BANK OF MONTREAL /CAN/

New 13F: Q3 2026

BANK OF MONTREAL /CAN/ filed its 13F for the quarter ended Sep 30, 2026 on Nov 9, 2026: $84.0B in AI and semiconductor stocks; $5.5B bought and $3.8B sold against its previous quarter, at the quarter's prices.

• added to Meta Platforms (META): +$1.6B at the quarter's price
• added to Alphabet (GOOGL): +$894.5M at the quarter's price
• added to NVIDIA (NVDA): +$863.9M at the quarter's price
• trimmed Western Digital (WDC): -$462.7M at the quarter's price
• added to Oracle (ORCL): +$344.4M at the quarter's price
• trimmed AMD (AMD): -$292.4M at the quarter's price
• added to Snowflake (SNOW): +$261.4M at the quarter's price
• trimmed Palantir (PLTR): -$258.2M at the quarter's price
• trimmed Micron (MU): -$232.9M at the quarter's price
• added to Intel (INTC): +$229.8M at the quarter's price

BANK OF MONTREAL /CAN/ declares $78.3B in 199 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 25.8% of its $303.7B 13F portfolio. Largest positions: Alphabet (0.24% of the company) and NVIDIA (0.21% of the company). Over time: $78.3B in 199 of these companies for Q2 2026, against $19.4B in 160 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $4.3B and sold $3.8B of these stocks, at the quarter's prices: a net purchase of $582.5M; 13 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio BANK OF MONTREAL /CAN/ declared for Q2 2026 (Form 13F), held unchanged, returned +5.3% in Q3 2026 (SMH -7.1%), ranked 543 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.3% (SMH +87.2%), ranked 558 of 1,360 active managers. Over three years, quarter after quarter: +181.7% (SMH +325.8%), ranked 139 of 784 active managers. Over five years, quarter after quarter: +191.0% (SMH +389.8%), ranked 106 of 535 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. Alphabet (GOOGL): $10.6B, 29.8M shares, 0.24% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $10.1B, 50.4M shares, 0.21% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $7.7B, 26.7M shares, 0.18% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Amazon (AMZN): $5.6B, 23.4M shares, 0.22% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Microsoft (MSFT): $5.5B, 14.6M shares, 0.20% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $4.4B, 11.7M shares, 0.25% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Meta Platforms (META): $3.1B, 5.5M shares, 0.21% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. AMD (AMD): $2.9B, 5.0M shares, 0.30% of the company, 0.95% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Micron (MU): $2.5B, 2.2M shares, 0.19% of the company, 0.83% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. CrowdStrike (CRWD): $1.1B, 5.8M shares, 0.57% of the company, 0.36% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Palantir (PLTR): $1.1B, 9.5M shares, 0.39% of the company, 0.36% of its portfolio (added this quarter); held since Q4 2020
12. Intel (INTC): $1.1B, 7.7M shares, 0.15% of the company, 0.36% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Lam Research (LRCX): $1.1B, 2.4M shares, 0.20% of the company, 0.35% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Western Digital (WDC): $1.0B, 1.6M shares, 0.44% of the company, 0.34% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Palo Alto Networks (PANW): $1.0B, 3.0M shares, 0.36% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $32.5B, 42% of its AI holdings, 6 companies
• Chips & compute: $20.8B, 27% of its AI holdings, 32 companies
• AI software: $6.1B, 8% of its AI holdings, 28 companies
• Power, electrical & cooling: $6.0B, 8% of its AI holdings, 46 companies
• Memory & storage: $4.7B, 6% of its AI holdings, 7 companies
• Equipment & test: $3.0B, 4% of its AI holdings, 24 companies
• Interconnect: $1.6B, 2% of its AI holdings, 11 companies
• Servers & systems: $1.3B, 2% of its AI holdings, 12 companies
• Optics: $1.2B, 2% of its AI holdings, 10 companies
• Neoclouds & data centers: $1.0B, 1% of its AI holdings, 23 companies

Biggest changes this quarter

• trimmed NVIDIA (NVDA): -$1.1B at the quarter's price
• trimmed Micron (MU): -$847.9M at the quarter's price
• added to Broadcom (AVGO): +$701.6M at the quarter's price
• added to Lumentum (LITE): +$390.4M at the quarter's price
• trimmed Seagate (STX): -$337.4M at the quarter's price
• trimmed Amazon (AMZN): -$305.7M at the quarter's price
• trimmed Meta Platforms (META): -$239.4M at the quarter's price
• added to Xcel Energy (XEL): +$217.4M at the quarter's price
• added to Marvell (MRVL): +$199.4M at the quarter's price
• added to Sandisk (SNDK): +$198.8M at the quarter's price

Other holders of this size

• CANADA PENSION PLAN INVESTMENT BOARD: $78.1B in 160 of these companies
• PRIMECAP MANAGEMENT CO/CA/: $80.3B in 61 of these companies
• National Pension Service: $77.8B in 102 of these companies
• American Century Companies, Inc.: $81.1B in 197 of these companies
• AQR: $76.7B in 211 of these companies
• RAYMOND JAMES FINANCIAL INC: $85.4B in 215 of these companies
• BNP PARIBAS FINANCIAL MARKETS: $75.4B in 222 of these companies
• Valor Management LLC: $86.0B in 1 of these companies

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