"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2015 Update"
"Fisher’s US long portfolio value increased from $48.37B to $50.05B in Q1 2015.Apple Inc., Johnson & Johnson, Pfizer, Wells Fargo, and United Technologies 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 04/30/2015. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q4 2014.This quarter, Fisher’s US long portfolio increased from $48.37B to $50.05B. The number of holdings decreased from 621 to 605. Significantly large positions increased from 56 to 59. The largest holding is iShares iBoxx Bond Fund at 2.75% of the US long portfolio. The five largest individual stock positions are Apple Inc., Johnson & Johnson, Pfizer, Wells Fargo, and United technologies 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. The original stake was around 9M shares and the current stake is 11.37M shares. This quarter saw a marginal increase and the position is fairly large at 1.78% of the US long portfolio.Apple Inc. (AAPL): AAPL is a 2.69% 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 two quarters have seen marginal increases. The stock currently trades at $119.Bank of America (BAC): BAC is a 1.29% 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. Last quarter saw marginal selling while this quarter saw a minor increase. The stock currently trades at $16.44.Barclays PLC ADR (BCS): BCS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position last quarter at prices between $13.50 and $15.54. This quarter saw a marginal increase. The stock currently trades at $15.71. For investors attempting to follow Fisher, BCS is a good option to consider for further research.Bayer AG ADR (BAYRY): BAYRY is a 0.75% of the US long portfolio position that was increased by ~9% in Q3 2014 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 $145. Last quarter saw minor selling while this quarter saw a marginal increase.Berkshire Hathaway (BRK.B): BRK.B is a 1.57% of the US long portfolio position. It was decreased marginally last quarter while this quarter saw a minor increase. 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%. The stock currently trades at $146. It is a very long-term position.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 $108. This quarter saw a marginal increase. The position currently accounts for 0.73% 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. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. Last three quarters have also seen marginal increases. The stock currently trades at $29.17. The stake now stands at just over 15M shares (0.84% of the US long portfolio).Credit Suisse Group AG ADR (CS): CS was insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position last quarter at prices between $24.84 and $28.08. The stock currently trades at $25.96. This quarter saw a very minor increase. For investors attempting to follow Fisher, CS is a good option to consider for further research.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 saw minor selling but there was a marginal increase this quarter. The current position stands at ~4.43M shares (0.75% of the US long portfolio). The stock currently trades at $89.11.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 $541. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last three quarters. The position currently stands at 1.54% of the US long portfolio.Home Depot (HD): HD is a 1.88% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $110. Q2 2014 saw a 6.2% stake increase at prices between $75.70 and $81. Since then, the activity has been very minor.JP Morgan Chase (JPM): JPM is a 1.64% of the US long portfolio position. It was marginally increased 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 $64.72 and the position is at 13.58M shares.Johnson & Johnson (JNJ): JNJ is the second-largest individual stock position at $1.05B (2.10% of the US long portfolio - 10.46M 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.Oracle Corporation (ORCL): ORCL is a 0.96% 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 and since then the activity has been minor. The stock currently trades at $44.59.Procter & Gamble (PG): PG is another long-term 1.25% 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 three quarters have seen minor buying. The stock currently trades at $80.35.Qualcomm Inc. (QCOM): QCOM is a 1.29% 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 $69.06. Last significant activity was in Q2 2014 when the stake was increased by 4.8% at prices between $77.61 and $81.32.SAP AG ADR (SAP): SAP is a 0.85% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. Last quarter saw a ~6% stake reduction at prices between $64.14 and $72.16 while this quarter saw a 4.5% increase at prices between $63.56 and $73.53. The stock currently trades at $76.21.Siemens AG ADR (SIEGY): SIEGY is a 0.53% 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 $110. Last quarter saw a ~38% reduction at prices between $105 and $120 while this quarter saw a minor increase.Taiwan Semiconductor (TSM): TSM is a very long-term 1.16% 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 the following quarter saw an about-turn: ~8% stake reduction at prices between $19.50 and $22.95. Last quarter the pattern reversed again: ~12% increase at prices between $19.44 and $23.47. This quarter saw a further ~11% increase at prices between $20.79 and $25.04. The stock currently trades at $24.32.UBS AG GRS (UBS): UBS is a 0.96% 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. Last quarter, the pattern reversed as the position was reduced by ~39%. The stock currently trades at $20.36. This quarter saw a minor increase.Dr. Reddy’s ADR (RDY), HDFC Bank (HDB), Infosys Ltd. (INFY), & Tata Motors ADR (TTM): The stakes in these Indian ADRs were built up over several quarters. They each represent less than 1% of the US long portfolio but combined are at around 2.5%. All four stakes were increased significantly this quarter indicating a clear bullish bias. For investors attempting to follow Fisher, these are very good options to consider for further research.Amazon.com (AMZN), Citigroup Inc. (C), General Electric (GE), HSBC plc (HSBC), Intel Corporation (INTC), Microsoft Corporation (MSFT), Merck Inc. (MRK), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Schlumberger Ltd. (SLB), 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 ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Comcast Corporation (CMCSA): CMCSA is a 1.37% 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 the following three quarters have seen marginal trimming. The stock currently trades at $58.78.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 has more than doubled and currently trades at $111. Q2 2014 saw a 5% stake increase at prices between $77 and $85.50 while last three quarters saw marginal trimming. The position currently stands at just over 8.4M shares (1.76% of the US long portfolio).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 0.69% of the US long portfolio. The stock currently trades at $38.15.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% to a 0.94% stake last quarter at prices between $31.59 and $35.84. This quarter saw minor additional trimming. The stock currently trades at $35.57. 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 0.81% 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. Last quarter saw a one-third stake reduction at prices between $4.64 and $5.04 while this quarter saw minor selling. The stock currently trades at $5.12.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 three quarters have seen a combined ~7% stake reduction. The stock currently trades at $56.93 and the position is at 1.35% of the US long portfolio. Fisher is starting to harvest gains from this position.Coca Cola (KO), Daimler AG ADR (DDAIF), GlaxoSmithKline plc ADR (GSK), Novartis A G ADR (NVS), Royal Bank of Canada (RY), Sanofi ADR (SNY), & Toyota Motor ADR (TM): 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: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. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 6.8%, Heartland Payment Systems (HPY) - 5.05%, 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 Q1 2015:13G’s during Q1 2015: PMCS (1/30/2015 - 11.84M shares, 5.95%), RYL (1/30/2015 - 2.3M shares, 4.96%), VECO (1/30/2015 - 2.12M shares - 5.26%), WMGI (1/30/2015 - 2.35M shares - 4.6%), HPY (1/30/2015 - 1.84M shares - 5.05%), AAWW (1/30/2015 - 1.7M shares - 6.8%), OVTI (2/25/2015 - 0 - 0%)."