Gifford Fong Associates

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CIK 1740316

13F portfolio (2025-Q4)

$501M

Positions

124

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2025-Q4)

Holdings

124

Top 5

25.2%

Top 10

38.5%

Effective N

40.2

HHI

0.025

This quarter

2 new · 0 exit →

By sector

Information Technology36.6%

Financials23.6%

Communication Services11.2%

Consumer Discretionary10.4%

Health Care6.3%

Energy4.8%

Industrials4.2%

Consumer Staples1.3%

Other1.7%

By market cap

Mega (>$200B)64.9%

Large ($10–200B)33.1%

Mid ($2–10B)1.8%

Small ($300M–2B)0.1%

Unknown0.1%

By region

North America99.9%

Europe0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Semiconductors & Semiconductor Equipment	13.80%	7
Software	10.90%	5
Banks	10.59%	12
Software & IT Services	8.56%	5
Specialty Retail	8.50%	6
Technology Hardware & Equipment	6.76%	5
Pharmaceuticals & Biotechnology	5.86%	11
Oil, Gas & Consumable Fuels	4.84%	8
Capital Markets	4.47%	4
Electrical Equipment & Components	3.61%	3
Insurance	3.32%	11
Unclassified	2.66%	1
Commercial Services & Supplies	2.56%	2
Machinery	2.24%	7
Automobiles & Components	1.51%	2
Diversified Telecommunication Services	1.40%	3
Aerospace & Defense	1.37%	4
Media & Entertainment	1.18%	3
Beverages	0.89%	2
Entertainment	0.83%	1
Health Care Equipment & Supplies	0.77%	4
Communications Equipment	0.74%	2
Utilities	0.53%	1
Chemicals	0.52%	6
Equity Real Estate Investment Trusts (REITs)	0.52%	2
Hotels, Restaurants & Leisure	0.35%	1
Food Products	0.24%	2
Road & Rail	0.23%	1
Agricultural Products	0.13%	1
Metals & Mining	0.10%	1
Food & Staples Retailing	0.03%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	NVDA	NVIDIA CORP	Information Technology	9.16%
2	AMZN	AMAZON COM INC	Consumer Discretionary	4.46%
3	AAPL	Apple Inc.	Information Technology	4.40%
4	CRM	Salesforce, Inc.	Information Technology	3.86%
5	MSFT	MICROSOFT CORP	Information Technology	3.31%
6	META	Meta Platforms, Inc.	Communication Services	2.96%
7	GOOG	Alphabet Inc.	Communication Services	2.88%
8	BRK.B	BERKSHIRE HATHAWAY INC	Financials	2.66%
9	AMD	ADVANCED MICRO DEVICES INC	Information Technology	2.49%
10	GE	GENERAL ELECTRIC CO	Information Technology	2.35%

124/124 names classified · sector 100.0% of weight · industry 97.3% · mkt cap 99.9%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 32 quarters

Information TechnologyNVDA, AAPL, MSFT, CRM, CSCO · other

FinancialsBAC, MA, BRK.B, JPM, UNH · other

Consumer DiscretionaryAMZN, F, COST, TSLA, HD · other

Communication ServicesDIS, GOOG, GOOGL, META, T · other

Health CareAMGN, PFE, JNJ, ABBV, LLY · other

IndustrialsBA, UNP, HON, CAT, MMM · other

EnergyXOM, CVX, COP, OXY, RIG · other

Consumer StaplesKO, PEP, PM, HRL, HSY · other

MaterialsNKE, CL, DOW, DD, NUE · other

UtilitiesPNW, OGE

Real EstatePSA, SPG

UnclassifiedMARATHON OIL CORP, UNITED STATES STL CORP NEW, WALGREENS BOOTS ALLIANCE INC, PIONEER NAT RES CO, VALEANT PHARMACEUTICALS INTL · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 100.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2025-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (117 classified)Gifford Fong Associates centroid (Large Core)

Information TechnologyFinancialsCommunication ServicesConsumer DiscretionaryHealth CareEnergyIndustrialsConsumer StaplesMaterialsUtilitiesReal Estate

Style box summary for Gifford Fong Associates: centroid Large Core. Heaviest cells: Large Growth 52.2%, Large Core 14.5%, Large Value 14.5%.

