Fisher Asset Management, LLC Q4 2025 Filing

Filed February 9, 2026

Portfolio Value

$293.0B

Holdings

1,017

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (1,017 positions)

#	Stock	Shares	Value	% Portfolio
1	NVDANVIDIA CORP COM	86,057,537	$16.0B	5.48%
2	AAPLAPPLE INC	55,146,752	$15.0B	5.12%
3	IEFISHARES TR 7 10YR TR BD ETF	134,832,971	$13.0B	4.43%
4	MSFTMICROSOFT CORP	25,300,410	$12.2B	4.18%
5	GOOGLALPHABET INC CLASS A	38,106,033	$11.9B	4.07%
6	AMZNAMAZON COM INC COM	33,593,612	$7.8B	2.65%
7	VCITVANGUARD FDS INT TERM CORP	83,976,379	$7.0B	2.40%
8	GSGOLDMAN SACHS GROUP INC	6,771,556	$6.0B	2.03%
9	TSMTAIWAN SEMICONDUCTOR MFG L ADR	18,146,900	$5.5B	1.88%
10	CATCATERPILLAR INC	9,493,266	$5.4B	1.86%
11	JPMJPMORGAN CHASE CO	16,018,656	$5.2B	1.76%
12	LLYELI LILLY CO	4,606,327	$5.0B	1.69%
13	ASMLASML HOLDING N V NYS	4,484,949	$4.8B	1.64%
14	AVGOBROADCOM INC COM	13,844,206	$4.8B	1.64%
15	WMTWALMART INC	40,626,852	$4.5B	1.54%
16	DWDMORGAN STANLEY	25,018,335	$4.4B	1.52%
17	METAMETA PLATFORMS INC CL A	6,609,892	$4.4B	1.49%
18	RTXRTX CORPORATION COM	21,800,188	$4.0B	1.36%
19	TRVCCITIGROUP INC	33,887,285	$4.0B	1.35%
20	XOMEXXON MOBIL CORP	31,497,852	$3.8B	1.29%
21	SAPSAP SE ADR	14,728,881	$3.6B	1.22%
22	HDHOME DEPOT INC	10,154,469	$3.5B	1.19%
23	AXPAMERICAN EXPRESS CO	9,023,482	$3.3B	1.14%
24	CVXCHEVRON CORP NEW	21,471,919	$3.3B	1.12%
25	FCXFREEPORT MCMORAN INC	63,880,757	$3.2B	1.11%
26	UBSUBS GROUP AG	64,107,264	$3.0B	1.01%
27	BACBANK AMERICA CORP	53,783,821	$3.0B	1.01%
28	SONYSONY GROUP CORP ADR	108,981,588	$2.8B	0.95%
29	COSTCOSTCO WHSL CORP NEW	3,176,286	$2.7B	0.93%
30	VVISA INC	7,485,132	$2.6B	0.90%
31	MRKMERCK CO INC	24,873,327	$2.6B	0.89%
32	MAMASTERCARD INCORPORATED	4,355,805	$2.5B	0.85%
33	BPBP PLC SPONSORED ADR ADR	66,431,924	$2.3B	0.79%
34	BCSBARCLAYS PLC ADR	89,750,069	$2.3B	0.78%
35	SCHWSCHWAB CHARLES CORP COM	21,818,514	$2.2B	0.74%
36	ISRGINTUITIVE SURGICAL INC	3,784,970	$2.1B	0.73%
37	JCIJOHNSON CTLS INTL PLC SHS	17,239,953	$2.1B	0.70%
38	SHELSHELL PLC ADR	27,142,785	$2.0B	0.68%
39	AZNASTRAZENECA PLC ADR	21,601,433	$2.0B	0.68%
40	BLKBLACKROCK INC COM	1,824,359	$2.0B	0.67%
41	NFLXNETFLIX INC COM	20,490,399	$1.9B	0.66%
42	JNJJOHNSON JOHNSON	8,866,207	$1.8B	0.63%
43	ORCLORACLE CORP	9,314,177	$1.8B	0.62%
44	UNHUNITEDHEALTH GROUP INC	5,293,622	$1.7B	0.60%
45	CMICUMMINS INC	3,410,723	$1.7B	0.59%
46	COFCAPITAL ONE FINL CORP	6,937,362	$1.7B	0.57%
47	GSKGSK PLC SPONSORED ADR ADR	33,195,985	$1.6B	0.56%
48	TMOTHERMO FISHER SCIENTIFIC INC	2,792,421	$1.6B	0.55%
49	RIORIO TINTO PLC ADR	19,642,744	$1.6B	0.54%
