In this piece, we will take a look at the 10 Value Stocks in Ken Fisher’s Portfolio.
Trump’s “stupid” tariffs will fail; that’s the sentiment echoed by billionaire investor Ken Fisher as their impact continues to be felt far and wide. Fisher, the brains behind Fisher Asset Management joins a growing list of institutional investors concerned that tariffs will lower growth and raise inflation at a time of weakening consumer sentiment. Billionaire investor Bill Ackman has already warned that the U.S. could be headed to an “economic nuclear winter” as a result of the tariff policy rollout, costing Trump the confidence of business leaders.
While major indices have pulled back significantly amid deep selloff in various sectors, Trump insists on staying in the race to remake the global trade order. Stocks are already on the brink of plunging into bearish territories amid recession concerns. The global stock market has lost trillions of dollars since Trump imposed sweeping tariffs on every nation that exports products to the US. Stock indices abroad have also felt the brunt, dropping by more than 10%, as it becomes clear an extended trade war is the biggest threat to the global economy.
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Amid the growing concerns, Fisher insists the pitfalls of the ravaging trade war are passing wind that will fade and fail.
“What Trump unveiled Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools,” Fisher wrote on social media platform “X.” “Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish.”
How true that is, is still an open discussion as Trump stays put even as reciprocal tariffs come into play. China has already responded with an 84% tariff on US goods in response to the US imposing more than 100% tariffs on Chinese imports. The back-and-forth spat threatens to affect the global trade order, causing heightened jitters in the equity markets.
According to Fisher, the deep selloff on fears of a full-blown trade could be outsized compared to the issues around the policy itself. Consequently, the billionaire investor expects the market to bounce back and rally once the selloff dust settles.
“The fear is bigger than the problem can be,” Fisher continued. “Single period stock market comparisons are always iffy, but it may well be this goes something like the 1998 stock market correction leading to a 26% annual return.”
Even as investors turn their attention to safe havens in the race to store wealth, value stocks remain resilient. The top value stocks in the Fisher Asset Management portfolio stand out because they are well-established companies. The fact that they are undervalued due to the ongoing market correction amid the trade war presents an exciting opportunity. Additionally, the stocks are spread across various sectors, from financials to healthcare to consumer cyclical and technology.
Ken Fisher of Fisher Asset Management
Our Methodology
We combed Fisher Asset Management’s Q4 2024 13F filings to identify the 10 value stocks in Ken Fisher’s portfolio. We chose stocks that are trading at a forward P/E of less than 20 and are part of industries including energy, financials, and healthcare, among others. Finally, we ranked the stocks in ascending order based on the value of Fisher Asset Management equity stakes in the stocks while also outlining hedge fund sentiment for each stock as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10 Value Stocks in Ken Fisher’s Portfolio
10. Johnson & Johnson (NYSE:JNJ)
Fisher Asset Management Equity Stake: $1.19 Billion
Forward P/E Ratio as of April 17: 14.58
Number of Hedge Holders: 98
Johnson & Johnson (NYSE:JNJ) researches and develops sales of various products in the healthcare field. Its portfolio boasts over 10 blockbuster drugs and spans several therapeutic areas, from infectious diseases to oncology. It is also a leading medical device maker, which adds diversification to its operations. It is a top-value stock in Ken Fisher’s portfolio, up by 3% year to date, as the overall stock market appears to be in a corrective phase.
Johnson & Johnson’s (NYSE:JNJ) cancer division has become a significant catalyst for growth, with experts predicting it will be the quickest-expanding segment in the company’s Innovative Medicine sector. The performance of CARVYKTI, a CAR-T cell treatment for multiple myeloma, has been especially remarkable. Analysts believe that CARVYKTI could achieve peak sales exceeding $10 billion.
The company intends to invest approximately $55 billion in the next four years to construct research infrastructure and production facilities. Additionally, it intends to enlarge a number of its current locations across the nation as part of its growth strategy. Johnson & Johnson (NYSE:JNJ) rewards investors with a 3.21% dividend yield, more than double the S&P 500 dividend yield. The company has paid dividends for 62 consecutive years, underscoring its shareholder value commitment.
