"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2022 Update"
"Fisher’s 13F portfolio value decreased from ~$141B to ~$133B in Q3 2022.They added Charles Schwab and increased Nvidia, Morgan Stanley, and Goldman Sachs while decreasing Salesforce.com, Visa, Alibaba Group Holdings, Novartis, Verizon, and Tencent Holdings.The top three positions are Apple, Microsoft, and Amazon. They add up to ~15% 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 11/8/2022. Please visit our  article for an idea on his investment style and philosophy and  highlighting the fund’s moves in Q2 2022.This quarter, Fisher’s 13F portfolio value decreased ~6% from ~$141B to ~$133B. The number of holdings increased from 1066 to 1079. Significantly large positions increased from 66 to 73. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Alphabet, and Home Depot. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~100,000 client accounts with a total AUM of ~$197B. 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 .New Stakes:Charles Schwab (SCHW) and iShares Broad USD High Yield Bond ETF (USHY): SCHW is a 0.83% of the portfolio stake built this quarter at prices between ~$61 and ~$77 and the stock currently trades at $78.27. The 0.53% USHY position was established at prices between ~$33.50 and ~$37 and it is now at $33.74.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top-three ~5% 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 period since have seen another ~40% increase at prices between ~$135 and ~$343. The stock is now at ~$225.Amazon.com (AMZN): AMZN is a large (top three) 4.23% of the portfolio position. The stake is from 2011 at a cost-basis of ~$10. Q2 2016 saw a ~20% selling at prices between ~$29 and ~$36. There was another ~16% selling in Q2 2017 at prices between ~$44 and ~$51. The three quarters thru Q1 2018 had seen a ~15% increase at prices between ~$47 and ~$80 while the following quarter saw a similar reduction at prices between ~$69 and ~$88. There was a ~22% stake increase over the two quarters through Q1 2022 at prices between ~$136 and ~$185. The stock currently trades at ~$86. Last two quarters have also seen minor increases.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between ~$12 and ~$15. Recent activity follows. Q3 2020 saw a ~8% selling at prices between ~$71 and ~$86 while next quarter there was a ~17% stake increase at prices between ~$73 and ~$92. Last seven quarters also saw minor increases. The stock is now at $87.40. The position stands at 3.29% of the portfolio.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 ~$489 and the stake is now at 1.46% of the portfolio. Last ten quarters have seen a ~35% further increase. They are continuing to build the position.Meta Platforms (META) previously Facebook: The META stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase next quarter at prices between ~$307 and ~$348. Q1 2022 also saw a ~17% increase at prices between ~$187 and ~$339. The stock is now at ~$101 and the stake is at 1.20% of the portfolio. Last two quarters have also seen a minor increase.Netflix (NFLX): The 1.18% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Q4 2021 saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase next quarter at prices between ~$331 and ~$597. The stock currently trades well below their purchase price-ranges at ~$255. Last two quarters have also seen minor increases.PayPal Holdings (PYPL): The 1.14% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades near the low end of that range at ~$79. Q4 2021 saw a ~20% stake increase at prices between ~$179 and ~$272. That was followed with a ~16% increase next quarter at prices between ~$94 and ~$195. Last two quarters have also seen minor increases.Goldman Sachs (GS), Morgan Stanley (MS), and Nvidia Corp (NVDA): These three positions were built this quarter. GS is a ~1% of the portfolio stake that saw a ~45% increase this quarter at prices between ~$282 and ~$356 and the stock currently trades at ~$362. The ~1% MS position was built at prices between ~$75 and ~$92 and it is now at $83.45. NVDA is a 1.10% of the portfolio position built at prices between ~$121 and ~$192 and it is now at ~$138.3M Corp (MMM), BlackRock Inc. (BLK), Broadcom (AVGO), Capital One Financial (COF), Chevron Corp (CVX), ConocoPhillips (COP), Danaher Corp (DHR), Freeport-McMoRan (FCX), iShares iBoxx (LQD), iShares Expanded Tech ETF (IGV), Johnson & Johnson (JNJ), Lam Research (LRCX), Nike Inc. (NKE), Oracle Corporation (ORCL), Raytheon Technologies (RTX), Schlumberger (SLB), Shell plc (SHEL), Starbucks Inc. (SBUX), Stryker Corp (SYK), Target Corp (TGT), Toyota Motor (TM), Union Pacific (UNP), and Wal-Mart Stores (WMT): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the top position at 6.13% 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 has since been increased substantially through incremental buying. The stock currently trades at ~$135. This quarter saw a ~10% trimming.Home Depot (HD): HD is a 1.69% 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 ~$287. Last ten quarters had seen minor increases while this quarter saw a ~2% trimming.