Ken Fisher Makes AZN Top Q1 Position; Fisher Assets Hit $231B
Fisher Asset Management disclosed AstraZeneca as its largest new Q1 position in 13F filings. Double-digit oncology growth and tech-sector risk diversification drive the strategy. AUM stands at $231B across 999 holdings.
- Ken Fisher made AstraZeneca his largest Q1 position, betting on double-digit oncology growth and tech-sector risk mitigation
- His $231B portfolio declined 9.24% in Q1 amid Iran-driven market volatility
Q1 return -9.24%·999 holdings·AZN oncology double-digit growth… tech-sector risk diversification strategy
Fisher Asset Management filed its 2026 Q1 13F disclosures. AstraZeneca claimed the top spot among largest quarterly new positions. Total assets under management stand at approximately $231B across 999 holdings.
Q1 portfolio performance returned -9.24%. Early 2026 market strength reversed amid Iran war concerns. AUM declined $62B versus Q4 ($293B), reflecting the valuation headwind.
Why AstraZeneca as the Top Position?
Ken Fisher expanded AstraZeneca to 85% concentration in the $64–$78 range during 2025 Q1. This momentum continued into Q1 2026. AstraZeneca's oncology portfolio is logging double-digit growth. CEO Pascal Soriot projects 2026 total revenue to grow mid-to-high single digits, with core EPS expanding in the low double digits.
Fisher's strategy is clear: diversify concentrated tech risk (Apple, NVIDIA, Microsoft) into healthcare while adding global growth. AstraZeneca—a UK-listed global pharma—offers defensive growth characteristics and dollar-denominated appreciation.
Top Five Holdings
As of Q1 quarter-end, top five holdings are Apple, NVIDIA, Microsoft, VCIT (intermediate-term corporate bond ETF), and Amazon.
Early 2026 market correction reflects sentiment-driven moves tied to Iran developments. We still expect H2 strength based on midterm election effects
Fisher Investments
Frequently Asked Questions
Why did Fisher rank AstraZeneca as the top holding?
AstraZeneca's oncology portfolio is growing double digits with core EPS guidance of low double-digit expansion for 2026. As a UK-listed global pharma, it offers defensive growth and dollar appreciation while hedging concentrated tech exposure through healthcare diversification.
Why did AUM drop $62B quarter-over-quarter?
Q1 portfolio performance of -9.24% resulted in valuation losses compounded by market correction and redemptions. Fisher views this as sentiment-driven weakness from Iran developments, not fundamental position changes, and expects H2 strength.
How does Fisher's top-five composition differ from market peers?
While AAPL, NVDA, MSFT, and AMZN concentration mirrors large active funds, Fisher's differentiation lies in holding VCIT (intermediate corporates) as a top-five hedge and building global healthcare positions like AZN—creating a more diversified structure than pure mega-cap momentum.
What can Korean investors replicate from this approach?
AstraZeneca trades as AZN ADR on US exchanges. Combine with US healthcare ETFs (XLV, VHT) for dual oncology exposure and currency upside. Note: 13F filings lag by one quarter, so treat as historical rather than real-time positioning.
Wall Street's Defining Moments
See more
Smart Money Briefing
Weekly summaries of Wall Street guru moves and crypto whale activity.
