Gifford Fong Associates
LAFAYETTE, CA
$501m in 124 US stocks at the end of 31 December 2025. The top 10 are 38.5% of the money. It changed about 4.9% of the portfolio this quarter.
Value
$501m
Stocks
124
Top 10 share
38.5%
Turnover
4.9%
What changed this quarter
New
Bought for the first time this quarter.
- Qnity ElectronicsQ<0.1% of the fund
- Solstice Advanced MaterialsSOLS<0.1% of the fund
Added
Bought more of a stock they already held.
- SalesforceCRM3.9% of the fund+16%
- Advanced Micro DevicesAMD2.5% of the fund+21%
Cut
Sold some of their stake.
None this quarter.
Sold out
Sold their entire stake.
None this quarter.
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 9.2% | $46m | 246,210 | Held |
| Amazon.comAMZN | 4.5% | $22m | 96,793 | Held |
| AppleAAPL | 4.4% | $22m | 81,169 | Held |
| SalesforceCRM | 3.9% | $19m | 73,009 | +16% |
| MicrosoftMSFT | 3.3% | $17m | 34,302 | Held |
| Meta PlatformsMETA | 3.0% | $15m | 22,500 | Held |
| AlphabetGOOG | 2.9% | $14m | 46,055 | Held |
| Berkshire HathawayBRK-B | 2.7% | $13m | 26,500 | Held |
| Advanced Micro DevicesAMD | 2.5% | $12m | 58,318 | +21% |
| General ElectricGE | 2.4% | $12m | 38,301 | Held |
| JPMorgan ChaseJPM | 2.3% | $11m | 35,296 | Held |
| ShopifySHOP | 2.2% | $11m | 70,000 | Held |
| Synchrony FinancialSYF | 2.2% | $11m | 132,073 | Held |
| AlphabetGOOGL | 1.9% | $10m | 31,140 | Held |
| Wells Fargo & CompanyWFC | 1.6% | $8m | 88,052 | Held |
| ExxonMobil HoldingsXOM | 1.5% | $7m | 62,066 | Held |
| WalmartWMT | 1.5% | $7m | 65,550 | Held |
| OracleORCL | 1.4% | $7m | 37,250 | Held |
| CitigroupC | 1.4% | $7m | 61,471 | Held |
| Occidental PetroleumOXY | 1.4% | $7m | 171,429 | Held |
| Goldman Sachs GroupGS | 1.4% | $7m | 8,000 | Held |
| MastercardMA | 1.3% | $7m | 11,829 | Held |
| InvescoIVZ | 1.3% | $7m | 255,393 | Held |
| AbbVieABBV | 1.3% | $6m | 27,900 | Held |
| GE VernovaGEV | 1.2% | $6m | 9,575 | Held |
| VisaV | 1.2% | $6m | 17,375 | Held |
| Johnson & JohnsonJNJ | 1.2% | $6m | 28,900 | Held |
| Micron TechnologyMU | 1.1% | $6m | 19,800 | Held |
| Pitney BowesPBI | 1.1% | $5m | 511,059 | Held |
| Morgan StanleyMS | 1.1% | $5m | 30,000 | Held |
| Ford MotorF | 0.9% | $5m | 345,157 | Held |
| CaterpillarCAT | 0.9% | $4m | 7,800 | Held |
| AmgenAMGN | 0.9% | $4m | 13,609 | Held |
| Costco WholesaleCOST | 0.9% | $4m | 5,016 | Held |
| First HorizonFHN | 0.9% | $4m | 180,082 | Held |
| Walt DisneyDIS | 0.8% | $4m | 36,407 | Held |
| American ExpressAXP | 0.8% | $4m | 11,000 | Held |
| TJX CompaniesTJX | 0.8% | $4m | 26,000 | Held |
| ConocoPhillipsCOP | 0.8% | $4m | 41,281 | Held |
| Lowe's CompaniesLOW | 0.7% | $4m | 15,320 | Held |
| International Business MachinesIBM | 0.7% | $4m | 11,900 | Held |
| ChevronCVX | 0.7% | $3m | 22,200 | Held |
| Franklin TempletonBEN | 0.7% | $3m | 140,480 | Held |
| TeslaTSLA | 0.6% | $3m | 6,782 | Held |
| Spotify TechnologySPOT | 0.6% | $3m | 5,000 | Held |
| AllstateALL | 0.6% | $3m | 13,800 | Held |
| CienaCIEN | 0.6% | $3m | 12,255 | Held |
| PfizerPFE | 0.6% | $3m | 111,527 | Held |
