| 13 | ASML Holding ASML | 4.5 M | $4.8 bn | 1.64% | +3% |
| 14 | Broadcom AVGO | 13.8 M | $4.8 bn | 1.64% | +9.8% |
| 15 | Walmart WMT | 40.6 M | $4.5 bn | 1.54% | no change |
| 16 | Morgan Stanley MS | 25.0 M | $4.4 bn | 1.52% | +2.1% |
| 17 | Meta Platforms META | 6.6 M | $4.4 bn | 1.49% | +1.7% |
| 18 | RTX RTX | 21.8 M | $4.0 bn | 1.36% | +3% |
| 19 | Citigroup C | 33.9 M | $4.0 bn | 1.35% | +2.6% |
| 20 | Exxon Mobil XOM | 31.5 M | $3.8 bn | 1.29% | no change |
| 21 | SAP SAP | 14.7 M | $3.6 bn | 1.22% | +1.2% |
| 22 | Home Depot HD | 10.2 M | $3.5 bn | 1.19% | no change |
| 23 | American Express AXP | 9.0 M | $3.3 bn | 1.14% | +1.6% |
| 24 | Chevron CVX | 21.5 M | $3.3 bn | 1.12% | +1.5% |
| 25 | Freeport-McMoRan FCX | 63.9 M | $3.2 bn | 1.11% | no change |
| 26 | UBS Group UBS | 64.1 M | $3.0 bn | 1.01% | +4.8% |
| 27 | Bank of America BAC | 53.8 M | $3.0 bn | 1.01% | +2.1% |
| 28 | Sony Group SONY | 109.0 M | $2.8 bn | 0.95% | +4.1% |
| 29 | Costco Wholesale COST | 3.2 M | $2.7 bn | 0.93% | no change |
| 30 | Visa V | 7.5 M | $2.6 bn | 0.90% | +1.7% |
| 31 | Merck MRK | 24.9 M | $2.6 bn | 0.89% | +3.3% |
| 32 | Mastercard MA | 4.4 M | $2.5 bn | 0.85% | +1.1% |
| 33 | BP BP | 66.4 M | $2.3 bn | 0.79% | +1.4% |
| 34 | Barclays BCS | 89.8 M | $2.3 bn | 0.78% | +4.3% |
| 35 | Charles Schwab SCHW | 21.8 M | $2.2 bn | 0.74% | no change |
| 36 | Intuitive Surgical ISRG | 3.8 M | $2.1 bn | 0.73% | −2.7% |
| 37 | Johnson Controls International JCI | 17.2 M | $2.1 bn | 0.70% | +1.7% |
| 38 | Shell SHEL | 27.1 M | $2.0 bn | 0.68% | +1.2% |
| 39 | Astrazeneca AZN | 21.6 M | $2.0 bn | 0.68% | +2.1% |
| 40 | BlackRock BLK | 1.8 M | $2.0 bn | 0.67% | −4.1% |
| 41 | Netflix NFLX | 20.5 M | $1.9 bn | 0.66% | no change |
| 42 | Johnson & Johnson JNJ | 8.9 M | $1.8 bn | 0.63% | +5% |
| 43 | Oracle ORCL | 9.3 M | $1.8 bn | 0.62% | +3% |
| 44 | UnitedHealth Group UNH | 5.3 M | $1.7 bn | 0.60% | no change |
| 45 | Cummins CMI | 3.4 M | $1.7 bn | 0.59% | +1.3% |
| 46 | Capital One Financial COF | 6.9 M | $1.7 bn | 0.57% | −4.9% |
| 47 | GSK GSK | 33.2 M | $1.6 bn | 0.56% | +3% |
| 48 | Thermo Fisher Scientific TMO | 2.8 M | $1.6 bn | 0.55% | +2.6% |
| 49 | RIO Tinto RIO | 19.6 M | $1.6 bn | 0.54% | +2.7% |
| 50 | Procter & Gamble PG | 10.9 M | $1.6 bn | 0.53% | no change |
| 51 | Spotify Technology SPOT | 2.7 M | $1.5 bn | 0.53% | +2.4% |
| 52 | Intuit INTU | 2.3 M | $1.5 bn | 0.52% | −9.6% |
| 53 | Toyota Motor Corp/ TM | 7.0 M | $1.5 bn | 0.51% | +1.3% |
| 54 | ING Groep ING | 53.2 M | $1.5 bn | 0.51% | −6.9% |
| 55 | Union Pacific UNP | 6.4 M | $1.5 bn | 0.51% | no change |
| 56 | Mitsubishi UFJ Financial Group MUFG | 93.3 M | $1.5 bn | 0.50% | +2% |
