# Gifford Fong Associates

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 1740316. Source: https://holderbook.com/funds/1740316-gifford-fong-associates/

- Reported value: $501.4M
- Positions: 124
- Weight of the ten largest: 38.5%
- Filed: 2026-02-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $45.9M | 246,210 | 9.2% | 29 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $22.3M | 96,793 | 4.5% | 29 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $22.1M | 81,169 | 4.4% | 29 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $19.3M | 73,009 | 3.9% | 26 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $16.6M | 34,302 | 3.3% | 29 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $14.9M | 22,500 | 3.0% | 29 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $14.5M | 46,055 | 2.9% | 29 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $13.3M | 26,500 | 2.7% | 29 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $12.5M | 58,318 | 2.5% | 29 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $11.8M | 38,301 | 2.4% | 18 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $11.4M | 35,296 | 2.3% | 29 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $11.3M | 70,000 | 2.2% | 21 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $11.0M | 132,073 | 2.2% | 29 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $9.7M | 31,140 | 1.9% | 29 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $8.2M | 88,052 | 1.6% | 29 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $7.5M | 62,066 | 1.5% | 29 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $7.3M | 65,550 | 1.5% | 29 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $7.3M | 37,250 | 1.4% | 29 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $7.2M | 61,471 | 1.4% | 29 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $7.0M | 171,429 | 1.4% | 29 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $7.0M | 8,000 | 1.4% | 29 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $6.8M | 11,829 | 1.3% | 29 |
| INVESCO LTD | [IVZ](https://holderbook.com/stocks/IVZ/) | $6.7M | 255,393 | 1.3% | 22 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $6.4M | 27,900 | 1.3% | 29 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $6.3M | 9,575 | 1.2% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $6.1M | 17,375 | 1.2% | 29 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $6.0M | 28,900 | 1.2% | 29 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $5.7M | 19,800 | 1.1% | 29 |
| PITNEY BOWES INC | [PBI](https://holderbook.com/stocks/PBI/) | $5.4M | 511,059 | 1.1% | 29 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $5.3M | 30,000 | 1.1% | 29 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $4.5M | 345,157 | 0.9% | 29 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $4.5M | 7,800 | 0.9% | 29 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $4.5M | 13,609 | 0.9% | 29 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $4.3M | 5,016 | 0.9% | 29 |
| FIRST HORIZON CORPORATION | [FHN](https://holderbook.com/stocks/FHN/) | $4.3M | 180,082 | 0.9% | 23 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $4.1M | 36,407 | 0.8% | 29 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $4.1M | 11,000 | 0.8% | 29 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $4.0M | 26,000 | 0.8% | 29 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $3.9M | 41,281 | 0.8% | 29 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $3.7M | 15,320 | 0.7% | 29 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $3.5M | 11,900 | 0.7% | 29 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $3.4M | 22,200 | 0.7% | 29 |
| FRANKLIN RESOURCES INC | [BEN](https://holderbook.com/stocks/BEN/) | $3.4M | 140,480 | 0.7% | 17 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $3.0M | 6,782 | 0.6% | 24 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $2.9M | 5,000 | 0.6% | 20 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $2.9M | 13,800 | 0.6% | 29 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $2.9M | 12,255 | 0.6% | 26 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $2.8M | 111,527 | 0.6% | 29 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $2.8M | 14,100 | 0.5% | 29 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $2.7M | 5,900 | 0.5% | 29 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $2.7M | 67,263 | 0.5% | 29 |
