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Fisher Investments' Q2 13F shows a large one-directional reallocation within a 1,036-name book: the biggest adds were GE (+$4.3B), GE Vernova (+$4.2B), Caterpillar (+$3.7B), ASML (+$3.3B), GOOGL (+$3.1B), NVDA (+$2.8B) and TSM (+$2.7B) — industrials, electrification and mega-cap tech. The offset came from energy: Canadian Natural (−$2.1B), ConocoPhillips (−$1.9B), Chevron (−$1.8B), TotalEnergies (−$1.0B), Suncor and BP were all trimmed. New buys and exits were both small (~$100M each).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| HONA | HONEYWELL AEROSPACE INC | $16.4M | 74.2K shares | 0.0% | |
| HON | Honeywell | $14.2M | 63.4K shares | 0.0% | |
| ORKA | ORUKA THERAPEUTICS INC | $6.5M | 67.9K shares | 0.0% | |
| SNDK | SanDisk | $4.6M | 2K shares | 0.0% | |
| CRSP | CRISPR THERAPEUTICS AG | $4.3M | 78K shares | 0.0% | |
| KWR |
| QUAKER CHEMICAL CORPORATION |
| $2.8M |
| 17.3K shares |
| 0.0% |
| HII | HUNTINGTON INGALLS INDUSTRIE | $1.8M | 6.3K shares | 0.0% |
| IWV | ISHARES RUSSELL 3000 ETF | $1.6M | 3.8K shares | 0.0% |
| BGGG | BAILLIE GIFFORD ETF TR LNG TRM | $1.6M | 45.2K shares | 0.0% |
| CCL | CARNIVAL CORP LTD | $1.5M | 51.7K shares | 0.0% |
| KYMR | KYMERA THERAPEUTICS INC | $1.5M | 12.7K shares | 0.0% |
| COIN | COINBASE GLOBAL INC -CLASS A | $1.4M | 9.7K shares | 0.0% |
| TSBK | TIMBERLAND BANCORP INC | $1.3M | 30.1K shares | 0.0% |
| CIVB | CIVISTA BANCSHARES INC | $1.2M | 43.4K shares | 0.0% |
| FCBC | FIRST COMMUNITY BANKSHARES | $1.2M | 27.3K shares | 0.0% |
| TRAX | FIRST TRACKS BIOTHERAPEUTICS | $1M | 51.5K shares | 0.0% |
| AON | AON PLC-CLASS A | $928K | 2.8K shares | 0.0% |
| HOOD | ROBINHOOD MARKETS INC - A | $888K | 8.9K shares | 0.0% |
| FDMT | 4D MOLECULAR THERAPEUTICS IN | $874K | 65.8K shares | 0.0% |
| MRNA | MODERNA INC | $760K | 10.9K shares | 0.0% |
| MATX | MATSON INC | $758K | 3.9K shares | 0.0% |
| AGNC | AGNC INVESTMENT CORP | $662K | 60.8K shares | 0.0% |
| TECX | TECTONIC THERAPEUTIC INC | $657K | 19.1K shares | 0.0% |
| CGEM | CULLINAN THERAPEUTICS INC | $656K | 36K shares | 0.0% |
| DXJ | WISDOMTREE JAPAN HEDGED EQ | $642K | 3.7K shares | 0.0% |
| FBCG | FIDELITY BLUE CHIP GROW ETF | $635K | 10.2K shares | 0.0% |
| CADL | CANDEL THERAPEUTICS INC | $595K | 57.8K shares | 0.0% |
| AVDV | AVANTIS INTL S/C VALUE ETF | $578K | 5.6K shares | 0.0% |
| ROIV | ROIVANT SCIENCES LTD | $563K | 15.9K shares | 0.0% |
| PULS | PGIM ULTRA SHORT BOND ETF | $541K | 10.9K shares | 0.0% |
| LXEO | LEXEO THERAPEUTICS INC | $532K | 114.3K shares | 0.0% |
| MDY | STATE STREET SPDR S&P MIDCAP | $511K | 726 shares | 0.0% |