| Honeywell InternationalHON | 0.5% | $3m | 14,100 | Held |
| DeereDE | 0.5% | $3m | 5,900 | Held |
| Verizon CommunicationsVZ | 0.5% | $3m | 67,263 | Held |
| Pinnacle West CapitalPNW | 0.5% | $3m | 30,000 | Held |
| ComcastCMCSA | 0.5% | $3m | 88,000 | Held |
| Coca-ColaKO | 0.5% | $3m | 37,000 | Held |
| Automatic Data ProcessingADP | 0.5% | $3m | 10,000 | Held |
| IntelINTC | 0.5% | $2m | 66,395 | Held |
| Abbott LaboratoriesABT | 0.5% | $2m | 19,400 | Held |
| MerckMRK | 0.5% | $2m | 22,900 | Held |
| AT&TT | 0.5% | $2m | 93,689 | Held |
| AflacAFL | 0.5% | $2m | 20,600 | Held |
| Parker-HannifinPH | 0.4% | $2m | 2,500 | Held |
| Bank of New York MellonBNY | 0.4% | $2m | 18,872 | Held |
| PNC Financial Services GroupPNC | 0.4% | $2m | 10,000 | Held |
| Cisco SystemsCSCO | 0.4% | $2m | 26,540 | Held |
| Travelers CompaniesTRV | 0.4% | $2m | 7,000 | Held |
| UnitedHealth GroupUNH | 0.4% | $2m | 5,918 | Held |
| Lumen TechnologiesLUMN | 0.4% | $2m | 250,000 | Held |
| Bristol-Myers SquibbBMY | 0.4% | $2m | 35,899 | Held |
| BoeingBA | 0.4% | $2m | 8,735 | Held |
| PepsiCoPEP | 0.4% | $2m | 13,000 | Held |
| RTXRTX | 0.4% | $2m | 10,000 | Held |
| StarbucksSBUX | 0.4% | $2m | 21,000 | Held |
| American International GroupAIG | 0.3% | $2m | 19,100 | Held |
| 3MMMM | 0.3% | $2m | 9,750 | Held |
| GE HealthCare TechnologiesGEHC | 0.3% | $2m | 19,012 | Held |
| Prudential FinancialPRU | 0.3% | $2m | 13,500 | Held |
| Texas InstrumentsTXN | 0.3% | $1m | 8,000 | Held |
| Public StoragePSA | 0.3% | $1m | 5,000 | Held |
| Simon Property GroupSPG | 0.3% | $1m | 7,000 | Held |
| Zoom CommunicationsZM | 0.3% | $1m | 15,000 | Held |
| MetLifeMET | 0.2% | $1m | 15,000 | Held |
| United Parcel ServiceUPS | 0.2% | $1m | 11,800 | Held |
| ProgressivePGR | 0.2% | $1m | 5,000 | Held |
| Gilead SciencesGILD | 0.2% | $1m | 9,000 | Held |
| Analog DevicesADI | 0.2% | $1m | 4,000 | Held |
| TransoceanRIG | 0.2% | $1m | 250,000 | Held |
| BiogenBIIB | 0.2% | $1m | 5,750 | Held |
| Sherwin-WilliamsSHW | 0.2% | $972,000 | 3,000 | Held |
| NikeNKE | 0.2% | $956,000 | 15,000 | Held |
| Dell TechnologiesDELL | 0.2% | $874,000 | 6,946 | Held |
| ITTITT | 0.2% | $868,000 | 5,000 | Held |
| QualcommQCOM | 0.2% | $855,000 | 5,000 | Held |
| Bank of AmericaBAC | 0.2% | $833,000 | 15,147 | Held |
| Colgate-PalmoliveCL | 0.2% | $822,000 | 10,400 | Held |
| HersheyHSY | 0.1% | $728,000 | 4,000 | Held |
| Berkley W RWRB | 0.1% | $710,000 | 10,125 | Held |
| LoewsL | 0.1% | $706,000 | 6,700 | Held |
| Bausch Health CompaniesBHC | 0.1% | $695,000 | 100,000 | Held |
| CortevaCTVA | 0.1% | $659,000 | 9,828 | Held |
| US BancorpUSB | 0.1% | $640,000 | 12,000 | Held |
Showing the largest 100 of 124.
Over time and by industry
Value over time
Jun '25
Dec '25
Value is up 15.4% since 30 June 2025.
Where the money is
Technology32.5%
Financial services23.2%
Media & telecom11.2%
Industrials8.3%
Retail & consumer8.0%
Health care6.7%
Energy4.9%
Everyday goods3.6%
Materials0.6%
Utilities0.5%
Real estate0.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.