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Portfolio (Quarterly) Guide ↗

Gifford Fong Associates

· CIK 0001740316
13F Portfolio $476M AUM Filed Nov 3, 2025 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 122 New
Page 2 of 7  ·  122 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 ABBV ABBVIE INC Healthcare 27,900.0 $6.5M 1.36% NEW $231.54 -7.3%
22 GS GOLDMAN SACHS GROUP INC Financial Services 8,000.0 $6.4M 1.34% NEW $796.38 +24.1%
23 C CITIGROUP INC Financial Services 61,471.0 $6.2M 1.31% NEW $101.50 +23.4%
24 V VISA INC Financial Services 17,375.0 $5.9M 1.25% NEW $341.35 -3.1%
25 GEV GE VERNOVA INC Utilities 9,575.0 $5.9M 1.24% NEW $614.93 +69.7%
26 IVZ INVESCO LTD Financial Services 255,393.0 $5.9M 1.23% NEW $22.94 +17.6%
27 PBI PITNEY BOWES INC Industrials 511,059.0 $5.8M 1.23% NEW $11.41 +35.9%
28 JNJ JOHNSON & JOHNSON Healthcare 28,900.0 $5.4M 1.13% NEW $185.43 +25.0%
29 MS MORGAN STANLEY Financial Services 30,000.0 $4.8M 1.00% NEW $158.97 +26.1%
30 COST COSTCO WHSL CORP NEW Consumer Defensive 5,016.0 $4.6M 0.98% NEW $925.64 +13.5%
31 DIS DISNEY WALT CO Communication Services 36,407.0 $4.2M 0.88% NEW $114.51 -9.5%
32 F FORD MTR CO DEL Consumer Cyclical 345,157.0 $4.1M 0.87% NEW $11.96 +14.3%
33 FHN FIRST HORIZON NATL CORP Financial Services 180,082.0 $4.1M 0.86% NEW $22.61 +6.6%
34 COP CONOCOPHILLIPS Energy 41,281.0 $3.9M 0.82% NEW $94.60 +27.4%
35 LOW LOWES COS INC Consumer Cyclical 15,320.0 $3.9M 0.81% NEW $251.31 -13.5%
36 AMGN AMGEN INC Healthcare 13,609.0 $3.8M 0.81% NEW $282.17 +19.6%
37 TJX TJX COS INC NEW Consumer Cyclical 26,000.0 $3.8M 0.79% NEW $144.54 +10.2%
38 CAT CATERPILLAR INC DEL Industrials 7,800.0 $3.7M 0.78% NEW $477.18 +81.5%
39 AXP AMERICAN EXPRESS CO Financial Services 11,000.0 $3.7M 0.77% NEW $332.18 -6.8%
40 SPOT SPOTIFY TECHNOLOGY S A Communication Services 5,000.0 $3.5M 0.73% NEW $698.00 -37.9%
Page 2 of 7  ·  122 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 31.6%
Financial Services 20.8%
Communication Services 11.5%
Industrials 8.6%
Consumer Cyclical 8.4%
Healthcare 6.8%
Energy 5.4%
Consumer Defensive 3.8%
Utilities 1.9%
Basic Materials 0.6%