Fisher Asset Management, LLC

Fisher Asset Management pursues an active, low-turnover growth strategy, maintaining a concentrated long-term conviction in high-quality secular leaders such as NVIDIA, Apple, and Alphabet, which together represent nearly 14% of the portfolio. The top ten holdings alone account for over 33% of assets, with Technology as the dominant sector at 21.1%, complemented by notable fixed-income positions through iShares and Vanguard bond ETFs totaling 7.3% of AUM. This blend of core growth equities and investment-grade bonds signals a disciplined approach to balancing appreciation potential with capital preservation. The portfolio’s 19% unclassified sector weight and inclusion of diverse holdings like Caterpillar, Exxon Mobil, and Goldman Sachs further indicate a willingness to take selective, conviction-driven bets beyond pure technology exposure.