| CGGR | CAP GROUP GROWTH EQUITY | $509K | 10.8K shares | 0.0% |
| DYNF | BLACKROCK ETF TRUST US EQT FAC | $508K | 7.5K shares | 0.0% |
| RKLB UQ | ROCKET LAB | $475K | 4.7K shares | 0.0% |
| FNDX | SCHWAB STRATEGIC TR | $465K | 14.9K shares | 0.0% |
| AEM | AGNICO EAGLE MINES LTD | $448K | 2.9K shares | 0.0% |
| IMRX | IMMUNEERING CORP - CLASS A | $441K | 88.3K shares | 0.0% |
| NBIS | Nebius Group NV | $438K | 1.6K shares | 0.0% |
| DTE | DTE ENERGY COMPANY | $428K | 2.8K shares | 0.0% |
| AEE | AMEREN CORPORATION | $402K | 3.6K shares | 0.0% |
| VBK | VANGUARD SMALL-CAP GRWTH ETF | $401K | 1.1K shares | 0.0% |
| HDV | ISHARES CORE HIGH DIVIDEND E | $401K | 14.6K shares | 0.0% |
| DD | DUPONT DE NEMOURS INC | $397K | 2.9K shares | 0.0% |
| TARA | PROTARA THERAPEUTIC INC | $380K | 99.6K shares | 0.0% |
| DFAU | DIMENSIONAL ETF TRUST US CORE | $379K | 7.3K shares | 0.0% |
| STRL | STERLING INFRASTRUCTURE INC | $379K | 451 shares | 0.0% |
| FLEX | FLEX LTD | $377K | 2.3K shares | 0.0% |
| SWK | STANLEY BLACK & DECKER INC | $374K | 4K shares | 0.0% |
| SPYV | SS SPDR P S&P 500 VALUE ETF | $370K | 6.1K shares | 0.0% |
| BAI | BLACKROCK ETF TRUST | $362K | 6.9K shares | 0.0% |
| VPU | VANGUARD UTILITIES ETF | $356K | 1.8K shares | 0.0% |
| JAVA | J P MORGAN EXCHANGE TRADED F | $346K | 4.4K shares | 0.0% |
| FAST | FASTENAL CO | $343K | 7.1K shares | 0.0% |
| CDNS | Cadence Design Systems Inc | $340K | 906 shares | 0.0% |
| TTWO | TAKE-TWO INTERACTIVE SOFTWRE | $338K | 1.4K shares | 0.0% |
| Q | QNITY ELECTRONICS INC | $338K | 2.1K shares | 0.0% |
| ARM | Arm Holdings (ADR) | $336K | 946 shares | 0.0% |
| HUM | HUMANA INC | $335K | 843 shares | 0.0% |
| IDEV | ISHARES CORE MSCI DEV MKTS | $328K | 3.7K shares | 0.0% |
| TWLO | TWILIO INC - A | $324K | 1.6K shares | 0.0% |
| EME | EMCOR GROUP INC | $323K | 389 shares | 0.0% |
| MLI | MUELLER INDUSTRIES INC | $320K | 2.6K shares | 0.0% |
| STM | STMICROELECTRONICS NV-NY SHS | $318K | 4.2K shares | 0.0% |
| MNST | MONSTER BEVERAGE CORP | $308K | 3.2K shares | 0.0% |
| JBL | JABIL INC | $302K | 782 shares | 0.0% |
| NET | Cloudflare Inc | $300K | 1.2K shares | 0.0% |
| ARGX | ARGENX SE - ADR | $296K | 318 shares | 0.0% |
| IVOO | VANGUARD ADMIRAL FDS INC MIDCP | $291K | 2.2K shares | 0.0% |
| GL | GLOBE LIFE INC | $289K | 1.6K shares | 0.0% |
| DFAS | DIMENSIONAL ETF TRUST US SMALL | $287K | 3.5K shares | 0.0% |
| CIBR | FIRST TRUST NASDAQ CYBERSECU | $286K | 3.2K shares | 0.0% |
| A | AGILENT TECHNOLOGIES INC | $285K | 2.1K shares | 0.0% |
| PAVE | GLOBAL X US INFRASTRUCTURE | $285K | 4.8K shares | 0.0% |
| PSA | PUBLIC STORAGE | $276K | 868 shares | 0.0% |
