American Capital Management, Inc.

American Capital Management, Inc. declares $424.5M in 9 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 19.0% of its $2.2B 13F portfolio. Largest positions: Palo Alto Networks (0.07% of the company) and Fortinet (0.10% of the company). Over time: $424.5M in 9 of these companies for Q2 2026, against $133.7M in 5 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $12.5M and sold $36.0M of these stocks, at the quarter's prices: a net sale of $23.6M.

Performance of its AI picks

The AI-stock portfolio American Capital Management, Inc. declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%), ranked 812 of 1,783 active managers. Over the last 12 months, quarter after quarter: +74.2% (SMH +87.2%). Over three years, quarter after quarter: +162.6% (SMH +325.8%). Over five years, quarter after quarter: +148.3% (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. Palo Alto Networks (PANW) — $195.4M: 572,934 shares, 0.07% of the company, 8.8% of its portfolio (trimmed this quarter); held since Q1 2026
2. Fortinet (FTNT) — $112.1M: 729,885 shares, 0.10% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. AAON (AAON) — $47.6M: 375,178 shares, 0.46% of the company, 2.1% of its portfolio (added this quarter); held since Q3 2025
4. Cerence (CRNC) — $27.3M: 2.4M shares, 5.3% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2021
5. IPG Photonics (IPGP) — $23.2M: 197,882 shares, 0.47% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q3 2025
6. Synopsys (SNPS) — $8.6M: 19,196 shares, 0.01% of the company, 0.38% of its portfolio (trimmed this quarter); held since Q3 2025
7. Monolithic Power (MPWR) — $8.2M: 5,897 shares, 0.01% of the company, 0.37% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. MACOM (MTSI) — $1.4M: 3,626 shares, 0.00% of the company, 0.06% of its portfolio (trimmed this quarter); held since Q1 2026
9. Apple (AAPL) — $810,208.00: 2,800 shares, 0.00% of the company, 0.04% of its portfolio; held since Q1 2023

By sector

• AI software — $343.3M, 81% of its AI holdings, 4 companies
• Power, electrical & cooling — $47.6M, 11% of its AI holdings, 1 company
• Optics — $23.2M, 5% of its AI holdings, 1 company
• Chips & compute — $8.2M, 2% of its AI holdings, 1 company
• Interconnect — $1.4M, 0% of its AI holdings, 1 company
• Cloud & AI giants — $810,208.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Palo Alto Networks (PANW): -$17.4M at the quarter's price
• trimmed Fortinet (FTNT): -$15.2M at the quarter's price
• added to AAON (AAON): +$12.5M at the quarter's price
• trimmed IPG Photonics (IPGP): -$1.3M at the quarter's price
• trimmed Cerence (CRNC): -$1.3M at the quarter's price
• trimmed Monolithic Power (MPWR): -$584,738.00 at the quarter's price
• trimmed MACOM (MTSI): -$115,252.00 at the quarter's price
• trimmed Synopsys (SNPS): -$114,640.00 at the quarter's price

Schedule 13D/G declarations

• Cerence (CRNC) — 13G filed May 15, 2026: 1.4M shares as of Mar 31, 2026, 5.6% as declared
• Cerence (CRNC) — 13G filed May 15, 2025: 3.0M shares as of Mar 31, 2025, 6.9% as declared
• Cerence (CRNC) — 13G filed Feb 14, 2025: 3.5M shares as of Dec 31, 2024, 8.1% as declared

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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