Gifford Fong Associates

CIK

1740316

Location

LAFAYETTE, CA

Portfolio Value

Small $501,411,088

Diversification

Diversified

Filing Date

Global Rank

#3,534 / 8,818 ▼ 12 · as of Dec 2025

Top Industry

Semiconductors 13.9%

3Y Alpha vs SPY

+44.4%

Period ended 8 months ago

Filed Feb 10, 2026 · 7mo

24 quarters · since Mar 2020

Clone Performance

Sep 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+320.1%

SPY

+69.0%

Annualised alpha

+45.2%

Max drawdown

−20.5%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends. Captured split ratios restate closes onto one basis; only an unusable ratio can exclude earlier closes for that listing. It tracks 100% of reported value on average across 11 quarters.Gifford Fong Associates has stopped filing, so the simulation ends in Jul 2026 — where its last reported portfolio went stale — rather than trading that portfolio forward to today. Past performance does not predict future results.

Portfolio Concentration

123 tracked positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

9.2%

−0.5 pts

Top 5

26.7%

+0.5 pts

Top 10

40.5%

+0.1 pts

HHI

260

Diversified−2

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Technology	31.9%	$159,917,728	20
Financial Services	23.2%	$116,383,827	29
Communication Services	11.2%	$56,132,714	9
Industrials	8.8%	$44,110,964	16
Consumer Cyclical	8.0%	$40,332,711	7
Healthcare	6.7%	$33,762,038	16
Energy	4.9%	$24,453,698	9
Consumer Defensive	3.6%	$18,104,580	7
Basic Materials	0.6%	$2,958,558	7
Utilities	0.5%	$2,661,000	1
Real Estate	0.5%	$2,593,270	2

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
AMD	Advanced Micro Devices Inc	+10,000	58,318	$12,489,382
CRM	Salesforce, Inc.	+10,000	73,009	$19,340,814
No positions match the current search.

Trimmed

Positions the filer reduced

No qualifying positions this quarter.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
Q	Qnity Electronics, Inc.	2,332	$190,407
SOLS	Solstice Advanced Materials Inc.	3,525	$171,244
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

