Gifford Fong Associates
Filing Date
Global Rank
#2,712
/ 8,662
▼ 20
· as of Dec 2025
Top Industry
Semiconductors
14.6%
3Y Alpha vs SPY
+3.7%
Period ended 6 months ago
Filed Feb 10, 2026 · 5mo
24 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+93.5%
SPY
+76.0%
Annualised alpha
+3.9%
Max drawdown
−20.5%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
122 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025Top Position
9.6%
−0.5 pts
Top 5
26.3%
−0.4 pts
Top 10
39.6%
−0.5 pts
HHI
260
Diversified−7
Portfolio Trend
24 quarters · across all stocks
Sector Breakdown
As of Dec 31, 2025| Sector | % Portfolio | Value |
|---|---|---|
| Technology | 33.3% | $159,917,728 |
| Financial Services | 24.3% | $116,383,827 |
| Industrials | 9.2% | $44,245,112 |
| Communication Services | 8.7% | $41,515,489 |
| Consumer Cyclical | 8.4% | $40,332,711 |
| Healthcare | 7.0% | $33,762,038 |
| Consumer Defensive | 3.8% | $18,104,580 |
| Energy | 3.5% | $16,984,676 |
| Basic Materials | 0.7% | $3,333,625 |
| Utilities | 0.6% | $2,661,000 |
| Real Estate | 0.5% | $2,593,270 |
Last Quarter's Activity
Export CSVTrimmed
Positions the filer reducedNo qualifying positions this quarter.
Sold Out
Positions the filer fully exitedNo qualifying positions this quarter.
122 positions ·
$479,834,056 total
· 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 122 positions by value
· page 1 of 3
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| NVDA |
Nvidia Corp
Technology
|
Held | 246,210 | $45,918,165 | 9.57% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Held | 96,793 | $22,341,760 | 4.66% | |
| AAPL |
Apple Inc.
Technology
|
Held | 81,169 | $22,066,604 | 4.60% | |
| CRM |
Salesforce, Inc.
Technology
|
Added | 73,009 | $19,340,814 | 4.03% | |
| MSFT |
Microsoft Corp
Technology
|
Held | 34,302 | $16,589,133 | 3.46% | |
| META |
Meta Platforms, Inc.
Communication Services
|
Held | 22,500 | $14,852,025 | 3.10% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Held | 26,500 | $13,320,225 | 2.78% | |
| AMD |
Advanced Micro Devices Inc
Technology
|
Added | 58,318 | $12,489,382 | 2.60% | |
| GE |
General Electric Co
Industrials
|
Held | 38,301 | $11,797,857 | 2.46% | |
| JPM |
Jpmorgan Chase & Co
Financial Services
|
Held | 35,296 | $11,373,077 | 2.37% | |
| SHOP |
Shopify Inc.
Technology
|
Held | 70,000 | $11,267,900 | 2.35% | |
| SYF |
Synchrony Financial
Financial Services
|
Held | 132,073 | $11,018,850 | 2.30% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Held | 31,140 | $9,746,820 | 2.03% | |
| WFC |
Wells Fargo & Company/Mn
Financial Services
|
Held | 88,052 | $8,206,446 | 1.71% | |
| WMT |
Walmart Inc.
Consumer Defensive
|
Held | 65,550 | $7,302,925 | 1.52% | |
| ORCL |
Oracle Corp
Technology
|
Held | 37,250 | $7,260,397 | 1.51% | |
| C |
Citigroup Inc
Financial Services
|
Held | 61,471 | $7,173,050 | 1.49% | |
| OXY |
Occidental Petroleum Corp /De/
Energy
|
Held | 171,429 | $7,049,160 | 1.47% | |
| GS |
Goldman Sachs Group Inc
Financial Services
|
Held | 8,000 | $7,032,000 | 1.47% | |
| MA |
Mastercard Inc
Financial Services
|
Held | 11,829 | $6,752,939 | 1.41% | |
| IVZ |
Invesco Ltd.
Financial Services
|
Held | 255,393 | $6,709,174 | 1.40% | |
| ABBV |
AbbVie Inc.
Healthcare
|
Held | 27,900 | $6,374,871 | 1.33% | |
| GEV |
GE Vernova Inc.
Industrials
|
Held | 9,575 | $6,257,932 | 1.30% | |
| V |
Visa Inc.
Financial Services
|
Held | 17,375 | $6,093,586 | 1.27% | |
| JNJ |
Johnson & Johnson
Healthcare
|
Held | 28,900 | $5,980,855 | 1.25% | |
| MU |
Micron Technology Inc
Technology
|
Held | 19,800 | $5,651,118 | 1.18% | |
| PBI |
Pitney Bowes Inc /De/
Industrials
|
Held | 511,059 | $5,401,893 | 1.13% | |
| MS |
Morgan Stanley
Financial Services
|
Held | 30,000 | $5,325,900 | 1.11% | |
| F |
Ford Motor Co
Consumer Cyclical
|
Held | 345,157 | $4,528,459 | 0.94% | |
| CAT |
Caterpillar Inc
Industrials
|
Held | 7,800 | $4,468,386 | 0.93% | |
| AMGN |
Amgen Inc
Healthcare
|
Held | 13,609 | $4,454,361 | 0.93% | |
| COST |
Costco Wholesale Corp /New
Consumer Defensive
|
Held | 5,016 | $4,325,497 | 0.90% | |
| FHN |
First Horizon Corp
Financial Services
|
Held | 180,082 | $4,303,959 | 0.90% | |
| DIS |
Walt Disney Co
Communication Services
|
Held | 36,407 | $4,142,024 | 0.86% | |
| AXP |
American Express Co
Financial Services
|
Held | 11,000 | $4,069,450 | 0.85% | |
| TJX |
Tjx Companies Inc /De/
Consumer Cyclical
|
Held | 26,000 | $3,993,860 | 0.83% | |
| COP |
Conocophillips
Energy
|
Held | 41,281 | $3,864,314 | 0.81% | |
| LOW |
Lowes Companies Inc
Consumer Cyclical
|
Held | 15,320 | $3,694,571 | 0.77% | |
| IBM |
International Business Machines Corp
Technology
|
Held | 11,900 | $3,524,899 | 0.73% | |
| CVX |
Chevron Corp
Energy
|
Held | 22,200 | $3,383,502 | 0.71% | |
| BEN |
Franklin Resources Inc
Financial Services
|
Held | 140,480 | $3,356,067 | 0.70% | |
| TSLA |
Tesla, Inc.
Consumer Cyclical
|
Held | 6,782 | $3,050,001 | 0.64% | |
| SPOT |
Spotify Technology S.A.
Communication Services
|
Held | 5,000 | $2,903,550 | 0.61% | |
| HON |
Honeywell International Inc
Industrials
|
Held | 14,100 | $2,884,917 | 0.60% | |
| ALL |
Allstate Corp
Financial Services
|
Held | 13,800 | $2,872,470 | 0.60% | |
| CIEN |
Ciena Corp
Technology
|
Held | 12,255 | $2,866,076 | 0.60% | |
| PFE |
Pfizer Inc
Healthcare
|
Held | 111,527 | $2,777,022 | 0.58% | |
| DE |
Deere & Co
Industrials
|
Held | 5,900 | $2,746,863 | 0.57% | |
| VZ |
Verizon Communications Inc
Communication Services
|
Held | 67,263 | $2,739,621 | 0.57% | |
| PNW |
Pinnacle West Capital Corp
Utilities
|
Held | 30,000 | $2,661,000 | 0.55% |