SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Gifford Fong Associates

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

Reported Value
$434M
Q2 2025
Positions
123
Filings on Record
29
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Gifford Fong Associates reported $434M in U.S.-listed holdings across 123 positions for Q2 2025.

Its largest position, NVDA, represents 10.0% of the portfolio.

Compared with Q1 2025, the fund opened 0 new positions and exited 3.

Portfolio Metrics

Turnover
+5.0%
vs prior filed quarter
Top-10 Concentration
+40.0%
share of reported value
Largest Position
+10.0%
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%
  • Common Stock · 99.4% · $432M
  • REIT · 0.6% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PMPHILIP MORRIS INTL INCSOLD OUT−16.7K0−$3M$0
UNITED STATES STL CORP NEWSOLD OUT−37.7K0−$2M$0
OXY/WSOCCIDENTAL PETE CORPSOLD OUT−1.3K0−$35,000$0
GILDGILEAD SCIENCES INCTRIMMED−25.0K9.0K−$3M$998,000
DEUTSCHE BANK AGTRIMMED−30.0K15.0K−$633,000$439,000
WBAWALGREENS BOOTS ALLIANCE INCTRIMMED−15.0K15.0K−$163,000$172,000
TAT&T INCTRIMMED−50.0K93.7K−$1M$3M
OXYOCCIDENTAL PETE CORP DELADDED+26.3K121.4K+$403,000$5M

