Ken Fisher is the author of seven money management books, three of which are New York Times bestsellers. He's been writing the Portfolio Strategy column for Forbes for more than 26 years, and he's the fourth-longest running columnist in Forbes' history. He is currently ranked #252 on the 2010 Forbes 400 list of richest Americans. He founded private investment firm Fisher Investments in 1979. He is also one of the fund managers we follow closely.
According to 13F filings, Fisher Asset Management has had at least 542 securities with a total value of $38.6 billion as of June 30th 2011. In the second quarter of 2011, he sold 60 securities and bought 63 new securities. Fisher sold 46 million worth of Logitech International (LOGI) shares in the second quarter. We prepared a list of 20 stocks that Ken Fisher has initiated new positions during the second quarter of 2011. (See Fisher's top holdings here).
|Stock||Value in Millions (USD) As of Dec 31,2010||Return Since Dec 31,2010|
|ALLERGAN INC (AGN)||352.7||-2.5%|
|HALLIBURTON CO (HAL)||284.8||10.3%|
|ISHARES BARCLAYS MBS BOND FD (MBB)||130.9||2.3%|
|SMITH & NEPHEW PLC -SPON ADR (SNN)||99.6||-9.2%|
|FINISAR CORPORATION (FNSR)||68.5||-36.2%|
|WEICHAI POWER CO-UNSP ADR (WEICH.PK)||33.5||-14.7%|
|JDS UNIPHASE CORP (JDSU)||21.4||-35.8%|
|QUIMICA Y MINERA CHIL-SP ADR (SQM)||14.0||10.0%|
|ECOPETROL SA-SPONSORED ADR (EC)||12.7||-0.6%|
|ZIMMER HOLDINGS INC (ZMH)||10.8||-13.0%|
|PRUDENTIAL PLC-ADR (PUK)||5.4||-14.3%|
|ION GEOPHYSICAL CORP (IO)||5.1||-37.4%|
|PROLOGIS INC (PLD)||4.1||-8.9%|
|STEC INC (STEC)||3.9||-49.4%|
|WPP PLC-SPONSORED ADR (WPPGY)||3.6||-12.4%|
|DANAHER CORP (DHR)||3.4||-14.9%|
|HEALTH CARE SELECT SECTOR (XLV)||3.1||-6.9%|
|MARKET VECTORS INDONESIA IND (IDX)||1.5||10.1%|
|OMNICOM GROUP (OMC)||1.1||-5.8%|
|SPDR S&P MIDCAP 400 ETF TRUS (MDY)||0.4||-7.5%|
|Value Weighted Return of New Holdings||1,060||-2.7%|
Nine of Fisher's top new positions managed to beat the market. Fisher's largest stock picks lost 2.7% during the past three months, vs. a 8.3% loss for the SPY.
Allergan was Fisher's biggest new investment at the end of June 2011. Allergan is a multi-specialty healthcare company operating worldwide. AGN lost 2.5% during the past three months. Allergan has a market cap of $24.3 billion and dividend yield of 0.3%. Fisher has $353 million invested in AGN. Jacob Gottlieb's Visium Asset Management and Arthur Cohen's Healthcor Management are other high profile hedge funds with large AGN investments. (See Arthur Cohen's top holdings here).
The best performing stock among Fisher's top new holdings was Halliburton, gaining 10.3% during the past three months. Halliburton has a market cap of $48.8 billion and P/E ratio of 20.2. Fourteen hedge funds had HAL among their top 10 holdings. Hedge funds collectively own 4% of HAL's outstanding shares. The stock gained 23.3% so far this year. Richard Schimel's Diamondback and Ken Griffin's Citadel had large holdings in HAL at the end of March. (See Ken Griffin's top holdings here).
Finisar provides fiber optic and network test systems for high-speed voice, video and data communications. FNSR lost 36.2% during the past three months. FNSR has a market cap of $1.45 billion and P/E ratio of 16.1. On July 5th 2011, FNSR reported that it has successfully completed its acquisition of the entire equity interest in Ignis ASA. Ignis ASA is a Norwegian company whose shares are listed on the Oslo Stock Exchange.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.