Fisher Asset Management Expands Stakes in ASML and Home Depot
Key Takeaways
- Ken Fisher's firm increased its positions in semiconductor leader ASML and retail giant Home Depot during the third quarter.
- These strategic additions underscore a continued institutional confidence in high-moat industry leaders despite broader macroeconomic shifts.
Mentioned
Key Intelligence
Key Facts
- 1Fisher Asset Management increased its ASML stake by 2.6% in Q3.
- 2The firm added 108,342 shares of ASML, bringing its total to 4,352,596 shares.
- 3Home Depot holdings grew by 2.0% with the purchase of 197,211 additional shares.
- 4Fisher now owns 10,130,293 shares of The Home Depot, Inc.
- 5The filings were disclosed via recent 13F reports to the SEC.
- 6ASML remains a core technology holding for the firm due to its EUV lithography monopoly.
| Metric | ||
|---|---|---|
| Shares Added | 108,342 | 197,211 |
| Percentage Increase | 2.6% | 2.0% |
| Total Shares Owned | 4,352,596 | 10,130,293 |
| Sector | Semiconductors | Retail |
Analysis
Fisher Asset Management LLC, the investment firm led by billionaire Ken Fisher, has significantly bolstered its positions in two critical pillars of the global economy: semiconductor lithography and home improvement retail. According to recent 13F filings with the Securities and Exchange Commission, the firm increased its stake in ASML Holding N.V. by 2.6% and in The Home Depot, Inc. by 2.0% during the third quarter. These moves are part of a broader pattern of accumulation by the firm, which manages over $200 billion in assets and is known for its top-down investment philosophy that prioritizes industry leaders with sustainable competitive advantages.
The increase in ASML holdings is particularly noteworthy given the company's unique position in the global technology stack. ASML is the world's sole provider of extreme ultraviolet (EUV) lithography machines, which are essential for producing the most advanced microchips used in AI, high-performance computing, and smartphones. By acquiring an additional 108,342 shares, Fisher Asset Management has brought its total position to over 4.35 million shares. This accumulation suggests a bullish outlook on the long-term semiconductor capital equipment cycle, signaling that institutional investors view ASML as a primary beneficiary of the ongoing global push for chip sovereignty and AI infrastructure expansion.
From a portfolio management perspective, these incremental increases—roughly 2% to 3%—indicate a strategy of 'buying the winners' rather than speculative pivoting.
Simultaneously, the firm's 2.0% increase in Home Depot reflects a calculated bet on the resilience of the American consumer and the long-term stability of the housing market. Home Depot has long been considered a bellwether for domestic economic health. By adding 197,211 shares to reach a total of 10.13 million, Fisher is doubling down on a retailer that has successfully navigated supply chain volatility and shifting consumer spending patterns. This move suggests that the firm anticipates a stabilization in the housing sector, perhaps driven by a more predictable interest rate environment or a persistent shortage of housing inventory that encourages home improvement over relocation.
What to Watch
From a portfolio management perspective, these incremental increases—roughly 2% to 3%—indicate a strategy of 'buying the winners' rather than speculative pivoting. Fisher Asset Management typically maintains a highly diversified but concentrated portfolio of high-quality equities. The fact that these positions were expanded during a period of market uncertainty highlights a 'quality-first' approach. For market participants, such institutional accumulation often provides a psychological and technical floor for stock prices, as large-scale buying from firms like Fisher can absorb selling pressure during volatile sessions.
Looking ahead, investors should monitor whether this accumulation trend continues into the fourth quarter and beyond. The semiconductor sector remains sensitive to geopolitical tensions and export controls, particularly regarding ASML's shipments to certain regions. Meanwhile, Home Depot's performance will be closely tied to mortgage rate trends and consumer credit health. However, the current data suggests that Fisher Asset Management remains firmly committed to these industry titans, viewing them as essential components of a growth-oriented institutional portfolio. As the 2026 market landscape continues to evolve, the conviction shown by major institutional players like Fisher provides a critical signal for retail and smaller institutional investors regarding where the 'smart money' is finding value.
Sources
Sources
Based on 2 source articles- Markets DailyFisher Asset Management LLC Grows Stock Holdings in ASML Holding N.V. $ASMLMar 2, 2026
- BbnsFisher Asset Management LLC Grows Stock Holdings in The Home Depot, Inc. $HDMar 2, 2026