SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Gifford Fong Associates

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

Reported Value
$418M
Q3 2023
Positions
141
Filings on Record
28
2019–present window
Filed
Nov 13, 2023
original filing

Summary

Gifford Fong Associates reported $418M in U.S.-listed holdings across 141 positions for Q3 2023.

Its largest position, NVDA, represents 13.3% of the portfolio.

The book was largely unchanged from Q2 2023.

Portfolio Metrics

Turnover
+2.8%
vs prior filed quarter
Top-10 Concentration
+42.7%
share of reported value
Largest Position
+13.3%
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
Q1 ’19: $303MQ1 ’19Q2 ’19: $299MQ3 ’19: $306MQ4 ’19: $343MQ1 ’20: $273MQ1 ’20Q2 ’20: $330MQ3 ’20: $373MQ1 ’21: $465MQ2 ’21: $514MQ2 ’21Q3 ’21: $515MQ4 ’21: $572MQ1 ’22: $547MQ2 ’22: $429MQ2 ’22Q3 ’22: $404MQ4 ’22: $436MQ1 ’23: $380MQ2 ’23: $426MQ2 ’23Q3 ’23: $418MQ4 ’23: $470MQ1 ’24: $363MQ2 ’24: $377MQ2 ’24Q3 ’24: $400MQ4 ’24: $408MQ1 ’25: $402MQ2 ’25: $434MQ2 ’25Q3 ’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% · $416M
  • REIT · 0.5% · $2M
  • Equity WRT · 0.0% · $54,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IVZINVESCO LTDADDED+25.0K255.4K−$165,000$4M
AAPLAPPLE INCHELD+0153.7K−$3M$26M
NVDANVIDIA CORPHELD+0127.4K+$2M$55M
MSFTMICROSOFT CORPHELD+052.9K−$1M$17M
LLYLILLY ELI & COHELD+016.1K+$1M$9M
FFORD MTR CO DELHELD+0345.2K−$935,000$4M
GOOGALPHABET INCHELD+084.7K+$921,000$11M
ORCLORACLE CORPHELD+069.0K−$909,000$7M

