Managing just north of $292 billion isn't about chasing the hot momentum trade of the week. When you are steering a ship that massive, you are playing a macroeconomic long game. You are navigating shifting interest rate regimes, secular technological super-cycles, and global capital flows.
Fisher Asset Management ended the fourth quarter of 2025 doing exactly that.
With total assets under management hitting a staggering $292.99 billion across 1,017 holdings, the firm’s latest 13F regulatory filing reads like a directory of global commerce. Yet, for Wall Street analysts, the real story isn't just in the names Fisher is holding, but in how stubbornly the firm refuses to trade them—coupled with a few massive, highly intentional pivots that signal a changing economic weather pattern.
In a quarter defined by a microscopic 2.43% turnover rate, Fisher made two loud statements: The long end of the bond market is a dangerous place to be, and the artificial intelligence trade is officially moving from software to heavy hardware.
Here is a look under the hood of Fisher’s Q4 2025 playbook.
The Power of Inaction: Decoding the 2.43% Turnover Rate
To understand Fisher’s strategy, you first have to look at what they didn't do. In an industry where hedge funds and active managers routinely turn over 50% to 100% of their portfolios annually in an attempt to outsmart the market, Fisher logged a turnover rate of just 2.43%.
This is the "Growth at a Reasonable Price" (GARP) philosophy in its purest institutional form. Fisher is not renting stocks; they are taking up permanent residence.
A dive into the "Time Held" data of their 13F reveals an almost comical level of patience. Eight of the firm's top ten equity positions—heavyweights like Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA)—have been held for roughly a decade. Fisher views these mega-cap tech cash machines not as cyclical trades, but as multi-cycle secular winners that serve as the bedrock of the portfolio.
This barbell approach anchors the fund in high-growth technology pioneers while leaving enough dry powder to make surgical strikes in other asset classes. And in Q4, that surgical strike happened in the bond market.
While Fisher operates as a classic "buy-and-hold" investor in the equity space, a closer look at their fixed-income sleeve reveals a highly active, tactical trading desk.
The Great Bond Realignment: Fleeing the Long End
The most aggressive maneuvering in Fisher’s Q4 filing occurred not in Silicon Valley tech stocks, but in the sleepy world of US government debt. The firm executed a massive duration compression strategy, essentially betting the farm on the "belly" of the yield curve while running away from long-term debt.
The centerpiece of this trade was the iShares 7-10 Year Treasury Bond ETF (IEF). Fisher backed up the truck, increasing its share count by a massive 53.8%. The firm scooped up over 47 million shares, bumping the position's value by $4.54 billion to a total of $12.97 billion.
Why hide in the 7-to-10-year window? It is a classic risk-adjusted yield play. Fisher’s macro desk is clearly calculating that intermediate-term Treasuries currently offer the best balance of yield without exposing the portfolio to the vicious price swings that affect 20- or 30-year bonds when inflation expectations shift.
To fund this $4.5 billion shopping spree, Fisher took an axe to the extremes of its fixed-income portfolio:
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iShares MBS ETF (MBB): The firm effectively liquidated its exposure to mortgage-backed securities, slashing the position by 95.3% and pulling roughly $2.04 billion off the table.
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SPDR Portfolio Long Term Treasury ETF (SPTL): They also abandoned long-duration government debt, cutting their holdings by a staggering 98.2% (-$1.57 billion).
The strategic synthesis here is impossible to ignore. By exiting the mortgage market and long-term Treasuries, Fisher is tightening its duration profile. This suggests a macro outlook that is deeply suspicious of long-end interest rate volatility, and perhaps quietly concerned about the underlying health of the housing-related debt market going into 2026.
The Tech Rotation: Moving Up the "Physical Layer"
On the equity side, Fisher remains structurally overweight in technology. But treat the sector as a monolith at your own peril. Q4 data exposes a massive internal rotation within the firm's tech holdings. They are pulling chips off the table in software and international services, and shoving them directly into domestic networking and hardware infrastructure.
Let’s talk about Cisco Systems (CSCO). In an era where retail investors are obsessed with AI software agents and chatbots, Fisher increased its Cisco stake by an eye-watering 867%, grabbing an additional 2.86 million shares.
They didn't stop there. The firm bumped up its allocation to semiconductor lithography king ASML Holding (ASML) by 3.0% and networking heavyweight Broadcom (AVGO) by nearly 10%.
This is a pivot toward the "physical layer" of the digital economy. The AI build-out requires physical plumbing—routers, switches, signal transmitters, and massive cooling systems—to keep the cloud from melting down. Fisher is betting that the companies providing the picks and shovels for the data center gold rush are the next massive winners.
Where did the cash for this hardware binge come from? Fisher engaged in a highly selective pruning operation:
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Zeroed Out: A complete exit from Infosys (INFY), the Indian IT services giant.
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Emerging Markets Slashed: Massive reductions in Brazilian financials, cutting Itaú Unibanco (ITUB) by 53.5% and Banco Bradesco (BBDB) by 40.1%.
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Software Trimmed: A near 10% haircut to their stake in domestic software darling Intuit (INTU).
The message is clear: The immediate growth engine for the late 2020s is hardware capex, not software-as-a-service subscriptions.
Expanding the GARP Horizon: Healthcare and Industrials
Beyond the mega-cap tech core and the Treasury pivot, Fisher continues to initiate specialized stakes that complement its broader macroeconomic themes.
The firm's largest new purchase by dollar amount this quarter was Belden Inc. (BDC). Fisher acquired nearly 370,000 shares valued at approximately $43.1 million. Belden is a premier provider of signal transmission and networking solutions. This entry perfectly reinforces the Cisco and Broadcom thesis—a high-conviction bet on the physical infrastructure required for industrial automation.
Fisher also proved it hasn't forgotten its roots as a diversified asset manager, adding to high-conviction names outside the tech bubble:
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Eli Lilly (LLY): The position was increased by 3.4% (adding $164.7 million in value), signaling a belief that the GLP-1 weight-loss drug pipeline still has plenty of runway to drive pharma growth.
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Emerson Electric (EMR): A 14.8% increase (+$123.2 million) positions the portfolio to capture the upside of the ongoing modernization of the global power grid.
The Gurus' Playbook: What Retail Investors Can Learn
The Q4 movements reveal a "Fisher Sentiment" that marries unyielding equity patience with ruthless fixed-income agility. Here is the executive summary for anyone looking to borrow from the $293 billion playbook:
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Tighten the Curve: If one of the world's largest asset managers is aggressively hiding in the 7-10 year Treasury window to "immunize" against long-end volatility, retail investors might want to double-check their exposure to 20-year bond funds and mortgage-backed securities.
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Move Up the Tech Stack: Software has eaten the world, but hardware collects the rent. Consider shifting some focus from high-multiple SaaS companies toward the unglamorous hardware and signal transmission layers (like Cisco and Belden) that actually make the AI revolution physically possible.
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The Boring Secret of Wealth: A 2.43% turnover rate is the real alpha. While the financial media hyperventilates over daily price action, the most effective growth strategy remains a high-conviction, low-turnover core. Find your secular winners, buy them, and then sit on your hands for a decade.