Classified: 96.3% of book weight (117/124 names) · unclassified 3.7%: BRK.B, SPOT, RIG, DB, VTRS, Q, SOLS. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 124 positions (2025-Q4) · largest first · Δ vs 2025-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	NVDANVIDIA CORPORATION	246,210	$46M	9.2%	HOLD
2	AMZNAMAZON COM INC	96,793	$22M	4.5%	HOLD
3	AAPLAPPLE INC	81,169	$22M	4.4%	HOLD
4	CRMSALESFORCE INC	73,009	$19M	3.9%	ADD 16%
5	MSFTMICROSOFT CORP	34,302	$17M	3.3%	HOLD
6	METAMETA PLATFORMS INC	22,500	$15M	3.0%	HOLD
7	GOOGALPHABET INC	46,055	$14M	2.9%	HOLD
8	BRK.BBERKSHIRE HATHAWAY INC DEL	26,500	$13M	2.7%	HOLD
9	AMDADVANCED MICRO DEVICES INC	58,318	$12M	2.5%	ADD 21%
10	GEGE AEROSPACE	38,301	$12M	2.4%	HOLD
11	JPMJPMORGAN CHASE & CO	35,296	$11M	2.3%	HOLD
12	SHOPSHOPIFY INC	70,000	$11M	2.2%	HOLD
13	SYFSYNCHRONY FINANCIAL	132,073	$11M	2.2%	HOLD
14	GOOGLALPHABET INC	31,140	$10M	1.9%	HOLD
15	WFCWELLS FARGO CO NEW	88,052	$8M	1.6%	HOLD
16	XOMEXXON MOBIL CORP	62,066	$7M	1.5%	HOLD
17	WMTWALMART INC	65,550	$7M	1.5%	HOLD
18	ORCLORACLE CORP	37,250	$7M	1.4%	HOLD
19	CCITIGROUP INC	61,471	$7M	1.4%	HOLD
20	OXYOCCIDENTAL PETE CORP	171,429	$7M	1.4%	HOLD
21	GSGOLDMAN SACHS GROUP INC	8,000	$7M	1.4%	HOLD
22	MAMASTERCARD INCORPORATED	11,829	$7M	1.3%	HOLD
23	IVZINVESCO LTD	255,393	$7M	1.3%	HOLD
24	ABBVABBVIE INC	27,900	$6M	1.3%	HOLD
25	GEVGE VERNOVA INC	9,575	$6M	1.2%	HOLD
26	VVISA INC	17,375	$6M	1.2%	HOLD
27	JNJJOHNSON & JOHNSON	28,900	$6M	1.2%	HOLD
28	MUMICRON TECHNOLOGY INC	19,800	$6M	1.1%	HOLD
29	PBIPITNEY BOWES INC	511,059	$5M	1.1%	HOLD
30	MSMORGAN STANLEY	30,000	$5M	1.1%	HOLD
31	FFORD MTR CO	345,157	$5M	0.9%	HOLD
32	CATCATERPILLAR INC	7,800	$4M	0.9%	HOLD
33	AMGNAMGEN INC	13,609	$4M	0.9%	HOLD
34	COSTCOSTCO WHSL CORP NEW	5,016	$4M	0.9%	HOLD
35	FHNFIRST HORIZON CORPORATION	180,082	$4M	0.9%	HOLD
36	DISDISNEY WALT CO	36,407	$4M	0.8%	HOLD
37	AXPAMERICAN EXPRESS CO	11,000	$4M	0.8%	HOLD
38	TJXTJX COS INC NEW	26,000	$4M	0.8%	HOLD
39	COPCONOCOPHILLIPS	41,281	$4M	0.8%	HOLD