| 57 | Canadian Natural Resources CNQ | 42.7 M | $1.4 bn | 0.49% | +3.2% |
| 58 | Abbott Laboratories ABT | 11.4 M | $1.4 bn | 0.49% | −4.9% |
| 59 | BHP Group BHP | 23.4 M | $1.4 bn | 0.48% | +1.1% |
| 60 | HSBC Holdings HSBC | 17.8 M | $1.4 bn | 0.48% | +2.3% |
| 61 | ConocoPhillips COP | 14.8 M | $1.4 bn | 0.47% | +1.3% |
| 62 | Adobe ADBE | 4.0 M | $1.4 bn | 0.47% | −6.4% |
| 63 | iShares Msci Europe Financia ETF EUFN | 37.0 M | $1.4 bn | 0.47% | +3% |
| 64 | Unilever UL | 20.7 M | $1.4 bn | 0.46% | +3.2% |
| 65 | Deere DE | 2.9 M | $1.3 bn | 0.45% | +4.8% |
| 66 | Pfizer PFE | 52.0 M | $1.3 bn | 0.44% | +5.4% |
| 67 | ServiceNow NOW | 8.4 M | $1.3 bn | 0.44% | no change |
| 68 | TotalEnergies TTE | 19.3 M | $1.3 bn | 0.43% | −3.2% |
| 69 | Boeing BA | 5.6 M | $1.2 bn | 0.42% | +2.5% |
| 70 | Pepsico PEP | 8.3 M | $1.2 bn | 0.41% | +2.3% |
| 71 | iShares National Muni Bond E ETF MUB | 10.7 M | $1.1 bn | 0.39% | +10% |
| 72 | Banco Santander SAN | 96.9 M | $1.1 bn | 0.39% | −10% |
| 73 | Salesforce CRM | 4.3 M | $1.1 bn | 0.39% | −1.1% |
| 74 | Stryker SYK | 3.1 M | $1.1 bn | 0.37% | −5.8% |
| 75 | Royal Bank of Canada RY | 6.4 M | $1.1 bn | 0.37% | +6.1% |
| 76 | Deutsche Bank Aktiengesellschaft DB | 27.4 M | $1.1 bn | 0.36% | +3.7% |
| 77 | Novartis NVS | 7.5 M | $1.0 bn | 0.35% | +3.1% |
| 78 | Danaher DHR | 4.4 M | $1.0 bn | 0.35% | +1.8% |
| 79 | Starbucks SBUX | 12.0 M | $1.0 bn | 0.35% | no change |
| 80 | Vanguard S&P 500 ETF VOO | 1.6 M | $973M | 0.33% | no change |
| 81 | CSX CSX | 26.5 M | $961M | 0.33% | +2.6% |
| 82 | Emerson Electric EMR | 7.2 M | $954M | 0.33% | +15% |
| 83 | Illinois Tool Works ITW | 3.7 M | $913M | 0.31% | +1.5% |
| 84 | Boston Scientific BSX | 9.1 M | $871M | 0.30% | +8% |
| 85 | Invesco QQQ Trust Series 1 ETF QQQ | 1.4 M | $831M | 0.28% | −3.1% |
| 86 | Lloyds Banking Group LYG | 151.3 M | $802M | 0.27% | no change |
| 87 | Banco Bilbao Vizcaya Argentaria BBVA | 34.0 M | $791M | 0.27% | −11% |
| 88 | iShares Global Healthcare ET ETF IXJ | 8.0 M | $782M | 0.27% | +8% |
| 89 | Alibaba Group Holding BABA | 5.3 M | $782M | 0.27% | no change |
| 90 | Carrier Global CARR | 14.8 M | $782M | 0.27% | −2.3% |
| 91 | Trane Technologies TT | 2.0 M | $763M | 0.26% | −1.2% |
| 92 | Suncor Energy SU | 16.8 M | $746M | 0.25% | +8.3% |
| 93 | Anheuser-Busch InBev BUD | 11.4 M | $729M | 0.25% | +3.3% |
| 94 | NatWest Group NWG | 40.9 M | $716M | 0.24% | +4.3% |
| 95 | iShares Global Energy ETF IXC | 14.7 M | $618M | 0.21% | +8.3% |
| 96 | Vanguard Ftse Developed ETF VEA | 9.5 M | $591M | 0.20% | no change |
| 97 | Sanofi SNY | 12.1 M | $588M | 0.20% | −3.5% |
| 98 | Paccar PCAR | 5.1 M | $556M | 0.19% | no change |
| 99 | Ingersoll Rand IR | 6.9 M | $549M | 0.19% | no change |
