BI Asset Management Fondsmaeglerselskab A/S

New 13F: Q3 2026

BI Asset Management Fondsmaeglerselskab A/S filed its 13F for the quarter ended Sep 30, 2026 on Oct 22, 2026: $6.9B in AI and semiconductor stocks; $606.1M bought and $394.1M sold against its previous quarter, at the quarter's prices.

• trimmed Apple (AAPL): -$102.5M at the quarter's price
• trimmed Applied Materials (AMAT): -$73.1M at the quarter's price
• added to Amazon (AMZN): +$67.0M at the quarter's price
• added to Microsoft (MSFT): +$51.9M at the quarter's price
• trimmed Broadcom (AVGO): -$51.4M at the quarter's price
• added to Alphabet (GOOGL): +$51.1M at the quarter's price
• added to Sandisk (SNDK): +$48.8M at the quarter's price
• added to Intel (INTC): +$48.0M at the quarter's price
• added to AMD (AMD): +$45.4M at the quarter's price
• added to Palo Alto Networks (PANW): +$36.9M at the quarter's price

BI Asset Management Fondsmaeglerselskab A/S declares $6.4B in 108 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 50.6% of its $12.6B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Apple (0.02% of the company). Over time: $6.4B in 108 of these companies for Q2 2026, against $300.9M in 39 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.0B and sold $362.3M of these stocks, at the quarter's prices: a net purchase of $640.2M; 17 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio BI Asset Management Fondsmaeglerselskab A/S declared for Q2 2026 (Form 13F), held unchanged, returned +4.2% in Q3 2026 (SMH -7.1%), ranked 799 of 1,785 active managers. Over the last 12 months, quarter after quarter: +28.6% (SMH +87.2%), ranked 682 of 1,360 active managers. Over three years, quarter after quarter: +144.3% (SMH +325.8%), ranked 427 of 784 active managers. Over five years, quarter after quarter: +159.6% (SMH +389.8%), ranked 261 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. NVIDIA (NVDA): $986.9M, 5.0M shares, 0.02% of the company, 7.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $768.0M, 2.7M shares, 0.02% of the company, 6.1% of its portfolio (added this quarter); held since Q4 2024
3. Alphabet (GOOGL): $748.4M, 2.1M shares, 0.02% of the company, 5.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $547.0M, 1.5M shares, 0.02% of the company, 4.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Broadcom (AVGO): $387.4M, 1.0M shares, 0.02% of the company, 3.1% of its portfolio (added this quarter); held since Q1 2022
6. Amazon (AMZN): $310.5M, 1.3M shares, 0.01% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2024
7. Micron (MU): $307.9M, 266,778 shares, 0.02% of the company, 2.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Applied Materials (AMAT): $302.6M, 418,601 shares, 0.05% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2024
9. Meta Platforms (META): $252.8M, 450,038 shares, 0.02% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. KLA (KLAC): $135.1M, 447,760 shares, 0.03% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q1 2022
11. AMD (AMD): $99.8M, 171,724 shares, 0.01% of the company, 0.79% of its portfolio (added this quarter); held since Q4 2024
12. Caterpillar (CAT): $92.7M, 87,055 shares, 0.02% of the company, 0.74% of its portfolio (trimmed this quarter); held since Q2 2020
13. Cisco (CSCO): $89.0M, 767,827 shares, 0.02% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Arista Networks (ANET): $88.9M, 523,342 shares, 0.04% of the company, 0.71% of its portfolio (added this quarter); held since Q4 2024
15. EMCOR (EME): $74.0M, 89,142 shares, 0.20% of the company, 0.59% of its portfolio (trimmed this quarter); held since Q2 2024

By sector

• Cloud & AI giants: $2.6B, 41% of its AI holdings, 6 companies
• Chips & compute: $1.7B, 26% of its AI holdings, 13 companies
• Power, electrical & cooling: $517.1M, 8% of its AI holdings, 29 companies
• Equipment & test: $451.3M, 7% of its AI holdings, 8 companies
• Memory & storage: $410.3M, 6% of its AI holdings, 4 companies
• AI software: $268.3M, 4% of its AI holdings, 18 companies
• Interconnect: $241.1M, 4% of its AI holdings, 5 companies
• Servers & systems: $91.1M, 1% of its AI holdings, 7 companies
• Optics: $46.6M, 1% of its AI holdings, 5 companies
• Neoclouds & data centers: $35.7M, 1% of its AI holdings, 13 companies

Biggest changes this quarter

• added to Apple (AAPL): +$167.1M at the quarter's price
• trimmed KLA (KLAC): -$144.6M at the quarter's price
• added to Microsoft (MSFT): +$121.2M at the quarter's price
• added to Amazon (AMZN): +$87.5M at the quarter's price
• added to Micron (MU): +$82.8M at the quarter's price
• trimmed Cisco (CSCO): -$71.7M at the quarter's price
• added to Broadcom (AVGO): +$62.0M at the quarter's price
• added to Meta Platforms (META): +$53.3M at the quarter's price
• added to AMD (AMD): +$49.9M at the quarter's price
• added to Alphabet (GOOGL): +$44.6M at the quarter's price

Other holders of this size

• M&G PLC: $6.3B in 66 of these companies
• JUPITER ASSET MANAGEMENT LTD: $6.4B in 60 of these companies
• OMERS ADMINISTRATION Corp: $6.3B in 119 of these companies
• BANCO BILBAO VIZCAYA ARGENTARIA, S.A.: $6.4B in 117 of these companies
• Bahl & Gaynor LLC: $6.3B in 56 of these companies
• PensionDanmark Pensionsforsikringsaktieselskab: $6.4B in 95 of these companies
• GLENMEDE TRUST CO NA: $6.3B in 146 of these companies
• GF FUND MANAGEMENT CO. LTD.: $6.4B in 71 of these companies

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