Fisher Asset Management, the firm led by Ken Fisher (Trades, Portfolio), disclosed in a regulatory filing that its top trades during the first quarter included boosts to its holdings of BHP Group Ltd. (BHP, Financial) and Amazon.com Inc. (AMZN, Financial) and reductions to its positions in Cisco Systems Inc. (CSCO, Financial), The Walt Disney Co. (DIS, Financial) and Intel Corp. (INTC, Financial).
The Camas, Washington-based firm invests based on the idea that supply and demand of securities solely determines the price of the security. The firm adds value by emphasizing the unknown information about a company’s fundamental data.
As of March, the firm’s $169.40 billion 13F equity portfolio contains 1,017 stocks, with 96 new positions and a turnover ratio of 7%. Investors should be aware that the 13F filings do not give a complete picture of a firm’s holdings as the reports only include its positions in U.S. stocks and American depository receipts, but the reports can still provide valuable information. Further, the reports only reflect trades and holdings as of the most-recent portfolio filing date, which may or may not be held by the reporting firm today or even when this article was published.
The top four sectors in terms of weight are technology, health care, consumer cyclical and financial services, representing 29.82%, 11%, 10.79% and 10.78% of the equity portfolio.
BHP Group
Fisher invested in 9,102,674 shares of BHP Group (BHP, Financial), expanding the position by 116.67% and its equity portfolio by 0.41%.
Shares of BHP Group averaged $68.11 during the first quarter; the stock is modestly undervalued based on Friday’s price-to-GF Value ratio of 0.82.
The Melbourne, Australia-based metals and mining company has a GF Score of 93 out of 100, driven by a rank of 9 out of 10 for profitability, growth and GF Value despite financial strength and momentum ranking between 6 and 7 out of 10.
BHP Group has a profitability rank of 9 out of 10 on several positive investing signs, which include a Piotroski F-score of 9 out of 9 and profit margins and returns outperforming more than 90% of global competitors.
Amazon.com
Fisher invested in 196,758 shares of Amazon.com Inc. (AMZN, Financial), boosting the position by 9.08% and its equity portfolio by 0.38%.
Shares of Amazon.com averaged $3,092.09 during the first quarter; the stock is significantly undervalued based on Friday’s price-to-GF Value ratio of 0.61.
The Seattle-based e-commerce giant has a GF Score of 96 out of 100, driven by a growth rank of 10 out of 10, a profitability rank of 9 out of 10, a financial strength rank of 6 out of 10 and a rank of 8 out of 10 for GF Value and momentum.
Amazon’s profitability ranks 9 out of 10 on several positive investing signs, which include a five-star business predictability rank and an operating margin that has increased approximately 17% per year on average over the past five years.
Other gurus with holdings in Amazon include Baillie Gifford (Trades, Portfolio) and Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway Inc. (BRK.A, Financial)(BRK.B, Financial).
Cisco
The firm sold 11,410,064 shares of Cisco (CSCO, Financial), chopping 89.29% of the position and 0.40% of its equity portfolio.
Shares of Cisco averaged $56.67 during the first quarter; the stock is fairly valued based on Friday’s price-to-GF Value ratio of 0.94.
The San Jose, California-based networking hardware company has a GF Score of 96 out of 100, driven by a rank of 10 out of 10 for profitability and momentum, a growth rank of 9 out of 10 and a rank of 7 out of 10 for financial strength and GF Value.
Cisco’s profitability ranks 10 out of 10 on several positive investing signs, which include a 4.5-star business predictability rank, a Piotroski F-score of 7 out of 9 and an operating margin that has increased approximately 1.6% per year on average over the past five years and outperforms more than 96% of global competitors.
Walt Disney
The firm sold 4,611,047 shares of Walt Disney (DIS, Financial), slashing 89.23% of the position and 0.40% of its equity portfolio.
Shares of Walt Disney averaged $144.79 during the first quarter; the stock is modestly undervalued based on Friday’s price-to-GF Value ratio of 0.73.
The Burbank, California-based media giant has a GF Score of 76 out of 100, driven by a rank of 8 out of 10 for profitability and GF Value despite financial strength and momentum ranking just 5 out of 10 and growth ranking just 3 out of 10.
Intel
The firm sold 13,280,276 shares of Intel (INTC, Financial), slicing 88.18% of the position and 0.38% of its equity portfolio.
Shares of Intel averaged $49.59 during the first quarter; the stock is modestly undervalued based on Friday’s price-to-GF Value ratio of 0.78.
The Santa Clara, California-based semiconductor giant has a GF Score of 91 out of 100 based on a GF Value rank of 10 out of 10, a profitability rank of 9 out of 10, a growth rank of 8 out of 10, a financial strength rank of 7 out of 10 and a momentum rank of 5 out of 10.
