"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2020 Update"
"Fisher’s 13F portfolio value increased from $102.5B to $117.8B in Q3 2020.They increased NextEra Energy, UnitedHealth, 3M Company, and Thermo Fisher Scientific while decreasing Starbucks, Total SA, and Royal Dutch Shell during the quarter.Fisher has a number of small positions in several ETFs/ETNs.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory  filed on 11/11/2020. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q2 2020.This quarter, Fisher’s 13F portfolio value increased ~15% from $102.5B to $117.8B. The number of holdings increased from 902 to 1054. Significantly large positions increased from 58 to 60. The five largest individual stock positions are Apple, Amazon.com, Microsoft, Visa, and Alibaba Group Holdings. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~75,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his  (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 5.77% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has been increased by ~25% since. The stock currently trades at ~$120. Last five quarters have seen only minor adjustments.Note: Apple stock is scheduled to split 4-for-1 on August 31st. The prices quoted above are adjusted.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 4.53% of the portfolio. The stake is from 2011 and the stock price has risen around fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3137. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Microsoft Corporation (MSFT): MSFT is a top-three ~4% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$217. Last five quarters have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$213. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the fourth-largest stake at 3.66% of the portfolio.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The 2.54% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$254. ADBE is a 2.31% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$468. Both stocks saw minor buying over the last two quarters.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. The current position is at ~33.68M shares. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The stock is now at $73.44 and the stake is at 1.89% of the portfolio. There were minor increases over the last two quarters.PayPal Holdings (PYPL): The 1.69% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$192. This quarter saw a minor increase.Home Depot (HD): HD is a 1.55% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$278. Last three quarters have seen minor increases.Netflix (NFLX): The 1.50% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last two quarters have also seen minor increases. The stock currently trades at ~$491.Wal-Mart Stores (WMT): The bulk of the 1.35% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$148.Cisco Systems (CSCO): The small 0.70% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at $39.33. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. That was followed with minor trimming last quarter. This quarter saw a similar increase.Advanced Micro Devices (AMD), ASML Holdings (ASML), Astrazeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Freeport-McMoran (FCX), Facebook (FB), GlaxoSmithKline plc ADR (GSK), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Nvidia (NVDA), Oracle Corporation (ORCL), Rio Tinto (RIO), Sanofi ADR (SNY), SAP AG ADR (SAP), Siemens AG (SIEGY), Union Pacific (UNP), and Walt Disney (DIS): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is a top-five 3.37% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$266. There was a ~32% stake increase over the last eleven quarters at prices between $132 and $227. This quarter saw marginal trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than five times and currently trades at $1753. The position stands at ~2% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984 while Q1 2018 saw a similar increase at prices between $1000 and $1176. Since then the activity had been minor. This quarter saw a ~8% selling at prices between $1414 and $1728.Taiwan Semiconductor (TSM): TSM is a very long-term 1.89% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the last seven quarters saw minor selling. The stock currently trades at ~$91.Intel Corporation (INTC): The bulk of the 1.24% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at $46.35. This quarter saw marginal trimming.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is ~14.6M shares. Last two years have seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$111 and the stake is at 1.24% of the portfolio.  There was a marginal trimming this quarter.JP Morgan Chase (JPM), JD.com (JD), MasterCard Inc. (MA), Royal Dutch Shell (RDS.A), Starbucks Corp (SBUX), and Total SA (TOT): These small positions (less than ~1% of the 13F portfolio) were decreased this quarter.Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW), Veeco Instruments (VECO), and Stamps.com (STMP).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Aspen Technology (AZPN), Autodesk (ADSK), BP plc (BP), BNP Paribas (BNPQF), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), CSX Corp (CSX), Capital One Financial (COF), Chevron Corp (CVX), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Global Payments (GPN), Goldman Sachs (GS), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY),  LAM Research (LRCX), McDonald’s (MCD), Mercadolibre Inc. (MELI), Mitsubishi Electric (MELY), Morgan Stanley (MS), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Norfolk Southern (NSC), Petroleo Brasileiro (PBR), Pinduoduo Inc. (PDD), Raytheon Tech (RTX), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schlumberger (SLB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), ServiceNow (NOW), Southern Copper (SCCO), Square Inc. (SQ), Stamps.com (STMP), Stryker Corp (SYK), Tokyo Electronics (TOELY), Trip.com (TCOM), Toyota (TM ), Vale (VALE), Vinci SA (VCISY), Medtronic (MDT), Globant SA (GLOB), NXP Semi (NXPI), and Yandex SA (YNDX).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q3 2020:"