CAPITAL FUND MANAGEMENT S.A.

CAPITAL FUND MANAGEMENT S.A. declares $3.1B in 101 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 13.6% of its $22.7B 13F portfolio. Largest positions: Amazon (0.01% of the company) and AMD (0.03% of the company). Over time: $3.1B in 101 of these companies for Q2 2026, against $750.7M in 69 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.1B and sold $2.3B of these stocks, at the quarter's prices: a net sale of $1.2B; 36 new positions and 21 sold out.

Performance of its AI picks

The AI-stock portfolio CAPITAL FUND MANAGEMENT S.A. declared for Q2 2026 (Form 13F), held unchanged, returned +2.4% in Q3 2026 (SMH -7.1%), ranked 1105 of 1,783 active managers. Over the last 12 months, quarter after quarter: +73.2% (SMH +87.2%), ranked 75 of 1,359 active managers. Over three years, quarter after quarter: +271.4% (SMH +325.8%), ranked 42 of 783 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. Amazon (AMZN) — $258.6M: 1.1M shares, 0.01% of the company, 1.1% of its portfolio (added this quarter); held since Q3 2025
2. AMD (AMD) — $242.4M: 417,277 shares, 0.03% of the company, 1.1% of its portfolio (added this quarter); held since Q1 2025
3. Microsoft (MSFT) — $240.6M: 645,043 shares, 0.01% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q1 2026
4. TSMC (TSM) — $138.5M: 290,034 shares, 0.01% of the company, 0.61% of its portfolio (trimmed this quarter); held since Q4 2023
5. Salesforce (CRM) — $135.4M: 864,602 shares, 0.11% of the company, 0.60% of its portfolio (added this quarter); held since Q4 2024
6. Caterpillar (CAT) — $110.9M: 104,146 shares, 0.02% of the company, 0.49% of its portfolio (added this quarter); held since Q1 2025
7. Intel (INTC) — $98.5M: 705,653 shares, 0.01% of the company, 0.43% of its portfolio (added this quarter); held since Q3 2025
8. ASML (ASML) — $98.3M: 49,410 shares, 0.01% of the company, 0.43% of its portfolio (trimmed this quarter); held since Q4 2025
9. Super Micro Computer (SMCI) — $84.5M: 2.9M shares, 0.44% of the company, 0.37% of its portfolio (added this quarter); held since Q2 2025
10. Meta Platforms (META) — $77.9M: 138,340 shares, 0.01% of the company, 0.34% of its portfolio (added this quarter); held since Q4 2025
11. Western Digital (WDC) — $76.5M: 119,831 shares, 0.03% of the company, 0.34% of its portfolio (added this quarter); held since Q3 2025
12. NXP Semiconductors (NXPI) — $61.1M: 217,329 shares, 0.09% of the company, 0.27% of its portfolio (added this quarter); held since Q1 2026
13. Cognizant (CTSH) — $58.4M: 1.5M shares, 0.33% of the company, 0.26% of its portfolio (added this quarter); held since Q2 2025
14. TE Connectivity (TEL) — $57.5M: 285,142 shares, 0.10% of the company, 0.25% of its portfolio (trimmed this quarter); held since Q4 2025
15. Seagate (STX) — $56.6M: 58,699 shares, 0.03% of the company, 0.25% of its portfolio (new position this quarter)

By sector

• Chips & compute — $779.8M, 25% of its AI holdings, 17 companies
• Cloud & AI giants — $595.5M, 19% of its AI holdings, 5 companies
• AI software — $395.9M, 13% of its AI holdings, 14 companies
• Power, electrical & cooling — $355.5M, 12% of its AI holdings, 20 companies
• Equipment & test — $323.3M, 10% of its AI holdings, 14 companies
• Memory & storage — $218.5M, 7% of its AI holdings, 4 companies
• Servers & systems — $167.6M, 5% of its AI holdings, 5 companies
• Interconnect — $134.9M, 4% of its AI holdings, 5 companies
• Optics — $69.1M, 2% of its AI holdings, 7 companies
• Neoclouds & data centers — $48.4M, 2% of its AI holdings, 10 companies

Biggest changes this quarter

• trimmed Micron (MU): -$441.3M at the quarter's price
• trimmed Sandisk (SNDK): -$391.9M at the quarter's price
• trimmed Apple (AAPL): -$303.7M at the quarter's price
• trimmed Lam Research (LRCX): -$126.5M at the quarter's price
• trimmed TSMC (TSM): -$114.4M at the quarter's price
• added to Salesforce (CRM): +$105.7M at the quarter's price
• trimmed Bloom Energy (BE): -$99.9M at the quarter's price
• sold out of Palantir (PLTR): -$95.7M at the quarter's price
• added to Intel (INTC): +$89.2M at the quarter's price
• added to AMD (AMD): +$80.9M at the quarter's price

Other holders of this size

• MILFORD FUNDS LTD — $3.1B in 29 of these companies
• D.A. DAVIDSON & CO. — $3.1B in 125 of these companies
• MEITAV INVESTMENT HOUSE LTD — $3.1B in 52 of these companies
• Trivest Advisors Ltd — $3.1B in 12 of these companies
• Boston Trust Walden Corp — $3.1B in 56 of these companies
• Private Advisor Group, LLC — $3.2B in 158 of these companies
• UNITED CAPITAL FINANCIAL ADVISORS, LLC — $3.2B in 135 of these companies
• VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. — $3.2B in 35 of these companies

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