"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2014 Update"
"Fisher’s US long portfolio value decreased from $47.56B to $46.91B in Q3 2014.American Express, Apple Inc., Johnson & Johnson, Pfizer, and Wells Fargo are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory  filed on 10/20/2014. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q2 2014.This quarter, Fisher’s US long portfolio decreased from $47.56B to $46.91B. The number of holdings decreased from 599 to 585. Significantly large positions remained steady at 56. The largest holding is FI Enhanced Global High Yield ETN (FIEG) at 3.08% of the US long portfolio. Although it is exchange traded, the instrument is tailor-made for Fisher Investments and they hold nearly all the shares. The five largest individual stock positions are American Express, Johnson & Johnson, Pfizer, Apple Inc., and Wells Fargo accounting for ~2% of the overall US long portfolio each.To know more about Ken Fisher, check-out his  (most notably in Behavioral Finance),  (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.New Stakes:None.Stake Disposals:None.Stake Increases:American Express (AXP): AXP has been in the portfolio since 2012. It was a 9M share position at the time and since then has seen minor adjustments every quarter. Currently, the position is at 11.4M shares. This quarter saw a marginal increase at prices between $86 and $96 and the stock currently trades below that range at $84. It is a top-five position at 2.12% of the US long portfolio.BASF SE ADR (BASFY): BASFY is a 0.61% of the US long portfolio position that was increased marginally this quarter. The bulk of the current position was purchased in Q2 2013 at prices between $88 and $96. The stock currently trades just below that range at around $87.46. BASFY was a fairly large long-term position in the portfolio that was established well before the financial crisis. In 2012, the position was reduced to an insignificantly small stake but has since been built back up. The activity indicates a bullish bias.Bank of America (BAC): BAC is a 1.54% of the US long portfolio position that was increased marginally this quarter at prices between $15 and $17.18. The stock currently trades at $16.26. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady.Bayer AG ADR (BAYRY): BAYRY is a 0.75% of the US long portfolio position that was increased by ~9% this quarter at prices between $128 and $145. The bulk of the current position was purchased last quarter at around the same price range. The stock currently trades near the low end of his purchase price ranges at $132. The activity indicates a clear bullish bias.Berkshire Hathaway (BRK.B): BRK.B is a 1.60% of the US long portfolio position that was increased marginally this quarter. It was increased by ~6% last quarter at prices between $121 and $129. The stock currently trades at $137. It is a very long-term position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%.Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. The stock currently trades at $111. This quarter saw a very minor stake increase. The position currently accounts for 0.89% of the US long portfolio.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Last quarter saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. This quarter saw a marginal increase. The stock currently trades at $22.93. The stake now stands at just over 15M shares (0.81% of the US long portfolio).Google Inc. (GOOG) (GOOGL): Google was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock currently trades at around $520. Last quarter saw a 5.8% stake increase and that was followed by a marginal additional purchase this quarter. The position currently stands at 1.73% of the US long portfolio.Note: Google had a 2-for-1 stock split in April 2014 and the prices above reflect that split.Lloyds Banking Group plc ADR (LYG): LYG is a 1.46% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The position was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds last quarter at prices between $4.83 and $5.53. The stock currently trades near the low end of his purchase price ranges at $4.85. This quarter saw a minor increase. The stake build-up indicates a clear bullish bias.Procter & Gamble (PG): PG is another long-term 1.36% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. This quarter saw minor buying. The stock currently trades at $84.18.Qualcomm Inc. (QCOM): QCOM is a 1.48% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. The stock currently trades well outside those ranges at $73.27. Last quarter saw a 4.8% stake increase at prices between $77.61 and $81.32 and this quarter saw minor additional buying.SAP AG ADR (SAP): SAP is a 0.93% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The position had since been reduced by ~8% at prices between $70 and $87 but the last two quarters has seen minor buying. The stock currently trades at $65.68.Siemens AG ADR (SIEGY): SIEGY is a 0.97% of the US long portfolio position first purchased in Q4 2013 at prices between $119 and $138. The position was increased by ~7% in Q1 2014 at prices between $123 and $136 and the stock currently trades below his purchase price ranges at $107. Last two quarters has seen minor additional buying. The stake built-up indicates a clear bullish bias.UBS AG GRS (UBS): UBS is a 1.49% of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and last quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. This quarter, the position was again increased by 2.67% at prices between $16.83 and $18.83. The stock currently trades below his purchase price ranges at $16.05. The activity indicates a clear bullish bias.BHP Billiton (BHP), Coca Cola (KO) & Citigroup Inc. (C), Daimler AG ADR (DDAIF), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), Merck Inc. (MRK), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Royal Bank of Canada (RY), Sanofi ADR (SNY), Toyota Motor ADR (TM), United Technologies (UTX), Visa Inc. (V), & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias. PepsiCo and Pfizer are top-five positions in the portfolio.Stake Decreases:Apple Inc. (AAPL): AAPL is a 2.31% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. The position was increased by ~60% in Q2 2013 at prices between $59 and $65. This quarter saw a very minor stake reduction. The stock currently trades at $99.76. AAPL is a top-five position.Note: AAPL stock split 7-for-1 on June 9th and the numbers above reflect the split.Comcast Corporation (CMCSA): CMCSA is a 1.40% of the US long portfolio position. The original position was established in 2012 at prices between $24 and $37. It had since been marginally reduced. Last quarter saw a 5.2% stake increase at prices between $48 and $54 and this quarter saw marginal trimming. The stock currently trades at around $51.30.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock currently trades well over that range at $85.52. Last quarter saw a 5% stake increase at prices between $77 and $85.50 while this quarter saw marginal trimming. The position currently stands at just over 8.4M shares (1.60% of the US long portfolio).Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last quarter had seen a 2.6% stake increase while this quarter saw a very minor reduction. The current position stands at ~4.4M shares (0.89% of the US long portfolio). The stock currently trades at $91.77.Home Depot (HD): HD is a 1.62% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $91.85. Last quarter saw a 6.2% stake increase at prices between $75.70 and $81 while this quarter saw marginal trimming.Johnson & Johnson (JNJ): JNJ is a top-five individual stock position at just over $1.1B (2.37% of the US long portfolio - 10.45M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. Last quarter saw a 4.7% stake increase at prices between $96 and $106 while this quarter saw a very minor reduction. The stock currently trades at $99.20.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last few quarters saw a ~13% trimming at prices between $31.50 and $36 and the position currently stands at 0.68% of the US long portfolio. The stock currently trades at $30.70.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. This quarter saw a 2.59% stake reduction at prices between $43.90 and $46.50. The stock currently trades at $44.95.  The position is currently at 1.36% of the US long portfolio.Oracle Corporation (ORCL): ORCL is a 0.91% of the US long portfolio position that has been in the portfolio since before the financial crisis. The large ~2% stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Last quarter saw a 6.7% stake increase at prices between $39 and $43 while this quarter saw a very minor reduction. The stock currently trades at $37.80.Taiwan Semiconductor (TSM): TSM is a very long-term 0.86% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The position was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last quarter saw a ~16% stake increase at prices between $19.50 and $21.69 while this quarter saw an about-turn: ~8% stake reduction at prices between $19.50 and $22.95. The stock currently trades at $20.87.Amazon.com (AMZN), HDFC Bank (HDB), Intel Corporation (INTC), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), Microsoft Corporation (MSFT), & Schlumberger Ltd. (SLB): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for just below 13% of the US long portfolio.The spreadsheet below highlights changes to Fisher’s US stock holdings in Q3 2014:"