Fisher Asset Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

A defining characteristic of the Fisher investment philosophy is its extreme diversification. With a total of 1,015 individual holdings , the portfolio is designed to capture broad market returns while mitigating the idiosyncratic risks associated with any single company. However, this diversification is not uniform. While the firm holds over a thousand stocks, the portfolio is decidedly "top-heavy," with a significant portion of the total market value concentrated in mega-cap technology and global leaders. This "core and satellite" approach allows the institution to maintain high conviction in structural growth themes—such as artificial intelligence and digital transformation—while using hundreds of smaller positions to smooth out volatility and gain exposure to niche industry tailwinds.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

One of the most notable shifts this quarter is the increasing weight in Healthcare, which now stands at 10.36%. When an institution of this size moves over 10% of its capital into Healthcare, it often signals a pivot toward "defensive growth." Healthcare companies offer a unique combination of inelastic demand (providing a floor during downturns) and innovation-led growth (biotechnology and medical devices). The move into this sector, particularly the massive additions to pharmaceutical giants, suggests that Fisher is looking for "safe yield" and valuation catch-up opportunities outside of the high-flying tech space.

Based on this allocation, we can infer that Fisher Asset Management is positioned for a "bifurcated" market. On one hand, the heavy Tech and Communication Services weights (totaling over 33%) are positioned to capture the upside of the AI revolution. On the other hand, the combined weights of Financials, Industrials, and Energy (nearly 40%) provide a robust cushion of cyclical and value-oriented assets. This is a "Barbell Strategy" designed to perform across multiple economic outcomes. The firm is neither purely defensive nor recklessly aggressive; it is positioned to harvest growth from the future while remaining anchored in the cash flows of the present.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

NVIDIA remains the crown jewel of the Fisher portfolio, with a market value exceeding $15.4 billion. Despite the stock's meteoric rise and the inevitable questions about valuation sustainability, Fisher added 2.91% to the position this quarter. This is a "conviction holding" in its purest form. The logic here is simple: NVIDIA is the sole provider of the "shovels" in the modern AI gold rush. By increasing the share count even as the stock trades at high multiples, Fisher is signaling that the fundamental earnings power of the company is still being underestimated by the broader market. Interestingly, the portfolio weight actually decreased slightly from 5.48% to 5.24%, which indicates that while Fisher was an active buyer, the rest of the portfolio (or the market value of other holdings) grew at a faster relative pace, or there was a slight "natural dilution" of the weight. This is a strategic "buy and hold plus" approach, where the institution refuses to take significant profits on a generational winner.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most explosive addition this quarter was the 1347% increase in AbbVie, an estimated capital deployment of $1.83 billion . This is a classic "valuation trough mining" operation. AbbVie has faced significant headwinds due to the patent expiration of its blockbuster drug, Humira. However, the company has successfully launched new immunology drugs like Skyrizi and Rinvoq, which are beginning to fill the revenue gap. By increasing the position so aggressively, Fisher is betting that the market has over-discounted the "patent cliff" risk and is ignoring the strength of the new pipeline. Furthermore, AbbVie’s robust dividend yield makes it an attractive "income anchor" in a volatile market. This move represents a major strategic pivot, moving AbbVie from a negligible "tail" position to a significant $1.97 billion holding.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The complete liquidation of the $174.8 million position in Trip.com is the most notable exit this quarter. Having held this stock for over six years, the decision to exit entirely suggests a "Strategic Retreat." The logic likely stems from a cooling outlook on global discretionary travel or a desire to reduce exposure to the specific volatility associated with international travel platforms. From a financial perspective, Fisher may have determined that the "risk-reward" profile of the travel sector has deteriorated compared to the "safe growth" offered by the healthcare giants it was simultaneously buying. This is a "High Amount + Tactical Exit" move, where the institution realized it could better utilize $175 million in more stable assets.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

This quarter, the institution has executed a sophisticated "Sell the Fringe, Buy the Core" maneuver. The logic chain is clear: 1. Sold What : Mid-cap regional banks, niche logistics, and discretionary travel platforms. 2. Why Sell : To eliminate "tail risk" and reduce exposure to companies that lack global scale or face rising capital costs. 3. Bought What : Mega-cap pharmaceutical giants (AbbVie, Pfizer) and intermediate-term Treasury bonds. 4. Why Buy : To capture "distressed value" in healthcare and build a defensive "income floor" that can withstand equity market volatility. 5. Overall Result : A portfolio that remains 26% weighted in Technology (the growth engine) but is now significantly more "fortified" with bonds and defensive value stocks.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.