| DTM | DT MIDSTREAM INC | $276K | 1.9K shares | 0.0% |
| AVEM | AMERICAN CENTY ETF TR | $274K | 2.8K shares | 0.0% |
| MSIF | MSC INCOME FUND INC | $273K | 23.6K shares | 0.0% |
| SCHP | SCHWAB U.S. TIPS ETF | $271K | 10.2K shares | 0.0% |
| BIV | VANGUARD BD INDEX FDS | $270K | 3.5K shares | 0.0% |
| AXON | AXON ENTERPRISE INC | $270K | 481 shares | 0.0% |
| VCLT | VANGUARD LONG-TERM CORP BOND | $262K | 3.5K shares | 0.0% |
| NTR | NUTRIEN LTD | $261K | 4.1K shares | 0.0% |
| GEN | GEN DIGITAL INC | $258K | 10.4K shares | 0.0% |
| SRZN | SURROZEN INC | $255K | 9.8K shares | 0.0% |
| MAS | MASCO CORP | $254K | 3.1K shares | 0.0% |
| SCHZ | SCHWAB STRATEGIC TR | $252K | 10.9K shares | 0.0% |
| FDXF | FEDEX FGHT HLDG CO INC | $248K | 1.6K shares | 0.0% |
| EA | ELECTRONIC ARTS INC | $246K | 1.2K shares | 0.0% |
| NDAQ | NASDAQ INC | $245K | 3.1K shares | 0.0% |
| BWX | SPDR SERIES TRUST | $245K | 11.3K shares | 0.0% |
| MINT | PIMCO ENHANCED SHORT MATURIT | $244K | 2.4K shares | 0.0% |
| PFG | PRINCIPAL FINANCIAL GROUP | $242K | 2.2K shares | 0.0% |
| FVD | FIRST TRUST VALUE LINE DVD | $238K | 4.9K shares | 0.0% |
| SPEM | STATE STREET SP PTF EM ETF | $237K | 4.6K shares | 0.0% |
| JBHT | HUNT (JB) TRANSPRT SVCS INC | $235K | 812 shares | 0.0% |
| KBH | KB HOME | $234K | 3.7K shares | 0.0% |
| DDOG | Datadog Inc | $233K | 895 shares | 0.0% |
| VTIP | VANGUARD SHORT-TERM TIPS | $233K | 4.6K shares | 0.0% |
| TDOC | TELADOC HEALTH INC | $229K | 27K shares | 0.0% |
| ABNB | AIRBNB INC-CLASS A | $229K | 1.6K shares | 0.0% |
| CRL | CHARLES RIVER LABORATORIES | $227K | 1K shares | 0.0% |
| SCMB | SCHWAB STRATEGIC TR | $225K | 8.7K shares | 0.0% |
| SYY | SYSCO CORP | $225K | 2.7K shares | 0.0% |
| WAT | WATERS CORP | $224K | 596 shares | 0.0% |
| SPCX | SPACE EXPLORATION TECHN-CL A | $224K | 1.3K shares | 0.0% |
| FCOR | FIDELITY MERRIMACK STR TR | $219K | 4.7K shares | 0.0% |
| DUHP | DIMENSIONAL ETF TRUST US HIGH | $219K | 5.3K shares | 0.0% |
| JPST | JPMORGAN ULTRA-SHORT INCOME | $217K | 4.3K shares | 0.0% |
| BDX | BECTON DICKINSON AND CO | $216K | 1.4K shares | 0.0% |
| SNOW | Snowflake Inc | $215K | 846 shares | 0.0% |
| ED | CONSOLIDATED EDISON INC | $215K | 1.9K shares | 0.0% |
| ACGL | ARCH CAPITAL GROUP LTD | $214K | 2.2K shares | 0.0% |
| EQIX | Equinix Inc (REIT) | $212K | 203 shares | 0.0% |
| ASTS | AST SPACEMOBILE INC | $210K | 2.4K shares | 0.0% |
| CELC | CELCUITY INC | $209K | 2K shares | 0.0% |
| NVR | NVR INC | $206K | 30 shares | 0.0% |
| FTMU | PUTNAM ETF TRUST FRANKLIN MUNI | $205K | 25.9K shares | 0.0% |
| BWA | BORGWARNER INC | $203K | 3K shares | 0.0% |
