SEC 13F Intelligence

Managers / Q4 2025

Gifford Fong Associates

CIK 0001740316 · 3658 MT. DIABLO BLVD, SUITE 200, LAFAYETTE, CA, 94549 · 9252997800

Reported Value
$501M
Q4 2025
Positions
124
Filings on Record
29
2019–present window
Filed
Feb 10, 2026
original filing

Summary

Gifford Fong Associates reported $501M in U.S.-listed holdings across 124 positions for Q4 2025.

Its largest position, NVDA, represents 9.2% of the portfolio.

Compared with Q3 2025, the fund opened 2 new positions and exited 0.

Portfolio Metrics

Turnover
+2.4%
vs prior filed quarter
Top-10 Concentration
+40.5%
share of reported value
Largest Position
+9.2%
Nvidia

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $265MQ4 ’18Q1 ’19: $303MQ2 ’19: $299MQ3 ’19: $306MQ4 ’19: $343MQ4 ’19Q1 ’20: $273MQ2 ’20: $330MQ3 ’20: $373MQ1 ’21: $465MQ1 ’21Q2 ’21: $514MQ3 ’21: $515MQ4 ’21: $572MQ1 ’22: $547MQ1 ’22Q2 ’22: $429MQ3 ’22: $404MQ4 ’22: $436MQ1 ’23: $380MQ1 ’23Q2 ’23: $426MQ3 ’23: $418MQ4 ’23: $470MQ1 ’24: $363MQ1 ’24Q2 ’24: $377MQ3 ’24: $400MQ4 ’24: $408MQ1 ’25: $402MQ1 ’25Q2 ’25: $434MQ3 ’25: $476MQ4 ’25: $501Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 99.5%REIT: 0.5%
  • Common Stock · 99.5% · $499M
  • REIT · 0.5% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QQNITY ELECTRONICS INCNEW+2.3K2.3K+$190,000$190,000
SOLSSOLSTICE ADVANCED MATLS INCNEW+3.5K3.5K+$171,000$171,000
AMDADVANCED MICRO DEVICES INCADDED+10.0K58.3K+$5M$12M
CRMSALESFORCE COM INCADDED+10.0K73.0K+$4M$19M
GOOGALPHABET INCHELD+046.1K+$3M$14M
ORCLORACLE CORPHELD+037.3K−$3M$7M
MUMICRON TECHNOLOGY INCHELD+019.8K+$2M$6M
GOOGLALPHABET INCHELD+031.1K+$2M$10M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

