Fisher Asset Management, LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 50 quarters, returned +2.3% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 46.0% of quarters (excess t = 1.08, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 1037 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| NVDA | $18.2B | | ADD +3% |
| AAPL | $16.7B | | ADD +2% |
| IEF | $15.2B | | ADD +10% |
| GOOGL | $14.3B | | ADD +2% |
| CAT | $10.6B | | HOLD |
| MSFT | $9.9B | | ADD +3% |
| 0QNI.L | $9.4B | | ADD +3% |
| TSM | $9.0B | | HOLD |
| AMZN | $8.3B | | ADD +2% |
| VCIT | $7.9B | | ADD +7% |
| GS | $7.0B | | ADD +2% |
| LLY | $6.1B | | ADD +5% |
| AVGO | $5.7B | | ADD +3% |
| JPM | $5.7B | | ADD +2% |
| MS | $5.5B | | ADD +2% |
| C | $5.1B | | ADD +4% |
| MRK | $4.9B | | ADD +46% |
| WMT | $4.7B | | HOLD |
| RTX | $4.3B | | ADD +3% |
| GE | $4.3B | | ADD ×739.5 |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry is the first trading session after the actual SEC filing deadline plus a 2-day buffer. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.