2025 Q4 Portfolio Activity
In 2025 Q4, Gifford Fong Associates maintained a portfolio of 124 distinct positions. The most significant new addition was QNITY ELECTRONICS INC, now representing 0.04% of the total fund value. They heavily accumulated shares in ADVANCED MICRO DEVICES INC, increasing the position by 20.7%.
Position History
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Total Positions
124
Quarter
2025 Q4
Top Holding
NVDA (9.2%)
Top 10 Concentration
38.5%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 124
Gifford Fong Associates Full Holdings List — 2025 Q4
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
NVDA
NVIDIA CORP
|
Technology | 9.16% | 9.65% |
#1
Prev: #1
|
6.7 |
—
|
no change | no change |
P
S
|
246,210 | $45,918,000 |
$76.52
+168.0%
|
2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
AMZN
AMAZON COM INC
|
Consumer Cyclical | 4.46% | 4.47% |
#2
Prev: #2
|
4.3 |
—
|
no change | no change |
P
S
|
96,793 | $22,342,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AAPL
APPLE INC
|
Technology | 4.40% | 4.34% |
#3
Prev: #3
|
3.8 |
—
|
no change | no change |
P
S
|
81,169 | $22,067,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CRM
SALESFORCE COM ...
|
Technology | 3.86% | 3.14% |
#4
2
Prev: #6
|
4.0 |
—
|
10,000 | 15.9% |
P
S
|
73,009 | $19,341,000 | 2019 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MSFT
MICROSOFT CORP
|
Technology | 3.31% | 3.73% |
#5
1
Prev: #4
|
2.8 |
—
|
no change | no change |
P
S
|
34,302 | $16,589,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
META
FACEBOOK INC
|
Communication Services | 2.96% | 3.47% |
#6
1
Prev: #5
|
2.2 |
—
|
no change | no change |
P
S
|
22,500 | $14,852,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GOOG
ALPHABET INC
|
Communication Services | 2.88% | 2.36% |
#7
2
Prev: #9
|
2.2 |
—
|
no change | no change |
P
S
|
46,055 | $14,452,000 | 2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BRK/B
BERKSHIRE HATHA...
|
Financial Services | 2.66% | 2.80% |
#8
1
Prev: #7
|
2.1 |
—
|
no change | no change |
P
S
|
26,500 | $13,320,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AMD
ADVANCED MICRO ...
|
Technology | 2.49% | 1.64% |
#9
6
Prev: #15
|
3.5 |
—
|
10,000 | 20.7% |
P
S
|
58,318 | $12,489,000 | 2018 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GE
GENERAL ELECTRI...
|
Industrials | 2.35% | 2.42% |
#10
2
Prev: #8
|
1.9 |
—
|
no change | no change |
P
S
|
38,301 | $11,798,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
JPM
JPMORGAN CHASE ...
|
Financial Services | 2.27% | 2.34% |
#11
1
Prev: #10
|
1.9 |
—
|
no change | no change |
P
S
|
35,296 | $11,373,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SHOP
SHOPIFY INC
|
Technology | 2.25% | 2.19% |
#12
Prev: #12
|
1.9 |
—
|
no change | no change |
P
S
|
70,000 | $11,268,000 | 2020 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SYF
SYNCHRONY FINL
|
Financial Services | 2.20% | 1.97% |
#13
Prev: #13
|
1.9 |
—
|
no change | no change |
P
S
|
132,073 | $11,019,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GOOGL
ALPHABET INC
|
Communication Services | 1.94% | 1.59% |
#14
2
Prev: #16
|
1.8 |
—
|
no change | no change |
P
S
|
31,140 | $9,747,000 | 2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WFC
WELLS FARGO CO ...
|
Financial Services | 1.64% | 1.55% |
#15
2
Prev: #17
|
1.7 |
—
|
no change | no change |
P
S
|
88,052 | $8,206,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
XOM
EXXON MOBIL COR...
|
Energy | 1.49% | 1.47% |
#16
2
Prev: #18
|
1.6 |
—
|
no change | no change |
P
S
|
62,066 | $7,469,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WMT
WALMART INC
|
Consumer Defensive | 1.46% | 1.42% |
#17
2
Prev: #19
|
1.6 |
—
|
no change | no change |
P
S
|
65,550 | $7,303,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ORCL
ORACLE CORP
|
Technology | 1.45% | 2.20% |
#18
7
Prev: #11
|
1.6 |
—
|
no change | no change |
P
S
|
37,250 | $7,260,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
C
CITIGROUP INC
|
Financial Services | 1.43% | 1.31% |
#19
4
Prev: #23
|
1.6 |
—
|
no change | no change |
P
S
|
61,471 | $7,173,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
OXY
OCCIDENTAL PETE...
|
Energy | 1.41% | 1.70% |
#20
6
Prev: #14
|
1.6 |
—
|
no change | no change |
P
S
|
171,429 | $7,049,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GS
GOLDMAN SACHS G...
|
Financial Services | 1.40% | 1.34% |
#21
1
Prev: #22
|
1.6 |
—
|
no change | no change |
P
S
|
8,000 | $7,032,000 | 2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MA
MASTERCARD INCO...
|
Financial Services | 1.35% | 1.41% |
#22
2
Prev: #20
|
1.5 |
—
|
no change | no change |
P
S
|
11,829 | $6,753,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
IVZ
INVESCO LTD
|
Financial Services | 1.34% | 1.23% |
#23
3
Prev: #26
|
1.5 |
—
|
no change | no change |
P
S
|
255,393 | $6,709,000 | 2020 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ABBV
ABBVIE INC
|
Healthcare | 1.27% | 1.36% |
#24
3
Prev: #21
|
1.5 |
—
|
no change | no change |
P
S
|
27,900 | $6,375,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GEV
GE VERNOVA INC
|
Industrials | 1.25% | 1.24% |
#25
Prev: #25
|
1.5 |
—
|
no change | no change |
P
S
|
9,575 | $6,258,000 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
V
VISA INC
|
Financial Services | 1.22% | 1.25% |
#26
2
Prev: #24
|
1.5 |
—
|
no change | no change |
P
S
|
17,375 | $6,094,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
JNJ
JOHNSON & JOHNS...
