"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2015 Update"
"Fisher’s US long portfolio value increased from $50.05B to $51.45B in Q2 2015.Apple Inc., Amazon.com, Pfizer, Wells Fargo, and Johnson & Johnson 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 07/16/2015. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q1 2015.This quarter, Fisher’s US long portfolio increased 2.80% from $50.05B to $51.45B. The number of holdings increased 605 to 632. Significantly large positions increased from 59 to 61. The largest holding is Apple Inc. at 2.68% of the US long portfolio. The five largest individual stock positions are Apple Inc., Amazon.com, Pfizer, Wells Fargo, and Johnson & Johnson. They together account for ~13% of the overall US long portfolio.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 “”.Stake Increases:Bayer AG ADR (BAYRY): BAYRY is a 1.25% of the US long portfolio position. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. This quarter saw a huge 84% increase at prices between $139 and $155. The stock currently trades at $147.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of last quarter. This quarter saw a whopping ~400% increase at prices between $34.38 and $38.46. The stock currently trades at $36.05 and the stake is now at ~1% of the portfolio.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%. All three stakes have seen significant increases in the last two quarters indicating a clear bullish bias. For investors attempting to follow Fisher, these are very good options to consider for further research.American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 11.58M shares. This quarter saw a marginal increase and the position is fairly large at 1.75% of the US long portfolio.Apple Inc. (AAPL): AAPL is a 2.68% 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 three quarters have also seen marginal increases. The stock currently trades at $122.Bank of America (BAC): BAC is a 1.41% 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. Q4 2014 saw marginal selling while last two quarters have seen minor increases. The stock currently trades at $18.12.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 in Q4 2014 at prices between $13.50 and $15.54. This quarter saw a further ~5.5% increase at prices between $14.57 and $17.15. The stock currently trades at $17.83.Berkshire Hathaway (BRK.B): BRK.B is a 1.46% of the US long portfolio position. The last two quarters have seen minor increases. 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 $143. 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 just below that range at $93. Last two quarters have seen marginal increases. The position currently accounts for 0.66% 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 four quarters have also seen marginal increases. The stock currently trades at $28.30. The stake now stands at 15.47M shares (0.83% of the US long portfolio).Comcast Corporation (CMCSA): CMCSA is a 1.42% 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% increase at prices between $48 and $54 and the following three quarters saw marginal trimming. There was a very minor increase this quarter. The stock currently trades at $62.36.Credit Suisse Group AG ADR (CS): CS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $24.84 and $28.08. The stock currently trades just outside that range at $29.44. Last two quarters have seen very minor increases.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 $120. Q2 2014 saw a 5% stake increase at prices between $77 and $85.50. The following three quarters saw marginal trimming while this quarter there was a marginal increase.  The position currently stands at 8.45M shares (1.87% 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 two quarters have seen marginal further buying. The current position stands at 4.49M shares (0.73% of the US long portfolio). The stock currently trades at $83.Google Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has doubled and currently trades at $633. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last four quarters. The position currently stands at 1.47% of the US long portfolio.Home Depot (HD): HD is a 1.80% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2014 saw a 6.2% stake increase at prices between $75.70 and $81. There has only been very minor activity since. The stock currently trades well above his purchase price ranges at $116.JP Morgan Chase (JPM): JPM is a 1.81% of the US long portfolio position. 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 $69 and the position is at 13.74M shares. The stake saw marginal buying in the last two quarters.Johnson & Johnson (JNJ): JNJ is a top-five individual stock position at $1.04B (2.02% of the US long portfolio - 10.64M 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 $99.84.Oracle Corporation (ORCL): ORCL is a 0.89% 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 $39.65.Procter & Gamble (PG): PG is another long-term 1.18% 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 four quarters have seen minor buying. The stock currently trades at $77.55.Qualcomm Inc. (QCOM): QCOM is a 1.15% 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. Last significant activity was in Q2 2014 when the stake was increased by ~5% at prices between $77.61 and $81.32. The stock currently trades well below his most recent purchase-price-range at $64.31.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. The stake has wavered since. Q4 2014 saw a ~6% reduction at prices between $64.14 and $72.16 while last quarter saw a 4.5% increase at prices between $63.56 and $73.53. There was a very minor increase this quarter. The stock currently trades at $71.64.Siemens AG ADR (SIEGY): SIEGY is a 0.49% of the US long portfolio position first purchased in Q4 2013 at prices between $119 and $138. The stake 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. Last significant activity was in Q4 2014 when the stake saw a ~38% reduction at prices between $105 and $120.  Last two quarters have seen minor increases.Taiwan Semiconductor (TSM): TSM is a very long-term 1.17% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last five quarters have seen a combined ~55% increase at prices between $19 and $26. The stock currently trades at $22.70.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. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last two quarters have seen minor buying. The stock currently trades at $22.99.Amazon.com (AMZN), Citigroup Inc. (C), Coca Cola (KO), Daimler AG ADR (DDAIF), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), Intel Corporation (INTC), Microsoft Corporation (MSFT), Merck Inc. (MRK), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), 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 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: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 in Q4 2014 at prices between $31.59 and $35.84. This quarter saw a further ~43% reduction at prices between $34.59 and $38.18. The stock currently trades at $36.85. 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. The remaining stake is at 0.54% 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 two years saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $36.89 and the remaining stake is at 0.65% of the US long portfolio. Fisher is harvesting long-term gains from this position.Lloyds Banking Group plc ADR (LYG): LYG is a 0.91% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake 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. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04. Last two quarters have also seen minor selling. The stock currently trades at $5.41.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 four quarters have seen a combined ~10% stake reduction. The stock currently trades at $58.28 and the position is at 1.31% of the US long portfolio. Fisher is harvesting long-term gains from this position.Royal Bank of Canada (RY) & Dr. Reddy’s ADR (RDY): 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 around 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 Q2 2015:13G’s during Q2 2015: None.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%)."