For many Wall Street investors, it is their first time navigating market uncertainty at a time of geopolitical upheaval. In these testing weeks, we are going to take a look at Ken Fisher’s moves, the billionaire chief of Fisher Investments. Fisher has owned his investment firm since 1979, starting with $250 and expanding it into one of the biggest in the world. At the end of the fourth quarter of 2025, the value of the 13F portfolio of his fund alone was close to $300 billion.
During a recent appearance on Fox Business, Fisher urged for calm amid rising concerns over oil prices and supply disruptions, noting that geopolitical conflicts involving oil-producing regions typically trigger an immediate spike in oil prices because markets fear severe supply disruptions, but those fears are usually exaggerated and prices tend to fall once it becomes clear that supply continues to flow and global producers adjust.
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Fisher also appeared on his channel on YouTube earlier this month to tackle questions about the broader economy. During his discussion, he characterized the present market as a “low-hire, low-fire” environment, meaning companies are cautious about both hiring and layoffs. He argued that layoff headlines could be misleading because “every time there’s layoffs of any type, the media makes much of it,” even though the numbers are small relative to the total workforce. Fisher noted that layoffs like “10,000 people here, 5,000 people there… is not enough to put a dent into this market because it’s so huge,” and added that many displaced workers quickly find new jobs because “the kind of people they lay off are very employable.” As a result, he said the real indicator to watch wasn’t isolated layoffs but broader unemployment trends, explaining that “we’re not seeing… unemployment going up,” and that the labor market would only truly weaken if “you start to see the labor market loosening… increased unemployment.”
Our Methodology
To compile our list of the Billionaire Ken Fisher’s Most Notable Moves for 2026, we reviewed the latest 13F filings of Fisher Asset Management. Next, we focused on the top 15 stocks in which the fund increased its stake by 10% or more, compared to filings for the previous quarter. Data for the hedge fund sentiment surrounding each stock was taken from Insider Monkey’s Q4 2025 database of 1041 elite hedge funds.
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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
Billionaire Ken Fisher’s Most Notable Moves for 2026
15. Amkor Technology, Inc. (NASDAQ:AMKR)
Fisher Asset Management’s Stake: $83 Million
Amkor Technology, Inc. (NASDAQ:AMKR) has consistently featured in the 13F portfolio of Fisher Asset Management for the past three years. However, the fund has steadily been building up the initial stake, bought in late 2022. Back then, it was just around 50,000 shares purchased at an average price of $23.17. In six of the last seven quarters, the fund has bought up more shares of the company. The latest movement shows an increase of more than 204%, with the stake now at 2.1 million shares compared to close to 700,000 shares at the end of the third quarter of 2025.
In October 2025, Fisher answered questions about the economy on his YouTube channel. In relation to semiconductor firms like Amkor Technology, Inc. (NASDAQ:AMKR), Fisher noted that the world needs semiconductors for all things that relate to cloud computing and artificial intelligence. Indeed, Fisher has a point. Amkor recently beat market estimates on earnings per share and revenue, with CEO Kevin Engel saying during the earnings call that his firm expected full year 2026 revenue growth to be around 20%, driven by continued acceleration in computing and advanced automotive.
Amkor Technology, Inc. (NASDAQ:AMKR) provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, and the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, burn-in, system-level and final test.
14. Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)
Fisher Asset Management’s Stake: $87 Million
Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) is a relatively recent addition to the 13F portfolio of Fisher Asset Management. The fund first disclosed a stake in the firm in filings for the second quarter of 2024, comprising close to 12,000 shares purchased at an average price of more than $24. In the ensuing six quarters, the fund has aggressively added to this stake, with notable additions of 941%, 238%, and 133% in late 2024 and early 2025. The latest increase is close to 25%. These numbers matter because Ken Fisher is very guarded about investments in pharma firms. In 2023, he said that biotech is a very specialized area, and most of the companies in this domain are small and not particularly profitable.
