SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Gifford Fong Associates

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

Reported Value
$476M
Q3 2025
Positions
122
Filings on Record
28
2019–present window
Filed
Nov 3, 2025
original filing

Summary

Gifford Fong Associates reported $476M in U.S.-listed holdings across 122 positions for Q3 2025.

Its largest position, NVDA, represents 9.7% of the portfolio.

Compared with Q2 2025, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+1.1%
vs prior filed quarter
Top-10 Concentration
+40.3%
share of reported value
Largest Position
+9.7%
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
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: 99.4%REIT: 0.6%
  • Common Stock · 99.4% · $473M
  • REIT · 0.6% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
WBAWALGREENS BOOTS ALLIANCE INCSOLD OUT−15.0K0−$172,000$0
CRMSALESFORCE COM INCADDED+20.0K63.0K+$3M$15M
OXYOCCIDENTAL PETE CORP DELADDED+50.0K171.4K+$3M$8M
NVDANVIDIA CORPTRIMMED−30.0K246.2K+$2M$46M
SOLVSOLVENTUM CORPHELD−12.4K−$7,000$178,000
AAPLAPPLE INCHELD+081.2K+$4M$21M
GOOGALPHABET INCHELD+046.1K+$3M$11M
ORCLORACLE CORPHELD+037.3K+$2M$10M