|
Healthcare | 1.19% | 1.13% |
#27
1
Prev: #28
|
1.5 |
—
|
no change | no change |
P
S
|
28,900 | $5,981,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MU
MICRON TECHNOLO...
|
Technology | 1.13% | 0.70% |
#28
15
Prev: #43
|
1.5 |
—
|
no change | no change |
P
S
|
19,800 | $5,651,000 | 2018 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PBI
PITNEY BOWES IN...
|
Industrials | 1.08% | 1.23% |
#29
2
Prev: #27
|
1.4 |
—
|
no change | no change |
P
S
|
511,059 | $5,402,000 | 2018 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MS
MORGAN STANLEY
|
Financial Services | 1.06% | 1.00% |
#30
1
Prev: #29
|
1.4 |
—
|
no change | no change |
P
S
|
30,000 | $5,326,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
F
FORD MTR CO DEL
|
Consumer Cyclical | 0.90% | 0.87% |
#31
1
Prev: #32
|
1.4 |
—
|
no change | no change |
P
S
|
345,157 | $4,528,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CAT
CATERPILLAR INC...
|
Industrials | 0.89% | 0.78% |
#32
6
Prev: #38
|
1.4 |
—
|
no change | no change |
P
S
|
7,800 | $4,468,000 | 2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AMGN
AMGEN INC
|
Healthcare | 0.89% | 0.81% |
#33
3
Prev: #36
|
1.4 |
—
|
no change | no change |
P
S
|
13,609 | $4,454,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
COST
COSTCO WHSL COR...
|
Consumer Defensive | 0.86% | 0.98% |
#34
4
Prev: #30
|
1.3 |
—
|
no change | no change |
P
S
|
5,016 | $4,325,000 | 2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FHN
FIRST HORIZON N...
|
Financial Services | 0.86% | 0.86% |
#35
2
Prev: #33
|
1.3 |
—
|
no change | no change |
P
S
|
180,082 | $4,304,000 | 2020 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
DIS
DISNEY WALT CO
|
Communication Services | 0.83% | 0.88% |
#36
5
Prev: #31
|
1.3 |
—
|
no change | no change |
P
S
|
36,407 | $4,142,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AXP
AMERICAN EXPRES...
|
Financial Services | 0.81% | 0.77% |
#37
2
Prev: #39
|
1.3 |
—
|
no change | no change |
P
S
|
11,000 | $4,069,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TJX
TJX COS INC NEW
|
Consumer Cyclical | 0.80% | 0.79% |
#38
1
Prev: #37
|
1.3 |
—
|
no change | no change |
P
S
|
26,000 | $3,994,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
COP
CONOCOPHILLIPS
|
Energy | 0.77% | 0.82% |
#39
5
Prev: #34
|
1.3 |
—
|
no change | no change |
P
S
|
41,281 | $3,864,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
LOW
LOWES COS INC
|
Consumer Cyclical | 0.74% | 0.81% |
#40
5
Prev: #35
|
1.3 |
—
|
no change | no change |
P
S
|
15,320 | $3,695,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
IBM
INTERNATIONAL B...
|
Technology | 0.70% | 0.71% |
#41
1
Prev: #42
|
1.3 |
—
|
no change | no change |
P
S
|
11,900 | $3,525,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CVX
CHEVRON CORP NE...
|
Energy | 0.67% | 0.72% |
#42
1
Prev: #41
|
1.3 |
—
|
no change | no change |
P
S
|
22,200 | $3,384,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BEN
FRANKLIN RES IN...
|
Financial Services | 0.67% | 0.68% |
#43
1
Prev: #44
|
1.3 |
—
|
no change | no change |
P
S
|
140,480 | $3,356,000 | 2020 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TSLA
TESLA INC
|
Consumer Cyclical | 0.61% | 0.63% |
#44
1
Prev: #45
|
1.2 |
—
|
no change | no change |
P
S
|
6,782 | $3,050,000 | 2020 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SPOT
SPOTIFY TECHNOL...
|
Communication Services | 0.58% | 0.73% |
#45
5
Prev: #40
|
1.2 |
—
|
no change | no change |
P
S
|
5,000 | $2,904,000 | 2021 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ALL
ALLSTATE CORP
|
Financial Services | 0.57% | 0.62% |
#46
1
Prev: #47
|
1.2 |
—
|
no change | no change |
P
S
|
13,800 | $2,872,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CIEN
CIENA CORP
|
Technology | 0.57% | 0.38% |
#47
21
Prev: #68
|
1.2 |
—
|
no change | no change |
P
S
|
12,255 | $2,866,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PFE
PFIZER INC
|
Healthcare | 0.55% | 0.60% |
#48
2
Prev: #50
|
1.2 |
—
|
no change | no change |
P
S
|
111,527 | $2,777,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
HON
HONEYWELL INTL ...
|
Industrials | 0.55% | 0.62% |
#49
3
Prev: #46
|
1.2 |
—
|
no change | no change |
P
S
|
14,100 | $2,751,000 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
DE
DEERE & CO
|
Industrials | 0.55% | 0.57% |
#50
2
Prev: #52
|
1.2 |
—
|
no change | no change |
P
S
|
5,900 | $2,747,000 | 2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) |
Showing 1-50 of 124 holdings