"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2020 Update"
"Fisher’s 13F portfolio value decreased from $98.96B to $80.64B in Q1 2020.They reduced Johnson & Johnson, Pfizer, Procter & Gamble, Softbank, HSBC and UBS to minutely small stakes during the quarter.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 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory  filed on 04/28/2020. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q4 2019.This quarter, Fisher’s 13F portfolio value decreased ~19% from $98.96B to $80.64B. The number of holdings decreased from 898 to 866. Significantly large positions increased from 62 to 64. The five largest individual stock positions are Apple Inc., Microsoft, Visa Inc., Amazon.com, and Alibaba Group Holdings. Together, they account for ~20% of the 13F stock portfolio.Note: Fisher manages ~68,000 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. Some institutions pulled money from Fisher Investments in October last year following inappropriate comments by Ken Fisher that was made public.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 4.42% of the portfolio. It was built in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$310. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $144 and $230. Last three quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT is a top-three 4.20% 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 ~$185. Last three 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 ~$185. 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 third-largest stake at ~4% of the portfolio.Alibaba Group Holdings (BABA): BABA is a top-five 3.20% 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 ~$201. There was a ~28% stake increase over the last ten quarters at prices between $132 and $231.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 four times and currently trades at $1384. The position stands at 2.44% 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 has been minor.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions have seen large increases over the last six quarters. The 1.94% 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. The stock is now at ~$176. There was another ~50% stake increase this quarter at prices between $124 and $193. ADBE is a ~2% 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. The stock is now at $368. This quarter saw another ~25% stake increase at prices between $285 and $383.Tencent Holdings ADR (TCEHY): The majority of the 1.91% 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 ~31.4M shares. This quarter also saw a ~23% stake increase at prices between $42 and $54. The stock is now at $54.57.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 ~14M shares. Last two years have seen a combined ~37% stake increase at prices between $74 and $138. The stock is now at ~$89.50 and the stake is at ~1.5% of the portfolio.Home Depot (HD): HD is a 1.44% 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 this quarter there was minor trimming. The stock is now at ~$234.Intel Corporation (INTC): The bulk of the 1.87% 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 ~$60.Total S A (TOT): The majority of the ~1% TOT stake was purchased in Q3 2018 at prices between $59 and $65. Q2 2019 saw a ~20% selling at prices between $51.50 and $58 while next quarter there was a ~40% stake increase at prices between $48 and $57. The stock is currently at $36.42. Last two quarters have seen minor increases.Royal Dutch Shell (RDS.A): The very small 0.63% position saw a ~70% increase in Q4 2018 at prices between $55.50 and $69.50. The stock currently trades well below that range at $33.91. This quarter saw a marginal increase.ASML Holdings (ASML), Anheuser Busch Inbev SA ADR (BUD), Astrazeneca plc (AZN), BHP Billiton (BBL), BNP Paribas ADR (BNPQY), Caterpillar (CAT), Costco Wholesale (COST), Facebook (FB), GlaxoSmithKline plc ADR (GSK), ING Groep NV ADR (ING), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), MasterCard Inc. (MA), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Netflix (NFLX), PayPal Holdings (PYPL), Petroleo Brasileiro (PBR), Rio Tinto (RIO), Sanofi ADR (SNY), SAP AG ADR (SAP), Schlumberger Ltd (SLB), Siemens AG (SIEGY), Union Pacific (UNP), United Technologies (UTX), and Walt Disney (DIS): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Amazon.com (AMZN): AMZN is the fourth-largest individual stock position at 3.92% of the portfolio. The stake is from 2011 and the stock price has risen over ten-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$2380. 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.Taiwan Semiconductor (TSM): TSM is a very long-term 1.76% 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 last five quarters have seen a combined ~18% trimming. The stock currently trades at $52.91.Wal-Mart Stores (WMT): The bulk of the 1.51% 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 and that was followed with a ~12% increase next quarter. The stock is now at ~$123. Last two years had also seen a similar increase. There was minor trimming this quarter.Cisco Systems (CSCO): The ~1% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at ~$43. There was an almost one-third selling this quarter at prices between $33 and $50.Pfizer Inc. (PFE): PFE is a very long-term position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. Last two years had also seen a ~25% stake increase at prices between $34 and $46. The pattern reversed this quarter: the position almost sold out at prices between $28.50 and $41. The stock is now at $37.22.Johnson & Johnson (JNJ): The bulk of the original JNJ stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction in Q3 2018. Last five quarters had seen minor increases which this quarter saw the position sold down to a minutely small 0.24% of the portfolio stake at prices between $111 and $154. The stock currently trades at ~$149.Procter & Gamble (PG): PG is a long-term 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. The six-year period thru 2018 had also seen periodic buying. Q1 2019 saw an about turn: ~50% selling at prices between $90 and $104. The stock currently trades at ~$116. Last three quarters had seen only minor adjustments while this quarter saw the stake sold down by ~70% to a minutely small stake at prices between $98 and $127.UBS AG GRS (UBS): UBS is now a minutely small 0.02% portfolio position. The stake was first purchased in Q3 2013 at prices between $17 and $21.50. The position had wavered. Recent activity follows: The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. This quarter saw the position almost sold out at prices between $7.65 and $13.50. The stock currently trades at $9.95.Chevron Inc. (CVX), Eli Lilly (LLY), HSBC plc (HSBC), Oracle Corporation (ORCL), and Softbank Group ADR (SFTBY): These small positions (less than ~1% of the 13F portfolio) were decreased this quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS), 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), Abbott Labs (ABT), Advanced Micro Devices (AMD), Aspen Technology (AZPN), BP plc (BP), Baidu Inc. (BIDU), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), CSX Corp (CSX), Chemed Corp. (CHE), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Freeport-McMoran (FCX), HDFC Bank (HDB),Heico Corp. (HEI), Hess Corp (HES), Hill-Rom Holdings (HRC), Infosys (INFY), Intesa Sanpaolo Spa ADR (ISNPY),  Intuitive Surgical (ISRG), Itau Unibanco (ITUB), JD.com (JD), LAM Research (LRCX), Mercadolibre Inc. (MELI), Mitsubishi Electric (MELY), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Nvidia Corp (NVDA), Pinduoduo Inc. (PDD), Qorvo (QRVO), SMC Corp Japan (SMCAY), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Southern Copper (SCCO), Stamps.com (STMP), Synaptics Inc. (SYNA), Thermo Fisher Scientific (TMO), Teledyne (TDY), Tokyo Electronics (TOELY), Toro Co (TTC), Trip.com (TCOM), Vale (VALE), Vinci SA (VCISY), Weibo Corp. (WB), West Pharmaceutical (WST), Credicorp Ltd. (BAP), Helen of Troy (HELE), Medtronic (MDT), and Steris plc (STE).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 Q1 2020:10/16/2019: Fidelity along with some pension plans pulling money from Fisher Asset Management after sexist comments by Ken Fisher. Details at .Regulatory Filings thru 2/12/2020: 13G – 2/6/2020 – STMP – 1.08M shares – 6.32% of business."