40	LOWLOWES COS INC	15,320	$4M	0.7%	HOLD
41	IBMINTERNATIONAL BUSINESS MACHS	11,900	$4M	0.7%	HOLD
42	CVXCHEVRON CORP NEW	22,200	$3M	0.7%	HOLD
43	BENFRANKLIN RESOURCES INC	140,480	$3M	0.7%	HOLD
44	TSLATESLA INC	6,782	$3M	0.6%	HOLD
45	SPOTSPOTIFY TECHNOLOGY S A	5,000	$3M	0.6%	HOLD
46	ALLALLSTATE CORP	13,800	$3M	0.6%	HOLD
47	CIENCIENA CORP	12,255	$3M	0.6%	HOLD
48	PFEPFIZER INC	111,527	$3M	0.6%	HOLD
49	HONHONEYWELL INTL INC	14,100	$3M	0.5%	HOLD
50	DEDEERE & CO	5,900	$3M	0.5%	HOLD
51	VZVERIZON COMMUNICATIONS INC	67,263	$3M	0.5%	HOLD
52	PNWPINNACLE WEST CAP CORP	30,000	$3M	0.5%	HOLD
53	CMCSACOMCAST CORP NEW	88,000	$3M	0.5%	HOLD
54	KOCOCA COLA CO	37,000	$3M	0.5%	HOLD
55	ADPAUTOMATIC DATA PROCESSING IN	10,000	$3M	0.5%	HOLD
56	INTCINTEL CORP	66,395	$2M	0.5%	HOLD
57	ABTABBOTT LABS	19,400	$2M	0.5%	HOLD
58	MRKMERCK & CO INC	22,900	$2M	0.5%	HOLD
59	TAT&T INC	93,689	$2M	0.5%	HOLD
60	AFLAFLAC INC	20,600	$2M	0.5%	HOLD
61	PHPARKER-HANNIFIN CORP	2,500	$2M	0.4%	HOLD
62	BNYBANK NEW YORK MELLON CORP	18,872	$2M	0.4%	HOLD
63	PNCPNC FINL SVCS GROUP INC	10,000	$2M	0.4%	HOLD
64	CSCOCISCO SYS INC	26,540	$2M	0.4%	HOLD
65	TRVTRAVELERS COMPANIES INC	7,000	$2M	0.4%	HOLD
66	UNHUNITEDHEALTH GROUP INC	5,918	$2M	0.4%	HOLD
67	LUMNLUMEN TECHNOLOGIES INC	250,000	$2M	0.4%	HOLD
68	BMYBRISTOL-MYERS SQUIBB CO	35,899	$2M	0.4%	HOLD
69	BABOEING CO	8,735	$2M	0.4%	HOLD
70	PEPPEPSICO INC	13,000	$2M	0.4%	HOLD
71	RTXRTX CORPORATION	10,000	$2M	0.4%	HOLD
72	SBUXSTARBUCKS CORP	21,000	$2M	0.4%	HOLD
73	AIGAMERICAN INTL GROUP INC	19,100	$2M	0.3%	HOLD
74	MMM3M CO	9,750	$2M	0.3%	HOLD
75	GEHCGE HEALTHCARE TECHNOLOGIES I	19,012	$2M	0.3%	HOLD
76	PRUPRUDENTIAL FINL INC	13,500	$2M	0.3%	HOLD
77	TXNTEXAS INSTRS INC	8,000	$1M	0.3%	HOLD
78	PSAPUBLIC STORAGE OPER CO	5,000	$1M	0.3%	HOLD
79	SPGSIMON PPTY GROUP INC NEW	7,000	$1M	0.3%	HOLD
80	ZMZOOM COMMUNICATIONS INC	15,000	$1M	0.3%	HOLD
81	METMETLIFE INC	15,000	$1M	0.2%	HOLD
82	UPSUNITED PARCEL SERVICE INC	11,800	$1M	0.2%	HOLD
83	PGRPROGRESSIVE CORP	5,000	$1M	0.2%	HOLD
