Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Ken Fisher Portfolio: 15 Biggest Small-Cap Positions

In this article, we will discuss Ken Fisher portfolio: 15 biggest small-cap positions. If you want to explore similar stocks, you can also take a look at Ken Fisher Portfolio: 5 Biggest Small-Cap Positions.

Ken Fisher is one of the most respected money managers, having followed in the footsteps of his father, Phil Fisher, to become one of the most successful fund managers. Saying Fisher knows a thing or two about investing is an understatement, given the impressive track record of founding Fisher Asset Management in 1979 with just $250.

The investment firm controls over $190 billion in assets under management, making it a force to reckon with on Wall Street. Fisher was the investment firm’s chief executive officer until 2016, when Darian Ornani replaced him. Despite stepping down, he still actively participates in the firm’s investments.

Through aggressive advertising, Fisher Asset Management has grown to become one of the largest wealth managers in the US. The firm is one of the most advertised investment advisors that send letters, emails, and make phone calls to potential clients. Additionally, the billions of dollars that the fund manages boils down to targeting wealthy people with an investment minimum of $500,000.

Wealthy investors continue investing in Fisher Investment owing to its impressive performance over the years. Thanks to extraordinary skills in stock picking, the hedge fund outperformed the US stock market by over 4% over the previous 18 years to 2015.

The impressive track record stems from solid bets in some of the big tech companies with solid growth metrics. Fisher has stakes in almost all the major technology companies, from Apple Inc. (NASDAQ:AAPL) to Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOGL), and Chinese internet giant Alibaba Group Holding Limited (NYSE:BABA). Technology stocks account for the biggest share of Fisher Investment portfolio.

Fisher Investments is also big in Services companies that greatly benefit from recurring revenue. Some of the stocks offering exposure in the sector include Visa, American Express Co, Morgan Stanley, and Netflix. The hedge fund is also big in Industrials, with stakes in Caterpillar and Boeing.

While large-cap stocks account for the biggest share of Fisher Asset Management’s portfolio and performance, Fisher has also sought diversification into small-cap stocks. The fund manager invests in small-cap stocks with solid growth metrics and long-term prospects. Fisher’s positions in small-cap stocks are spread across various sectors, from Technology to services, consumer goods, and financials.

Small cap stocks have lagged the overall market year to date. The Russell 2000 Index, which tracks the smallest companies by market cap, is down by about 3.6% year to date. In contrast, the Nasdaq 100, which follows some of the biggest tech companies, is up by more than 30%. Small-cap stocks have taken a significant hit amid the high inflation and rising interest rates, making it challenging to access capital.

Additionally, small-cap companies are the most affected and hit harder whenever the economy weakens, and there is a steep market selloff. Their less dominant position within their industries and much lower profit margins make them susceptible to downturns.

According to Fisher, small-cap stocks are unlikely to bounce back soon, given the uncertainties in the market amid inflationary pressure and interest rate uncertainties. Fisher insists there are better times to ramp up positions in small-cap stocks.

“No I don’t think that’s now do I think that comes yes when do I think that comes I think when we get to the point where we’re farther along in the bull market in the John Templeton phrase of born on pessimism grow on skepticism mature on optimism and die of euphoria. Where we’re moving from the skepticism into the optimism phase which I don’t think is yet but I might be wrong that’s the time you do that,” said Fisher.

Our Methodology

Fisher Asset Management spreads its holdings into small cap stocks with solid growth metrics and long term prospects. We selected the top 15 small cap stocks that the hedge fund uses to gain exposure into high growth sectors. The stocks are arranged according to the hedge fund’s stake value in each holding. We also examined the views of 910 hedge funds in our database on each stock as of June 2023.

Ken Fisher Portfolio: Biggest Small-Cap Positions

15. Veradigm Inc. (NASDAQ:MDRX)

Market Capitalization as of October 4: $1.48 Billion

Fisher Asset Management’s Stake Value: $35.62 Million

Number of Hedge Fund Holders: 26

Veradigm Inc (NASDAQ:MDRX) is a small-cap healthcare technology company offering healthcare organizations information technology solutions and services. It offers electronic health records (EHR), information connectivity, private cloud hosting, outsourcing, analytics

While Veradigm Inc (NASDAQ:MDRX) has underperformed, going by the 23% slide year to date, it remains well poised for growth thanks to strategic alliances. The company also delivered impressive third-quarter results.

