Fisher Asset Management Q4 2025: Ken Fisher’s $293B 13F Mixed Mega-Cap Tech With a $20B Bond ETF Sleeve

Fisher Asset Management Q4 2025: Ken Fisher’s $293B 13F Mixed Mega-Cap Tech With a $20B Bond ETF Sleeve

Fisher Asset Management, the firm founded by Ken Fisher, closed Q4 2025 with $292.99 billion in reported 13F AUM and 1,017 table entries in its latest SEC filing. The headline names are familiar: Nvidia, Apple, Microsoft, Alphabet Class A, and Amazon. But the more interesting detail is that this was not a pure mega-cap technology filing. Two of the top seven positions were bond ETFs: IEF and VCIT.

That mix matters because it fits the public philosophy Fisher has described for years. On his official biography page, Ken Fisher lists global diversification, skepticism of short-term forecasting, and a willingness to look past consensus narratives as core principles. Fisher Investments’ own top-down investment process and institutional strategies pages point in the same direction. A 13F only captures the reportable U.S. slice, but that slice still shows how the firm entered 2026: big exposure to the market’s dominant growth franchises, paired with a meaningful duration-and-credit ballast.

TL;DR

• Reported Q4 2025 13F AUM: $292.99B.
• WhaleScore: 68.00.
• Largest disclosed holding: Nvidia at $16.05B, or 5.49% of reported 13F AUM.
• Apple, IEF, Microsoft, and Alphabet Class A rounded out the top five, which together represented about 23.3% of reported AUM.
• IEF and VCIT totaled $20.00B, showing that bond ETFs were not a side note inside the filing.
• The top 10 holdings added up to about $99.86B, or roughly 34.3% of the disclosed book.

What jumps out first: this is not a one-note tech portfolio

Yes, the top of the filing is full of market leaders. Nvidia, Apple, Microsoft, Alphabet, Amazon, and TSMC together represented about $68.47B of value in the top 10 alone. But that is only part of the picture. Fisher also held iShares 7-10 Year Treasury Bond ETF at $12.97B and Vanguard Intermediate-Term Corporate Bond ETF at $7.03B. Add those together and you get a $20.00B fixed-income ETF sleeve sitting right beside the AI winners.

That combination makes the filing easier to read. Instead of treating Fisher’s Q4 2025 13F as a simple bet on the same mega-cap trade everyone already knows, it is better to see it as a disclosed U.S. book with two messages at once: stay exposed to the companies still driving index leadership, and keep a substantial stabilizer nearby. That interpretation lines up better with Fisher’s published emphasis on broad diversification, market context, and process over prediction than a copy-trading headline would.

Top holdings: big platforms, a Treasury sleeve, and selective cyclicals

The top 10 holdings are unusually instructive because they show three different functions inside one filing. First, there is pure mega-cap platform exposure: Nvidia, Apple, Microsoft, Alphabet, Amazon, and TSMC. Second, there is bond ballast through IEF and VCIT. Third, there are economically sensitive quality names such as Goldman Sachs and Caterpillar. That is a more balanced top-of-book picture than many investors would expect if they only know Fisher through Ken Fisher’s media profile.

The top five holdings alone totaled roughly $68.18B. The top 10 reached $99.86B. That is significant concentration in dollar terms, but it still sits inside a filing with more than 1,000 entries. So the better takeaway is not that Fisher ran a narrow book. It is that the firm used a broad base while still letting a relatively small group of very large, liquid exposures do a lot of the heavy lifting.

How the filing matches Fisher’s public strategy language

Fisher Investments’ official materials emphasize global equity, fixed income, and a research process that starts with macro and market context instead of bottom-up stock stories alone. Ken Fisher’s biography page also lists “global diversification is preferable” and “market cycles can be forecast, their short-term wiggles cannot” among his core investing ideas. That makes the Q4 2025 13F easier to interpret: the filing does not look like a style-box identity crisis. It looks like a U.S. disclosure snapshot from a firm that thinks in portfolio systems.

That also explains why retail investors should be careful. A 13F cannot show Fisher’s non-U.S. equities, private mandates, cash, derivatives beyond the filing rules, or any firm-level context outside reportable positions. So if you only focus on Nvidia or Apple, you miss the broader lesson. The clearer signal is the coexistence of platform growth exposure and fixed-income stabilizers within the same disclosed sleeve.

Retail investor read-through: the useful lesson is portfolio design, not ticker cloning

For individual investors, this filing is most useful as a lesson in structure. Fisher’s Q4 2025 13F suggests you can stay committed to market leadership without making your whole disclosed book a single-theme bet. The big tech names tell you where Fisher kept growth and quality exposure. The IEF and VCIT positions tell you the firm still wanted a real stabilizing sleeve. Goldman Sachs and Caterpillar show there was room for economically sensitive exposure outside the standard Magnificent Seven conversation.

That is a healthier way to read the filing than asking whether you should buy exactly what Ken Fisher owned. The better question is: what kind of portfolio problem was this mix trying to solve? The answer appears to be balance. Growth, duration, credit, and cyclical participation all show up near the top of the book. For a firm associated with top-down investing, that is exactly the sort of cross-asset message you would expect the U.S. disclosure to send.

Key source documents and further reading

• SEC EDGAR company page for Fisher Asset Management
• Fisher Asset Management Q4 2025 13F filing text
• Fisher Investments top-down investment process
• Fisher Investments institutional strategies overview
• Fisher Investments global equity strategy
• Fisher Investments fixed income strategy
• Fisher Investments MarketMinder commentary hub
• Ken Fisher biography page
• Ken Fisher financial columnist archive
• Fisher Asset Management profile on 13F Insight

Bottom line: Fisher Asset Management’s Q4 2025 13F did not read like a pure AI-chasing portfolio. It read like a very large, diversified U.S. disclosure where mega-cap technology remained essential, but a $20 billion bond ETF sleeve kept the portfolio’s defensive architecture visible too.