Cardano Risk Management B.V.

New 13F: Q3 2026

Cardano Risk Management B.V. filed its 13F for the quarter ended Sep 30, 2026 on Oct 20, 2026: $12.3B in AI and semiconductor stocks; $3.4B bought and $134.3M sold against its previous quarter, at the quarter's prices.

• added to NVIDIA (NVDA): +$547.7M at the quarter's price
• added to Apple (AAPL): +$502.9M at the quarter's price
• added to Alphabet (GOOGL): +$456.2M at the quarter's price
• added to Microsoft (MSFT): +$407.5M at the quarter's price
• added to Amazon (AMZN): +$256.9M at the quarter's price
• added to Broadcom (AVGO): +$177.1M at the quarter's price
• opened a position in Meta Platforms (META): +$169.7M at the quarter's price
• opened a position in Sandisk (SNDK): +$133.8M at the quarter's price
• added to Micron (MU): +$125.1M at the quarter's price
• opened a position in CrowdStrike (CRWD): +$112.5M at the quarter's price

Cardano Risk Management B.V. declares $8.6B in 22 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 66.1% of its $13.0B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Apple (0.03% of the company). Over time: $8.6B in 22 of these companies for Q2 2026, against $669.8M in 4 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.1B and sold $171.2M of these stocks, at the quarter's prices: a net purchase of $977.7M; 8 new positions.

Performance of its AI picks

The AI-stock portfolio Cardano Risk Management B.V. declared for Q2 2026 (Form 13F), held unchanged, returned +5.9% in Q3 2026 (SMH -7.1%), ranked 445 of 1,785 active managers. Over the last 12 months, quarter after quarter: +20.7% (SMH +87.2%), ranked 1150 of 1,360 active managers. Over three years, quarter after quarter: +144.9% (SMH +325.8%). Over five years, quarter after quarter: +159.0% (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

1. NVIDIA (NVDA): $1.5B, 7.7M shares, 0.03% of the company, 11.9% of its portfolio (trimmed this quarter); held since Q4 2023
2. Apple (AAPL): $1.3B, 4.3M shares, 0.03% of the company, 9.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.2B, 3.3M shares, 0.03% of the company, 9.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $906.8M, 2.4M shares, 0.03% of the company, 7.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $693.5M, 2.9M shares, 0.03% of the company, 5.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $494.9M, 1.3M shares, 0.03% of the company, 3.8% of its portfolio (trimmed this quarter); held since Q2 2024
7. Micron (MU): $385.6M, 334,063 shares, 0.03% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q1 2026
8. AMD (AMD): $294.0M, 506,119 shares, 0.03% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2025
9. Applied Materials (AMAT): $262.0M, 362,421 shares, 0.05% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q1 2026
10. Lam Research (LRCX): $232.2M, 535,748 shares, 0.04% of the company, 1.8% of its portfolio (new position this quarter)
11. Intel (INTC): $187.3M, 1.3M shares, 0.03% of the company, 1.4% of its portfolio (new position this quarter)
12. KLA (KLAC): $176.2M, 583,842 shares, 0.04% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q1 2026
13. Cisco (CSCO): $154.1M, 1.3M shares, 0.03% of the company, 1.2% of its portfolio (new position this quarter)
14. Western Digital (WDC): $120.0M, 187,935 shares, 0.05% of the company, 0.92% of its portfolio (new position this quarter)
15. Palo Alto Networks (PANW): $119.8M, 351,256 shares, 0.04% of the company, 0.92% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants: $4.0B, 47% of its AI holdings, 4 companies
• Chips & compute: $2.6B, 31% of its AI holdings, 5 companies
• Equipment & test: $670.3M, 8% of its AI holdings, 3 companies
• Memory & storage: $505.6M, 6% of its AI holdings, 2 companies
• AI software: $391.0M, 5% of its AI holdings, 5 companies
• Interconnect: $256.5M, 3% of its AI holdings, 2 companies
• Power, electrical & cooling: $105.2M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Lam Research (LRCX): +$232.2M at the quarter's price
• opened a position in Intel (INTC): +$187.3M at the quarter's price
• opened a position in Cisco (CSCO): +$154.1M at the quarter's price
• opened a position in Western Digital (WDC): +$120.0M at the quarter's price
• opened a position in Palo Alto Networks (PANW): +$119.8M at the quarter's price
• opened a position in GE Vernova (GEV): +$105.2M at the quarter's price
• opened a position in Amphenol (APH): +$102.4M at the quarter's price
• opened a position in Texas Instruments (TXN): +$100.7M at the quarter's price
• trimmed NVIDIA (NVDA): -$71.9M at the quarter's price
• trimmed KLA (KLAC): -$37.2M at the quarter's price

Other holders of this size

• NISA INVESTMENT ADVISORS, LLC: $8.6B in 208 of these companies
• M&T Bank Corp: $8.6B in 171 of these companies
• Pacer Advisors, Inc.: $8.5B in 163 of these companies
• LSV ASSET MANAGEMENT: $8.6B in 50 of these companies
• TD Waterhouse Canada Inc.: $8.4B in 173 of these companies
• KEYBANK NATIONAL ASSOCIATION/OH: $8.7B in 146 of these companies
• COMMERCE BANK: $8.4B in 122 of these companies
• XPONANCE LLC: $8.9B in 194 of these companies

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