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 15.36M 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 ~$146 and the stake is at 1.52% of the portfolio.  Last few quarters have seen minor trimming.Salesforce.com (CRM): The 1.37% 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. This quarter saw a ~20% selling at prices between ~$144 and ~$191. The stock is now at ~$142.Taiwan Semiconductor (TSM): TSM is a very long-term 1.29% 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 ~$65. Last two years 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 ~$194. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the next three quarters at prices between ~$190 and ~$251. That was followed with a ~40% reduction this quarter at prices between ~$178 and ~$217. The position is now at 1.12% of the portfolio.Adobe Inc. (ADBE): ADBE is a ~1% 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 ~$299. The seven quarters through Q4 2021 had seen minor buying while in the last three quarters there was a ~28% selling.Advanced Micro Devices (AMD): The 0.92% of the portfolio stake in AMD saw a ~25% stake increase in Q4 2021 at prices between ~$100 and ~$162. That was followed with a ~22% increase next quarter at prices between ~$103 and ~$150. This quarter saw a similar reduction at prices between ~$63 and ~$104. The stock currently trades at ~$60. The original position is from Q1 2020 purchased at prices between $40 and $57.Note: they built this position while dropping Intel (INTC). The bulk of that selling happened during the last two quarters.Alibaba Group Holdings (BABA): BABA is now a very small 0.25% 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. This quarter saw an about turn: ~70% selling at prices between ~$78 and ~$122. The stock currently trades at $64.84.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 position was almost sold out this quarter at prices between ~$34 and ~$45. The stock is now at $29.33.AstraZeneca plc (AZN), Abbot Labs (ABT), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Eli Lilly (LLY), GSK plc (GSK), iShares Treasury 7-10 Yr. Bond, Intuit (INTU), Intuitive Surgical (ISRG), Invesco QQQ (QQQ), JP Morgan Chase (JPM), L Oreal Co. ADR (LRLCY), LVMH Moet Hennessy ADR (LVMUY), MasterCard Inc. (MA), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), NextEra Energy (NEE), Rio Tinto (RIO), SPDR Bloomberg BRCLYS LG TRS E, SAP AG ADR (SAP), and Sanofi ADR (SNY), TotalEnergies (TTE), Thermo Fisher Scientific (TMO), Vanguard Intermediate-Term Corporate Bond ETF (VCIT), and Verizon Communications (VZ): These small (less than ~1.5% of the portfolio each) stakes were decreased this quarter.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Autodesk (ADSK), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), Bank of America (BAC), Block Inc. (SQ) previously Square, BNP Paribas (BNPQF), BP plc (BP), Chart Industries (GTLS), Cleveland Cliffs (CLF), Compagnie Financière Richemont (CFRUY), Crown Castle (CCI), CSX Corp (CSX), Deere (DE), Deutsche Post (DPSGY), Devon Energy Corp (DVN), Disney Walt (DIS), DocuSign (DOCU), Dover Corp (DOV), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Ford (F), Globant SA (GLOB), Halliburton Company (HAL), HDFC Bank (HDB), Hermes Intl., Hess Corp (HES), Honda Motor (HMC), Illinois Tool Works (ITW), Infosys (INFY), ING Groep (ING), Ingersoll Rand (IR), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Johnson Controls (JCI), Kering SA (PPRUY), Lyft Inc. (LYFT), Marathon Oil (MRO), Marvell Technology (MRVL), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg. (MRAAY), Nestle (NSRGY), Norfolk Southern (NSC), NXP Semi (NXPI), Petroleo Brasileiro (PBR), Pinduoduo (PDD), Roche Holding (RHHDY), Sandvik AB (SDVKY), Schneider Electric (SBGSY), ServiceNow (NOW), SMC Corp Japan (SMCAY), Southern Copper (SCCO), SVB Financial (SIVB), Siemens AG (SIEGY), Sony Corp (SONY), Tokyo Electronics (TOELY), Trip.com (TCOM), Uber Technologies (UBER), Unilever plc (UL), Vale SA (VALE), Vinci SA (VCISY), Volkswagen AG (VWAGY), and Zoom Video (ZM).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 2022:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q2 2022 and Q3 2022.Regulatory Filings from 5/6/2022 to 8/10/2022: None."