| PINNACLE WEST CAP CORP | [PNW](https://holderbook.com/stocks/PNW/) | $2.7M | 30,000 | 0.5% | 29 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $2.6M | 88,000 | 0.5% | 29 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $2.6M | 37,000 | 0.5% | 29 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $2.6M | 10,000 | 0.5% | 29 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $2.5M | 66,395 | 0.5% | 29 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.4M | 19,400 | 0.5% | 29 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $2.4M | 22,900 | 0.5% | 29 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $2.3M | 93,689 | 0.5% | 29 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $2.3M | 20,600 | 0.5% | 29 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $2.2M | 2,500 | 0.4% | 29 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $2.2M | 18,872 | 0.4% | 29 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $2.1M | 10,000 | 0.4% | 29 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $2.0M | 26,540 | 0.4% | 29 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $2.0M | 7,000 | 0.4% | 29 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.0M | 5,918 | 0.4% | 29 |
| LUMEN TECHNOLOGIES INC | [LUMN](https://holderbook.com/stocks/LUMN/) | $1.9M | 250,000 | 0.4% | 20 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $1.9M | 35,899 | 0.4% | 29 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $1.9M | 8,735 | 0.4% | 29 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $1.9M | 13,000 | 0.4% | 29 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.8M | 10,000 | 0.4% | 23 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $1.8M | 21,000 | 0.4% | 29 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $1.6M | 19,100 | 0.3% | 29 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $1.6M | 9,750 | 0.3% | 29 |
| GE HEALTHCARE TECHNOLOGIES I | [GEHC](https://holderbook.com/stocks/GEHC/) | $1.6M | 19,012 | 0.3% | 12 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $1.5M | 13,500 | 0.3% | 29 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $1.4M | 8,000 | 0.3% | 29 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $1.3M | 5,000 | 0.3% | 29 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $1.3M | 7,000 | 0.3% | 29 |
| ZOOM COMMUNICATIONS INC | [ZM](https://holderbook.com/stocks/ZM/) | $1.3M | 15,000 | 0.3% | 21 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $1.2M | 15,000 | 0.2% | 29 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $1.2M | 11,800 | 0.2% | 29 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $1.1M | 5,000 | 0.2% | 29 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $1.1M | 9,000 | 0.2% | 29 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $1.1M | 4,000 | 0.2% | 29 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $1.0M | 250,000 | 0.2% | 29 |
| BIOGEN INC | [BIIB](https://holderbook.com/stocks/BIIB/) | $1.0M | 5,750 | 0.2% | 29 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $972.0K | 3,000 | 0.2% | 29 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $956.0K | 15,000 | 0.2% | 29 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $874.0K | 6,946 | 0.2% | 29 |
| ITT INC | [ITT](https://holderbook.com/stocks/ITT/) | $868.0K | 5,000 | 0.2% | 29 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $855.0K | 5,000 | 0.2% | 29 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $833.0K | 15,147 | 0.2% | 29 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $822.0K | 10,400 | 0.2% | 29 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $728.0K | 4,000 | 0.1% | 29 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $710.0K | 10,125 | 0.1% | 29 |
| LOEWS CORP | [L](https://holderbook.com/stocks/L/) | $706.0K | 6,700 | 0.1% | 29 |
| BAUSCH HEALTH COS INC | [BHC](https://holderbook.com/stocks/BHC/) | $695.0K | 100,000 | 0.1% | 29 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $659.0K | 9,828 | 0.1% | 27 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $640.0K | 12,000 | 0.1% | 29 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2025 | +4.3% | +2.4% | +1.9% | 100% |
| Q3 2025 | +9.2% | +7.8% | +1.4% | 100% |
| Q2 2025 | +11.6% | +10.5% | +1.1% | 100% |
| Q1 2025 | -3.0% | -4.6% | +1.5% | 100% |
| Q4 2024 | +3.5% | +2.1% | +1.4% | 100% |
| Q3 2024 | +6.0% | +5.4% | +0.5% | 100% |
| Q2 2024 | +3.1% | +4.0% | -0.9% | 100% |
| Q1 2024 | +18.9% | +10.0% | +8.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $501.4M | 124 |
| Q3 2025 | $475.8M | 122 |
| Q2 2025 | $434.3M | 123 |
| Q1 2025 | $401.9M | 126 |
| Q4 2024 | $407.5M | 126 |
| Q3 2024 | $399.9M | 128 |
| Q2 2024 | $377.5M | 128 |
| Q1 2024 | $362.7M | 127 |
| Q4 2023 | $470.1M | 139 |
| Q3 2023 | $418.1M | 141 |
| Q2 2023 | $426.0M | 141 |
| Q1 2023 | $379.8M | 141 |