SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Gifford Fong Associates

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

Reported Value
$426M
Q2 2023
Positions
141
Filings on Record
29
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Gifford Fong Associates reported $426M in U.S.-listed holdings across 141 positions for Q2 2023.

Its largest position, NVDA, represents 12.7% of the portfolio.

The book was largely unchanged from Q1 2023.

Portfolio Metrics

Turnover
+1.8%
vs prior filed quarter
Top-10 Concentration
+42.4%
share of reported value
Largest Position
+12.7%
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%Equity WRT: 0.0%
  • Common Stock · 99.5% · $424M
  • REIT · 0.5% · $2M
  • Equity WRT · 0.0% · $47,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PIONEER NAT RES COADDED+2.5K4.0K+$523,000$829,000
BENFRANKLIN RES INCADDED+25.0K65.5K+$658,000$2M
IVZINVESCO LTDADDED+45.0K230.4K+$833,000$4M
BACBANK AMER CORPADDED+25.0K357.9K+$747,000$10M
NVDANVIDIA CORPHELD+0127.4K+$19M$54M
AAPLAPPLE INCHELD+0153.7K+$4M$30M
AMZNAMAZON COM INCHELD+0144.3K+$4M$19M
MSFTMICROSOFT CORPHELD+052.9K+$3M$18M

