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This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory 13F Form filed on 04/25/2017. Please visit our Tracking Kenneth Fisher’s Fisher Asset Management Holdings article for an idea on his investment style and philosophy and our previous update highlighting the fund’s moves in Q4 2016.

This quarter, Fisher’s 13F portfolio increased ~9% from $57.43B to $62.44B. The number of holdings decreased from 783 to 773. Significantly large positions increased from 62 to 63. The five largest individual stock positions are Amazon.com (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), Johnson & Johnson (NYSE:JNJ), Visa Inc. (NYSE:V), and Home Depot (NYSE:HD). Together, they account for ~12% of the overall 13F stock portfolio.

To know more about Ken Fisher, check out his Research Papers (most notably in Behavioral Finance), investment books (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “Common Stocks and Uncommon Profits and Other Writings.”

Note: Fisher manages ~35,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. “13F Portfolio performance” which would be the performance of the sum total of all such monies in 13F securities is an unknown.

We do know that Ken Fisher is very talented and can consistently generate alpha – his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years. The latest picks (Jan 2017) are MasterCard (NYSE:MA), Amgen Inc. (NASDAQ:AMGN), Verizon (NYSE:VZ), SAP (NYSE:SAP), Salesforce.com (NYSE:CRM), Textron Inc. (NYSE:TXT) and United Technologies (NYSE:UTX).

Stake Increases:

Vodafone plc (NASDAQ:VOD): VOD is a ~0.5% of the 13F portfolio position established this quarter at prices between $24.43 and $26.91, and the stock is now near the top end of that range at $26.33.

Stake Increases:

Alibaba Group Holding (NYSE:BABA): The ~1% BABA position saw a two-thirds increase this quarter at prices between $88 and $110. The stock currently trades at $115. The original position is from Q2 2015 at prices between $81 and $93. The large increase indicates a clear bullish bias.

Amazon.com: AMZN is the largest individual stock position at 2.87% of the portfolio. The stake is from 2011 and has quadrupled: The cost basis is ~$200 compared to the current price of $908. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was a very minor increase this quarter.

Apple Inc.: AAPL is a top three 2.68% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. The last three quarters have seen marginal increases. The stock currently trades at $145.

Johnson & Johnson: JNJ is a large top three 2.21% of the portfolio position. Around two thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $124.

Home Depot: HD is a fairly large ~2% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock has more than doubled and currently trades at $153. The last three quarters have seen marginal increases.

Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $872. The position stands at 2% of the portfolio. The last two quarters have seen marginal increases.

Walt Disney (NYSE:DIS): DIS was a very small position in the portfolio until 2012 when over 8M shares were purchased at prices between $39 and $53. There has only been marginal activity since. The stock currently trades at $115. The position stands at 8.85M shares and the stake is at 1.61% of the US long portfolio.

Comcast Corporation (NASDAQ:CMCSA): CMCSA is 1.53% of the US long portfolio position. The original stake was established in 2012 at prices between $12 and $18.50. There has only been minor activity since. The stock currently trades at $38.50.

Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.

Berkshire Hathaway (NYSE:BRK.B): BRK.B is 1.53% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $168. It is a very long-term position. The last nine quarters have seen minor increases.

Taiwan Semiconductor (NYSE:TSM): TSM is a very long term 1.48% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters through Q2 2016 had seen a combined ~70% increase at prices between $19 and $26. The stock currently trades at $33.07. The last two quarters had seen minor trimming while this quarter saw a marginal increase.

American Express (NYSE:AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 10.88M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66 and the stock is now at ~$80.63. The position is at 1.38% of the portfolio.

Bank of America (NYSE:BAC): BAC is 1.37% of the US long portfolio stake. The original position was established in Q2 2013 and the following quarter at prices between $11.50 and $15. It had since been kept relatively steady. The stock currently trades at $23.98. Q3 2016 saw a ~17% selling at prices between $12.50 and $16.50. There was a marginal increase in the last two quarters.

Procter & Gamble (NYSE:PG): PG is another long term 1.19% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. The last eleven quarters have seen marginal buying. The stock currently trades at $90.

Anheuser-Busch InBev SA ADR (NYSE:BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at $114. Q1 2016 saw a ~9% increase at prices between $111 and $127. The last four quarters also saw marginal further increases. For investors attempting to follow Fisher, BUD is a good option to consider for further research.

SAP AG ADR : SAP is ~1% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. There were very minor increases in the last two years. The stock currently trades at $102.

UBS AG GRS (NYSE:UBS): UBS is ~1% of the US long portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about turn as the position was increased by ~37% at prices between $18.50 and $21.50, and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. The last nine quarters have seen a combined ~47% increase at prices between $12 and $23. The stock currently trades at $16.62.

Bayer AG ADR (OTCPK:BAYRY): BAYRY is a 0.91% of the US long portfolio stake. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently trades well below their purchase price ranges at $119. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research. The last several quarters have seen only marginal activity.

Note: In September 2016, Bayer AG agreed on a deal for Monsanto (NYSE:MON) worth $128 per share. MON currently trades at ~$117.

Cisco Systems (NASDAQ:CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares. It has since been reduced to 15.7M shares (0.85% of the US long portfolio). The stock currently trades at $33.42.

