GIFFORD FONG ASSOCIATES
Q4 2025 Form 13-F
LAFAYETTE, CALIFORNIA
CIK 0001740316
· CRD 142917
· SEC-registered investment adviser
$501.4M Reported Value Total
GIFFORD FONG ASSOCIATES reports 1 total accounts under management (AUM). There are 1 discretionary accounts valued at $516,963,144, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Source: Form ADV filed 2026-03-06
Reported value
$501.4M
Quarter over quarter
+4.3%
Holdings
124
Top-10 concentration
38.5%
Filing Structure
Reports holdings for
- State Insurance Fund · File #028-23638 · Q1 2024 – Q1 2026 · declared by one filing
Key People
Form ADV owners & control persons
Harry Gifford Fong
PRESIDENT
Steven Gifford Fong
CHIEF COMPLIANCE OFFICER/CEO
Timothy Gifford Fong
SHAREHOLDER
Filing Navigation
13F Metrics
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 10, 2026 |
| Form | 13F-HR |
| Reported value | $501.4M |
| Positions | 124 |
| Change in reported value | +5.4% |
| New positions | 2 |
| Exited positions | 0 |
| Position turnover | 1.6% |
| Top-10 concentration | 38.5% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q4 2025 13F
Filed Feb 10, 2026
|
124 | $501.4M |
|
Q3 2025 13F
Filed Nov 3, 2025
|
122 | $475.8M |
|
Q2 2025 13F
Filed Aug 13, 2025
|
123 | $434.3M |
|
Q1 2025 13F
Filed May 12, 2025
|
126 | $401.9M |
|
Q4 2024 13F
Filed Feb 12, 2025
|
126 | $407.5M |
|
Q3 2024 13F
Filed Nov 4, 2024
|
128 | $399.9M |
|
Q2 2024 13F
Filed Aug 12, 2024
|
128 | $377.5M |
|
Q1 2024 13F
Filed May 10, 2024
|
127 | $362.7M |
|
Q4 2023 13F
Filed Feb 7, 2024
|
139 | $470.1M |
|
Q3 2023 13F
Filed Nov 13, 2023
|
140 | $418.1M |
|
Q2 2023 13F
Filed Aug 14, 2023
|
141 | $426.0M |
|
Q1 2023 13F
Filed May 10, 2023
|
141 | $379.8M |
|
Q4 2022 13F
Filed Feb 13, 2023
|
139 | $436.1M |
|
Q3 2022 13F
Filed Nov 15, 2022
|
140 | $404.3M |
|
Q2 2022 13F
Filed Aug 11, 2022
|
139 | $429.2M |
|
Q1 2022 13F
Filed May 12, 2022
|
138 | $547.0M |
|
Q4 2021 13F
Filed Feb 9, 2022
|
139 | $571.6M |
|
Q3 2021 13F
Filed Nov 10, 2021
|
136 | $514.7M |
|
Q2 2021 13F
Filed Aug 9, 2021
|
135 | $514.4M |
|
Q1 2021 13F
Filed May 12, 2021
|
135 | $465.3M |
12 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | NVDA NVIDIA CORP | $45.9M | 9.16% |
| 2 | AMZN AMAZON COM INC | $22.3M | 4.46% |
| 3 | AAPL APPLE INC | $22.1M | 4.4% |
| 4 | CRM SALESFORCE COM INC | $19.3M | 3.86% |
| 5 | MSFT MICROSOFT CORP | $16.6M | 3.31% |
| 6 | META FACEBOOK INC | $14.9M | 2.96% |
| 7 | GOOG ALPHABET INC | $14.5M | 2.88% |
| 8 | BRK-B BERKSHIRE HATHAWAY INC DEL | $13.3M | 2.66% |
| 9 | AMD ADVANCED MICRO DEVICES INC | $12.5M | 2.49% |
| 10 | GE GENERAL ELECTRIC CO | $11.8M | 2.35% |
| 11 | JPM JPMORGAN CHASE & CO | $11.4M | 2.27% |
| 12 | SHOP SHOPIFY INC | $11.3M | 2.25% |
| 13 | SYF SYNCHRONY FINL | $11.0M | 2.2% |
| 14 | GOOGL ALPHABET INC | $9.7M | 1.94% |
| 15 | WFC WELLS FARGO CO NEW | $8.2M | 1.64% |
| 16 | XOM EXXON MOBIL CORP | $7.5M | 1.49% |
| 17 | WMT WALMART INC | $7.3M | 1.46% |
| 18 | ORCL ORACLE CORP | $7.3M | 1.45% |
| 19 | C CITIGROUP INC | $7.2M | 1.43% |
| 20 | OXY OCCIDENTAL PETE CORP DEL | $7.0M | 1.41% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.