"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2021 Update"
"Fisher’s 13F portfolio value increased from ~$159B to ~$161B in Q3 2021.Advanced Micro Devices, Facebook, and Lam Research were increased while reducing Visa this quarter.The top three positions are Apple, Microsoft, and Amazon. They add up to ~14% of the 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 10/26/2021. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q2 2021.This quarter, Fisher’s 13F portfolio value increased marginally from ~$159B to ~$161B. The number of holdings increased from 1010 to 1028. Significantly large positions increased from 57 to 60. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Vanguard Intermediate-Term Corporate Bond ETF, and Visa. Together, they account for ~20% of the 13F stock portfolio.Note: Fisher manages ~80,000 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:Microsoft Corporation (MSFT): MSFT is a top-three 4.47% 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 ~$324. Last nine quarters have seen a combined ~25% further increase.Amazon.com (AMZN): AMZN is the third-largest individual stock position at 3.94% of the portfolio. The stake is from 2011 and the stock price has risen over fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3268. 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.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 has returned roughly 10x and currently trades at ~$2917. The position stands at 3.34% of the portfolio. Recent activity follows. Q3 2020 saw a ~8% selling at prices between $1414 and $1728 while next quarter there was a ~17% stake increase at prices between ~$1450 and ~$1830. Last three quarters also saw minor increases.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The 2.34% 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 ~$299. ADBE is a 2.30% 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 ~$639. Both stocks saw minor buying over the last six quarters.PayPal Holdings (PYPL): The 1.94% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$237. Last five quarters saw minor increases.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$813 and the stake is now at 1.90% of the portfolio. Last six quarters have seen a ~17% further increase.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 15.62M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$175 and the stake is at 1.63% of the portfolio.  Last five quarters have seen only minor adjustments.Facebook (FB): The FB stake was built in Q1 2020 at prices between ~$150 and ~$222. This quarter saw a ~50% stake increase at prices between ~$337 and ~$382. The stock is now at ~$317 and the stake is at 1.60% of the portfolio.Netflix (NFLX): The 1.58% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last six quarters have also seen minor increases. The stock currently trades at ~$674.Home Depot (HD): HD is a 1.53% 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 ~$372. Last seven quarters have seen minor increases.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. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The current position is at ~37.90M shares. The stock is now at ~$63 and the stake is at 1.40% of the portfolio. There were minor increases over the last six quarters.Alibaba Group Holdings (BABA): BABA is a 1.31% 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. There was a ~35% stake increase over the three years through 2020 at prices between ~$132 and ~$317. The stock currently trades at ~$170. Last three quarters have seen only minor adjustments.Wal-Mart Stores (WMT): The bulk of the 1.13% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 also saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$149.Intel Corporation (INTC): The bulk of the 1.08% 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 ~$48.Cisco Systems (CSCO): The small 0.77% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at $56.28. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. Last six quarters have seen only minor adjustments.3M Corp (MMM), Abbot Labs (ABT), Advanced Micro Devices (AMD), AstraZeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Eli Lilly (LLY), Freeport-McMoRan (FCX), Intuitive Surgical (ISRG), iShares iBoxx (LQD), JP Morgan Chase (JPM), MasterCard Inc. (MA), Merck Inc. (MRK), NextEra Energy (NEE), Nike Inc. (NKE), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Oracle Corporation (ORCL), Rio Tinto (RIO), Starbucks Corp (SBUX), Sanofi ADR (SNY), Thermo Fisher Scientific (TMO), Total SA (TOT), UnitedHealth (UNH), Union Pacific (UNP), and Walt Disney (DIS): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the top position at 5.35% 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 had been increased by around 50% since. The stock currently trades at ~$153. This quarter saw a ~6% trimming.Note: Apple stock split 4-for-1 last August and 7-for-1 in June 2014. The prices quoted above are adjusted.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$210. The size of the stake had more than tripled in the last eight years through incremental purchases almost every quarter. This quarter saw an about turn: ~23% selling at prices between ~$220 and ~$251. The position is now at 2.54% of the portfolio.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 the next seven quarters saw minor selling. The stock currently trades at ~$116. Last four quarters have seen only minor adjustments.LVMH Moet Hennessy ADR (LVMUY), SAP AG ADR (SAP), L Oreal Co. ADR (LRLCY), Nvidia Corp (NVDA), Siemens AG (SIEGY), and Vale SA (VALE): These small positions (less than ~1.5% of the 13F portfolio) were decreased this quarter.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), ASE Technology (ASX), Atlassian Corp (TEAM), Autodesk (ADSK), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), BNP Paribas (BNPQF), BP plc (BP), BP Plc (BP), Capital One Financial (COF), Chart Industries (GLTS), Chevron Corp (CVX), Cleveland Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), CSX Corp (CSX), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), GlaxoSmithKline (GSK), Globant SA (GLOB), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY),  JD.com (JD), Kering SA (PPRUY), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg (MRAAY), Nestle (NSRGY), NXP Semi (NXPI), Omron Corp (OMRNY), Petroleo Brasileiro (PBR), Pinduoduo (PDD), PJSC Lukoil ADR (LUKOY), Raytheon Tech (RTX), Roche Holding (RHHDY), Royal Dutch Shell (RDS.A), Schlumberger (SLB), Schneider Electric (SBGSY), ServiceNow (NOW), SMC Corp Japan (SMCAY), Southern Copper (SCCO), Square Inc. (SQ), Stryker Corp (SYK), SVB Financial (SIVB), Synaptics Inc. (SYNA), Tokyo Electronics (TOELY), Trip.com (TCOM), Unilever plc (UL), Vale SA (VALE), Vinci SA (VCISY), 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 2021:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q2 2021 and Q3 2021."