Connor, Clark & Lunn Investment Management Ltd.

New 13F: Q3 2026

Connor, Clark & Lunn Investment Management Ltd. filed its 13F for the quarter ended Sep 30, 2026 on Nov 10, 2026: $14.3B in AI and semiconductor stocks; $2.6B bought and $1.5B sold against its previous quarter, at the quarter's prices.

• added to NVIDIA (NVDA): +$409.3M at the quarter's price
• trimmed TSMC (TSM): -$202.8M at the quarter's price
• added to Broadcom (AVGO): +$169.2M at the quarter's price
• trimmed Texas Instruments (TXN): -$162.7M at the quarter's price
• added to Palo Alto Networks (PANW): +$160.5M at the quarter's price
• added to Cisco (CSCO): +$159.9M at the quarter's price
• trimmed Amazon (AMZN): -$144.9M at the quarter's price
• added to Apple (AAPL): +$141.5M at the quarter's price
• trimmed ASML (ASML): -$138.2M at the quarter's price
• added to Microsoft (MSFT): +$128.1M at the quarter's price

Connor, Clark & Lunn Investment Management Ltd. declares $13.4B in 138 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 25.3% of its $52.8B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Apple (0.03% of the company). Over time: $13.4B in 138 of these companies for Q2 2026, against $1.3B in 64 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $3.1B and sold $1.2B of these stocks, at the quarter's prices: a net purchase of $1.9B; 19 new positions and 8 sold out.

Performance of its AI picks

The AI-stock portfolio Connor, Clark & Lunn Investment Management Ltd. declared for Q2 2026 (Form 13F), held unchanged, returned -0.7% in Q3 2026 (SMH -7.1%), ranked 1363 of 1,785 active managers. Over the last 12 months, quarter after quarter: +47.7% (SMH +87.2%), ranked 182 of 1,360 active managers. Over three years, quarter after quarter: +243.6% (SMH +325.8%), ranked 51 of 784 active managers. Over five years, quarter after quarter: +265.1% (SMH +389.8%), ranked 35 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): $1.2B, 5.9M shares, 0.02% of the company, 2.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $1.1B, 3.7M shares, 0.03% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.1B, 3.0M shares, 0.02% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Amazon (AMZN): $712.6M, 3.0M shares, 0.03% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Celestica (CLS): $674.2M, 1.8M shares, 1.5% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Microsoft (MSFT): $635.7M, 1.7M shares, 0.02% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Broadcom (AVGO): $579.3M, 1.5M shares, 0.03% of the company, 1.1% of its portfolio (added this quarter); held since Q1 2023
8. TSMC (TSM): $559.4M, 1.2M shares, 0.02% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. ASML (ASML): $547.7M, 275,301 shares, 0.07% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2022
10. Micron (MU): $499.5M, 432,744 shares, 0.04% of the company, 0.95% of its portfolio (trimmed this quarter); held since Q3 2025
11. AMD (AMD): $426.5M, 734,227 shares, 0.04% of the company, 0.81% of its portfolio (added this quarter); held since Q1 2025
12. Lam Research (LRCX): $335.6M, 774,460 shares, 0.06% of the company, 0.64% of its portfolio (trimmed this quarter); held since Q3 2025
13. Meta Platforms (META): $243.2M, 431,735 shares, 0.02% of the company, 0.46% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Qualcomm (QCOM): $206.7M, 1.1M shares, 0.10% of the company, 0.39% of its portfolio (added this quarter); held since Q1 2026
15. Synopsys (SNPS): $201.9M, 452,624 shares, 0.24% of the company, 0.38% of its portfolio (added this quarter); held since Q4 2025

By sector

• Chips & compute: $3.8B, 28% of its AI holdings, 24 companies
• Cloud & AI giants: $3.7B, 28% of its AI holdings, 6 companies
• Equipment & test: $1.4B, 10% of its AI holdings, 19 companies
• Servers & systems: $1.0B, 8% of its AI holdings, 8 companies
• Memory & storage: $906.0M, 7% of its AI holdings, 5 companies
• Power, electrical & cooling: $797.6M, 6% of its AI holdings, 26 companies
• AI software: $721.4M, 5% of its AI holdings, 20 companies
• Neoclouds & data centers: $450.3M, 3% of its AI holdings, 16 companies
• Interconnect: $428.5M, 3% of its AI holdings, 8 companies
• Optics: $149.3M, 1% of its AI holdings, 6 companies

Biggest changes this quarter

• added to Broadcom (AVGO): +$272.6M at the quarter's price
• trimmed Micron (MU): -$252.8M at the quarter's price
• added to Apple (AAPL): +$189.3M at the quarter's price
• added to TSMC (TSM): +$153.7M at the quarter's price
• added to NVIDIA (NVDA): +$142.6M at the quarter's price
• added to Arista Networks (ANET): +$139.7M at the quarter's price
• trimmed Lam Research (LRCX): -$135.9M at the quarter's price
• added to ASML (ASML): +$134.9M at the quarter's price
• added to Amazon (AMZN): +$129.2M at the quarter's price
• added to Cisco (CSCO): +$116.6M at the quarter's price

Other holders of this size

• Retirement Systems of Alabama: $13.3B in 126 of these companies
• FIRST MANHATTAN CO. LLC.: $13.4B in 81 of these companies
• COMMONWEALTH EQUITY SERVICES, LLC: $13.3B in 197 of these companies
• LORD, ABBETT & CO. LLC: $13.4B in 87 of these companies
• CIBC Asset Management Inc: $13.1B in 173 of these companies
• Artisan Partners Limited Partnership: $13.4B in 59 of these companies
• WESTFIELD CAPITAL MANAGEMENT CO LP: $12.9B in 74 of these companies
• WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC: $13.5B in 60 of these companies

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