AGF MANAGEMENT LTD

New 13F: Q3 2026

AGF MANAGEMENT LTD filed its 13F for the quarter ended Sep 30, 2026 on Nov 3, 2026: $9.1B in AI and semiconductor stocks; $1.9B bought and $1.9B sold against its previous quarter, at the quarter's prices.

• added to Microsoft (MSFT): +$812.9M at the quarter's price
• trimmed AMD (AMD): -$266.9M at the quarter's price
• trimmed Applied Materials (AMAT): -$232.6M at the quarter's price
• added to Intel (INTC): +$222.8M at the quarter's price
• opened a position in Lumentum (LITE): +$174.5M at the quarter's price
• opened a position in Snowflake (SNOW): +$173.4M at the quarter's price
• sold out of CoreWeave (CRWV): -$161.0M at the quarter's price
• opened a position in SpaceX (SPCX): +$143.9M at the quarter's price
• trimmed Palantir (PLTR): -$134.8M at the quarter's price
• sold out of Coherent (COHR): -$117.7M at the quarter's price

AGF MANAGEMENT LTD declares $9.4B in 88 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 36.6% of its $25.8B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Alphabet (0.02% of the company). Over time: $9.4B in 88 of these companies for Q2 2026, against $1.7B in 63 for Q4 2022 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.1B and sold $1.1B of these stocks, at the quarter's prices: a net purchase of $971.1M; 20 new positions and 6 sold out.

Performance of its AI picks

The AI-stock portfolio AGF MANAGEMENT LTD declared for Q2 2026 (Form 13F), held unchanged, returned -3.8% in Q3 2026 (SMH -7.1%), ranked 1490 of 1,785 active managers. Over the last 12 months, quarter after quarter: +26.9% (SMH +87.2%), ranked 809 of 1,360 active managers. Over three years, quarter after quarter: +166.4% (SMH +325.8%), ranked 200 of 784 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $1.1B, 5.3M shares, 0.02% of the company, 4.1% of its portfolio (trimmed this quarter); held since Q4 2022
2. Alphabet (GOOGL): $1.0B, 2.9M shares, 0.02% of the company, 4.0% of its portfolio (added this quarter); held since Q4 2022
3. Amazon (AMZN): $729.4M, 3.1M shares, 0.03% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2022
4. Applied Materials (AMAT): $616.2M, 852,219 shares, 0.11% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q1 2024
5. AMD (AMD): $588.5M, 1.0M shares, 0.06% of the company, 2.3% of its portfolio (added this quarter); held since Q2 2025
6. Broadcom (AVGO): $520.4M, 1.4M shares, 0.03% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2022
7. Corning (GLW): $373.8M, 1.5M shares, 0.17% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2025
8. Quanta Services (PWR): $332.4M, 461,604 shares, 0.31% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2022
9. Eaton (ETN): $329.4M, 773,058 shares, 0.20% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2022
10. Caterpillar (CAT): $302.9M, 284,409 shares, 0.06% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q3 2024
11. TSMC (TSM): $298.1M, 624,253 shares, 0.01% of the company, 1.2% of its portfolio (added this quarter); held since Q2 2025
12. Lam Research (LRCX): $289.1M, 667,135 shares, 0.05% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2022
13. Marvell (MRVL): $275.3M, 924,243 shares, 0.11% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2025
14. GE Vernova (GEV): $274.0M, 233,192 shares, 0.09% of the company, 1.1% of its portfolio (added this quarter); held since Q2 2025
15. Micron (MU): $265.3M, 229,835 shares, 0.02% of the company, 1.0% of its portfolio (added this quarter); held since Q1 2026

By sector

• Chips & compute: $3.0B, 32% of its AI holdings, 12 companies
• Cloud & AI giants: $2.3B, 24% of its AI holdings, 5 companies
• Power, electrical & cooling: $1.5B, 16% of its AI holdings, 27 companies
• Equipment & test: $992.3M, 11% of its AI holdings, 7 companies
• Optics: $503.9M, 5% of its AI holdings, 4 companies
• Servers & systems: $382.1M, 4% of its AI holdings, 5 companies
• Memory & storage: $267.8M, 3% of its AI holdings, 2 companies
• Neoclouds & data centers: $227.6M, 2% of its AI holdings, 9 companies
• AI software: $197.2M, 2% of its AI holdings, 14 companies
• Interconnect: $82.4M, 1% of its AI holdings, 3 companies

Biggest changes this quarter

• added to AMD (AMD): +$321.9M at the quarter's price
• added to Lam Research (LRCX): +$286.2M at the quarter's price
• trimmed Coherent (COHR): -$276.2M at the quarter's price
• added to Marvell (MRVL): +$272.0M at the quarter's price
• opened a position in Dell (DELL): +$237.9M at the quarter's price
• trimmed Corning (GLW): -$226.2M at the quarter's price
• added to Eaton (ETN): +$191.0M at the quarter's price
• opened a position in CoreWeave (CRWV): +$161.0M at the quarter's price
• trimmed Meta Platforms (META): -$140.8M at the quarter's price
• trimmed Amphenol (APH): -$130.6M at the quarter's price

Other holders of this size

• MetLife Investment Management, LLC: $9.3B in 206 of these companies
• MACQUARIE GROUP LTD: $9.4B in 136 of these companies
• Altimeter Capital Management, LP: $9.2B in 17 of these companies
• ONTARIO TEACHERS PENSION PLAN BOARD: $9.5B in 9 of these companies
• ASSETMARK, INC: $9.1B in 191 of these companies
• Calamos Advisors LLC: $9.5B in 108 of these companies
• AMF Tjanstepension AB: $9.0B in 33 of these companies
• HRT FINANCIAL LP: $9.7B in 123 of these companies

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