A cursory glance at the latest earnings of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) shows that it is not any biotech firm. In the first fiscal quarter of 2026, it beat market estimates on earnings per share and revenue. During the earnings call, the CEO of the firm pointed to key upcoming events, including the Q3 2026 readout of Phase III SHASTA-3 and SHASTA-4 studies of plozasiran in patients with SHTG, which, per the CEO, has the potential to be a $3 billion to $4 billion commercial opportunity.
Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) develops medicines for the treatment of intractable diseases in the United States. The pipeline includes Plozasiran to reduce production of apolipoprotein C-III in Phase 3 studies and Zodasiran to reduce production of angiopoietin-like protein 3 in Phase 3 clinical trials.
13. Coherent Corp. (NYSE:COHR)
Fisher Asset Management’s Stake: $93 Million
Coherent Corp. (NYSE:COHR) only represents 0.03% of the total 13F portfolio of Fisher Asset Management. However, the notable move here is that the fund increased its stake in the firm by 34% during the fourth quarter of 2024, compared to filings for the previous quarter. Fisher first bought a position in the firm earlier in the year and added to it in the third quarter of 2025 as well. At the end of the fourth quarter of 2025, this holding comprised more than 500,000 shares. This holding seems like an AI bet, since Coherent is one of the key beneficiaries of the AI boom. The share price of the company has increased by close to 300% in the past year.
As Fisher invests in Coherent Corp. (NYSE:COHR), it is important to understand his overall outlook on AI and concerns about an AI bubble. Earlier this month, Fisher tackled AI during a YouTube appearance, noting that the AI bubble of the present was different from the dotcom bubble of the past because of one basic reason. This, per Fisher, is that most of the companies in AI today are huge companies with huge gross operating profit margins that are funding their AI efforts out of their huge growing profitability, profits in hand, their own cash flow, not based on selling stock. Fisher notes that, in the late 90s, dotcom was a bubble because it was all 100% fundamentally dependent on the companies doing it being able to continue raising money through stock sales.
Coherent Corp. (NYSE:COHR) develops, manufactures, and markets engineered materials, optoelectronic components and devices, and laser systems for the use in the industrial, communications, electronics, and instrumentation markets worldwide.
12. Sanmina Corporation (NASDAQ:SANM)
Fisher Asset Management’s Stake: $96 Million
Sanmina Corporation (NASDAQ:SANM) is another smart AI play by Fisher. His fund first purchased a stake in the company in the third quarter of 2025, buying nearly 167,000 shares at an average price of around $112. In the filings for the fourth quarter of 2025, the fund increased this stake by close to 300%, amassing over 650,000 shares. In November 2025, Fisher discussed his views on the overall AI landscape in a frank manner, noting that AI was a big thing. He also added that AI was an important thing. Per Fisher, there would also be a lot of money lost on this big thing. However, the billionaire cautioned that having a lot of money lost on something did not make that thing a bubble. On the contrary, he said that is what makes the AI world competitive.
Sanmina Corporation (NASDAQ:SANM) is riding the AI wave. In late January, the firm released earnings for the first fiscal quarter, reporting earnings per share of $2.38, beating estimates by $0.23. The revenue over the time was $3.19 billion, surpassing expectations by $100 million. During the earnings call, the Jure Sola, the CEO of the firm reiterated that the goal of the firm was to double revenue in the next 2 years. Per Sola, the AI opportunities were on track to deliver $16-plus billion in annual revenue for the firm in 2027.
Sanmina Corporation (NASDAQ:SANM) provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.