123 tracked positions · $501,411,088 total · filing declares 124 positions · $501,412 · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 123 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Held	246,210	0	$45,918,165	−0.0%	9.16%
GOOGL	Alphabet Inc. Communication Services	Held	77,195	0	$24,198,879	+28.8%	4.83%
AMZN	Amazon Com Inc Consumer Cyclical	Held	96,793	0	$22,341,760	+5.1%	4.46%
AAPL	Apple Inc. Technology	Held	81,169	0	$22,066,604	+6.8%	4.40%
CRM	Salesforce, Inc. Technology	Added	73,009	+10,000	$19,340,814	+29.5%	3.86%
MSFT	Microsoft Corp Technology	Held	34,302	0	$16,589,133	−6.6%	3.31%
META	Meta Platforms, Inc. Communication Services	Held	22,500	0	$14,852,025	−10.1%	2.96%
BRK-B	Berkshire Hathaway Inc Financial Services	Held	26,500	0	$13,320,225	−0.0%	2.66%
AMD	Advanced Micro Devices Inc Technology	Added	58,318	+10,000	$12,489,382	+59.8%	2.49%
GE	General Electric Co Industrials	Held	38,301	0	$11,797,857	+2.4%	2.35%
JPM	Jpmorgan Chase & Co Financial Services	Held	35,296	0	$11,373,077	+2.2%	2.27%
SHOP	Shopify Inc. Technology	Held	70,000	0	$11,267,900	+8.3%	2.25%
SYF	Synchrony Financial Financial Services	Held	132,073	0	$11,018,850	+17.4%	2.20%
WFC	Wells Fargo & Company/Mn Financial Services	Held	88,052	0	$8,206,446	+11.2%	1.64%
XOM	ExxonMobil Holdings Corp Energy	Held	62,066	0	$7,469,022	+6.7%	1.49%
WMT	Walmart Inc. Consumer Defensive	Held	65,550	0	$7,302,925	+8.1%	1.46%
ORCL	Oracle Corp Technology	Held	37,250	0	$7,260,397	−30.7%	1.45%
C	Citigroup Inc Financial Services	Held	61,471	0	$7,173,050	+15.0%	1.43%
OXY	Occidental Petroleum Corp /De/ Energy	Held	171,429	0	$7,049,160	−13.0%	1.41%
GS	Goldman Sachs Group Inc Financial Services	Held	8,000	0	$7,032,000	+10.4%	1.40%
MA	Mastercard Inc Financial Services	Held	11,829	0	$6,752,939	+0.4%	1.35%
IVZ	Invesco Ltd. Financial Services	Held	255,393	0	$6,709,174	+14.5%	1.34%
ABBV	AbbVie Inc. Healthcare	Held	27,900	0	$6,374,871	−1.3%	1.27%
GEV	GE Vernova Inc. Industrials	Held	9,575	0	$6,257,932	+6.3%	1.25%
V	Visa Inc. Financial Services	Held	17,375	0	$6,093,586	+2.7%	1.22%
JNJ	Johnson & Johnson Healthcare	Held	28,900	0	$5,980,855	+11.6%	1.19%
MU	Micron Technology Inc Technology	Held	19,800	0	$5,651,118	+70.6%	1.13%
PBI	Pitney Bowes Inc /De/ Industrials	Held	511,059	0	$5,401,893	−7.4%	1.08%
MS	Morgan Stanley Financial Services	Held	30,000	0	$5,325,900	+11.7%	1.06%
F	Ford Motor Co Consumer Cyclical	Held	345,157	0	$4,528,459	+9.7%	0.90%
CAT	Caterpillar Inc Industrials	Held	7,800	0	$4,468,386	+20.1%	0.89%
AMGN	Amgen Inc Healthcare	Held	13,609	0	$4,454,361	+16.0%	0.89%
COST	Costco Wholesale Corp /New Consumer Defensive	Held	5,016	0	$4,325,497	−6.8%	0.86%
FHN	First Horizon Corp Financial Services	Held	180,082	0	$4,303,959	+5.7%	0.86%
DIS	Walt Disney Co Communication Services	Held	36,407	0	$4,142,024	−0.6%	0.83%
AXP	American Express Co Financial Services	Held	11,000	0	$4,069,450	+11.4%	0.81%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Held	26,000	0	$3,993,860	+6.3%	0.80%
COP	Conocophillips Energy	Held	41,281	0	$3,864,314	−1.0%	0.77%
LOW	Lowes Companies Inc Consumer Cyclical	Held	15,320	0	$3,694,571	−4.0%	0.74%
IBM	International Business Machines Corp Technology	Held	11,900	0	$3,524,899	+5.0%	0.70%
CVX	Chevron Corp Energy	Held	22,200	0	$3,383,502	−1.9%	0.67%
BEN	Franklin Resources Inc Financial Services	Held	140,480	0	$3,356,067	+3.3%	0.67%
TSLA	Tesla, Inc. Consumer Cyclical	Held	6,782	0	$3,050,001	+1.1%	0.61%
SPOT	Spotify Technology S.A. Communication Services	Held	5,000	0	$2,903,550	−16.8%	0.58%
ALL	Allstate Corp Financial Services	Held	13,800	0	$2,872,470	−3.0%	0.57%
CIEN	Ciena Corp Technology	Held	12,255	0	$2,866,076	+60.5%	0.57%
PFE	Pfizer Inc Healthcare	Held	111,527	0	$2,777,022	−2.3%	0.55%
HON	Honeywell International Inc Industrials	Held	14,100	0	$2,750,769	−7.3%	0.55%
DE	Deere & Co Industrials	Held	5,900	0	$2,746,863	+1.8%	0.55%
VZ	Verizon Communications Inc Communication Services	Held	67,263	0	$2,739,621	−7.3%	0.55%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.