| GPK | GRAPHIC PACKAGING HOLDING CO | $157K | 14.8K shares | 0.0% |
| GAB | GABELLI EQUITY TR INC | $113K | 20K shares | 0.0% |
| GGN | GAMCO GLOBAL GOLD NAT RES | $107K | 22.2K shares | 0.0% |
| XPOF | XPONENTIAL FITNESS INC-A | $83K | 12K shares | 0.0% |
| PNNT | PENNANTPARK INVESTMENT CORP | $46K | 13.4K shares | 0.0% |
| TRX | TRX GOLD CORP | $10K | 11.8K shares | 0.0% |
| Ticker | Name | Note |
|---|---|---|
| CUSIP:438516106 | Honeywell International Inc | |
| ACA | ARCOSA INC | |
| NUVL | NUVALENT INC-A | |
| MYGN | MYRIAD GENETICS INC | |
| REGN | Regeneron | |
| ANAB | ANAPTYSBIO INC | |
| CPRX | CATALYST PHARMACEUTICALS INC | |
| FOX | FOX CORP - CLASS B | |
| HRL | HORMEL FOODS CORP | |
| ROP | ROPER TECHNOLOGIES INC | |
| VOD | VODAFONE GROUP PLC-SP ADR | |
| SHM | SPDR SERIES TRUST | |
| CUSIP:23954D109 | DAY ONE BIOPHARMACEUTICALS I | |
| TBIL | RBB FD INC FM US TREASURY | |
| SNDA | SONIDA SENIOR LIVING INC | |
| SSD | SIMPSON MANUFACTURING CO INC | |
| DLN | WISDOMTREE TR | |
| G | GENPACT LTD | |
| JQUA | J P MORGAN EXCHANGE TRADED FD | |
| SCHE | SCHWAB EMRG MRKTS EQTY ETF | |
| MMYT | MAKEMYTRIP LTD | |
| POWW | OUTDOOR HOLDING CO | |
| QINT | AMERICAN CENTY ETF TR | |
| NICE | NICE LTD - SPON ADR | |
| CTRA | COTERRA ENERGY INC | |
| SPXL | DIREXION SHARES ETF TRUST | |
| IYZ | ISHARES TR | |
| GPN | Global Payments | |
| DIVI | FRANKLIN TEMPLETON ETF TR | |
| VONV | VANGUARD SCOTTSDALE FDS VNG RU | |
| SPSM | SPDR SERIES TRUST | |
| DFGP | DIMENSIONAL ETF TRUST GLOBAL C | |
| SDVY | FIRST TR EXCHANGE TRADED FD | |
| EFAV | ISHARES TR MSCI EAFE MIN VL | |
| KGC | Kinross Gold | |
| CUSIP:G4474Y214 | JANUS HENDERSON GROUP PLC | |
| SLV | iShares Silver Trust | |
| IYM | ISHARES U.S. BASIC MATERIALS | |
| B | BARRICK MINING CORP | |
| GBTC | Grayscale Bitcoin Trust | |
| STWD | STARWOOD PROPERTY TRUST INC | |
| IYJ | ISHARES TR | |
| IDXX | IDEXX Laboratories | |
| NSA | NATIONAL STORAGE AFFILIATES | |
| CWB | SPDR SERIES TRUST | |
| GSLC | GOLDMAN SACHS ETF TR | |
| IJS | ISHARES S&P SMALL-CAP 600 VA | |
| IYE | ISHARES U.S. ENERGY ETF | |
| IWY | ISHARES RUSSELL TOP 200 GROW | |
| RITM | RITHM CAPITAL CORP | |
| FPE | FIRST TR EXCH TRADED FD III | |
| DFAT | DIMENSIONAL ETF TRUST US TARGE | |
| FDVV | FIDELITY HIGH DIVIDEND ETF | |
| ZTS | Zoetis | |
| IUSV | ISHARES CORE S&P U.S. VALUE | |
| EVRG | EVERGY INC | |
| WTW | WILLIS TOWERS WATSON PLC | |
| VMC | Vulcan Materials | |
| CNC | CENTENE CORP | |
| HYG | ISHR IBX USD HIYLD CB ETF-UI | |
| CGBD | CARLYLE SECURED LENDING INC | |
| BUXX | EA SERIES TRUST | |
| WPM | WHEATON PRECIOUS METALS CORP | |
| LOGI | LOGITECH INTERNATIONAL-REG | |
| GLOB | GLOBANT SA | |