| 100 | Alphabet GOOG | 1.7 M | $540M | 0.18% | no change |
The 100 largest lines are shown. The other 916 add up to 8.49% of the portfolio; full 13F of Fisher Investments →
Positions it closed (106)
- Infosys INFYwas 0.05% · 9.0 M shares
- POOL POOLwas 0.02% · 184,045 shares
- Boston Beer SAMwas 0.02% · 231,467 shares
- Agios Pharmaceuticals AGIOwas 0.01% · 870,145 shares
- Haemonetics HAEwas 0.01% · 662,504 shares
- Ishares Tr Msci Saudi Arbia KSAwas 0.01% · 781,350 shares
- Willscot Holdings WSCwas 0.01% · 1.4 M shares
- Simpson Manufacturing SSDwas 0.01% · 143,661 shares
- HubSpot HUBSwas 0.01% · 50,149 shares
- Cactus WHDwas 0.01% · 593,696 shares
- UFP Industries UFPIwas 0.01% · 247,329 shares
- Conmed CNMDwas 0.01% · 397,046 shares
- Trex TREXwas 0.01% · 329,124 shares
- Azenta AZTAwas 0.01% · 586,289 shares
- Hornbeck Offshore Services HOSwas 0.01% · 2.3 M shares
- Pentair PNRwas 0.00% · 113,869 shares
- Virtus Investment Partners VRTSwas 0.00% · 62,713 shares
- Scotts Miracle-Gro SMGwas 0.00% · 196,355 shares
- Flowers Foods FLOwas 0.00% · 838,738 shares
- Exact Sciences EXASwas 0.00% · 198,287 shares
- Align Technology ALGNwas 0.00% · 59,373 shares
- Manhattan Associates MANHwas 0.00% · 36,220 shares
- Lantheus Holdings LNTHwas 0.00% · 138,154 shares
- Advanced Drainage Systems WMSwas 0.00% · 40,607 shares
- SPS Commerce SPSCwas 0.00% · 40,100 shares
- Columbus McKinnon CMCOwas 0.00% · 289,982 shares
- Lennar LENwas 0.00% · 24,139 shares
- A. O. Smith AOSwas 0.00% · 39,598 shares
- Builders Firstsource BLDRwas 0.00% · 22,361 shares
- Chart Industries was 0.00% · 9,338 shares
- Tyson Foods TSNwas 0.00% · 32,240 shares
- Universal Health Services UHSwas 0.00% · 7,630 shares
- Littelfuse LFUSwas 0.00% · 5,934 shares
- Taylor Morrison Home TMHCwas 0.00% · 21,832 shares
- Synaptics SYNAwas 0.00% · 19,734 shares
- Tri Pointe Homes TPHwas 0.00% · 35,531 shares
- Huntsman HUNwas 0.00% · 132,503 shares
- Ryerson Holding RYZwas 0.00% · 51,611 shares
- Regions Financial RFwas 0.00% · 43,415 shares
- Titan Machinery TITNwas 0.00% · 64,706 shares
- Vishay Intertechnology VSHwas 0.00% · 64,915 shares
- Flutter Entertainment FLUTwas 0.00% · 3,424 shares
- CF Industries Holdings CFwas 0.00% · 7,866 shares
- Integra Lifesciences Holdings IARTwas 0.00% · 47,198 shares
- Proshares Tr Ultrapro QQQ TQQQwas 0.00% · 11,542 shares
- Takeda Pharmaceutical TAKwas 0.00% · 40,484 shares
- Hayward Holdings HAYWwas 0.00% · 39,009 shares
- Globus Medical GMEDwas 0.00% · 9,951 shares
- YELP YELPwas 0.00% · 17,221 shares
- Invesco Exchange Traded Fd Tr PRFwas 0.00% · 11,237 shares
- Ishares Tr RUS 2000 Val ETF IWNwas 0.00% · 2,699 shares
- Hologic HOLXwas 0.00% · 7,029 shares
- Campbell's CPBwas 0.00% · 14,314 shares
