# Analyzing Kenneth Fisher’s Fisher Asset Management Portfolio Updates for Q3 2023


This analysis provides an in-depth look at the recent adjustments made to Kenneth Fisher’s 13F stock portfolio in Q3 2023, based on Fisher Asset Management’s regulatory 13F Form filed on 11/13/2023. For an understanding of Fisher’s investment style and previous updates, refer to our series on Tracking Kenneth Fisher’s Fisher Asset Management’s Holdings and our previous update on the fund’s moves in Q2 2023.

In Q3 2023, Fisher’s 13F portfolio value decreased by approximately 3% from around $181B to about $176B. The number of holdings decreased from 1169 to 1168, with significantly large positions decreasing from 69 to 66. Notably, the five largest individual stock positions are Apple, Microsoft, Alphabet, Amazon.com, and Nvidia, collectively accounting for approximately 16% of the 13F stock portfolio.

### Stake Increases

**Apple Inc. (AAPL):** AAPL, currently the top position at 5.21% of the portfolio, has seen significant adjustments in its stake over the quarters, indicative of cautious moves by Fisher.

**Microsoft Corporation (MSFT):** With MSFT being a top-three 4.47% portfolio position, Q1 2023 saw a ~13% trimming, emphasizing a strategic portfolio realignment.

**Alphabet Inc. (GOOG):** The GOOG position, currently at 3.25% of the portfolio, has seen minor adjustments over the last four quarters.

**Amazon (AMZN):** AMZN, a top five ~3% of the portfolio position, witnessed a significant reduction during Q1 2023 at prices between ~$82 and ~$113, underscoring Fisher’s dynamic stance.

**Salesforce (CRM):** The 1.63% CRM position has undergone subtle changes, reflecting Fisher’s tactful portfolio optimization strategy.

**ASML Holding (ASML):** ASML’s position, now at 1.63% of the portfolio, has seen a ~42% stake increase since Q1 2020, aligning with Fisher’s dynamic portfolio adjustments.

**Advanced Micro Devices (AMD):** AMD’s position, currently at 1.62% of the portfolio, reflects Fisher’s strategic moves after dropping Intel (INTC), indicating Fisher’s forward-looking approach.

**Taiwan Semiconductor (TSM):** With TSM being a very long-term 1.51% of the portfolio position, Fisher’s recent adjustments illustrate a balanced and meticulous investment approach.

**Home Depot (HD):** The 1.47% HD portfolio position has evolved through minor buying activities, reflecting Fisher’s consistent and calculated investment decisions.

**Visa Inc. (V):** The Visa position, now at 1.14% of the portfolio, has plateaued over the last four quarters, suggesting Fisher’s balanced and stable portfolio management.

**Netflix (NFLX):** The 0.87% NFLX stake underwent a ~35% selling in Q1 2023, reflecting Fisher’s dynamic assessment of market conditions.

**Meta Platforms (META):** With the META stake, now at 0.86% of the portfolio, Fisher’s recent adjustments portray a balanced and dynamic investment strategy.

**Charles Schwab (SCHW):** SCHW’s position, currently at 0.57% of the portfolio, has witnessed minor increases over the last four quarters, indicative of Fisher’s calculated moves.

The article discusses several other portfolio adjustments, emphasizing Fisher’s meticulous investment approach.

### Stake Decreases

**Nvidia (NVDA):** NVDA, a ~2% of the portfolio position, witnessed significant adjustments, reflecting Fisher’s dynamic and cautious portfolio realignment.

**Adobe Inc. (ADBE):** ADBE, a 1.31% portfolio stake, saw a ~40% reduction over the last seven quarters, indicative of Fisher’s prudent portfolio management.

**American Express (AXP):** The 0.88% AXP portfolio position saw a ~30% reduction over the past three quarters, reflecting Fisher’s cautious and balanced investment stance.

Several other small stakes in the portfolio also underwent adjustments, underscoring Fisher’s diversified portfolio management strategy.


*Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q2 2023 and Q3 2023.*

*Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.*