Ken Fisher Portfolio: 15 Biggest Small-Cap Positions

Published on October 5, 2023 at 11:16 am by Ruchi Gupta in Hedge Funds, News

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.

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