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

Holdings — Q2 2023

139 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM12.65%$54M127.4K
2AAPLAPPLE INChistory →COM7.00%$30M153.7K
3AMZNAMAZON COM INChistory →COM4.41%$19M144.3K
4MSFTMICROSOFT CORPhistory →COM4.23%$18M52.9K
5GOOGALPHABET INCCAP STK CL C · CAP STK CL A4.01%$17M141.7K
6BACBANK AMER CORPhistory →COM2.41%$10M357.9K
7BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.12%$9M26.5K
8ORCLORACLE CORPhistory →COM1.93%$8M69.0K
9MAMASTERCARD INCORPORATEDhistory →CL A1.88%$8M20.4K
10LLYLILLY ELI & COhistory →COM1.77%$8M16.1K
11AMDADVANCED MICRO DEVICES INChistory →COM1.74%$7M65.0K
12METAFACEBOOK INChistory →CL A1.52%$6M22.5K
13UNHUNITED HEALTH GROUP INChistory →COM1.49%$6M13.2K
14GENERAL ELECTRIC COCOM1.47%$6M57.0K
15CRMSALESFORCE COM INChistory →COM1.42%$6M28.6K
16DISDISNEY WALT COhistory →COM DISNEY1.26%$5M60.0K
17FFORD MTR CO DELhistory →COM1.23%$5M345.2K
18JPMJPMORGAN CHASE & COhistory →COM1.20%$5M35.3K
19JNJJOHNSON & JOHNSONhistory →COM1.12%$5M28.9K
20UNPUNION PAC CORPhistory →COM1.10%$5M23.0K
21COSTCOSTCO WHSL CORP NEWhistory →COM1.08%$5M8.5K
22SHOPSHOPIFY INChistory →CL A1.06%$5M70.0K
23EMREMERSON ELEC COhistory →COM1.06%$5M50.0K
24SYFSYNCHRONY FINLhistory →COM1.05%$4M132.1K
25INTCINTEL CORPhistory →COM1.00%$4M127.6K
26MARATHON OIL CORPCOM1.00%$4M184.7K
27VVISA INCCOM CL A0.97%$4M17.4K
28PFEPFIZER INCCOM0.96%$4M111.5K
29BABOEING COCOM0.93%$4M18.7K
30IVZINVESCO LTDSHS0.91%$4M230.4K
31ABBVABBVIE INCCOM0.88%$4M27.9K
32WFCWELLS FARGO CO NEWCOM0.88%$4M88.1K
33CMCSACOMCAST CORP NEWCL A0.86%$4M88.0K
34VZVERIZON COMMUNICATIONS INCCOM0.86%$4M98.3K
35TSLATESLA INCCOM0.84%$4M13.6K
36CVXCHEVRON CORP NEWCOM0.82%$3M22.2K
37LOWLOWES COS INCCOM0.81%$3M15.3K
38WMTWALMART INCCOM0.81%$3M21.9K
39BIIBBIOGEN INCCOM0.77%$3M11.5K
40EXMOCEXXON MOBIL CORPCOM0.74%$3M29.5K
41AMGNAMGEN INCCOM0.71%$3M13.6K
42HONHONEYWELL INTL INCCOM0.69%$3M14.1K
43CCITIGROUP INCCOM NEW0.66%$3M61.5K
44MRKMERCK & CO INCCOM0.62%$3M22.9K
45GILDGILEAD SCIENCES INCCOM0.61%$3M34.0K
46GSGOLDMAN SACHS GROUP INCCOM0.61%$3M8.0K
47MSMORGAN STANLEYCOM NEW0.60%$3M30.0K
48PNWPINNACLE WEST CAP CORPCOM0.57%$2M30.0K
49PEPPEPSICO INCCOM0.57%$2M13.0K
50DEDEERE & COCOM0.56%$2M5.9K
51BMYBRISTOL MYERS SQUIBB COCOM0.54%$2M35.9K
52TAT&T INCCOM0.54%$2M143.7K
53KOCOCA COLA COCOM0.52%$2M37.0K
54TJXTJX COS INC NEWCOM0.52%$2M26.0K
55ADPAUTOMATIC DATA PROCESSING INCOM0.52%$2M10.0K
56OXYOCCIDENTAL PETE CORP DELCOM · *W EXP 08/03/2020.50%$2M36.4K
57ABTABBOTT LABSCOM0.50%$2M19.4K
58UPSUNITED PARCEL SERVICE INCCL B0.50%$2M11.8K
59SBUXSTARBUCKS CORPCOM0.49%$2M21.0K
60FHNFIRST HORIZON NATL CORPCOM0.48%$2M180.1K
61CATCATERPILLAR INC DELCOM0.45%$2M7.8K
62AXPAMERICAN EXPRESS COCOM0.45%$2M11.0K
63PBIPITNEY BOWES INCCOM0.42%$2M511.1K
64RIGTRANSOCEAN LTDREG SHS0.41%$2M250.0K
65BENFRANKLIN RES INCCOM0.41%$2M65.5K
66WBAWALGREENS BOOTS ALLIANCE INCCOM0.40%$2M60.0K
67COPCONOCOPHILLIPSCOM0.39%$2M16.0K
68NKENIKE INCCL B0.39%$2M15.0K
69PMPHILIP MORRIS INTL INCCOM0.38%$2M16.7K
70IBMINTERNATIONAL BUSINESS MACHSCOM0.37%$2M11.9K
71GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.36%$2M19.0K
72ALLALLSTATE CORPCOM0.35%$2M13.8K
73PSAPUBLIC STORAGECOM0.34%$1M5.0K
74TXNTEXAS INSTRS INCCOM0.34%$1M8.0K
75AFLAFLAC INCCOM0.34%$1M20.6K
76CSCOCISCO SYS INCCOM0.32%$1M26.5K
77BAXBAXTER INTL INCCOM0.31%$1M29.0K
78PNCPNC FINL SVCS GROUP INCCOM0.30%$1M10.0K
79MUMICRON TECHNOLOGY INCCOM0.29%$1M19.8K
80TRVTRAVELERS COMPANIES INCCOM0.29%$1M7.0K
81PRUPRUDENTIAL FINL INCCOM0.28%$1M13.5K
82AIGAMERICAN INTL GROUP INCCOM NEW0.26%$1M19.1K
83ZMZOOM VIDEO COMMUNICATIONS INCL A0.24%$1M15.0K
84HSYHERSHEY COCOM0.23%$999,0004.0K
85RTXRAYTHEON TECHNOLOGIES CORPCOM0.23%$980,00010.0K
86MMM3M COCOM0.23%$976,0009.8K
87PHPARKER HANNIFIN CORPCOM0.23%$975,0002.5K
88UNITED STATES STL CORP NEWCOM0.22%$943,00037.7K
89APAAPA CORPORATIONCOM0.20%$854,00025.0K
90METMETLIFE INCCOM0.20%$848,00015.0K
91BNYBANK NEW YORK MELLON CORPCOM0.20%$840,00018.9K
92PIONEER NAT RES COCOM0.19%$829,0004.0K
93SPGSIMON PPTY GROUP INC NEWCOM0.19%$808,0007.0K
94HRLHORMEL FOODS CORPCOM0.19%$804,00020.0K
95SPOTSPOTIFY TECHNOLOGY S ASHS0.19%$803,0005.0K
96CLCOLGATE PALMOLIVE COCOM0.19%$801,00010.4K
97BHCBAUSCH HEALTH COS INCCOM0.19%$800,000100.0K
98SHWSHERWIN WILLIAMS COCOM0.19%$797,0003.0K
99ADIANALOG DEVICES INCCOM0.18%$779,0004.0K
100EOGEOG RES INCCOM0.16%$687,0006.0K

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 ↗.