9. Thermo Fisher Scientific Inc. (NYSE:TMO)
Fisher Asset Management Equity Stake: $1.39 Billion
Forward P/E Ratio as of April 17: 18.76
Number of Hedge Fund Holders: 100
Thermo Fisher Scientific Inc. (NYSE:TMO) provides tools and services for life sciences, diagnostics, lab work, and biopharma in North America, Europe, Asia-Pacific, and worldwide. On April 15, Thermo Fisher Scientific Inc. (NYSE:TMO) expanded its bioprocessing portfolio with the launch of the 5L DynaDrive Single-Use Bioreactor. This advancement and its partnership with NSG BIO to support biotech startups in Singapore highlight the company’s focus on innovation and growth in the biotechnology sector.
Thermo Fisher Scientific Inc. (NYSE:TMO) surpassed expectations in the fourth quarter of 2024, posting earnings of $6.10 per share and revenue of $11.40 billion, outperforming Wall Street estimates of $5.94 per share and $11.28 billion. The company showcased strong financial health with $3.3 billion in operating cash flow and $2.8 billion in free cash flow during the quarter. In 2024, Thermo Fisher returned $4.6 billion to shareholders via dividends and buybacks. In February, it increased its quarterly dividend by 10% to $0.43 per share, achieving a yield of 0.39% as of April 17, marking its eighth consecutive year of growth.
8. Merck & Co., Inc. (NYSE:MRK)
Fisher Asset Management Equity Stake: $1.60 Billion
Forward P/E Ratio as of April 17: 8.49
Number of Hedge Holders: 91
Merck & Co., Inc. (NYSE:MRK) is a healthcare company that focuses on delivering innovative solutions through prescription medicines, vaccines, and animal health products. It also has a presence in Life Science and Electronics, equipment, and services sectors. While the stock has pulled back significantly, it remains a top-value stock in Ken Fisher’s portfolio as it is trading at a low price-to-earnings multiple of 8.49.
On April 8, Goldman Sachs reiterated a Buy rating on Merck & Co., Inc. (NYSE:MRK) even as it cut its price target to $103 from $129. The bullish stance stems from growing optimism that the company’s Animal Health division, which generated a record $6 billion in revenues in 2024, will remain a key growth driver
In addition, Merck & Co., Inc. (NYSE:MRK) has moved to reinvigorate its growth metrics with a $493 million licensing deal with Austria-based drug delivery technology maker Cyprumed on April 15. The deal paves the way for the company to unlock new growth opportunities around oral tablets. Merck obtains the opportunity to exclusively license the technology for additional specific targets in addition to nonexclusive worldwide rights to Cyprumed’s oral peptide delivery platform for an unspecified number of targets.
7. UnitedHealth Group Incorporated (NYSE:UNH)
Fisher Asset Management Equity Stake: $1.74 Billion
Forward P/E Ratio as of April 17: 19.65
Number of Hedge Holders: 150
UnitedHealth Group Incorporated (NYSE:UNH) is a healthcare plans company offering consumer-oriented health benefit plans and services for national and public sector employers. Even as the overall stock market remains under pressure amid the trade tariffs tiff, the stock has remained resilient and is up by about 17% for the year.
Resilience in the market stems from UnitedHealth Group Incorporated (NYSE:UNH) delivering better-than-expected financial results over the past year. Revenue in fiscal 2024 was up 8% to $400.3 billion as earnings from operations totaled $32.3 billion. Robust earnings growth has helped drive dividend growth over the past 14 years, affirming why it is a top-value stock in Ken Fisher’s portfolio. The stock currently yields 1.44%.
Due to a solid market position, new business, extended contracts, and an expansion of service offerings, UnitedHealth Group’s top line is still expected to grow. The strong health services division of UNH offers advantages for diversification. In 2025, UnitedHealth Group Incorporated’s (NYSE:UNH) adjusted net earnings per share are projected to range between $29.50 and $30. A strong balance sheet should support careful capital deployment through buybacks and dividend payments.
