SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Gifford Fong Associates

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

Reported Value
$380M
Q1 2023
Positions
141
Filings on Record
29
2019–present window
Filed
May 10, 2023
original filing

Summary

Gifford Fong Associates reported $380M in U.S.-listed holdings across 141 positions for Q1 2023.

Its largest position, NVDA, represents 9.3% of the portfolio.

Compared with Q4 2022, the fund opened 2 new positions and exited 0.

Portfolio Metrics

Turnover
+5.1%
vs prior filed quarter
Top-10 Concentration
+37.8%
share of reported value
Largest Position
+9.3%
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: 99.4%REIT: 0.6%Equity WRT: 0.0%
  • Common Stock · 99.4% · $377M
  • REIT · 0.6% · $2M
  • Equity WRT · 0.0% · $51,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GEHCGE HEALTHCARE TECHNOLOGIES INEW+19.0K19.0K+$2M$2M
PIONEER NAT RES CONEW+1.5K1.5K+$306,000$306,000
VVISA INCTRIMMED−12.4K17.4K−$2M$4M
BACBANK AMER CORPTRIMMED−221.7K332.9K−$9M$10M
AAPLAPPLE INCTRIMMED−102.3K153.7K−$8M$25M
MSFTMICROSOFT CORPTRIMMED−35.2K52.9K−$6M$15M
UNHUNITED HEALTH GROUP INCTRIMMED−8.8K13.2K−$5M$6M
MAMASTERCARD INCORPORATEDTRIMMED−13.6K20.4K−$4M$7M