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

Holdings — Q3 2023

139 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM13.25%$55M127.4K
2AAPLAPPLE INChistory →COM6.29%$26M153.7K
3GOOGALPHABET INCCAP STK CL C · CAP STK CL A4.46%$19M141.7K
4AMZNAMAZON COM INChistory →COM4.39%$18M144.3K
5MSFTMICROSOFT CORPhistory →COM4.00%$17M52.9K
6BACBANK AMER CORPhistory →COM2.34%$10M357.9K
7BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.22%$9M26.5K
8LLYLILLY ELI & COhistory →COM2.07%$9M16.1K
9MAMASTERCARD INCORPORATEDhistory →CL A1.93%$8M20.4K
10ORCLORACLE CORPhistory →COM1.75%$7M69.0K
11METAFACEBOOK INChistory →CL A1.62%$7M22.5K
12AMDADVANCED MICRO DEVICES INChistory →COM1.60%$7M65.0K
13UNHUNITED HEALTH GROUP INChistory →COM1.59%$7M13.2K
14GENERAL ELECTRIC COCOM1.51%$6M57.0K
15CRMSALESFORCE COM INChistory →COM1.39%$6M28.6K
16JPMJPMORGAN CHASE & COhistory →COM1.22%$5M35.3K
17MARATHON OIL CORPCOM1.18%$5M184.7K
18DISDISNEY WALT COhistory →COM DISNEY1.16%$5M60.0K
19EMREMERSON ELEC COhistory →COM1.15%$5M50.0K
20COSTCOSTCO WHSL CORP NEWhistory →COM1.15%$5M8.5K
21UNPUNION PAC CORPhistory →COM1.12%$5M23.0K
22INTCINTEL CORPhistory →COM1.09%$5M127.6K
23JNJJOHNSON & JOHNSONhistory →COM1.08%$5M28.9K
24FFORD MTR CO DELhistory →COM1.03%$4M345.2K
25ABBVABBVIE INCCOM0.99%$4M27.9K
26SYFSYNCHRONY FINLCOM0.97%$4M132.1K
27VVISA INCCOM CL A0.96%$4M17.4K
28CMCSACOMCAST CORP NEWCL A0.93%$4M88.0K
29SHOPSHOPIFY INCCL A0.91%$4M70.0K
30CVXCHEVRON CORP NEWCOM0.90%$4M22.2K
31IVZINVESCO LTDSHS0.89%$4M255.4K
32PFEPFIZER INCCOM0.88%$4M111.5K
33AMGNAMGEN INCCOM0.87%$4M13.6K
34WFCWELLS FARGO CO NEWCOM0.86%$4M88.1K
35BABOEING COCOM0.86%$4M18.7K
36WMTWALMART INCCOM0.84%$3M21.9K
37EXMOCEXXON MOBIL CORPCOM0.83%$3M29.5K
38TSLATESLA INCCOM0.81%$3M13.6K
39VZVERIZON COMMUNICATIONS INCCOM0.76%$3M98.3K
40LOWLOWES COS INCCOM0.76%$3M15.3K
41BIIBBIOGEN INCCOM0.71%$3M11.5K
42HONHONEYWELL INTL INCCOM0.62%$3M14.1K
43GSGOLDMAN SACHS GROUP INCCOM0.62%$3M8.0K
44GILDGILEAD SCIENCES INCCOM0.61%$3M34.0K
45CCITIGROUP INCCOM NEW0.60%$3M61.5K
46MSMORGAN STANLEYCOM NEW0.59%$2M30.0K
47ADPAUTOMATIC DATA PROCESSING INCOM0.58%$2M10.0K
48MRKMERCK & CO INCCOM0.56%$2M22.9K
49OXYOCCIDENTAL PETE CORP DELCOM · *W EXP 08/03/2020.56%$2M36.4K
50TJXTJX COS INC NEWCOM0.55%$2M26.0K
51DEDEERE & COCOM0.53%$2M5.9K
52PNWPINNACLE WEST CAP CORPCOM0.53%$2M30.0K
53PEPPEPSICO INCCOM0.53%$2M13.0K
54TAT&T INCCOM0.52%$2M143.7K
55CATCATERPILLAR INC DELCOM0.51%$2M7.8K
56BMYBRISTOL MYERS SQUIBB COCOM0.50%$2M35.9K
57KOCOCA COLA COCOM0.50%$2M37.0K
58RIGTRANSOCEAN LTDREG SHS0.49%$2M250.0K
59FHNFIRST HORIZON NATL CORPCOM0.47%$2M180.1K
60SBUXSTARBUCKS CORPCOM0.46%$2M21.0K
61COPCONOCOPHILLIPSCOM0.46%$2M16.0K
62ABTABBOTT LABSCOM0.45%$2M19.4K
63UPSUNITED PARCEL SERVICE INCCL B0.44%$2M11.8K
64IBMINTERNATIONAL BUSINESS MACHSCOM0.40%$2M11.9K
65AXPAMERICAN EXPRESS COCOM0.39%$2M11.0K
66BENFRANKLIN RES INCCOM0.38%$2M65.5K
67AFLAFLAC INCCOM0.38%$2M20.6K
68PMPHILIP MORRIS INTL INCCOM0.37%$2M16.7K
69PBIPITNEY BOWES INCCOM0.37%$2M511.1K
70ALLALLSTATE CORPCOM0.37%$2M13.8K
71NKENIKE INCCL B0.34%$1M15.0K
72CSCOCISCO SYS INCCOM0.34%$1M26.5K
73MUMICRON TECHNOLOGY INCCOM0.32%$1M19.8K
74WBAWALGREENS BOOTS ALLIANCE INCCOM0.32%$1M60.0K
75PSAPUBLIC STORAGECOM0.32%$1M5.0K
76GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.31%$1M19.0K
77PRUPRUDENTIAL FINL INCCOM0.31%$1M13.5K
78TXNTEXAS INSTRS INCCOM0.30%$1M8.0K
79PNCPNC FINL SVCS GROUP INCCOM0.29%$1M10.0K
80UNITED STATES STL CORP NEWCOM0.29%$1M37.7K
81AIGAMERICAN INTL GROUP INCCOM NEW0.28%$1M19.1K
82TRVTRAVELERS COMPANIES INCCOM0.27%$1M7.0K
83BAXBAXTER INTL INCCOM0.26%$1M29.0K
84ZMZOOM VIDEO COMMUNICATIONS INCL A0.25%$1M15.0K
85APAAPA CORPORATIONCOM0.25%$1M25.0K
86PHPARKER HANNIFIN CORPCOM0.23%$974,0002.5K
87METMETLIFE INCCOM0.23%$944,00015.0K
88PIONEER NAT RES COCOM0.22%$918,0004.0K
89MMM3M COCOM0.22%$913,0009.8K
90BHCBAUSCH HEALTH COS INCCOM0.20%$822,000100.0K
91BNYBANK NEW YORK MELLON CORPCOM0.19%$805,00018.9K
92HSYHERSHEY COCOM0.19%$800,0004.0K
93SPOTSPOTIFY TECHNOLOGY S ASHS0.18%$773,0005.0K
94SHWSHERWIN WILLIAMS COCOM0.18%$765,0003.0K
95HRLHORMEL FOODS CORPCOM0.18%$761,00020.0K
96EOGEOG RES INCCOM0.18%$761,0006.0K
97SPGSIMON PPTY GROUP INC NEWCOM0.18%$756,0007.0K
98CLCOLGATE PALMOLIVE COCOM0.18%$740,00010.4K
99RTXRAYTHEON TECHNOLOGIES CORPCOM0.17%$720,00010.0K
100ADIANALOG DEVICES INCCOM0.17%$700,0004.0K

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 ↗

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 ↗.