6. Freeport-McMoRan Inc. (NYSE:FCX)
Fisher Asset Management Equity Stake: $2.26 Billion
Forward P/E Ratio as of April 17: 18.21
Number of Hedge Holders: 88
Freeport-McMoRan Inc. (NYSE:FCX) is a basic materials company that engages in the mining of mineral properties. It primarily explores and develops copper, gold, molybdenum and silver properties around the globe. It is one of the top-value stocks in Ken Fisher’s portfolio, poised to capitalize on soaring prices of precious metals.
On April 16, Wolfe Research upgraded Freeport-McMoRan Inc. (NYSE:FCX) to an Outperform with a $39 price target. The bullish stance comes on Freeport McMoran announcing a $0.15 dividend yield to be paid on May 1. The stock yields 0.9% on dividends affirming the company’s focus on returning value to shareholders.
In addition, Freeport-McMoRan Inc. (NYSE:FCX) expects its Q1 copper sales to align with its January forecast of 850 million pounds. Consequently, the company should benefit from soaring copper prices as demand remains high. While gold sales are expected to be about 100,000 ounces lower than the January forecast of 225,000 ounces, the company’s consolidated unit cash should increase by 5% owing to high gold and copper prices.
5. Chevron Corporation (NYSE:CVX)
Fisher Asset Management Equity Stake: $2.88 Billion
Forward P/E Ratio as of April 17: 14.37
Number of Hedge Holders: 81
Chevron Corporation (NYSE:CVX) is an integrated energy company that provides crude oil, natural gas, and refined products. It also develops and markets lubricants, fuel oil additives, and chemicals. It is one of the energy plays holding steady amid the turmoil in the sector, on oil prices plunging below the $ 70-a-barrel level. On April 15, Wells Fargo reiterated a Buy rating on the stock with a $173 price target buoyed by the company’s strategic moves.
While Chevron Corporation (NYSE:CVX) is facing increased depreciation and amortization in its upstream sector and adjustments in production volumes, analysts believe the $2.3 billion acquisition of Hess stakes will act as a favorable tailwind. In the long run, Chevron intends to acquire all of Hess’s outstanding shares to strengthen its Shale footprint further. The acquisition should diversify the company’s portfolio by gaining access to an asset with industry-leading cash margins and low carbon intensity.
Chevron Corporation (NYSE:CVX) is expected to deliver non-GAAP EPS of $10.30 in FY25, up 2.5% from $10.05 in fiscal 2024. Earnings are expected to surge by 18.7% in fiscal 2026 to $12.23 per share, affirming underlying growth even as it faces headwinds amid the turmoil in the energy sector.
4. Exxon Mobil Corporation (NYSE:XOM)
Fisher Asset Management Equity Stake: $3.21 Billion
Forward P/E Ratio as of April 17: 13.57
Number of Hedge Holders: 104
Exxon Mobil Corporation (NYSE:XOM) is a multinational that explores and produces oil and natural gas. While the overall energy sector has been under pressure with oil prices plunging below the $70 a barrel level, Exxon Mobil has held steady, affirming its status as one of the top-value stocks in Ken Fisher portfolio. The stock currently offers a 3.80% annual dividend yield that is slightly above its three year’s average of 3.49%, affirming its ability to generate shareholder value.
The solid dividend offering comes on Exxon Mobil delivering its third best year in a decade on delivering solid financial results for fiscal 2024. The energy giant delivered earnings of $33.7 billion and cash flow from operations of $55 billion. Likewise, Exxon Mobil Corporation (NYSE:XOM) ended up distributing $36 billion to shareholders more than all but five companies in the S&P 500 with Brent crude oil price of $65 per barrel and above, the oil giant anticipates making an additional $20 billion in revenues through 2030.
Exxon Mobil Corporation (NYSE:XOM) is expanding its business empire beyond fossil fuels and into the future of lower-carbon energy. It is expanding its footprint into businesses around hydrogen, lithium, alternative fuels, carbon capture and storage, and other lower-carbon energy goods and solutions. The new business ventures are expected to bolster the company’s profits by $3 billion by 2030 and $13 billion by 2040.
