&PARTNERS

&PARTNERS declares $5.9B in 160 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 24.4% of its $24.4B 13F portfolio. Largest positions: Apple (0.02% of the company) and NVIDIA (0.01% of the company). Over time: $5.9B in 160 of these companies for Q2 2026, against $11.4M in 16 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $496.6M and sold $52.6M of these stocks, at the quarter's prices: a net purchase of $444.1M; 14 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio &PARTNERS declared for Q2 2026 (Form 13F), held unchanged, returned +5.6% in Q3 2026 (SMH -7.1%), ranked 500 of 1,785 active managers. Over the last 12 months, quarter after quarter: +27.0% (SMH +87.2%), ranked 790 of 1,360 active managers. Over three years, quarter after quarter: +132.6% (SMH +325.8%). Over five years, quarter after quarter: +151.8% (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. Apple (AAPL): $858.4M, 3.0M shares, 0.02% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $598.4M, 3.0M shares, 0.01% of the company, 2.5% of its portfolio (added this quarter); held since Q2 2023
3. Microsoft (MSFT): $566.3M, 1.5M shares, 0.02% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Alphabet (GOOGL): $493.6M, 1.4M shares, 0.01% of the company, 2.0% of its portfolio (added this quarter); held since Q2 2020
5. Broadcom (AVGO): $361.2M, 956,184 shares, 0.02% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2023
6. Amazon (AMZN): $322.1M, 1.4M shares, 0.01% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $248.6M, 214,598 shares, 0.02% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $170.6M, 303,172 shares, 0.01% of the company, 0.70% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Cisco (CSCO): $139.2M, 1.2M shares, 0.03% of the company, 0.57% of its portfolio (added this quarter); held since Q1 2021
10. Applied Materials (AMAT): $130.8M, 181,284 shares, 0.02% of the company, 0.54% of its portfolio (added this quarter); held since Q4 2020
11. Caterpillar (CAT): $117.6M, 110,167 shares, 0.02% of the company, 0.48% of its portfolio (added this quarter); held since Q1 2021
12. Analog Devices (ADI): $86.8M, 218,626 shares, 0.05% of the company, 0.36% of its portfolio (added this quarter); held since Q1 2024
13. NextEra Energy (NEE): $80.2M, 913,761 shares, 0.04% of the company, 0.33% of its portfolio (added this quarter); held since Q1 2021
14. IBM (IBM): $78.1M, 269,706 shares, 0.03% of the company, 0.32% of its portfolio (added this quarter); held since Q3 2020
15. Eaton (ETN): $78.1M, 183,176 shares, 0.05% of the company, 0.32% of its portfolio (added this quarter); held since Q4 2023

By sector

• Cloud & AI giants: $2.4B, 41% of its AI holdings, 6 companies
• Chips & compute: $1.4B, 23% of its AI holdings, 26 companies
• Power, electrical & cooling: $638.2M, 11% of its AI holdings, 41 companies
• AI software: $405.3M, 7% of its AI holdings, 22 companies
• Equipment & test: $321.7M, 5% of its AI holdings, 16 companies
• Memory & storage: $280.8M, 5% of its AI holdings, 6 companies
• Interconnect: $223.8M, 4% of its AI holdings, 9 companies
• Servers & systems: $132.8M, 2% of its AI holdings, 9 companies
• Neoclouds & data centers: $88.7M, 1% of its AI holdings, 16 companies
• Optics: $50.9M, 1% of its AI holdings, 9 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$69.1M at the quarter's price
• added to Apple (AAPL): +$55.8M at the quarter's price
• added to Microsoft (MSFT): +$41.0M at the quarter's price
• added to Alphabet (GOOGL): +$32.6M at the quarter's price
• added to Broadcom (AVGO): +$27.4M at the quarter's price
• added to Micron (MU): +$24.7M at the quarter's price
• added to Amazon (AMZN): +$22.4M at the quarter's price
• trimmed Palo Alto Networks (PANW): -$20.9M at the quarter's price
• added to Arista Networks (ANET): +$18.8M at the quarter's price
• added to Salesforce (CRM): +$16.4M at the quarter's price

Other holders of this size

• B. Metzler seel. Sohn & Co. AG: $5.9B in 108 of these companies
• PINEBRIDGE INVESTMENTS LLC: $6.0B in 113 of these companies
• Blackstone Inc.: $5.9B in 78 of these companies
• Clal Insurance Enterprises Holdings Ltd: $6.1B in 51 of these companies
• TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY: $5.9B in 166 of these companies
• Empowered Funds, LLC: $6.1B in 164 of these companies
• ABN AMRO INVESTMENT SOLUTIONS: $5.8B in 108 of these companies
• CONGRESS ASSET MANAGEMENT CO: $6.1B in 76 of these companies

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