SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Gifford Fong Associates

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

Reported Value
$402M
Q1 2025
Positions
126
Filings on Record
29
2019–present window
Filed
May 12, 2025
original filing

Summary

Gifford Fong Associates reported $402M in U.S.-listed holdings across 126 positions for Q1 2025.

Its largest position, NVDA, represents 8.1% of the portfolio.

The book was largely unchanged from Q4 2024.

Portfolio Metrics

Turnover
+5.8%
vs prior filed quarter
Top-10 Concentration
+37.1%
share of reported value
Largest Position
+8.1%
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: 99.3%REIT: 0.7%Equity WRT: 0.0%
  • Common Stock · 99.3% · $399M
  • REIT · 0.7% · $3M
  • Equity WRT · 0.0% · $35,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CRMSALESFORCE COM INCADDED+25.0K43.0K+$6M$12M
NVDANVIDIA CORPHELD+0301.2K−$8M$33M
AMZNAMAZON COM INCHELD+096.8K−$3M$18M
AAPLAPPLE INCHELD+081.2K−$2M$18M
BRK/BBERKSHIRE HATHAWAY INC DELHELD+026.5K+$2M$14M
SYFSYNCHRONY FINLHELD+0132.1K−$2M$7M
MSFTMICROSOFT CORPHELD+034.3K−$2M$13M
GOOGALPHABET INCHELD+046.1K−$2M$7M

