BANQUE PICTET & CIE SA

New 13F: Q3 2026

BANQUE PICTET & CIE SA filed its 13F for the quarter ended Sep 30, 2026 on Oct 16, 2026: $5.0B in AI and semiconductor stocks; $113.3M bought and $334.2M sold against its previous quarter, at the quarter's prices.

• trimmed Texas Instruments (TXN): -$187.5M at the quarter's price
• sold out of Palo Alto Networks (PANW): -$44.5M at the quarter's price
• opened a position in Amphenol (APH): +$29.7M at the quarter's price
• added to Meta Platforms (META): +$26.2M at the quarter's price
• added to Lam Research (LRCX): +$20.6M at the quarter's price
• trimmed Microsoft (MSFT): -$18.3M at the quarter's price
• trimmed Alphabet (GOOGL): -$16.2M at the quarter's price
• added to NVIDIA (NVDA): +$16.0M at the quarter's price
• trimmed Micron (MU): -$12.5M at the quarter's price
• trimmed TSMC (TSM): -$11.8M at the quarter's price

BANQUE PICTET & CIE SA declares $4.8B in 48 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 30.2% of its $16.0B 13F portfolio. Largest positions: Alphabet (0.02% of the company) and Amazon (0.04% of the company). Over time: $4.8B in 48 of these companies for Q2 2026, against $1.4B in 35 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $106.8M and sold $257.7M of these stocks, at the quarter's prices: a net sale of $150.9M; 3 new positions and 11 sold out.

Performance of its AI picks

The AI-stock portfolio BANQUE PICTET & CIE SA declared for Q2 2026 (Form 13F), held unchanged, returned +7.7% in Q3 2026 (SMH -7.1%), ranked 261 of 1,785 active managers. Over the last 12 months, quarter after quarter: +33.7% (SMH +87.2%), ranked 409 of 1,360 active managers. Over three years, quarter after quarter: +143.7% (SMH +325.8%), ranked 437 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. Alphabet (GOOGL): $1.1B, 3.0M shares, 0.02% of the company, 6.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Amazon (AMZN): $987.8M, 4.1M shares, 0.04% of the company, 6.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Microsoft (MSFT): $724.2M, 1.9M shares, 0.03% of the company, 4.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Texas Instruments (TXN): $451.1M, 1.5M shares, 0.17% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. NVIDIA (NVDA): $309.7M, 1.5M shares, 0.01% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Meta Platforms (META): $193.7M, 343,904 shares, 0.01% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. TSMC (TSM): $172.2M, 360,580 shares, 0.01% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Broadcom (AVGO): $160.2M, 424,016 shares, 0.01% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Apple (AAPL): $156.5M, 540,812 shares, 0.00% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. AMD (AMD): $152.1M, 261,773 shares, 0.02% of the company, 0.95% of its portfolio (added this quarter); held since Q2 2021
11. Micron (MU): $94.7M, 82,032 shares, 0.01% of the company, 0.59% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Eaton (ETN): $71.1M, 166,827 shares, 0.04% of the company, 0.45% of its portfolio (trimmed this quarter); held since Q4 2021
13. Salesforce (CRM): $53.6M, 341,904 shares, 0.04% of the company, 0.34% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Palo Alto Networks (PANW): $44.5M, 130,587 shares, 0.02% of the company, 0.28% of its portfolio (added this quarter); held since Q2 2020
15. Applied Materials (AMAT): $36.4M, 50,506 shares, 0.01% of the company, 0.23% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $3.1B, 65% of its AI holdings, 5 companies
• Chips & compute: $1.3B, 26% of its AI holdings, 7 companies
• AI software: $139.6M, 3% of its AI holdings, 14 companies
• Memory & storage: $94.7M, 2% of its AI holdings, 1 company
• Power, electrical & cooling: $89.7M, 2% of its AI holdings, 9 companies
• Equipment & test: $82.4M, 2% of its AI holdings, 5 companies
• Servers & systems: $25.2M, 1% of its AI holdings, 4 companies
• Optics: $7.7M, 0% of its AI holdings, 1 company
• Interconnect: $4.9M, 0% of its AI holdings, 1 company
• Neoclouds & data centers: $390,896.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Alphabet (GOOGL): -$140.2M at the quarter's price
• trimmed Micron (MU): -$61.4M at the quarter's price
• added to Palo Alto Networks (PANW): +$20.2M at the quarter's price
• added to Salesforce (CRM): +$13.4M at the quarter's price
• added to AMD (AMD): +$12.0M at the quarter's price
• added to Meta Platforms (META): +$11.8M at the quarter's price
• added to NVIDIA (NVDA): +$10.6M at the quarter's price
• added to Broadcom (AVGO): +$10.3M at the quarter's price
• added to Microsoft (MSFT): +$10.2M at the quarter's price
• trimmed Lam Research (LRCX): -$7.9M at the quarter's price

Other holders of this size

• MAI Capital Management: $4.8B in 136 of these companies
• HORIZON KINETICS ASSET MANAGEMENT LLC: $4.8B in 28 of these companies
• WT Asset Management Ltd: $4.8B in 16 of these companies
• Railway Pension Investments Ltd: $4.9B in 34 of these companies
• Blue Sparrow, LLC /DE: $4.8B in 30 of these companies
• Impax Asset Management Group plc: $4.9B in 53 of these companies
• LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA: $4.8B in 79 of these companies
• Rakuten Investment Management, Inc.: $4.9B in 77 of these companies

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