50	PGPROCTER AND GAMBLE CO	10,908,367	$1.6B	0.53%
51	SPOTSPOTIFY TECHNOLOGY S A	2,665,512	$1.5B	0.53%
52	INTUINTUIT	2,284,310	$1.5B	0.52%
53	TMTOYOTA MOTOR CORP ADR	6,995,672	$1.5B	0.51%
54	INGING GROEP NV ADR	53,221,109	$1.5B	0.51%
55	UNPUNION PAC CORP	6,430,808	$1.5B	0.51%
56	MUFGMITSUBISHI UFJ FINL GROUP ADR	93,276,119	$1.5B	0.50%
57	CRCCANADIAN NAT RES LTD	42,745,981	$1.4B	0.49%
58	ABTABBOTT LABS	11,440,255	$1.4B	0.49%
59	BHPBHP GROUP LTD SPONSORED AD ADR	23,402,474	$1.4B	0.48%
60	HBC2HSBC HLDGS PLC SPON ADR NE ADR	17,800,748	$1.4B	0.48%
61	COPCONOCOPHILLIPS	14,847,367	$1.4B	0.47%
62	ADBEADOBE INC	3,961,853	$1.4B	0.47%
63	EUFNISHARES MSCI EUROPE FN ETF	37,017,326	$1.4B	0.47%
64	ULUNILEVER PLC	20,658,738	$1.4B	0.46%
65	DEDEERE CO	2,853,156	$1.3B	0.45%
66	PFEPFIZER INC	51,952,106	$1.3B	0.44%
67	NOWSERVICENOW INC	8,351,824	$1.3B	0.44%
68	TTETOTALENERGIES SE ACT	19,324,336	$1.3B	0.43%
69	BABOEING CO	5,640,900	$1.2B	0.42%
70	PEPPEPSICO INC COM	8,295,329	$1.2B	0.41%
71	MUBISHARES NATIONAL MUNI BOND ETF	10,713,817	$1.1B	0.39%
72	SANBANCO SANTANDER SA ADR	96,865,591	$1.1B	0.39%
73	CRMSALESFORCE INC	4,278,477	$1.1B	0.39%
74	SYKSTRYKER CORPORATION	3,117,283	$1.1B	0.37%
75	RYROYAL BK CDA	6,373,400	$1.1B	0.37%
76	DBDEUTSCHE BANK A G GRS	27,398,661	$1.1B	0.36%
77	NVSNNOVARTIS A G SPONSORED ADR ADR	7,465,850	$1.0B	0.35%
78	DHRDANAHER CORP DEL COM	4,446,976	$1.0B	0.35%
79	SBUXSTARBUCKS CORP	12,028,803	$1.0B	0.35%
80	VOOVANGUARD SP 500 ETF	1,551,244	$972.0M	0.33%
81	CSXCSX CORP	26,515,831	$961.0M	0.33%
82	EMREMERSON ELEC CO	7,191,118	$954.0M	0.33%
83	ITWILLINOIS TOOL WKS INC	3,705,081	$912.0M	0.31%
84	BSXBOSTON SCIENTIFIC CORP	9,138,216	$871.0M	0.30%
85	NDQINVESCO QQQ TRUST SERIES 1	1,352,626	$830.0M	0.28%
86	LYGLLOYDS BANKING GROUP PLC ADR	151,258,982	$801.0M	0.27%
87	BBVABANCO BILBAO VIZCAYA ARGEN ADR	33,954,738	$791.0M	0.27%
88	IXJISHARES GLOBAL HEALTH CARE ETF	8,032,598	$782.0M	0.27%
89	BABAALIBABA GROUP HLDG LTD ADR	5,335,894	$782.0M	0.27%
90	CARRCARRIER GLOBAL CORPORATION	14,795,099	$781.0M	0.27%
91	TTTRANE TECHNOLOGIES PLC	1,960,522	$763.0M	0.26%
92	SUSUNCOR ENERGY INC NEW	16,820,924	$746.0M	0.25%
93	BUDANHEUSER BUSCH INBEV SA/NV ADR	11,380,404	$728.0M	0.25%
94	NWGNATWEST GROUP PLC ADR	40,912,201	$715.0M	0.24%
95	IXCISHARES GLOBAL ENERGY ETF	14,729,493	$617.0M	0.21%
96	VEAVANGUARD FTSE DEVELOPED MKT	9,468,021	$591.0M	0.20%
97	SNYSANOFI SA ADR	12,140,615	$588.0M	0.20%
98	PCARPACCAR INC	5,073,161	$555.0M	0.19%
99	IRINGERSOLL RAND INC	6,927,262	$548.0M	0.19%
100	GOOGALPHABET INC CLASS C	1,720,004	$539.0M	0.18%

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