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Kenneth Lawrence Fisher

Fisher Investments

United States

3.5

Kenneth Lawrence Fisher — Investment style

Growth5Value

Rotates between growth and value as cycles change

Macro2Companies

Uses macro trends and sentiment to guide allocation

Quantitative4Qualitative

Combines statistical research with market judgment

Short term8Long term

Holds equities long term while adjusting exposures

Concentrated8Diversified

Diversifies broadly across countries and sectors

Aggressive5Conservative

Accepts equity volatility while diversifying risk

Leveraged7Unleveraged

Generally favors unlevered securities over heavy borrowing

Short8Long positions

Primarily owns equities, with selective hedging

Innovative5Traditional

Rotates sectors rather than favoring a single theme

Alternative assets8Stocks

Focuses on global equities with some bonds and cash

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns7/10

Some strategies have beaten benchmarks over long periods

Performance consistency6/10

Results vary across products and market cycles

Downside protection3/10

Purisima lost 42.95% in the 2008 financial crisis

Replicability7/10

Uses a structured macro and sentiment research process

Explosiveness6/10

Some strategies achieved strong gains in rising markets

Top 3 investment successes

Purisima Fund Long-Term Outperformance : Fisher Investments advised the Purisima Total Return Fund, which returned a cumulative 156.09% from its 1996 inception through August 2006 versus 97.66% for MSCI World These were actual fund returns after expenses
Forbes Picks Outperformed : In 2003, Fisher’s Forbes stock recommendations generated a hypothetical 31.6% return versus 17.6% for matching S&P 500 purchases This was a published model record, not the performance of actual client accounts
Institutional Global Equity Fund Gain : A Fisher Investments institutional global equity fund returned 21.97% in 2024 versus 16.37% for the MSCI ACWI IMI The figures describe that fund, not all managed accounts, and may exclude separate advisory fees

Top 3 investment setbacks

Large Loss on First Stock : Fisher’s first stock purchase was Florida land developer Tolam Properties, whose shares lost roughly 90% of their value In a 2018 interview, he recalled that he had failed to understand the business and learned an important investing lesson
Forbes Stock Picks Underperformed : Fisher’s Forbes picks returned a hypothetical -6.0% in 2002 versus -3.0% for comparable S&P 500 investments He acknowledged that his firm’s actual client results were even weaker than this recommendation record
Financial Crisis Drawdown : The Fisher-advised Purisima Total Return Fund lost 42.95% in 2008, compared with a 40.71% decline for MSCI World The fund failed to preserve capital in a severe equity downturn and underperformed its benchmark

Top 10 reported SEC 13F holdings

Quarter ended: 2026-09-30 · Filed: 2026-11-06

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	NVIDIA (NVDA)	6%
2	Apple (AAPL)	6%
3	Alphabet Class A (GOOGL)	4%
4	Microsoft (MSFT)	4%
5	iShares 7-10 Year Treasury Bond ETF (IEF)	3%
6	Amazon (AMZN)	3%
7	ASML Holding (ASML)	3%
8	Taiwan Semiconductor Manufacturing (TSM)	2%
9	Caterpillar (CAT)	2%
10	Vanguard Intermediate-Term Corporate Bond ETF (VCIT)	2%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.