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

Holdings — Q2 2025

122 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM10.05%$44M276.2K
2AMZNAMAZON COM INChistory →COM4.89%$21M96.8K
3MSFTMICROSOFT CORPhistory →COM3.93%$17M34.3K
4AAPLAPPLE INChistory →COM3.83%$17M81.2K
5METAFACEBOOK INChistory →CL A3.82%$17M22.5K
6GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.14%$14M77.2K
7BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.96%$13M26.5K
8CRMSALESFORCE COM INChistory →COM2.70%$12M43.0K
9JPMJPMORGAN CHASE & COhistory →COM2.36%$10M35.3K
10GENERAL ELECTRIC COCOM2.27%$10M38.3K
11SYFSYNCHRONY FINLhistory →COM2.03%$9M132.1K
12ORCLORACLE CORPhistory →COM1.88%$8M37.3K
13SHOPSHOPIFY INChistory →CL A1.86%$8M70.0K
14WFCWELLS FARGO CO NEWhistory →COM1.62%$7M88.1K
15AMDADVANCED MICRO DEVICES INChistory →COM1.58%$7M48.3K
16EXMOCEXXON MOBIL CORPhistory →COM1.54%$7M62.1K
17MAMASTERCARD INCORPORATEDhistory →CL A1.53%$7M11.8K
18WMTWALMART INChistory →COM1.48%$6M65.5K
19VVISA INChistory →COM CL A1.42%$6M17.4K
20GSGOLDMAN SACHS GROUP INChistory →COM1.30%$6M8.0K
21PBIPITNEY BOWES INChistory →COM1.28%$6M511.1K
22CCITIGROUP INChistory →COM NEW1.20%$5M61.5K
23ABBVABBVIE INChistory →COM1.19%$5M27.9K
24OXYOCCIDENTAL PETE CORP DELhistory →COM1.17%$5M121.4K
25GEVGE VERNOVA INChistory →COM1.17%$5M9.6K
26COSTCOSTCO WHSL CORP NEWhistory →COM1.14%$5M5.0K
27DISDISNEY WALT COhistory →COM DISNEY1.04%$5M36.4K
28JNJJOHNSON & JOHNSONhistory →COM1.02%$4M28.9K
29MSMORGAN STANLEYCOM NEW0.97%$4M30.0K
30IVZINVESCO LTDSHS0.93%$4M255.4K
31SPOTSPOTIFY TECHNOLOGY S ASHS0.88%$4M5.0K
32FHNFIRST HORIZON NATL CORPCOM0.88%$4M180.1K
33AMGNAMGEN INCCOM0.87%$4M13.6K
34FFORD MTR CO DELCOM0.86%$4M345.2K
35COPCONOCOPHILLIPSCOM0.85%$4M41.3K
36AXPAMERICAN EXPRESS COCOM0.81%$4M11.0K
37IBMINTERNATIONAL BUSINESS MACHSCOM0.81%$4M11.9K
38LOWLOWES COS INCCOM0.78%$3M15.3K
39BENFRANKLIN RES INCCOM0.77%$3M140.5K
40HONHONEYWELL INTL INCCOM0.76%$3M14.1K
41TJXTJX COS INC NEWCOM0.74%$3M26.0K
42CVXCHEVRON CORP NEWCOM0.73%$3M22.2K
43CMCSACOMCAST CORP NEWCL A0.72%$3M88.0K
44ADPAUTOMATIC DATA PROCESSING INCOM0.71%$3M10.0K
45CATCATERPILLAR INC DELCOM0.70%$3M7.8K
46DEDEERE & COCOM0.69%$3M5.9K
47VZVERIZON COMMUNICATIONS INCCOM0.67%$3M67.3K
48ALLALLSTATE CORPCOM0.64%$3M13.8K
49TAT&T INCCOM0.62%$3M93.7K
50PFEPFIZER INCCOM0.62%$3M111.5K
51PNWPINNACLE WEST CAP CORPCOM0.62%$3M30.0K
52ABTABBOTT LABSCOM0.61%$3M19.4K
53KOCOCA COLA COCOM0.60%$3M37.0K
54MUMICRON TECHNOLOGY INCCOM0.56%$2M19.8K
55AFLAFLAC INCCOM0.50%$2M20.6K
56TSLATESLA INCCOM0.50%$2M6.8K
57SBUXSTARBUCKS CORPCOM0.44%$2M21.0K
58TRVTRAVELERS COMPANIES INCCOM0.43%$2M7.0K
59PNCPNC FINL SVCS GROUP INCCOM0.43%$2M10.0K
60UNHUNITED HEALTH GROUP INCCOM0.43%$2M5.9K
61CSCOCISCO SYS INCCOM0.42%$2M26.5K
62BABOEING COCOM0.42%$2M8.7K
63MRKMERCK & CO INCCOM0.42%$2M22.9K
64PHPARKER HANNIFIN CORPCOM0.40%$2M2.5K
65BNYBANK NEW YORK MELLON CORPCOM0.40%$2M18.9K
66PEPPEPSICO INCCOM0.40%$2M13.0K
67BMYBRISTOL MYERS SQUIBB COCOM0.38%$2M35.9K
68TXNTEXAS INSTRS INCCOM0.38%$2M8.0K
69AIGAMERICAN INTL GROUP INCCOM NEW0.38%$2M19.1K
70INTCINTEL CORPCOM0.34%$1M66.4K
71MMM3M COCOM0.34%$1M9.8K
72PSAPUBLIC STORAGECOM0.34%$1M5.0K
73RTXRAYTHEON TECHNOLOGIES CORPCOM0.34%$1M10.0K
74PRUPRUDENTIAL FINL INCCOM0.33%$1M13.5K
75GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.32%$1M19.0K
76PGRPROGRESSIVE CORP OHIOCOM0.31%$1M5.0K
77METMETLIFE INCCOM0.28%$1M15.0K
78UPSUNITED PARCEL SERVICE INCCL B0.27%$1M11.8K
79ZMZOOM VIDEO COMMUNICATIONS INCL A0.27%$1M15.0K
80SPGSIMON PPTY GROUP INC NEWCOM0.26%$1M7.0K
81LUMNLUMEN TECHNOLOGIES INCCOM0.25%$1M250.0K
82NKENIKE INCCL B0.25%$1M15.0K
83SHWSHERWIN WILLIAMS COCOM0.24%$1M3.0K
84GILDGILEAD SCIENCES INCCOM0.23%$998,0009.0K
85CIENCIENA CORPCOM NEW0.23%$997,00012.3K
86ADIANALOG DEVICES INCCOM0.22%$952,0004.0K
87CLCOLGATE PALMOLIVE COCOM0.22%$945,00010.4K
88BAXBAXTER INTL INCCOM0.20%$878,00029.0K
89DELLDELL TECHNOLOGIES INCCL C0.20%$852,0006.9K
90QCOMQUALCOMM INCCOM0.18%$796,0005.0K
91ITTITT INCCOM0.18%$784,0005.0K
92WRBW R BERKLEY CORPORATIONCOM0.17%$744,00010.1K
93CARRCARRIER GLOBAL CORPORATIONCOM0.17%$732,00010.0K
94CTVACORTEVA INCCOM0.17%$732,0009.8K
95BIIBBIOGEN INCCOM0.17%$722,0005.8K
96EOGEOG RES INCCOM0.17%$718,0006.0K
97BACBANK AMER CORPCOM0.17%$717,00015.1K
98BHCBAUSCH HEALTH COS INCCOM0.15%$666,000100.0K
99HSYHERSHEY COCOM0.15%$664,0004.0K
100RIGTRANSOCEAN LTDREG SHS0.15%$648,000250.0K

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 ↗.