Scion Asset Management first bought stakes in the small company in 2017 and has been buying and selling. As of the end of the second quarter of 2023, the hedge fund held stakes worth $35.62 million in Veradigm Inc (NASDAQ:MDRX), accounting for 0.01% of its portfolio.

14. Revolve Group, Inc. (NYSE:RVLV)

Market Capitalization as of October 4: $1.02 Billion

Fisher Asset Management’s Stake Value: $41.16 Million 

Number of Hedge Fund Holders: 18

Revolve Group, Inc. (NYSE:RVLV) is an online fashion retailer targeting millennial and Generation Z customers. It operates a platform that connects consumers, global fashion influencers, and emerging and established brands. Its arsenal includes apparel, footwear, accessories, beauty, and home products from emerging, established, and owned brands.

The online retailer mostly deals in trendy fashion that it sells through its websites, as it has no physical stores. Revolve Group, Inc. (NYSE:RVLV) mostly works through social media influencers and pop-up parties. The retailer also leverages artificial intelligence technology for managing inventory and product design

Fisher Investment first bought stakes in Revolve Group, Inc. (NYSE:RVLV) in 2021 that peaked at $91 million in the first quarter of last year. As of the end of the second quarter, the hedge fund held $41 million worth of stakes, accounting for 0.02% of its portfolio.

13. Littelfuse, Inc. (NASDAQ:LFUS

Market Capitalization as of October 4: $5.94 Billion

Fisher Asset Management’s Stake Value: $74.83 Million

Number of Hedge Fund Holders: 25

Littelfuse, Inc. (NASDAQ:LFUS) is a technology company that manufactures and sells circuit protection, power control, and sensing products. It operates through the Electronic, Transportation, and Industrial segments. Among its key products include uses and fuse accessories, positive temperature coefficient resettable fuses, polymer electrostatic discharge suppressors, The company’s transportation segment offers blade, resettable, and high-current and high-voltage fuses, as well as battery cable protectors; fuses.

Fisher Investment first took stakes in Littelfuse, Inc. (NASDAQ:LFUS) in 2013 and has since been increasing and selling to lock in profit. The hedge fund held stakes worth $74 million as of the end of the second quarter.

12. Haemonetics Corporation (NYSE:HAE)

Market Capitalization as of October 4: $4.39 Billion

Fisher Asset Management’s Stake Value: $76.86 Million

Number of Hedge Fund Holders: 29

Haemonetics Corporation (NYSE:HAE) is a healthcare company that provides a suite of medical products and solutions in the US. The company offers plasma collection systems, donor management software, and supporting software solutions.

Haemonetics Corporation (NYSE:HAE) has been on an impressive run in 2023, in line with the Bull Run. It is up by 19%, supported by improving fundamentals. The medical instruments supplier reported solid earnings of $1.05 a share, above consensus estimates of $0.73 a share. Revenue came in at $311 million, above the $292 million expected,

Haemonetics Corporation (NYSE:HAE) is one of Fisher Investments’ longest holdings, the first investment having been made in 2011. As of the second quarter of 2023, the hedge fund held stakes worth $76.86 million.

11. Synaptics Incorporated (NASDAQ:SYNA)

Market Capitalization as of October 4: $3.53 Billion

Fisher Asset Management’s Stake Value: $85.11 Million

Number of Hedge Fund Holders: 23

Synaptics Incorporated (NASDAQ:SYNA) is a small-cap technology company that develops and sells semiconductor products worldwide. It offers AudioSmart for voice and audio processing, ConnectSmart for high-speed video/audio/data connectivity, and DisplayLink for transmitting compressed video frames across low bandwidth connections.

Fisher Investment first invested in Synaptics Incorporated (NASDAQ:SYNA) in 2010 for $52 million in stakes. Its holdings peaked at $311 million in 2021 but have been trimming. As of the end of the second quarter, the hedge fund held stakes worth $85.11 million.