Siemens AG (OTCPK:SIEGY): SIEGY is a 0.85% portfolio stake increased by ~45% in Q1 2016 at prices between $44 and $53 and the stock currently trades at $72.70. The last quarter had a marginal reduction while this quarter saw a minor increase.

Note: The prices quoted above are adjusted for the 2-for-1 stock split in March.

Oracle Corporation (NYSE:ORCL): ORCL is 0.84% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Since then the activity has been minor. The stock currently trades at $44.72. Q1 2016 saw marginal selling while the last four quarters have seen minor increases.

Ctrip.com International ADR (NASDAQ:CTRP): CTRP is 0.77% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. Q4 2015 saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $49.10. The last quarter saw a marginal reduction while this quarter saw a minor increase.

Note: The prices quoted above are adjusted for the 2-for-1 stock split in December 2015.

Roche Holding Limited ADR (OTCQX:RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. The following quarter saw a whopping ~400% increase at prices between $34 and $38.50. The stock currently trades below that range at $32.41 and the stake is now at 0.77% of the portfolio. The last two quarters had seen marginal reductions while this quarter saw a minor increase.

Exxon Mobil (NYSE:XOM): XOM is a very long-term position that has fluctuated over the years. The bulk of the current stake was built in 2011 at prices between $69 and $87. Q3 2015 saw a ~22% increase at prices between $68.50 and $83. Q1 2016 saw an about turn: ~16% reduction at prices between $73 and $84.50. The current position stands at 4.7M shares (0.62% of the US long portfolio) and the stock is at $81.73.

L’Oreal Co. ADR (OTCPK:LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% stake in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $39.81 and the remaining stake is at 0.62% of the US long portfolio. The last five quarters saw marginal increases.

Wal-Mart Stores (NYSE:WMT): The 0.61% WMT stake was mostly purchased in Q2 2016 at prices between $63 and $73. There was marginal further buying in the last three quarters. The stock currently trades at $75.05.

BASF SE ADR (OTCQX:BASFY), Chevron Inc. (NYSE:CVX), Citigroup Inc. (NYSE:C), Coca-Cola (NYSE:KO), GlaxoSmithKline plc ADR (NYSE:GSK), HDFC Bank (NYSE:HDB), HSBC plc (NYSE:HSBC), Infosys Ltd. (NASDAQ:INFY), Intel Corporation (NASDAQ:INTC), Merck Inc. (NYSE:MRK), Microsoft Corporation (NASDAQ:MSFT), Novartis AG ADR (NYSE:NVS), PepsiCo Inc. (NYSE:PEP), Pfizer Inc. (NYSE:PFE), Qualcomm Inc. (NASDAQ:QCOM), Sanofi ADR (NYSE:SNY), Schlumberger Ltd. (NYSE:SLB), Tata Motors (NYSE:TTM), United Technologies, and Visa Inc.: These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally this quarter. As the activities were very minor, they do not indicate a change in bias.

Stake Decreases:

General Electric (NYSE:GE): The ~1% GE position saw a ~30% selling this quarter at prices between $29.43 and $31.70 and the stock is now at $29.45. It is a very long-term stake that has been in the portfolio since before the financial crisis. The large reduction in a long-term position indicates a bearish bias.

JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC): These two positions saw minor trimming this quarter. The bulk of the current ~2% JPM stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $88.26 and the position is at ~14M shares. WFC is a long-term stake that has been in the portfolio since before the financial crisis. The position is now at 18.2M shares (1.62% of portfolio).

Goldman Sachs (NYSE:GS) and Lloyds Banking Group plc ADR (NYSE:LYG): GS position saw a huge increase in Q3 2016 at prices between $144 and $172. The stock is now at $226 and the stake is at 0.69% of the portfolio. LYG is a 0.56% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by two-thirds in Q2 2014 at prices between $4.83 and $5.53.

Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04 while Q3 2016 saw a similar increase at prices between $2.55 and $3.31. The stock currently trades at $3.50. Both stakes saw marginal reductions this quarter.

Novo-Nordisk A/S ADR (NYSE:NVO): NVO was established in 2011 with the bulk purchased in 2012 at prices between $23 and $34. The last eleven quarters have seen a combined ~25% reduction. The stock currently trades at $37.08 and the position is at 0.57% of the US long portfolio.

Daimler AG ADR (OTCPK:DDAIF): DDAIF position saw a ~25% reduction in Q3 2016 at prices between $57.50 and $72. That was followed with another ~11% selling this quarter at prices between $71 and $78. It currently trades at $75.17 and the remaining stake is very small at 0.47%.

The portfolio also has several large positions in different ETNs and ETFs (NYSEARCA:FEEU), (NYSEARCA:FIGY), (NYSEARCA:FBGX), (NYSEARCA:FLGE), (NYSEARCA:LQD), (NYSEARCA:MBB), (NYSEARCA:SCPB) – those together accounts for around 14% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (NASDAQ:SSYS) – 6%, Atlas Air (NASDAQ:AAWW) – 4.6%, Wright Medical (NASDAQ:WMGI) – 4.7%, and Veeco Instruments (NASDAQ:VECO) – 3.7%.

The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q1 2017:

Disclosure: I am/we are long BAC, INTC, QCOM.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

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