Institutional Manager · CIK 0000850529

Fisher Asset Management, LLC

CAMAS, WA · File #028-02499

Latest AUM

$292.99B

Positions

1,017

Top-10 Concentration

46.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	ISHARES TR 7 10YR TR BD ETF	464287440	+47,170,533	+$4.54B	-$26.3M
REDUCE	ISHARES TR MBS ETF	464288588	-21,448,046	-$2.04B	+$1.6M
ADD	NETFLIX INC COM	NFLX	+18,456,524	+$1.73B	-$2.25B
REDUCE	SPDR BLOOMBERG BRCLYS LG TRS E	78464A664	-59,477,965	-$1.57B	-$29.1M
NEW	UNILEVER PLC	UNLYF	+20,658,738	+$1.35B	$0
EXITED	UNILEVER PLC ADR	904767704	-22,537,917	-$1.34B	$0
NEW	TOTALENERGIES SE ACT	TTE	+19,324,336	+$1.26B	$0
EXITED	TOTALENERGIES SE ADR ADR	89151E109	-19,963,832	-$1.19B	$0
ADD	SERVICENOW INC	NOW	+6,695,802	+$1.03B	-$1.27B
ADD	BROADCOM INC COM	AVGO	+1,232,466	+$426.6M	+$204.2M

Sector Allocation

18.9%$55.54B

7.5%$22.13B

7.3%$21.50B

5.6%$16.37B

Consumer Discretionary

4.7%$13.62B

Energy

3.8%$11.04B

Communication Services

2.7%$7.85B

2.2%$6.35B

1.4%$4.15B

0.2%$637.8M

0.0%$15.3M

Filing History

Feb 9, 202613F HOLDINGS REPORTQ/E Dec 20251,017 pos · $292.99B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 20251,014 pos · $276.29B
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 2025986 pos · $251.89B
May 14, 202513F HOLDINGS REPORTQ/E Mar 2025999 pos · $231.00B
Feb 5, 202513F HOLDINGS REPORTQ/E Dec 2024975 pos · $251.33B
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 2024919 pos · $244.02B
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 2024986 pos · $229.85B
May 9, 202413F HOLDINGS REPORTQ/E Mar 2024964 pos · $214.11B
Mar 5, 202413F HOLDINGS REPORT (Amended)Q/E Mar 2024981 pos · $189.13B
Dec 12, 202313F HOLDINGS REPORT (Amended)Q/E Dec 20231,163 pos · $180.88B
Dec 12, 202313F HOLDINGS REPORT (Amended)Q/E Dec 20231,135 pos · $164.66B
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 20231,168 pos · $176.32B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORP COM	NVDA	86,057,537	$16.05B	7.47%
2	APPLE INC	AAPL	55,146,752	$14.99B	6.98%
3	ISHARES TR 7 10YR TR BD ETF	464287440	134,832,971	$12.97B	6.04%
4	MICROSOFT CORP	MSFT	25,300,410	$12.24B	5.70%
5	ALPHABET INC CLASS A	GOOG	38,106,033	$11.93B	5.55%
6	AMAZON COM INC COM	AMZN	33,593,612	$7.75B	3.61%
7	VANGUARD FDS INT TERM CORP	92206C870	83,976,379	$7.03B	3.27%
8	GOLDMAN SACHS GROUP INC	GSCE	6,771,556	$5.95B	2.77%
9	TAIWAN SEMICONDUCTOR MFG L ADR	874039100	18,146,900	$5.51B	2.57%
10	CATERPILLAR INC	CAT	9,493,266	$5.44B	2.53%
11	JPMORGAN CHASE CO	VYLD	16,018,656	$5.16B	2.40%
12	ELI LILLY CO	LLY	4,606,327	$4.95B	2.30%
13	ASML HOLDING N V NYS	ASMLF	4,484,949	$4.80B	2.23%
14	BROADCOM INC COM	AVGO	13,844,206	$4.79B	2.23%
15	WALMART INC	WMT	40,626,852	$4.53B	2.11%
16	MORGAN STANLEY	MS-PQ	25,018,335	$4.44B	2.07%
17	META PLATFORMS INC CL A	META	6,609,892	$4.36B	2.03%
18	RTX CORPORATION COM	RTX	21,800,188	$4.00B	1.86%
19	CITIGROUP INC	C-PR	33,887,285	$3.95B	1.84%
20	EXXON MOBIL CORP	XOM	31,497,852	$3.79B	1.76%