Fisher Asset Management, LLC

The biggest buys table makes it obvious: Fisher spent the quarter turning small legacy stakes into genuine positions in industrial and health care franchises that compound through cycles.

The most dramatic move is into the GE ecosystem. GE Aerospace jumped to 1.29% of the book with shares up 73850.5%, adding about $4.32B of value this quarter. GE Vernova followed the same playbook: a 90036.2% share increase turned a token holding into a 1.25% stake and roughly $4.18B of exposure to power and grid assets.

Health care is the other major push. UnitedHealth’s stake rose 73.4% (+$1.60B), Merck climbed 45.7% (+$1.55B), and Johnson & Johnson was boosted 43.6% (+$1.03B). Alongside smaller but steady additions to Eli Lilly, Novartis, Pfizer, AbbVie and AstraZeneca, Fisher is clearly treating health care as its next large secular growth-and-defensiveness pillar.

On the tech side, they are not chasing new story stocks; they are reinforcing the infrastructure that makes AI usable. Cisco saw a 93.1% add (+$1.89B), turning a mid-sized position into a genuine core network exposure. Palo Alto Networks was scaled up by 2142.6%, adding about $1.88B and anchoring security as a critical second-derivative AI theme.

Layered on top, the incremental increases to NVIDIA, Apple, Alphabet, Microsoft, ASML, TSMC and Broadcom show Fisher still likes the earnings trajectory of the AI leaders. The firm is extending the stack down into connectivity and security, rather than rotating away from the winners that drove its recent 3-year outperformance.

Fisher’s trims this quarter are not broad de-risking so much as a targeted cash harvest from cyclical and rate-sensitive winners.

Energy is the clear funding source. Chevron was cut by 23.9%, freeing roughly $866.9M of capital, while Exxon Mobil was reduced by 2.5% (about $111.4M). BP was nicked by 0.5% as well. All three still carry respectable gains versus cost, so these moves look like disciplined profit-taking after a strong run in integrated oil.

In financials, the knife is fine but deliberate. UBS saw a 1.7% reduction, Charles Schwab was cut 1.2%, and Mastercard slipped 1.1%. None of these trims are large enough to signal a wholesale bearish call, but together they say Fisher wants slightly less exposure to interest-rate whiplash and transaction-sensitive consumer credit at this stage of the cycle.

Elsewhere, the absence of any big technology or consumer discretionary exits is telling. Amazon, Walmart, Home Depot, Costco and the megacap platforms were all increased, not reduced, despite strong price performance and large unrealized gains. If Fisher were worried about an imminent growth unwind, those would have been the natural places to tap for cash.

Instead, the trims look like margin optimization: recycling returns from cyclical and financials beta into more durable, policy-advantaged arenas like health care, electrification, and digital infrastructure.

The sector bars confirm the story: exposure is sliding away from financials and energy and into health care, fixed income, and network infrastructure.

Finance dropped from an estimated 15.61% to 14.56%, even though Fisher added modestly to Goldman Sachs, JPMorgan, Morgan Stanley, Citigroup, Bank of America, American Express and Barclays. The net downshift reflects the trims in UBS and Schwab and says they want core money-center and universal banks, but with a bit less aggregate rate and brokerage risk.

Energy fell from 6.18% to 5.29% as Chevron, Exxon and BP were partially monetized. Basic materials dipped slightly as well, even though Freeport-McMoRan and Rio Tinto were both increased, highlighting a preference for diversified miners and copper over pure oil beta.

By contrast, health care climbed from 9.63% to 10.73%, powered by outsized adds in Merck, UnitedHealth, Johnson & Johnson and supporting pharma names. Technology edged up to 37.01%, but underneath that small headline move sits a real rotation toward plumbing: Cisco, Palo Alto Networks, GE Aerospace and ASML all matter for bandwidth, security and advanced manufacturing.

The unclassified bucket — mainly the 7–10 year Treasury ETF, Vanguard intermediate corporates and GE Vernova — jumped from 9.0% to 10.57%. That’s Fisher explicitly paying for ballast and real-asset-linked infrastructure at the portfolio level, even as it keeps sizable growth exposure in consumer and tech.

Taken together, Fisher is signaling that the earnings power of AI platforms and high-quality cyclicals is still underappreciated, but the macro backdrop is too unpredictable to run that view naked.

By increasing bond ETFs like IEF and VCIT while simultaneously scaling into GE Aerospace, GE Vernova and heavy machinery names such as Caterpillar, Cummins and Deere, they are building a barbelled exposure to both soft-landing and reflationary scenarios. If rates drift lower or a growth scare hits, the bonds help; if industrial capex and energy transition spending stay strong, the GE complex and machinery book benefit.

The aggressive health care build-out suggests Fisher expects multi-year growth from obesity, oncology and broader medical innovation — and views large-cap pharma and managed care as a rare combination of political risk and earnings resilience they’re willing to price. These are the kinds of positions you buy when you care more about 5-year cash flows than next quarter’s PMI print.

On the tech side, continued adds to NVIDIA, Apple, Alphabet, Microsoft, ASML, TSMC, Broadcom, Cisco and Palo Alto Networks say they still see an infrastructure and software cycle running well beyond early AI hype. The message is that AI and digitization remain the primary growth engine, but future returns will belong as much to the picks-and-shovels of bandwidth and security as to the headline models.

If this 2026-Q2 posture is a guide, expect Fisher’s next moves to keep sliding capital from pure macro beta — oil majors, brokerage-sensitive financials — into resilient earnings franchises tied to demographics, digitization and the rewiring of the power grid. The book is set up not to guess the next macro print, but to own the cash flows that survive whichever one shows up.