BRANDES INVESTMENT PARTNERS, LP

BRANDES INVESTMENT PARTNERS, LP declares $613.5M in 10 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 4.3% of its $14.3B 13F portfolio. Largest positions: Alphabet (0.00% of the company) and Cognizant (0.57% of the company). Over time: $613.5M in 10 of these companies for Q2 2026, against $326.8M in 11 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.5M and sold $686.4M of these stocks, at the quarter's prices: a net sale of $684.9M.

Performance of its AI picks

The AI-stock portfolio BRANDES INVESTMENT PARTNERS, LP declared for Q2 2026 (Form 13F), held unchanged, returned +9.3% in Q3 2026 (SMH -7.1%), ranked 157 of 1,783 active managers. Over the last 12 months, quarter after quarter: +84.3% (SMH +87.2%), ranked 54 of 1,359 active managers. Over three years, quarter after quarter: +289.0% (SMH +325.8%), ranked 35 of 783 active managers. Over five years, quarter after quarter: +321.0% (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

Alphabet (GOOGL) — $189.7M: 534,203 shares, 0.00% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
Cognizant (CTSH) — $98.9M: 2.6M shares, 0.57% of the company, 0.69% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
EPAM (EPAM) — $93.1M: 1.2M shares, 2.3% of the company, 0.65% of its portfolio (trimmed this quarter); held since Q2 2025
TSMC (TSM) — $82.0M: 171,703 shares, 0.00% of the company, 0.57% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
Flex (FLEX) — $47.1M: 290,395 shares, 0.08% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
Qorvo (QRVO) — $44.2M: 473,474 shares, 0.54% of the company, 0.31% of its portfolio (added this quarter); held since Q1 2022
Entergy (ETR) — $40.4M: 352,005 shares, 0.08% of the company, 0.28% of its portfolio (trimmed this quarter); held since Q2 2024
IPG Photonics (IPGP) — $12.1M: 103,219 shares, 0.24% of the company, 0.08% of its portfolio (added this quarter); held since Q4 2023
Micron (MU) — $4.0M: 3,477 shares, 0.00% of the company, 0.03% of its portfolio (trimmed this quarter); held since Q3 2020
STMicroelectronics (STM) — $2.0M: 26,480 shares, 0.00% of the company, 0.01% of its portfolio (trimmed this quarter); held since Q4 2024

By sector

AI software — $192.0M, 31% of its AI holdings, 2 companies
Cloud & AI giants — $189.7M, 31% of its AI holdings, 1 company
Chips & compute — $128.2M, 21% of its AI holdings, 3 companies
Servers & systems — $47.1M, 8% of its AI holdings, 1 company
Power, electrical & cooling — $40.4M, 7% of its AI holdings, 1 company
Optics — $12.1M, 2% of its AI holdings, 1 company
Memory & storage — $4.0M, 1% of its AI holdings, 1 company

Biggest changes this quarter

trimmed Micron (MU): -$448.2M at the quarter's price
trimmed STMicroelectronics (STM): -$80.3M at the quarter's price
trimmed Flex (FLEX): -$75.6M at the quarter's price
trimmed Alphabet (GOOGL): -$40.2M at the quarter's price
trimmed Cognizant (CTSH): -$19.0M at the quarter's price
trimmed EPAM (EPAM): -$12.0M at the quarter's price
trimmed TSMC (TSM): -$8.9M at the quarter's price
trimmed Entergy (ETR): -$2.1M at the quarter's price
added to Qorvo (QRVO): +$801,575.00 at the quarter's price
added to IPG Photonics (IPGP): +$718,820.00 at the quarter's price

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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