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

Holdings — Q1 2023

139 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM9.32%$35M127.4K
2AAPLAPPLE INChistory →COM6.67%$25M153.7K
3MSFTMICROSOFT CORPhistory →COM4.02%$15M52.9K
4AMZNAMAZON COM INChistory →COM3.92%$15M144.3K
5GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.88%$15M141.7K
6BACBANK AMER CORPhistory →COM2.51%$10M332.9K
7BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.15%$8M26.5K
8MAMASTERCARD INCORPORATEDhistory →CL A1.95%$7M20.4K
9ORCLORACLE CORPhistory →COM1.69%$6M69.0K
10AMDADVANCED MICRO DEVICES INChistory →COM1.68%$6M65.0K
11UNHUNITED HEALTH GROUP INChistory →COM1.64%$6M13.2K
12DISDISNEY WALT COhistory →COM DISNEY1.58%$6M60.0K
13CRMSALESFORCE COM INChistory →COM1.50%$6M28.6K
14LLYLILLY ELI & COhistory →COM1.46%$6M16.1K
15GENERAL ELECTRIC COCOM1.44%$5M57.0K
16METAFACEBOOK INChistory →CL A1.26%$5M22.5K
17UNPUNION PAC CORPhistory →COM1.22%$5M23.0K
18JPMJPMORGAN CHASE & COhistory →COM1.21%$5M35.3K
19PFEPFIZER INChistory →COM1.20%$5M111.5K
20JNJJOHNSON & JOHNSONhistory →COM1.18%$4M28.9K
21ABBVABBVIE INChistory →COM1.17%$4M27.9K
22MARATHON OIL CORPCOM1.17%$4M184.7K
23EMREMERSON ELEC COhistory →COM1.15%$4M50.0K
24FFORD MTR CO DELhistory →COM1.15%$4M345.2K
25COSTCOSTCO WHSL CORP NEWhistory →COM1.11%$4M8.5K
26INTCINTEL CORPhistory →COM1.10%$4M127.6K
27BABOEING COhistory →COM1.05%$4M18.7K
28VVISA INChistory →COM CL A1.03%$4M17.4K
29SYFSYNCHRONY FINLhistory →COM1.01%$4M132.1K
30VZVERIZON COMMUNICATIONS INChistory →COM1.01%$4M98.3K
31CVXCHEVRON CORP NEWCOM0.95%$4M22.2K
32SHOPSHOPIFY INCCL A0.88%$3M70.0K
33CMCSACOMCAST CORP NEWCL A0.88%$3M88.0K
34WFCWELLS FARGO CO NEWCOM0.87%$3M88.1K
35AMGNAMGEN INCCOM0.87%$3M13.6K
36EXMOCEXXON MOBIL CORPCOM0.85%$3M29.5K
37WMTWALMART INCCOM0.85%$3M21.9K
38FHNFIRST HORIZON NATL CORPCOM0.84%$3M180.1K
39BIIBBIOGEN INCCOM0.84%$3M11.5K
40LOWLOWES COS INCCOM0.81%$3M15.3K
41IVZINVESCO LTDSHS0.80%$3M185.4K
42CCITIGROUP INCCOM NEW0.76%$3M61.5K
43TSLATESLA INCCOM0.74%$3M13.6K
44GILDGILEAD SCIENCES INCCOM0.74%$3M34.0K
45TAT&T INCCOM0.73%$3M143.7K
46HONHONEYWELL INTL INCCOM0.71%$3M14.1K
47MSMORGAN STANLEYCOM NEW0.69%$3M30.0K
48GSGOLDMAN SACHS GROUP INCCOM0.69%$3M8.0K
49BMYBRISTOL MYERS SQUIBB COCOM0.66%$2M35.9K
50MRKMERCK & CO INCCOM0.64%$2M22.9K
51DEDEERE & COCOM0.64%$2M5.9K
52PNWPINNACLE WEST CAP CORPCOM0.63%$2M30.0K
53PEPPEPSICO INCCOM0.62%$2M13.0K
54KOCOCA COLA COCOM0.60%$2M37.0K
55UPSUNITED PARCEL SERVICE INCCL B0.60%$2M11.8K
56OXYOCCIDENTAL PETE CORP DELCOM · *W EXP 08/03/2020.59%$2M36.4K
57ADPAUTOMATIC DATA PROCESSING INCOM0.59%$2M10.0K
58SBUXSTARBUCKS CORPCOM0.58%$2M21.0K
59WBAWALGREENS BOOTS ALLIANCE INCCOM0.55%$2M60.0K
60TJXTJX COS INC NEWCOM0.54%$2M26.0K
61PBIPITNEY BOWES INCCOM0.52%$2M511.1K
62ABTABBOTT LABSCOM0.52%$2M19.4K
63NKENIKE INCCL B0.48%$2M15.0K
64AXPAMERICAN EXPRESS COCOM0.48%$2M11.0K
65CATCATERPILLAR INC DELCOM0.47%$2M7.8K
66PMPHILIP MORRIS INTL INCCOM0.43%$2M16.7K
67RIGTRANSOCEAN LTDREG SHS0.42%$2M250.0K
68COPCONOCOPHILLIPSCOM0.42%$2M16.0K
69IBMINTERNATIONAL BUSINESS MACHSCOM0.41%$2M11.9K
70GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.41%$2M19.0K
71ALLALLSTATE CORPCOM0.40%$2M13.8K
72PSAPUBLIC STORAGECOM0.40%$2M5.0K
73TXNTEXAS INSTRS INCCOM0.39%$1M8.0K
74CSCOCISCO SYS INCCOM0.37%$1M26.5K
75AFLAFLAC INCCOM0.35%$1M20.6K
76PNCPNC FINL SVCS GROUP INCCOM0.33%$1M10.0K
77TRVTRAVELERS COMPANIES INCCOM0.32%$1M7.0K
78MUMICRON TECHNOLOGY INCCOM0.31%$1M19.8K
79BAXBAXTER INTL INCCOM0.31%$1M29.0K
80PRUPRUDENTIAL FINL INCCOM0.29%$1M13.5K
81ZMZOOM VIDEO COMMUNICATIONS INCL A0.29%$1M15.0K
82BENFRANKLIN RES INCCOM0.29%$1M40.5K
83MMM3M COCOM0.27%$1M9.8K
84HSYHERSHEY COCOM0.27%$1M4.0K
85UNITED STATES STL CORP NEWCOM0.26%$984,00037.7K
86RTXRAYTHEON TECHNOLOGIES CORPCOM0.26%$979,00010.0K
87AIGAMERICAN INTL GROUP INCCOM NEW0.25%$962,00019.1K
88APAAPA CORPORATIONCOM0.24%$902,00025.0K
89METMETLIFE INCCOM0.23%$869,00015.0K
90BNYBANK NEW YORK MELLON CORPCOM0.23%$858,00018.9K
91PHPARKER HANNIFIN CORPCOM0.22%$840,0002.5K
92BHCBAUSCH HEALTH COS INCCOM0.21%$810,000100.0K
93HRLHORMEL FOODS CORPCOM0.21%$798,00020.0K
94ADIANALOG DEVICES INCCOM0.21%$789,0004.0K
95SPGSIMON PPTY GROUP INC NEWCOM0.21%$784,0007.0K
96CLCOLGATE PALMOLIVE COCOM0.21%$782,00010.4K
97PGRPROGRESSIVE CORP OHIOCOM0.19%$715,0005.0K
98EOGEOG RES INCCOM0.18%$688,0006.0K
99SHWSHERWIN WILLIAMS COCOM0.18%$674,0003.0K
100SPOTSPOTIFY TECHNOLOGY S ASHS0.18%$668,0005.0K

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 ↗.