11. HEICO Corporation (NYSE:HEI)
Fisher Asset Management’s Stake: $106 Million
HEICO Corporation (NYSE:HEI) has been a core holding of the 13F portfolio of Fisher Asset Management for many years, stretching as far back as early 2014. Back then, Fisher’s stake in the firm consisted of 94,000 shares with an average price of $29 per share. Through the coming quarters, Fisher added to this stake, growing it to nearly 4 million shares. Since then, however, this holding has been trimmed, and presently accounts for only 0.14% of the 13F portfolio of the fund. In the fourth quarter, the fund increased its stake in HEICO by 13% compared to filings for the previous quarter. Since 2014, HEICO has featured in every 13F filing for Fisher Asset Management except for the third quarter of 2017.
Based on a careful analysis of Fisher and his statements on companies like HEICO Corporation (NYSE:HEI) over the years, it seems that Fisher carefully plans his investments in aerospace and defense firms. For example, in 2023, just after the resumption of hostilities in the Middle East, Fisher underlined that investors often overestimated the bullish impact of wars on defense stocks. He also highlighted how the defense sector included few pure-play weapons firms, and more hybrid companies that also offered commercial aerospace products. This is important because Fisher had previously said that in the defense world, opportunities existed in smaller or diversified suppliers, not only the largest prime contractors.
HEICO Corporation (NYSE:HEI) provides aerospace, defense, and electronic related products and services in the United States and internationally. It offers jet engine and aircraft component replacement parts, thermal insulation blankets and parts, renewable/reusable insulation systems, and specialty components and assemblies.
10. Nomura Holdings, Inc. (NYSE:NMR)
Fisher Asset Management’s Stake: $110 Million
Nomura Holdings, Inc. (NYSE:NMR) is one of the most interesting stocks in the 13F portfolio of Fisher Asset Management. This is because Nomura is simultaneously both the oldest and one of the most frequent firms in the historical portfolio of the fund. Fisher first purchased a stake in the company back in late 2010, consisting of just 62,000 shares. The hedge fund then held onto this stake till early 2012, before selling it off completely. Nomura stopped featuring in the portfolio for close to half a decade, before making a reappearance in 2017. This holding comprised over 8 million shares at its peak. However, this was also all sold off by the middle of 2019. The latest holding was purchased in 2024 and consisted of over 8.4 million shares. In the fourth quarter of 2025, Fisher upped this stake by 33%.
One of the exciting developments around Nomura Holdings, Inc. (NYSE:NMR) that investors should keep in mind is that in late January 2026, per media reports, Laser Digital, a crypto firm backed by Nomura Holdings, filed an application with authorities in the US for a national bank trust charter. Financial Times claimed in a report that Laser would not take direct deposits, though there were plans to offer spot crypto trading.
Nomura Holdings, Inc. (NYSE:NMR) engages in the provision of investment, financing, and related services to individual, institutional, and government clients worldwide. It operates through three segments: Wealth Management, Investment Management, and Wholesale.
9. Applied Materials, Inc. (NASDAQ:AMAT)
Fisher Asset Management’s Stake: $117 Million
Applied Materials, Inc. (NASDAQ:AMAT) is a classic example of Fisher’s excellent stock picking acumen. The company featured in the 13F portfolio of his fund between 2010 and 2012, as smartphones and the chips inside them exploded into popularity around the world. However, Fisher closed this position in early 2012. In 2020, even before the AI craze had picked up full steam, Fisher once again opened a sizable position in the semi stock. Since then, Applied has consistently featured in the 13F portfolio of his fund. At the beginning of 2025, Fisher trimmed this stake by close to 90%, further selling shares in the ensuing quarters. During the fourth quarter of 2025, Fisher upped this stake again by close to 64%.
This topsy-turvy relationship of Applied Materials, Inc. (NASDAQ:AMAT) with a top hedge fund perhaps best encapsulates the overall sentiment around semi stocks. Even as AI pushes chip demand to record highs, trade wars between the US and China, and geopolitical tensions in the Middle East, have increased uncertainty around mega AI deals, especially as data centers take center stage in global conflicts. However, semi stocks are still racing each other to cross trillion dollar valuations.