| DGRW | WISDOMTREE TR US QTLY DIV GRT | |
| CAE | CAE INC | |
| CMG | Chipotle | |
| CUSIP:26614N102 | DUPONT DE NEMOURS INC | |
| BAM | BROOKFIELD ASSET MGMT-A | |
| DFAI | DIMENSIONAL ETF TRUST | |
| VYMI | VANGUARD WHITEHALL FDS | |
| MLM | Martin Marietta | |
| CUSIP:143658300 | CARNIVAL CORP | |
| FTCS | FIRST TRUST CAPITAL STRENGTH | |
| XAR | SPDR SERIES TRUST | |
| FE | FIRSTENERGY CORP | |
| MOAT | VANECK MORNINGSTAR WIDE MOAT | |
| SPYI | NEOS ETF TRUST | |
| IWP | ISHARES RUSSELL MID-CAP GROW | |
| GDXJ | VANECK JUNIOR GOLD MINERS | |
| FELC | FIDELITY COVINGTON TRUST | |
| GLDM | WORLD GOLD TR | |
| SCZ | ISHARES MSCI EAFE SMALL-CAP | |
| AWK | AMERICAN WATER WORKS CO INC | |
| QBTS | D-WAVE QUANTUM INC | |
| NZF | NUVEEN ENHANCED MUN CREDIT INC | |
| GOF | GUGGENHEIM STRATEGIC OPPORTUN | |
| MUA | BLACKROCK MUNIASSETS FD INC | |
| VRA | VERA BRADLEY INC | |
| KOPN | KOPIN CORP | |
| VGM | INVESCO TR INV MUNS COM | |
| INFY | INFOSYS LTD-SP ADR | |
| DNP | DNP SELECT INCOME FD INC | |
| ACP | ABRDN INCOME CREDIT STRATEGI | |
| OIA | INVESCO MUNI INCOME OPP TRST | |
| BFLY | BUTTERFLY NETWORK INC | |
| XCMUX | MFS HIGH YIELD MUN TR | |
| IAUX | I-80 GOLD CORP | |
| SLI | STANDARD LITHIUM LTD | |
| NAK | NORTHERN DYNASTY MINERALS | |
| RDZN | ROADZEN INC | |
| CUSIP:12564W227 | CREATIVE MEDIA CMNTY TR | |
| CUSIP:08771Y402 | SRX HEALTH SOLUTIONS INC. |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| NVDA | $18.2B | +2.7% | ADD |
| AAPL | $16.7B | +2.1% | ADD |
| IEF | $15.2B | +9.5% | ADD |
| GOOGL | $14.3B | +2.4% | ADD |
| CAT | $10.6B | +1.7% | ADD |
| MSFT | $9.9B | +2.6% | ADD |
| ASML | $9.4B | +3% | ADD |
| TSM | $9B | +1.3% | ADD |
| AMZN | $8.3B | +2.3% | ADD |
| VCIT | $7.9B | +7.3% | ADD |
| GS | $7B | +2% | ADD |
| LLY | $6.1B | +4.6% | ADD |
| AVGO | $5.7B | +3% | ADD |
| JPM | $5.7B | +2.4% | ADD |
| MS | $5.5B | +2.2% | ADD |
| C | $5.1B | +3.5% | ADD |
| MRK | $4.9B | +45.7% | ADD |
| WMT | $4.7B | +1.3% | ADD |
| RTX | $4.3B | +2.8% | ADD |
| GE | $4.3B | +73850.5% | ADD |
| CUSIP:30231G102 | $4.3B | -2.5% | TRIM |
| FCX | $4.2B | +2.8% | ADD |
| GEV | $4.2B | +90036.2% | ADD |
| CSCO | $3.9B | +93.1% | ADD |
| META | $3.8B | +1.6% | ADD |
| UNH | $3.8B | +73.4% | ADD |
| HD | $3.7B | +0.7% | ADD |
| JNJ | $3.4B | +43.6% | ADD |
| BAC | $3.4B | +3.3% | ADD |
| UBS | $3.2B | -1.7% | TRIM |
A factor rotation in Q2: rotate energy exposure into power, industrials and tech. With ~1,000 holdings and no top name above 6%, Fisher moved tens of billions in one direction — out of oil, into the AI and electrification buildout.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.