123 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM9.16%$46M246.2K
2GOOGALPHABET INCCAP STK CL C · CAP STK CL A4.83%$24M77.2K
3AMZNAMAZON COM INChistory →COM4.46%$22M96.8K
4AAPLAPPLE INChistory →COM4.40%$22M81.2K
5CRMSALESFORCE COM INChistory →COM3.86%$19M73.0K
6MSFTMICROSOFT CORPhistory →COM3.31%$17M34.3K
7METAFACEBOOK INChistory →CL A2.96%$15M22.5K
8BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.66%$13M26.5K
9AMDADVANCED MICRO DEVICES INChistory →COM2.49%$12M58.3K
10GENERAL ELECTRIC COCOM2.35%$12M38.3K
11JPMJPMORGAN CHASE & COhistory →COM2.27%$11M35.3K
12SHOPSHOPIFY INChistory →CL A2.25%$11M70.0K
13SYFSYNCHRONY FINLhistory →COM2.20%$11M132.1K
14WFCWELLS FARGO CO NEWhistory →COM1.64%$8M88.1K
15EXMOCEXXON MOBIL CORPhistory →COM1.49%$7M62.1K
16WMTWALMART INChistory →COM1.46%$7M65.5K
17ORCLORACLE CORPhistory →COM1.45%$7M37.3K
18CCITIGROUP INChistory →COM NEW1.43%$7M61.5K
19OXYOCCIDENTAL PETE CORP DELhistory →COM1.41%$7M171.4K
20GSGOLDMAN SACHS GROUP INChistory →COM1.40%$7M8.0K
21MAMASTERCARD INCORPORATEDhistory →CL A1.35%$7M11.8K
22IVZINVESCO LTDhistory →SHS1.34%$7M255.4K
23ABBVABBVIE INChistory →COM1.27%$6M27.9K
24GEVGE VERNOVA INChistory →COM1.25%$6M9.6K
25VVISA INChistory →COM CL A1.22%$6M17.4K
26JNJJOHNSON & JOHNSONhistory →COM1.19%$6M28.9K
27MUMICRON TECHNOLOGY INChistory →COM1.13%$6M19.8K
28PBIPITNEY BOWES INChistory →COM1.08%$5M511.1K
29MSMORGAN STANLEYhistory →COM NEW1.06%$5M30.0K
30FFORD MTR CO DELCOM0.90%$5M345.2K
31CATCATERPILLAR INC DELCOM0.89%$4M7.8K
32AMGNAMGEN INCCOM0.89%$4M13.6K
33COSTCOSTCO WHSL CORP NEWCOM0.86%$4M5.0K
34FHNFIRST HORIZON NATL CORPCOM0.86%$4M180.1K
35DISDISNEY WALT COCOM DISNEY0.83%$4M36.4K
36AXPAMERICAN EXPRESS COCOM0.81%$4M11.0K
37TJXTJX COS INC NEWCOM0.80%$4M26.0K
38COPCONOCOPHILLIPSCOM0.77%$4M41.3K
39LOWLOWES COS INCCOM0.74%$4M15.3K
40IBMINTERNATIONAL BUSINESS MACHSCOM0.70%$4M11.9K
41CVXCHEVRON CORP NEWCOM0.67%$3M22.2K
42BENFRANKLIN RES INCCOM0.67%$3M140.5K
43TSLATESLA INCCOM0.61%$3M6.8K
44SPOTSPOTIFY TECHNOLOGY S ASHS0.58%$3M5.0K
45ALLALLSTATE CORPCOM0.57%$3M13.8K
46CIENCIENA CORPCOM NEW0.57%$3M12.3K
47PFEPFIZER INCCOM0.55%$3M111.5K
48HONHONEYWELL INTL INCCOM0.55%$3M14.1K
49DEDEERE & COCOM0.55%$3M5.9K
50VZVERIZON COMMUNICATIONS INCCOM0.55%$3M67.3K
51PNWPINNACLE WEST CAP CORPCOM0.53%$3M30.0K
52CMCSACOMCAST CORP NEWCL A0.52%$3M88.0K
53KOCOCA COLA COCOM0.52%$3M37.0K
54ADPAUTOMATIC DATA PROCESSING INCOM0.51%$3M10.0K
55INTCINTEL CORPCOM0.49%$2M66.4K
56ABTABBOTT LABSCOM0.48%$2M19.4K
57MRKMERCK & CO INCCOM0.48%$2M22.9K
58TAT&T INCCOM0.46%$2M93.7K
59AFLAFLAC INCCOM0.45%$2M20.6K
60PHPARKER HANNIFIN CORPCOM0.44%$2M2.5K
61BNYBANK NEW YORK MELLON CORPCOM0.44%$2M18.9K
62PNCPNC FINL SVCS GROUP INCCOM0.42%$2M10.0K
63CSCOCISCO SYS INCCOM0.41%$2M26.5K
64TRVTRAVELERS COMPANIES INCCOM0.40%$2M7.0K
65UNHUNITED HEALTH GROUP INCCOM0.39%$2M5.9K
66LUMNLUMEN TECHNOLOGIES INCCOM0.39%$2M250.0K
67BMYBRISTOL MYERS SQUIBB COCOM0.39%$2M35.9K
68BABOEING COCOM0.38%$2M8.7K
69PEPPEPSICO INCCOM0.37%$2M13.0K
70RTXRAYTHEON TECHNOLOGIES CORPCOM0.37%$2M10.0K
71SBUXSTARBUCKS CORPCOM0.35%$2M21.0K
72AIGAMERICAN INTL GROUP INCCOM NEW0.33%$2M19.1K
73MMM3M COCOM0.31%$2M9.8K
74GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.31%$2M19.0K
75PRUPRUDENTIAL FINL INCCOM0.30%$2M13.5K
76TXNTEXAS INSTRS INCCOM0.28%$1M8.0K
77PSAPUBLIC STORAGECOM0.26%$1M5.0K
78SPGSIMON PPTY GROUP INC NEWCOM0.26%$1M7.0K
79ZMZOOM VIDEO COMMUNICATIONS INCL A0.26%$1M15.0K
80METMETLIFE INCCOM0.24%$1M15.0K
81UPSUNITED PARCEL SERVICE INCCL B0.23%$1M11.8K
82PGRPROGRESSIVE CORP OHIOCOM0.23%$1M5.0K
83GILDGILEAD SCIENCES INCCOM0.22%$1M9.0K
84ADIANALOG DEVICES INCCOM0.22%$1M4.0K
85RIGTRANSOCEAN LTDREG SHS0.21%$1M250.0K
86BIIBBIOGEN INCCOM0.20%$1M5.8K
87SHWSHERWIN WILLIAMS COCOM0.19%$972,0003.0K
88NKENIKE INCCL B0.19%$956,00015.0K
89DELLDELL TECHNOLOGIES INCCL C0.17%$874,0006.9K
90ITTITT INCCOM0.17%$868,0005.0K
91QCOMQUALCOMM INCCOM0.17%$855,0005.0K
92BACBANK AMER CORPCOM0.17%$833,00015.1K
93CLCOLGATE PALMOLIVE COCOM0.16%$822,00010.4K
94HSYHERSHEY COCOM0.15%$728,0004.0K
95WRBW R BERKLEY CORPORATIONCOM0.14%$710,00010.1K
96LLOEWS CORPCOM0.14%$706,0006.7K
97BHCBAUSCH HEALTH COS INCCOM0.14%$695,000100.0K
98CTVACORTEVA INCCOM0.13%$659,0009.8K
99USBUS BANCORP DELCOM NEW0.13%$640,00012.0K
100EOGEOG RES INCCOM0.13%$630,0006.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q4 2025$501M124Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$476M122Nov 3, 202513F-HRchanges · EDGAR ↗
Q2 2025$434M123Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$402M126May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$408M126Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$400M128Nov 4, 202413F-HRchanges · EDGAR ↗
Q2 2024$377M128Aug 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$363M127May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$470M140Feb 7, 202413F-HRchanges · EDGAR ↗
Q3 2023$418M141Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$426M141Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$380M141May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022$436M139Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$404M140Nov 15, 202213F-HRchanges · EDGAR ↗
Q2 2022$429M139Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$547M138May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$572M139Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$515M136Nov 10, 202113F-HRchanges · EDGAR ↗
Q2 2021$514M135Aug 9, 202113F-HRchanges · EDGAR ↗
Q1 2021$465M135May 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$373M132Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$330M129Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$273M127May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$343M125Feb 11, 202013F-HRchanges · EDGAR ↗
Q3 2019$306M124Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$299M121Aug 8, 201913F-HRchanges · EDGAR ↗
Q1 2019$303M119May 7, 201913F-HRchanges · EDGAR ↗
Q4 2018$265M118Jan 30, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.