Ken Fisher's Q1 Portfolio Dominated by FAANGs: 13F – Investopedia

Kenneth Fisher, the billionaire leader of Fisher Asset Manager, joined other top money managers in submitting documentation to the U.S. Securities and Exchange Commission (SEC) detailing his fund’s investment activity for Q1 earlier this month. The documents were part of a 13F filing, required of all hedge funds managing at least $100 million in assets under management. According to Fisher’s 13F, his portfolio increased by more than 7% over the first three months of the year, from a value of $76.56 billion to $81.96 billion.

Heading into the second quarter, some of his largest positions were in the so-called FAANG stocks and related names. Inc., (AMZN), Alibaba Group (BABA), and Apple Inc. (AAPL) constituted three of the biggest stock positions for Fisher as of the end of March.

Increases in AMZN, BABA and More

Fisher’s single largest position, according to the 13F, is in AMZN. The billionaire’s portfolio is roughly 3.44% AMZN investments, initiated in 2011. Since the time Fisher bought stock in the e-commerce giant for the first time, the price of AMZN has increased by more than seven times; the fund’s cost basis is around $200, while the current price for AMZN is close to $1,581. Fisher has consistently increased his position over the past three quarters, adding about 15% to his holdings over that period.

BABA is another long-time favorite for Fisher. The fund bought BABA in Q2 of 2015 at prices between $81 and $93, according to Seeking Alpha. Early in 2017, Fisher upped his position by more than half, and over the past two quarters he’s continued adding, though at a slower rate.

Apple is also a top position in Fisher’s portfolio, representing about 2.53% of his fund’s holdings as reported in the 13F filings. Fisher first bought AAPL in 2012, and he has increased his position by a total of about 17% in the past three quarters. Alphabet Inc. (GOOG), the parent company of tech leader Google, was increased by about 11% this quarter; in the second quarter of 2017, Fisher dropped his position by about 14%.

Visa, Taiwan Semiconductor Round Out Top 5

Aside from Amazon, Alibaba and Apple, the other two stocks making up the top five positions in Fisher’s 13F are Visa, Inc. (V) and Taiwan Semiconductor (TSM). All told, the top five positions represent about 13% of Fisher’s stock portfolio; Fisher’s highly diversified portfolio includes hundreds of other positions as well, and the top five positions account for a relatively small percentage of the total assets under management for the fund. Indeed, Fisher Asset Management ended Q1 with close to 1,000 different names in its 13F, although that number may well have changed by the time of this writing.

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