"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2014 Update"
"Fisher’s US long portfolio value increased from $46.91B to $48.37B in Q4 2014.Apple Inc., Johnson & Johnson, American Express, Wells Fargo, and Pfizer 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 01/29/2015. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q3 2014.This quarter, Fisher’s US long portfolio increased from $46.91B to $48.37B. The number of holdings increased from 585 to 621. Significantly large positions remained steady at 56. The largest holding is FI Enhanced Global High Yield ETN (FIGY) at 2.81% 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 Apple Inc., Johnson & Johnson, American Express, Wells Fargo, and Pfizer 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:Barclays PLC ADR (BCS) & Credit Suisse Group AG ADR (CS): BCS & CS were insignificantly small positions as of last quarter. They were increased to a ~0.50% of the US long portfolio position each this quarter. The BCS position was purchased at prices between $13.50 and $15.54 and the stock currently trades near the low end of that range at $14.04. The CS stake was purchased at prices between $24.84 and $28.08 and the stock currently trades below that range at $21.04. For investors attempting to follow Fisher, BCS & CS are good to consider for further research.Taiwan Semiconductor (TSM): TSM is a very long-term 1.03% 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. Q2 2014 saw a ~16% stake increase at prices between $19.50 and $21.69 while last quarter saw an about-turn: ~8% stake reduction at prices between $19.50 and $22.95. This quarter the pattern reversed again: ~12% increase at prices between $19.44 and $23.47. The stock currently trades at $22.71.Apple Inc. (AAPL): AAPL is a 2.46% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. It is currently the largest individual stock position. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last quarter saw a very minor stake reduction and this quarter saw a minor increase. The stock currently trades at $117.Note: AAPL stock split 7-for-1 on June 9th 2014 and the numbers above reflect the split.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. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. Last two quarters have also seen marginal increases. The stock currently trades at $26.36. The stake now stands at just over 15M shares (0.87% 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 $535. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last two quarters. The position currently stands at 1.52% of the US long portfolio.Note: Google had a 2-for-1 stock split in April 2014 and the prices above reflect that split.Procter & Gamble (PG): PG is another long-term 1.44% 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. Last two quarters have seen minor buying. The stock currently trades at $84.29.Coca Cola (KO), Intel Corporation (INTC), Microsoft Corporation (MSFT), Merck Inc. (MRK), PepsiCo Inc. (PEP), and Royal Bank of Canada (RY): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:BASF SE ADR (BASFY): BASFY is a very small 0.37% of the US long portfolio position. The original stake was a fairly large one established well before the financial crisis. In 2012, the position was reduced to an insignificantly small stake but had since been built back up. This quarter saw a one-third reduction at prices between $83.39 and $94.20. The bulk of the current position was purchased in Q2 2013 at prices between $88 and $96. The stock currently trades at $89.56. The large stake reduction indicates a bearish bias.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of last quarter. It was reduced by 22% to a 0.94% stake this quarter at prices between $31.59 and $35.84. The stock currently trades at $32.21. The position was first established in 2008 with the bulk of the current stake purchased in 2012 at prices between $27.62 and $37.24.Lloyds Banking Group plc ADR (LYG): LYG is a 0.84% 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 the following quarter at prices between $4.83 and $5.53. This quarter saw a one-third stake reduction at prices between $4.64 and $5.04. The stock currently trades at $4.39.Siemens AG ADR (SIEGY): SIEGY is a 0.56% 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 $105. This quarter saw a ~38% stake reduction at prices between $105 and $120. The large disposal indicates a bearish bias.UBS AG GRS (UBS): UBS is a 0.87% 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 the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. This quarter the pattern reversed as the position was reduced by ~39%. The stock currently trades below his purchase price ranges at $16.68. The activity indicates a bearish bias.American Express (AXP): AXP has been in the portfolio since 2012. It is currently the third largest individual stock position at 2.17% of the US long portfolio. The original stake was around 9M shares and the current stake is 11.2M shares. This quarter saw a marginal reduction.Bank of America (BAC): BAC is a 1.55% of the US long portfolio stake. 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. This quarter saw minor selling. The stock currently trades at $15.15.Bayer AG ADR (BAYRY): BAYRY is a 0.70% of the US long portfolio position that was increased by ~9% last quarter at prices between $128 and $145. The bulk of the current position was purchased in Q2 2014 at around the same price range. The stock currently trades at $143. This quarter saw minor selling.Berkshire Hathaway (BRK.B): BRK.B is a 1.69% of the US long portfolio position that was decreased marginally this quarter. It was increased by ~6% in Q2 2014 at prices between $121 and $129. The stock currently trades at $144. 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 $103. This quarter saw a ~2% reduction at prices between $101 and $119. The position currently accounts for 0.80% of the US long portfolio.Comcast Corporation (CMCSA): CMCSA is a 1.45% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. It had since been marginally reduced. Q2 2014 saw a 5.2% stake increase at prices between $48 and $54 and last two quarters saw marginal trimming. The stock currently trades at $53.15.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 $90.96. Q2 2014 saw a 5% stake increase at prices between $77 and $85.50 while last two quarters saw marginal trimming. The position currently stands at just over 8.4M shares (1.64% 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 several quarters have seen minor selling. The current position stands at ~4.4M shares (0.84% of the US long portfolio). The stock currently trades at $87.42.Home Depot (HD): HD is a 1.80% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $104. Q2 2014 saw a 6.2% stake increase at prices between $75.70 and $81 while the last two quarters have seen minor selling.Johnson & Johnson (JNJ): JNJ is the second-largest individual stock position at just under $1.1B (2.25% of the US long portfolio - 10.42M 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. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $100.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 combined ~17% trimming at prices between $30 and $36 and the position currently stands at 0.67% of the US long portfolio. The stock currently trades at $35.85.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last two quarters have seen a combined ~5% stake reduction in the mid-40s price-range. The stock currently trades at $44.56 and the position is at 1.14% of the US long portfolio.Oracle Corporation (ORCL): ORCL is a 1.03% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 while last two quarters have seen minor selling. The stock currently trades at $41.89.Qualcomm Inc. (QCOM): QCOM is a 1.42% 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 at $62.46. Q2 2014 saw a 4.8% stake increase at prices between $77.61 and $81.32 and this quarter saw minor selling.SAP AG ADR (SAP): SAP is a 0.82% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. This quarter saw a ~6% stake reduction at prices between $64.14 and $72.16. The stock currently trades at $65.36.Amazon.com (AMZN), Citigroup Inc. (C), Daimler AG ADR (DDAIF), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), HSBC plc (HSBC), Novartis A G ADR (NVS), Pfizer Inc. (PFE), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), 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 decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:JP Morgan Chase (JPM): JPM is a 1.75% of the US long portfolio position kept steady this quarter. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $54.38 and the position is at 13.5M shares.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. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 6.8%, Heartland Payment Systems (HPY) - 5%, Wright Medical (WMGI) - 4.6%, Veeco Instruments (VECO) - 5.26%, Ryland Group (RYL) - 4.96%, and PMC-Sierra (PMCS) - 5.95%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q4 2014:"