Fisher Asset: What Are Kenneth Fisher’s Investing Ideas?

At the end of Q3 2019, Fisher Asset’s total portfolio of publicly traded securities was worth around $91 billion. In Q2 2019, this figure was at $90.5 billion. This article will focus on Fisher Asset’s top holdings, buys, and sells. Kenneth Fisher founded the firm in 1979.

Last month, Kenneth Fisher was in the news because of his controversial comments. CNBC reported that pension funds have pulled their money from Fisher Asset. The famous hedge fund manager apologized and said: “Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn’t have made them.” He also added, “I realize this kind of language has no place in our company or industry. I sincerely apologize.”

Top buys

In Q3 2019, Caterpillar (CAT) was Fisher Asset’s top buy. CAT constituted 0.8% of the total portfolio of publicly traded securities. Fisher Asset has been holding CAT shares since 2001. On a year-to-date basis, CAT has risen 14.7% as of Wednesday. To learn more, read Cramer Weighs In on Boeing and Caterpillar Earnings.

In the third quarter, the other top buys of Fisher Asset were the SPDR Portfolio Short Term Corporate Bond ETF (SPSB), The Home Depot (HD), Apple (AAPL), and PayPal Holdings (PYPL). Fisher Asset increased holdings in these companies by 1,188%, 26%, 2%, and 609%, respectively.

Fisher Asset also included Global Payments (GPN), Airbus SE (EADSY), and the Global X Robotics & Artificial Intelligence ETF (BOTZ) in the third quarter.

Most of the newly-included companies are from the technology and the financial sectors. Fisher included three energy stocks in the portfolio: Daybreak Oil and Gas (DBRM), Cheniere Energy (LNG), and Calumet Specialty (CLMT). The energy sector has been an underperformer this year. To learn more, read Oil Prices This Week: Key Fundamentals and Outlook.

In Q3 2019, Total S.A. (TOT) constituted 0.9% of Fisher Asset’s portfolio of publicly traded securities. TOT was Fisher’s largest holding in the energy sector. It increased holdings in TOT by 37%.

Fisher Asset top sells and exits

The Barclays ETN+ FI Enhanced Europe 50 ETN Series C (FFEU) was Fisher Asset’s top sell of Q3 2019. It decreased holdings in FFEU by 99%.

In Q3 2019, the other top sells of Fisher Asset were the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), UBS AG FI Enhanced Europe 50 ETN (FIEE), Barclays ETN+ FI Enhanced Global High Yield ETN Series B (FIYY), and Credit Suisse FI Large Cap Growth Enhanced ETN (FLGE). It decreased holdings in these securities by 24%, 99%, 29%, and 23%, respectively.

Moreover, Fisher also reduced stake in both HSBC Holdings (HSBC) and Infosys (INFY) by 2% in the third quarter. It also exited Vanguard Mid-Cap Index Fund ETF Shares (VO) and Annaly Capital Management (NLY).

Top holdings

In Q3 2019, Visa (V) was the largest holding of Fisher Asset. It constituted 3.8% of Fisher’s total portfolio of publicly traded securities.

In the third quarter, Apple, Amazon (AMZN), Microsoft (MSFT), and Alibaba (BABA) were Fisher’s other top holdings, constituting approximately 3.5%, 3.4%, 3.3%, and 2.5%, respectively, of the total portfolio. To compare these with Q2 2019 holdings, read What Are the Top Holdings of Fisher Asset Management?

To learn more about other famous fund managers, read Paul Singer and Elliott Management’s Top Holdings.