CI INVESTMENTS INC.

New 13F: Q3 2026

CI INVESTMENTS INC. filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $12.6B in AI and semiconductor stocks; $813.7M bought and $1.1B sold against its previous quarter, at the quarter's prices.

• trimmed NVIDIA (NVDA): -$145.0M at the quarter's price
• trimmed Broadcom (AVGO): -$98.7M at the quarter's price
• trimmed Microsoft (MSFT): -$95.9M at the quarter's price
• trimmed Applied Materials (AMAT): -$91.1M at the quarter's price
• added to Intel (INTC): +$88.7M at the quarter's price
• sold out of Flex (FLEX): -$75.2M at the quarter's price
• added to Lam Research (LRCX): +$70.3M at the quarter's price
• sold out of Modine (MOD): -$65.4M at the quarter's price
• added to Texas Instruments (TXN): +$64.2M at the quarter's price
• trimmed AMD (AMD): -$62.6M at the quarter's price

CI INVESTMENTS INC. declares $12.4B in 122 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 39.9% of its $31.2B 13F portfolio. Largest positions: NVIDIA (0.04% of the company) and Alphabet (0.03% of the company). Over time: $12.4B in 122 of these companies for Q2 2026, against $3.4B in 68 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.2B and sold $827.0M of these stocks, at the quarter's prices: a net purchase of $1.4B; 28 new positions and 4 sold out.

Performance of its AI picks

The AI-stock portfolio CI INVESTMENTS INC. declared for Q2 2026 (Form 13F), held unchanged, returned +3.5% in Q3 2026 (SMH -7.1%), ranked 926 of 1,785 active managers. Over the last 12 months, quarter after quarter: +26.8% (SMH +87.2%), ranked 815 of 1,360 active managers. Over three years, quarter after quarter: +155.5% (SMH +325.8%), ranked 287 of 784 active managers. Over five years, quarter after quarter: +154.8% (SMH +389.8%), ranked 292 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): $1.7B, 8.5M shares, 0.04% of the company, 5.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $1.4B, 3.9M shares, 0.03% of the company, 4.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Amazon (AMZN): $1.1B, 4.6M shares, 0.04% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $953.9M, 2.6M shares, 0.03% of the company, 3.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Broadcom (AVGO): $642.1M, 1.7M shares, 0.04% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Apple (AAPL): $629.1M, 2.2M shares, 0.01% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. AMD (AMD): $618.8M, 1.1M shares, 0.06% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $530.1M, 941,092 shares, 0.04% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. TSMC (TSM): $406.6M, 851,361 shares, 0.02% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Micron (MU): $369.4M, 319,985 shares, 0.03% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $282.2M, 390,360 shares, 0.05% of the company, 0.91% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX): $271.7M, 626,954 shares, 0.05% of the company, 0.87% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Texas Instruments (TXN): $223.0M, 748,146 shares, 0.08% of the company, 0.72% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. GE Vernova (GEV): $211.0M, 179,612 shares, 0.07% of the company, 0.68% of its portfolio (trimmed this quarter); held since Q2 2024
15. Equinix (EQIX): $152.7M, 146,527 shares, 0.15% of the company, 0.49% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $4.6B, 37% of its AI holdings, 6 companies
• Chips & compute: $4.0B, 32% of its AI holdings, 17 companies
• Power, electrical & cooling: $1.0B, 8% of its AI holdings, 32 companies
• Equipment & test: $797.7M, 6% of its AI holdings, 11 companies
• AI software: $605.7M, 5% of its AI holdings, 19 companies
• Memory & storage: $551.6M, 4% of its AI holdings, 5 companies
• Neoclouds & data centers: $367.7M, 3% of its AI holdings, 13 companies
• Optics: $185.8M, 1% of its AI holdings, 4 companies
• Servers & systems: $183.1M, 1% of its AI holdings, 8 companies
• Interconnect: $168.3M, 1% of its AI holdings, 7 companies

Biggest changes this quarter

• added to Applied Materials (AMAT): +$205.9M at the quarter's price
• added to NVIDIA (NVDA): +$199.7M at the quarter's price
• added to Microsoft (MSFT): +$148.4M at the quarter's price
• added to Alphabet (GOOGL): +$146.2M at the quarter's price
• added to AMD (AMD): +$103.9M at the quarter's price
• added to Lam Research (LRCX): +$103.8M at the quarter's price
• added to Texas Instruments (TXN): +$103.2M at the quarter's price
• trimmed Snowflake (SNOW): -$96.3M at the quarter's price
• trimmed Eaton (ETN): -$85.7M at the quarter's price
• added to Quanta Services (PWR): +$83.7M at the quarter's price

Other holders of this size

• WORLDQUANT MILLENNIUM ADVISORS LLC: $12.4B in 111 of these companies
• Balyasny: $12.7B in 171 of these companies
• STRS OHIO: $12.4B in 182 of these companies
• SEB Asset Management AB: $12.7B in 104 of these companies
• Employees Provident Fund Board: $12.3B in 28 of these companies
• SOFTBANK GROUP CORP.: $12.7B in 3 of these companies
• Holocene Advisors, LP: $12.3B in 99 of these companies
• State of Tennessee, Department of Treasury: $12.7B in 159 of these companies

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