3. Caterpillar Inc. (NYSE:CAT)
Fisher Asset Management Equity Stake: $3.29 Billion
Forward P/E Ratio as of April 17: 14.64
Number of Hedge Holders: 62
Caterpillar Inc. (NYSE:CAT) is an industrial company that provides a wide range of products and services related to construction, mining, and industrial industries. It manufactures and sells heavy machinery like tractors, trucks, loaders, excavators, etc. It is a solid value stock in Ken Fisher’s portfolio due to its strong position in the construction and mining equipment industry. In addition, the stock rewards investors with a 1.94% dividend yield.
On April 16, Morgan Stanley upgraded the stock to an Equalweight with a $283 price target following a significant decline. Caterpillar Inc. (NYSE:CAT) has come under immense pressure amid growing concerns about the US nonresidential construction market outlook. Amid the concerns, the company has conducted significant management changes as it looks to reinvigorate its fortunes.
Chief Executive Officer Jim Umpleby is poised to become the Executive Chairman as Chief Operating Officer Joe Creed takes over as CEO. Creed’s appointment as CEO underscores Caterpillar’s focus on differentiation through large machines and integrated power solutions. As Caterpillar Inc. (NYSE:CAT) begins its next century of operations, stability is anticipated due to his knowledge of the company’s strategic direction and the continuity of leadership.
2. The Goldman Sachs Group, Inc. (NYSE:GS)
Fisher Asset Management Equity Stake: $3.52 Billion
Forward P/E Ratio as of April 17: 11.39
Number of Hedge Holders: 81
The Goldman Sachs Group, Inc. (NYSE:GS) is a global investment bank that offers a wide range of financial services. Its services revolve around advising on mergers and acquisitions, managing assets, and providing investment research and trading services.
On April 15, Wells Fargo analyst Mike Mayo reduced the price target for The Goldman Sachs Group, Inc. (NYSE:GS) from $680 to $650, maintaining an Overweight rating. The firm highlighted Goldman’s strong trading, low tax rate, and significant buybacks, though noted a less certain trade outlook. Forward estimates were lowered due to weaker IB and slower A&WM, but potential upside remains if Goldman performs well in A&WM and capital management.
Goldman Sachs is one of the banks benefiting from the Donald Trump administration unleashing market-moving announcements that are helping fuel trading activities. That was clear as Q1 2025 earnings per share totaled $14.12 against $12.35 a share expected. Likewise, revenue topped estimates at $15.06 billion against $14.81 billion expected. The Goldman Sachs Group, Inc.’s (NYSE:GS) profit rose 15% as a surge in trading revenue offset declines in the asset and wealth management division. The banking and markets division saw a 10% rise in revenue at $10.71 billion as equity trading revenue totaled $41.9 billion up 27% year over year. The bank has consistently generated free cash flow to reward investors with dividends. The stocks currently yield 2.48%.
1. JPMorgan Chase & Co. (NYSE:JPM)
Fisher Asset Management Equity Stake: $4.17 Billion
Forward P/E Ratio as of April 17: 12.55
Number of Hedge Holders: 123
JPMorgan Chase & Co. (NYSE:JPM) is one of the largest financial services companies specializing in investment banking, commercial banking, and financial transaction processing and asset management. It is one of the top-value stocks in Ken Fisher’s portfolio as it operates in the traditional banking sector, backed by mature businesses and predictable revenue streams.
Over the past year, JPMorgan Chase & Co. (NYSE:JPM) has increased by more than 40% and successfully leveraged a resilient economic backdrop. In the fourth quarter of fiscal 2024, JPMorgan delivered a 58% increase in earnings per share to $4.81, affirming its ability to generate shareholder value. Even with the Federal Reserve cutting interest rates, the bank still delivered an 11% year-over-year increase in net interest income.
The better-than-expected financial results are due to JPMorgan Chase & Co.’s (NYSE:JPM) diversified financial services footprint, size, and scale of operations. Its investment banking section continues to be a key value driver, with fees surging by 49% in fiscal 2024 as the bank capitalized on a solid deal-making environment. JPMorgan rewards income-focused investors with a 2.44% dividend yield amid the underlying growth.
While we acknowledge the potential of JPMorgan Chase & Co. (NYSE:JPM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than JPM but that trades at less than 5 times its earnings check out our report about this cheapest AI stock.
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