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

Holdings — Q1 2025

124 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM8.12%$33M301.2K
2AMZNAMAZON COM INChistory →COM4.58%$18M96.8K
3AAPLAPPLE INChistory →COM4.49%$18M81.2K
4BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW3.51%$14M26.5K
5METAFACEBOOK INChistory →CL A3.23%$13M22.5K
6MSFTMICROSOFT CORPhistory →COM3.20%$13M34.3K
7GOOGALPHABET INCCAP STK CL C · CAP STK CL A2.99%$12M77.2K
8CRMSALESFORCE COM INChistory →COM2.87%$12M43.0K
9JPMJPMORGAN CHASE & COhistory →COM2.15%$9M35.3K
10GENERAL ELECTRIC COCOM1.91%$8M38.3K
11EXMOCEXXON MOBIL CORPhistory →COM1.84%$7M62.1K
12SYFSYNCHRONY FINLhistory →COM1.74%$7M132.1K
13SHOPSHOPIFY INChistory →CL A1.66%$7M70.0K
14MAMASTERCARD INCORPORATEDhistory →CL A1.61%$6M11.8K
15WFCWELLS FARGO CO NEWhistory →COM1.57%$6M88.1K
16VVISA INChistory →COM CL A1.51%$6M17.4K
17ABBVABBVIE INChistory →COM1.45%$6M27.9K
18WMTWALMART INChistory →COM1.43%$6M65.5K
19ORCLORACLE CORPhistory →COM1.30%$5M37.3K
20AMDADVANCED MICRO DEVICES INChistory →COM1.24%$5M48.3K
21JNJJOHNSON & JOHNSONhistory →COM1.19%$5M28.9K
22COSTCOSTCO WHSL CORP NEWhistory →COM1.18%$5M5.0K
23OXYOCCIDENTAL PETE CORP DELCOM · *W EXP 08/03/2021.18%$5M96.4K
24PBIPITNEY BOWES INChistory →COM1.15%$5M511.1K
25GSGOLDMAN SACHS GROUP INChistory →COM1.09%$4M8.0K
26CCITIGROUP INChistory →COM NEW1.09%$4M61.5K
27COPCONOCOPHILLIPShistory →COM1.08%$4M41.3K
28AMGNAMGEN INChistory →COM1.05%$4M13.6K
29VZVERIZON COMMUNICATIONS INChistory →COM1.04%$4M92.3K
30TAT&T INChistory →COM1.01%$4M143.7K
31IVZINVESCO LTDSHS0.96%$4M255.4K
32GILDGILEAD SCIENCES INCCOM0.95%$4M34.0K
33CVXCHEVRON CORP NEWCOM0.92%$4M22.2K
34DISDISNEY WALT COCOM DISNEY0.89%$4M36.4K
35LOWLOWES COS INCCOM0.89%$4M15.3K
36MSMORGAN STANLEYCOM NEW0.87%$4M30.0K
37FHNFIRST HORIZON NATL CORPCOM0.87%$3M180.1K
38FFORD MTR CO DELCOM0.86%$3M345.2K
39CMCSACOMCAST CORP NEWCL A0.81%$3M88.0K
40TJXTJX COS INC NEWCOM0.79%$3M26.0K
41UNHUNITED HEALTH GROUP INCCOM0.77%$3M5.9K
42ADPAUTOMATIC DATA PROCESSING INCOM0.76%$3M10.0K
43HONHONEYWELL INTL INCCOM0.74%$3M14.1K
44AXPAMERICAN EXPRESS COCOM0.74%$3M11.0K
45IBMINTERNATIONAL BUSINESS MACHSCOM0.74%$3M11.9K
46GEVGE VERNOVA INCCOM0.73%$3M9.6K
47PNWPINNACLE WEST CAP CORPCOM0.71%$3M30.0K
48ALLALLSTATE CORPCOM0.71%$3M13.8K
49PFEPFIZER INCCOM0.70%$3M111.5K
50DEDEERE & COCOM0.69%$3M5.9K
51SPOTSPOTIFY TECHNOLOGY S ASHS0.68%$3M5.0K
52BENFRANKLIN RES INCCOM0.67%$3M140.5K
53PMPHILIP MORRIS INTL INCCOM0.66%$3M16.7K
54KOCOCA COLA COCOM0.66%$3M37.0K
55ABTABBOTT LABSCOM0.64%$3M19.4K
56CATCATERPILLAR INC DELCOM0.64%$3M7.8K
57AFLAFLAC INCCOM0.57%$2M20.6K
58BMYBRISTOL MYERS SQUIBB COCOM0.54%$2M35.9K
59SBUXSTARBUCKS CORPCOM0.51%$2M21.0K
60MRKMERCK & CO INCCOM0.51%$2M22.9K
61PEPPEPSICO INCCOM0.48%$2M13.0K
62TRVTRAVELERS COMPANIES INCCOM0.46%$2M7.0K
63TSLATESLA INCCOM0.44%$2M6.8K
64PNCPNC FINL SVCS GROUP INCCOM0.44%$2M10.0K
65MUMICRON TECHNOLOGY INCCOM0.43%$2M19.8K
66AIGAMERICAN INTL GROUP INCCOM NEW0.41%$2M19.1K
67CSCOCISCO SYS INCCOM0.41%$2M26.5K
68UNITED STATES STL CORP NEWCOM0.40%$2M37.7K
69BNYBANK NEW YORK MELLON CORPCOM0.39%$2M18.9K
70GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.38%$2M19.0K
71PHPARKER HANNIFIN CORPCOM0.38%$2M2.5K
72PRUPRUDENTIAL FINL INCCOM0.38%$2M13.5K
73INTCINTEL CORPCOM0.38%$2M66.4K
74PSAPUBLIC STORAGECOM0.37%$1M5.0K
75BABOEING COCOM0.37%$1M8.7K
76TXNTEXAS INSTRS INCCOM0.36%$1M8.0K
77MMM3M COCOM0.36%$1M9.8K
78PGRPROGRESSIVE CORP OHIOCOM0.35%$1M5.0K
79RTXRAYTHEON TECHNOLOGIES CORPCOM0.33%$1M10.0K
80UPSUNITED PARCEL SERVICE INCCL B0.32%$1M11.8K
81METMETLIFE INCCOM0.30%$1M15.0K
82SPGSIMON PPTY GROUP INC NEWCOM0.29%$1M7.0K
83ZMZOOM VIDEO COMMUNICATIONS INCL A0.28%$1M15.0K
84DEUTSCHE BANK AGNAMEN AKT0.27%$1M45.0K
85SHWSHERWIN WILLIAMS COCOM0.26%$1M3.0K
86BAXBAXTER INTL INCCOM0.25%$993,00029.0K
87LUMNLUMEN TECHNOLOGIES INCCOM0.24%$980,000250.0K
88CLCOLGATE PALMOLIVE COCOM0.24%$974,00010.4K
89NKENIKE INCCL B0.24%$952,00015.0K
90ADIANALOG DEVICES INCCOM0.20%$807,0004.0K
91RIGTRANSOCEAN LTDREG SHS0.20%$793,000250.0K
92BIIBBIOGEN INCCOM0.20%$787,0005.8K
93EOGEOG RES INCCOM0.19%$769,0006.0K
94QCOMQUALCOMM INCCOM0.19%$768,0005.0K
95CIENCIENA CORPCOM NEW0.18%$741,00012.3K
96WRBW R BERKLEY CORPORATIONCOM0.18%$720,00010.1K
97HSYHERSHEY COCOM0.17%$684,0004.0K
98BHCBAUSCH HEALTH COS INCCOM0.16%$647,000100.0K
99ITTITT INCCOM0.16%$646,0005.0K
100CARRCARRIER GLOBAL CORPORATIONCOM0.16%$634,00010.0K

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 ↗.