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

Holdings — Q3 2025

121 positions (from 122 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM9.65%$46M246.2K
2AMZNAMAZON COM INChistory →COM4.47%$21M96.8K
3AAPLAPPLE INChistory →COM4.34%$21M81.2K
4GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.95%$19M77.2K
5MSFTMICROSOFT CORPhistory →COM3.73%$18M34.3K
6METAFACEBOOK INChistory →CL A3.47%$17M22.5K
7CRMSALESFORCE COM INChistory →COM3.14%$15M63.0K
8BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.80%$13M26.5K
9GENERAL ELECTRIC COCOM2.42%$12M38.3K
10JPMJPMORGAN CHASE & COhistory →COM2.34%$11M35.3K
11ORCLORACLE CORPhistory →COM2.20%$10M37.3K
12SHOPSHOPIFY INChistory →CL A2.19%$10M70.0K
13SYFSYNCHRONY FINLhistory →COM1.97%$9M132.1K
14OXYOCCIDENTAL PETE CORP DELhistory →COM1.70%$8M171.4K
15AMDADVANCED MICRO DEVICES INChistory →COM1.64%$8M48.3K
16WFCWELLS FARGO CO NEWhistory →COM1.55%$7M88.1K
17EXMOCEXXON MOBIL CORPhistory →COM1.47%$7M62.1K
18WMTWALMART INChistory →COM1.42%$7M65.5K
19MAMASTERCARD INCORPORATEDhistory →CL A1.41%$7M11.8K
20ABBVABBVIE INChistory →COM1.36%$6M27.9K
21GSGOLDMAN SACHS GROUP INChistory →COM1.34%$6M8.0K
22CCITIGROUP INChistory →COM NEW1.31%$6M61.5K
23VVISA INChistory →COM CL A1.25%$6M17.4K
24GEVGE VERNOVA INChistory →COM1.24%$6M9.6K
25IVZINVESCO LTDhistory →SHS1.23%$6M255.4K
26PBIPITNEY BOWES INChistory →COM1.23%$6M511.1K
27JNJJOHNSON & JOHNSONhistory →COM1.13%$5M28.9K
28MSMORGAN STANLEYhistory →COM NEW1.00%$5M30.0K
29COSTCOSTCO WHSL CORP NEWCOM0.98%$5M5.0K
30DISDISNEY WALT COCOM DISNEY0.88%$4M36.4K
31FFORD MTR CO DELCOM0.87%$4M345.2K
32FHNFIRST HORIZON NATL CORPCOM0.86%$4M180.1K
33COPCONOCOPHILLIPSCOM0.82%$4M41.3K
34LOWLOWES COS INCCOM0.81%$4M15.3K
35AMGNAMGEN INCCOM0.81%$4M13.6K
36TJXTJX COS INC NEWCOM0.79%$4M26.0K
37CATCATERPILLAR INC DELCOM0.78%$4M7.8K
38AXPAMERICAN EXPRESS COCOM0.77%$4M11.0K
39SPOTSPOTIFY TECHNOLOGY S ASHS0.73%$3M5.0K
40CVXCHEVRON CORP NEWCOM0.72%$3M22.2K
41IBMINTERNATIONAL BUSINESS MACHSCOM0.71%$3M11.9K
42MUMICRON TECHNOLOGY INCCOM0.70%$3M19.8K
43BENFRANKLIN RES INCCOM0.68%$3M140.5K
44TSLATESLA INCCOM0.63%$3M6.8K
45HONHONEYWELL INTL INCCOM0.62%$3M14.1K
46ALLALLSTATE CORPCOM0.62%$3M13.8K
47VZVERIZON COMMUNICATIONS INCCOM0.62%$3M67.3K
48ADPAUTOMATIC DATA PROCESSING INCOM0.62%$3M10.0K
49PFEPFIZER INCCOM0.60%$3M111.5K
50CMCSACOMCAST CORP NEWCL A0.58%$3M88.0K
51DEDEERE & COCOM0.57%$3M5.9K
52PNWPINNACLE WEST CAP CORPCOM0.57%$3M30.0K
53TAT&T INCCOM0.56%$3M93.7K
54ABTABBOTT LABSCOM0.55%$3M19.4K
55KOCOCA COLA COCOM0.52%$2M37.0K
56AFLAFLAC INCCOM0.48%$2M20.6K
57INTCINTEL CORPCOM0.47%$2M66.4K
58BNYBANK NEW YORK MELLON CORPCOM0.43%$2M18.9K
59UNHUNITED HEALTH GROUP INCCOM0.43%$2M5.9K
60PNCPNC FINL SVCS GROUP INCCOM0.42%$2M10.0K
61TRVTRAVELERS COMPANIES INCCOM0.41%$2M7.0K
62MRKMERCK & CO INCCOM0.40%$2M22.9K
63PHPARKER HANNIFIN CORPCOM0.40%$2M2.5K
64BABOEING COCOM0.40%$2M8.7K
65PEPPEPSICO INCCOM0.38%$2M13.0K
66CSCOCISCO SYS INCCOM0.38%$2M26.5K
67CIENCIENA CORPCOM NEW0.38%$2M12.3K
68SBUXSTARBUCKS CORPCOM0.37%$2M21.0K
69RTXRAYTHEON TECHNOLOGIES CORPCOM0.35%$2M10.0K
70BMYBRISTOL MYERS SQUIBB COCOM0.34%$2M35.9K
71LUMNLUMEN TECHNOLOGIES INCCOM0.32%$2M250.0K
72MMM3M COCOM0.32%$2M9.8K
73AIGAMERICAN INTL GROUP INCCOM NEW0.32%$2M19.1K
74TXNTEXAS INSTRS INCCOM0.31%$1M8.0K
75PSAPUBLIC STORAGECOM0.30%$1M5.0K
76GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.30%$1M19.0K
77PRUPRUDENTIAL FINL INCCOM0.29%$1M13.5K
78SPGSIMON PPTY GROUP INC NEWCOM0.28%$1M7.0K
79ZMZOOM VIDEO COMMUNICATIONS INCL A0.26%$1M15.0K
80METMETLIFE INCCOM0.26%$1M15.0K
81PGRPROGRESSIVE CORP OHIOCOM0.26%$1M5.0K
82NKENIKE INCCL B0.22%$1M15.0K
83SHWSHERWIN WILLIAMS COCOM0.22%$1M3.0K
84GILDGILEAD SCIENCES INCCOM0.21%$999,0009.0K
85UPSUNITED PARCEL SERVICE INCCL B0.21%$986,00011.8K
86DELLDELL TECHNOLOGIES INCCL C0.21%$985,0006.9K
87ADIANALOG DEVICES INCCOM0.21%$983,0004.0K
88ITTITT INCCOM0.19%$894,0005.0K
89QCOMQUALCOMM INCCOM0.17%$832,0005.0K
90CLCOLGATE PALMOLIVE COCOM0.17%$831,00010.4K
91BIIBBIOGEN INCCOM0.17%$805,0005.8K
92BACBANK AMER CORPCOM0.16%$781,00015.1K
93RIGTRANSOCEAN LTDREG SHS0.16%$780,000250.0K
94WRBW R BERKLEY CORPORATIONCOM0.16%$776,00010.1K
95HSYHERSHEY COCOM0.16%$748,0004.0K
96LLOEWS CORPCOM0.14%$673,0006.7K
97EOGEOG RES INCCOM0.14%$673,0006.0K
98CTVACORTEVA INCCOM0.14%$665,0009.8K
99BAXBAXTER INTL INCCOM0.14%$660,00029.0K
100BHCBAUSCH HEALTH COS INCCOM0.14%$645,000100.0K

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 ↗.