Ken Fisher

Kenneth Lawrence Fisher’s Fisher Asset Management ended 2026-Q2 with roughly $336 billion in assets, and the 13F shows a portfolio that is growth-tilted but hedged with fixed income in a way that separates it from pure equity peers. The largest position is NVIDIA at 5.4% of the portfolio, followed by Apple at just under 5%. Together, the two mega-cap tech names account for more than 10% of holdings, a concentration that is common among growth managers but notable for its size. Alphabet’s Class A shares sit fourth at 4.3%, with Microsoft, Amazon, and ASML rounding out the top ten. The fund also holds Taiwan Semiconductor at 2.7%, giving it direct exposure to the semiconductor supply chain beyond U.S. names. The most distinctive element is the fixed income allocation. The third-largest holding is the iShares 7-10 Year Treasury Bond ETF at 4.5%, and Vanguard’s Intermediate-Term Corporate bond fund is tenth at 2.4%. That is an unusual mix for a growth shop, and it suggests Fisher is running a barbell: concentrated equity bets in AI and cloud infrastructure paired with duration to cushion drawdowns. Caterpillar, at 3.2%, is the outlier among the top holdings, a cyclical industrial that has no obvious growth narrative but may serve as an inflation or infrastructure hedge. Recent moves are not visible in this snapshot, but the positioning itself diverges from typical growth peers who rarely hold Treasuries at this scale. Fisher’s top ten is 36% of the portfolio, which is moderate concentration. The bond positions are large enough to matter, and they imply a view that equity upside is best captured through a narrow set of high-conviction names while the rest of the book is managed for stability. That is a deliberate structure, not a passive index overlay.