84	GILDGILEAD SCIENCES INC	9,000	$1M	0.2%	HOLD
85	ADIANALOG DEVICES INC	4,000	$1M	0.2%	HOLD
86	RIGTRANSOCEAN LTD	250,000	$1M	0.2%	HOLD
87	BIIBBIOGEN INC	5,750	$1M	0.2%	HOLD
88	SHWSHERWIN WILLIAMS CO	3,000	$972,000	0.2%	HOLD
89	NKENIKE INC	15,000	$956,000	0.2%	HOLD
90	DELLDELL TECHNOLOGIES INC	6,946	$874,000	0.2%	HOLD
91	ITTITT INC	5,000	$868,000	0.2%	HOLD
92	QCOMQUALCOMM INC	5,000	$855,000	0.2%	HOLD
93	BACBANK AMERICA CORP	15,147	$833,000	0.2%	HOLD
94	CLCOLGATE PALMOLIVE CO	10,400	$822,000	0.2%	HOLD
95	HSYHERSHEY CO	4,000	$728,000	0.1%	HOLD
96	WRBBERKLEY W R CORP	10,125	$710,000	0.1%	HOLD
97	LLOEWS CORP	6,700	$706,000	0.1%	HOLD
98	BHCBAUSCH HEALTH COS INC	100,000	$695,000	0.1%	HOLD
99	CTVACORTEVA INC	9,828	$659,000	0.1%	HOLD
100	USBUS BANCORP	12,000	$640,000	0.1%	HOLD
101	EOGEOG RES INC	6,000	$630,000	0.1%	HOLD
102	GLGLOBE LIFE INC	4,500	$629,000	0.1%	HOLD
103	KEYKEYCORP	30,000	$619,000	0.1%	HOLD
104	APAAPA CORPORATION	25,000	$612,000	0.1%	HOLD
105	DBDEUTSCHE BK AG	15,000	$578,000	0.1%	HOLD
106	BAXBAXTER INTL INC	29,000	$554,000	0.1%	HOLD
107	CARRCARRIER GLOBAL CORPORATION	10,000	$528,000	0.1%	HOLD
108	NUENUCOR CORP	3,000	$489,000	0.1%	HOLD
109	HRLHORMEL FOODS CORP	20,000	$474,000	0.1%	HOLD
110	WBDWARNER BROS DISCOVERY INC	13,760	$397,000	0.1%	HOLD
111	WABWABTEC	1,806	$385,000	0.1%	HOLD
112	IFFINTERNATIONAL FLAVORS&FRAGRA	3,707	$250,000	0.0%	HOLD
113	DOWDOW HLDGS INC	9,828	$230,000	0.0%	HOLD
114	HALHALLIBURTON CO	8,000	$226,000	0.0%	HOLD
115	SWKSTANLEY BLACK & DECKER INC	3,000	$223,000	0.0%	HOLD
116	SOLVSOLVENTUM CORP	2,437	$193,000	0.0%	HOLD
117	VTRSVIATRIS INC	15,476	$193,000	0.0%	HOLD
118	BBBLACKBERRY LTD	50,000	$190,000	0.0%	HOLD
119	QQNITY ELECTRONICS INC	2,332	$190,000	0.0%	NEW
120	DDDUPONT DE NEMOURS INC	4,665	$188,000	0.0%	HOLD
121	NOVNOV INC	12,000	$188,000	0.0%	HOLD
122	SOLSSOLSTICE ADVANCED MATLS INC	3,525	$171,000	0.0%	NEW
123	CVSCVS HEALTH CORP	1,675	$133,000	0.0%	HOLD
124	EMREMERSON ELEC CO	178	$24,000	0.0%	HOLD

☆Gifford Fong Associates