Altshuler Shaham Ltd

Altshuler Shaham Ltd declares $4.2B in 104 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 51.8% of its $8.0B 13F portfolio. Largest positions: TSMC (0.03% of the company) and Alphabet (0.01% of the company). Over time: $4.2B in 104 of these companies for Q2 2026, against $685.9M in 54 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.6B and sold $502.3M of these stocks, at the quarter's prices: a net purchase of $1.1B; 17 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Altshuler Shaham Ltd declared for Q2 2026 (Form 13F), held unchanged, returned -0.8% in Q3 2026 (SMH -7.1%), ranked 1368 of 1,783 active managers. Over the last 12 months, quarter after quarter: +33.0% (SMH +87.2%), ranked 432 of 1,359 active managers. Over three years, quarter after quarter: +129.1% (SMH +325.8%), ranked 574 of 783 active managers. Over five years, quarter after quarter: +168.3% (SMH +389.8%). 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. TSMC (TSM) — $690.8M: 1.4M shares, 0.03% of the company, 8.6% of its portfolio (added this quarter); held since Q1 2024
2. Alphabet (GOOGL) — $474.9M: 1.3M shares, 0.01% of the company, 5.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL) — $397.2M: 1.4M shares, 0.01% of the company, 4.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. NVIDIA (NVDA) — $391.0M: 2.0M shares, 0.01% of the company, 4.9% of its portfolio (added this quarter); held since Q3 2023
5. Amazon (AMZN) — $388.9M: 1.6M shares, 0.02% of the company, 4.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Cisco (CSCO) — $228.0M: 1.9M shares, 0.05% of the company, 2.8% of its portfolio (added this quarter); held since Q1 2025
7. Arm Holdings (ARM) — $209.4M: 590,484 shares, 0.06% of the company, 2.6% of its portfolio (added this quarter); held since Q1 2025
8. Oracle (ORCL) — $171.1M: 1.2M shares, 0.04% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q1 2024
9. Analog Devices (ADI) — $155.1M: 390,458 shares, 0.08% of the company, 1.9% of its portfolio (added this quarter); held since Q1 2025
10. IBM (IBM) — $146.0M: 519,343 shares, 0.06% of the company, 1.8% of its portfolio (added this quarter); held since Q1 2025
11. Qualcomm (QCOM) — $139.8M: 756,753 shares, 0.07% of the company, 1.7% of its portfolio (added this quarter); held since Q1 2024
12. NextEra Energy (NEE) — $123.5M: 1.4M shares, 0.07% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2024
13. Arista Networks (ANET) — $113.3M: 667,041 shares, 0.05% of the company, 1.4% of its portfolio (added this quarter); held since Q1 2025
14. American Tower (AMT) — $99.8M: 610,000 shares, 0.13% of the company, 1.2% of its portfolio (new position this quarter)
15. Microsoft (MSFT) — $96.4M: 258,503 shares, 0.00% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Chips & compute — $1.7B, 41% of its AI holdings, 20 companies
• Cloud & AI giants — $1.4B, 33% of its AI holdings, 6 companies
• Interconnect — $342.9M, 8% of its AI holdings, 6 companies
• Power, electrical & cooling — $200.0M, 5% of its AI holdings, 27 companies
• AI software — $175.3M, 4% of its AI holdings, 19 companies
• Servers & systems — $146.9M, 4% of its AI holdings, 3 companies
• Neoclouds & data centers — $100.2M, 2% of its AI holdings, 6 companies
• Equipment & test — $82.0M, 2% of its AI holdings, 10 companies
• Optics — $61.2M, 1% of its AI holdings, 3 companies
• Memory & storage — $3.9M, 0% of its AI holdings, 4 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$263.5M at the quarter's price
• trimmed Palo Alto Networks (PANW): -$256.0M at the quarter's price
• added to Apple (AAPL): +$226.0M at the quarter's price
• added to Alphabet (GOOGL): +$218.9M at the quarter's price
• trimmed Broadcom (AVGO): -$160.5M at the quarter's price
• added to Arista Networks (ANET): +$113.3M at the quarter's price
• added to Amazon (AMZN): +$108.0M at the quarter's price
• opened a position in American Tower (AMT): +$99.8M at the quarter's price
• added to Cisco (CSCO): +$92.7M at the quarter's price
• added to Microsoft (MSFT): +$92.3M at the quarter's price

Other holders of this size

• Egerton Capital (UK) LLP — $4.1B in 7 of these companies
• Hood River Capital Management LLC — $4.2B in 25 of these companies
• GILDER GAGNON HOWE & CO LLC — $4.1B in 61 of these companies
• Davis Selected Advisers — $4.2B in 18 of these companies
• Sequoia Financial Advisors, LLC — $4.0B in 169 of these companies
• MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC — $4.2B in 163 of these companies
• Sanctuary Advisors, LLC — $4.0B in 163 of these companies
• Quadrature Capital Ltd — $4.2B in 104 of these companies

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