- Ishares Tr RUS 2000 Grw ETF IWOwas 0.00% · 1,371 shares
- Zimmer Biomet Holdings ZBHwas 0.00% · 4,395 shares
- Spdr Portfolio S and P 1500 Compos SPTMwas 0.00% · 5,260 shares
- Ziff Davis ZDwas 0.00% · 10,531 shares
- Chipotle Mexican Grill CMGwas 0.00% · 10,141 shares
- Six Flags Entertainment FUNwas 0.00% · 17,182 shares
- Ishares Tr Core Intl Aggr IAGGwas 0.00% · 7,165 shares
- Fiserv FISVwas 0.00% · 2,835 shares
- Fidelity Covington Trust Enhan FMDEwas 0.00% · 9,829 shares
- Darden Restaurants DRIwas 0.00% · 1,864 shares
- Goldman Sachs ETF Tr Activebet GSLCwas 0.00% · 2,709 shares
- Super Micro Computer SMCIwas 0.00% · 6,817 shares
- Anika Therapeutics ANIKwas 0.00% · 34,494 shares
- Ishares Tr RUS Mdcp Val ETF IWSwas 0.00% · 2,289 shares
- Masco MASwas 0.00% · 4,464 shares
- Global X Fds Nasdaq 100 Cover QYLDwas 0.00% · 17,670 shares
- Dupont De Nemours DDwas 0.00% · 3,701 shares
- Equinix EQIXwas 0.00% · 358 shares
- Teleflex TFXwas 0.00% · 2,200 shares
- Fortinet FTNTwas 0.00% · 3,091 shares
- Vanguard Index Fds Mcap GR Idx VOTwas 0.00% · 872 shares
- Helen of Troy HELEwas 0.00% · 9,875 shares
- Ishares Tr Msci EMG Mkt ETF EEMwas 0.00% · 4,602 shares
- Whirlpool WHRwas 0.00% · 3,056 shares
- Pimco ETF Tr TTL RTN Actv ETF BONDwas 0.00% · 2,470 shares
- Vaneck Bitcoin ETF Sh BEN Int HODLwas 0.00% · 7,088 shares
- VICI Properties VICIwas 0.00% · 7,023 shares
- McCORMICK MKCwas 0.00% · 3,380 shares
- Talos Energy TALOwas 0.00% · 23,308 shares
- Zions Bancorporation, National Association ZIONwas 0.00% · 3,856 shares
- Fidelity National Financial FNFwas 0.00% · 3,520 shares
- Docusign DOCUwas 0.00% · 2,952 shares
- Cornerstone Strategic Investme CLMwas 0.00% · 25,604 shares
- Stanley Black & Decker SWKwas 0.00% · 2,833 shares
- Airbnb ABNBwas 0.00% · 1,721 shares
- Ares Capital ARCCwas 0.00% · 10,234 shares
- Cloudflare NETwas 0.00% · 964 shares
- Nuveen Preferred and Income Oppo JPCwas 0.00% · 22,129 shares
- FS KKR Capital FSKwas 0.00% · 11,922 shares
- DNP Select Income Fd DNPwas 0.00% · 17,417 shares
- Metalla Royalty & Streaming MTAwas 0.00% · 25,870 shares
- Newsmax NMAXwas 0.00% · 10,849 shares
- Arbor Realty Trust ABRwas 0.00% · 10,024 shares
- Jumia Technologies JMIAwas 0.00% · 10,150 shares
- Viatris VTRSwas 0.00% · 11,732 shares
- Gabelli Multimedia Tr GGTwas 0.00% · 23,353 shares
- Two RDS Shared Tr Anfield Dyna was 0.00% · 11,282 shares
- Gabelli Util Tr GUTwas 0.00% · 12,170 shares
- Gabelli Equity Tr GABwas 0.00% · 11,175 shares
- Gabelli Conv and Inc Secs Fd GCVwas 0.00% · 14,179 shares
- Geron GERNwas 0.00% · 27,209 shares
- biote BTMDwas 0.00% · 10,000 shares
- Liberty Media was 0.00% · 30,000 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.