10. Vishay Intertechnology, Inc. (NYSE:VSH)

Market Capitalization as of October 4: $3.37 Billion

Fisher Asset Management’s Stake Value: $90.69 Million

Number of Hedge Fund Holders: 22

Vishay Intertechnology, Inc. (NYSE:VSH) is a smaill-cap technology company that manufactures discrete semiconductors and passive electronic components. Its product line includes metal Oxide Semiconductor Field Effect Transistors (MOSFETs), Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors

Vishay Intertechnology, Inc. (NYSE:VSH) delivered impressive second-quarter results with earnings of $68 cents a share, surpassing the consensus estimate by 13%. Revenues totaled $892 million, up 3.3% year over year and above consensus estimates of $873.7 million.

Fisher Investment holds stakes worth $90.69 million and accounts for 0.05% of the portfolio after first investing in Vishay Intertechnology, Inc. (NYSE:VSH) in 2013.

9. Alcoa Corporation (NYSE:AA)

Market Capitalization as of October 4: $5.06 Billion

Fisher Asset Management’s Stake Value: $96.85 Million

Number of Hedge Fund Holders: 34

Alcoa Corporation (NYSE:AA) is a Basic material company that mines bauxite and makes alumina and aluminum products. It sells them to industrial customers.

The small-cap stock has underperformed in 2023, going by the 41% slide year to date. The selloff came on the company delivering Q2 earning loss of $0.35 against a profit of $0.45 that analysts expected revenue topped estimates at $2.68 billion.

Fisher Investment first bought stakes in Alcoa Corporation (NYSE:AA) in 2018. As of the end of the second quarter, the hedge fund owned stakes worth $96.85 million, accounting for 0.05% of its portfolio.

8. Stifel Financial Corp. (NYSE:SF)

Market Capitalization as of October 4: $6.14 Billion

Fisher Asset Management’s Stake Value: $100.56 Million

Number of Hedge Fund Holders: 26

Stifel Financial Corp. (NYSE:SF) is a small-cap financial services company offering retail and institutional wealth management services. The company operates through Global Wealth Management, Institutional Group, and Other segments. It provides private client services, including securities transactions and financial planning services.

The small-cap play has been under pressure for the better part of the year, going by the 5% drop year to date. Amid the underperformance, Fisher Investment has been trimming its stakes for the better part of the year. It currently holds $100.56 million worth of stakes in Stifel Financial Corp. (NYSE:SF), down from $104 million as of the end of last year.

7. Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Market Capitalization as of October 4: $4.82 Billion

Fisher Asset Management’s Stake Value: $105.06 Million

Number of Hedge Fund Holders: 20

Beacon Roofing Supply, Inc. (NASDAQ:BECN) is an industrial play that engages in the distribution of residential and nonresidential roofing materials. The company also offers complementary building products to contractors and home builders.

Beacon Roofing Supply, Inc. (NASDAQ:BECN) delivered solid Q2 results with earnings of $2.66 a share that beat consensus estimates of $2.27 a share. The company delivered revenues of $2.5 billion as it continued to demonstrate financial strength and ability to deliver consistent results.

Fisher Investment took a stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) in 2013, worth $9.8 million. As of the second quarter of 2023, the company held $105.06 million worth of stakes in the small-cap play.

6. Winnebago Industries, Inc. (NYSE:WGO)

Market Capitalization as of October 4: $1.79 Billion

Fisher Asset Management’s Stake Value $107.88 Million

Number of Hedge Fund Holders: 23

Winnebago Industries, Inc. (NYSE:WGO) manufactures and sells recreation vehicles and marine products for leisure travel and outdoor recreation activities. Its product line is mostly made up of towable products that are non-motorized vehicles that automobiles, pickup trucks, SUVs, and Vans can tow.

Fisher Investment first sought exposure in the consumer cyclical sector through Winnebago Industries, Inc. (NYSE:WGO) in 2020 on acquiring stakes worth $70 million. As of the end of the second quarter in 2023, the hedge fund held stakes worth $107.88 million, accounting for 0.05% of the portfolio.

Click to continue reading and see Ken Fisher’s Top 5 Small-Cap Stock Picks.

Suggested articles:

Disclosure: None. Ken Fisher Portfolio: 15 Biggest Small-Cap Positions is originally published on Insider Monkey.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 100+% Return within 12 to 24 months.

We’re now offering month-to-month subscriptions with no commitments.

For a ridiculously low price of just $9.99 per month, you can unlock our in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!


No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!

A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…