Ken Fisher’s Fisher Asset Management filed a few weeks ago its Form 13F for the second quarter of 2014. The fund declared holding more than $47.5 billion in stock, after 81 new purchases, 262 additional purchases, and the closing of 59 equity positions. Its portfolio is quite diversified, although it has a slight focus on financial stocks (25%) and, to a lesser extent, on technology (18.7%), healthcare (15.6%) and services (14.5%) companies. In this article we will take a look at Fisher’s top equity holdings in order to elucidate if any of them deserve further research.
Mr. Fisher’s three largest bets were placed on ETFs; however, the fourth spot in his list was occupied by Johnson & Johnson (NYSE:JNJ), the $286 billion market cap healthcare and personal care company. Following an increase of approximately 5% in its stake, the fund owns 10.44 million shares of the company, worth more than $1.09 billion.
This position makes of Fisher Asset Management the largest hedge fund shareholder of record at Johnson & Johnson (NYSE:JNJ), trailed by Donald Yacktman’s Yacktman Asset Management, which disclosed ownership of 9.04 million shares, with a market value of more than $946 million. Another fund that seems quite bullish about Johnson & Johnson (NYSE:JNJ) is Cliff Asness’ AQR Capital Management, which boosted its exposure to the company by 2% over the quarter, and now holds 3.64 million shares.
American Express Company (NYSE:AXP), the $90.6 billion market cap credit and travel services company, maintained its position in this list, even though the fund upped its stake by 4% over the second quarter. Fisher now owns 11.38 million shares of the company, worth approximately $1.07 billion.
Warren Buffett’s Berkshire Hathaway is the largest shareholder of record at American Express Company (NYSE:AXP), with 151.61 million shares. Although the fund didn’t modify its exposure to American Express Company (NYSE:AXP), its holdings increased in value, from $13.6 billion by the end of the first quarter, to $14.3 billion by the end of the second one. While the stock has lost about 4% year-to-date, it had inched up by almost 5% between April 1 and June 30.
Third in this list is Apple Inc. (NASDAQ:AAPL), the $596 billion market cap tech giant. Following a 5% increase in Fisher’s stake, the fund owns 10.74 million shares of the company, worth more than $998 million.
Apple Inc. (NASDAQ:AAPL)’s stock has largely outperformed the S&P 500 Index, having returned 25% year-to-date, and 21.2% over the second quarter.
Other famed investors placing big wagers on Apple Inc. (NASDAQ:AAPL) are Carl Icahn of Icahn Capital LP, who owns or 52.76 million shares, worth more than $4.9 billion, and D.E. Shaw, with 11.88 million shares, worth more than $1.1 billion.
For more information on Fisher Asset Management’s holdings, check out its small-cap picks.
Disclosure: Javier Hasse holds no position in any stocks or funds mentioned.