Applied Materials, Inc. (NASDAQ:AMAT) provides materials engineering solutions, equipment, services, and software to the semiconductor and related industries in the United States, China, Korea, Taiwan, Japan, Southeast Asia, Europe, and internationally.
8. AbbVie Inc. (NYSE:ABBV)
Fisher Asset Management’s Stake: $144 Million
AbbVie Inc. (NYSE:ABBV) is a constant part of the 13F portfolio of Fisher Asset Management since the start of 2013. Even though the fund trimmed this stake substantially around 2020, it has started buying shares of the company again since early 2025. In the last quarter of 2025, the fund upped the stake in AbbVie by 128% compared to third quarter filings. The holding now comprises close to 630,000 shares. In 2021, just after trimming his stake in AbbVie, Fisher had acknowledged that in recent years, the prospect of major drug pricing reform in the US had weighed on pharmaceutical and healthcare stocks.
However, Fisher is also an admirer of pharma giants like AbbVie Inc. (NYSE:ABBV) because he has often made the argument over the past decades that the government does not have the ability to set broad drug prices for everyone across the US without congressional approval. This indicates that Fisher understands how political gridlock limits sweeping drug-price regulation in the US, which can reduce long-term risk for pharmaceutical stocks. Improved medicine and rising wealth are two other factors providing tailwind to pharma firms as life expectancy increases across the developed north.
AbbVie Inc. (NYSE:ABBV) is a research-based biopharmaceutical company that engages in the research and development, manufacturing, commercializing, and sale of medicines and therapies worldwide.
7. Canadian Imperial Bank of Commerce (NYSE:CM)
Fisher Asset Management’s Stake: $191 Million
Canadian Imperial Bank of Commerce (NYSE:CM) was only added to the 13F portfolio of Fisher Asset Management in the second quarter of 2022, after a decade-long gap. Previously, the fund had owned shares in the banking firm from 2010 till early 2012. That stake had been a minor one though, consisting of just under 50,000 shares at its peak. However, the latest holding comprises more than 2 million shares. In the fourth quarter of 2025, the fund increased its stake in the firm by 25% compared to filings for the previous quarter. Overall, this holding accounts for nearly 0.07% of the total 13F portfolio of the fund. Ken Fisher has previously said that foreign banks make for attractive investments because US banks are affected by flattening yield curves. He also added that the load structures of foreign banks are different from those in the US.
Canadian Imperial Bank of Commerce (NYSE:CM) has an impressive dividend history, stretching back nearly four decades. For the past ten years, it has consistently grown the dividend payout for investors. In late February, it declared a CAD 1.07/share quarterly dividend, in line with previous.
Canadian Imperial Bank of Commerce (NYSE:CM) is a diversified financial institution, providing various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.
6. Canadian National Railway Company (NYSE:CNI)
Fisher Asset Management’s Stake: $225 Million
Canadian National Railway Company (NYSE:CNI) has reappeared in the 13F portfolio of Fisher Asset Management after an absence of nearly seven years, barring a minor position opened and closed in 2021. Canadian National Railway was a consistent holding of the fund from late 2012 to the middle of 2018. Back then, the stake had 2.15 million shares at its peak purchased at an average price of around $63. The latest filings show that the fund holds close to 2.3 million shares in the railway firm. After opening a new position in the company in the second quarter of 2025, the fund has increased this stake by 13% and 11% in the subsequent two quarters.
Compared to peers in the transport industry, Canadian National Railway Company (NYSE:CNI) is a dividend champion. It has an unblemished record of payouts stretching back 29 years. The payouts have also registered consistent growth during this time. In late January, the company declared a CAD 0.915/share quarterly dividend, a 3.1% increase from prior dividend of CAD 0.887.
Canadian National Railway Company (NYSE:CNI) engages in the rail, intermodal, trucking, and related transportation businesses in Canada and the United States. The company provides rail services, which include equipment, customs brokerage, transloading and warehousing, business development, dimensional loads, and private railcar storage.
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