Czech National Bank

New 13F: Q3 2026

Czech National Bank filed its 13F for the quarter ended Sep 30, 2026 on Oct 13, 2026: $10.4B in AI and semiconductor stocks; $140.2M bought and $1.1M sold against its previous quarter, at the quarter's prices.

• opened a position in Bloom Energy (BE): +$23.4M at the quarter's price
• added to NVIDIA (NVDA): +$13.5M at the quarter's price
• added to Alphabet (GOOGL): +$12.8M at the quarter's price
• added to Intel (INTC): +$10.0M at the quarter's price
• added to Microsoft (MSFT): +$9.8M at the quarter's price
• added to Amazon (AMZN): +$8.5M at the quarter's price
• added to Broadcom (AVGO): +$6.8M at the quarter's price
• added to Meta Platforms (META): +$6.2M at the quarter's price
• added to Apple (AAPL): +$4.2M at the quarter's price
• added to Micron (MU): +$3.7M at the quarter's price

Czech National Bank declares $9.8B in 93 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 53.2% of its $18.3B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Apple (0.03% of the company). Over time: $9.8B in 93 of these companies for Q2 2026, against $1.2B in 73 for Q3 2022 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $523.2M and sold $5.5M of these stocks, at the quarter's prices: a net purchase of $517.7M; 2 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Czech National Bank declared for Q2 2026 (Form 13F), held unchanged, returned +4.8% in Q3 2026 (SMH -7.1%), ranked 648 of 1,785 active managers. Over the last 12 months, quarter after quarter: +28.1% (SMH +87.2%), ranked 717 of 1,360 active managers. Over three years, quarter after quarter: +150.1% (SMH +325.8%), ranked 339 of 784 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): $1.4B, 6.9M shares, 0.03% of the company, 7.5% of its portfolio (added this quarter); held since Q3 2022
2. Apple (AAPL): $1.2B, 4.2M shares, 0.03% of the company, 6.6% of its portfolio (added this quarter); held since Q3 2022
3. Alphabet (GOOGL): $1.1B, 3.0M shares, 0.02% of the company, 5.8% of its portfolio (added this quarter); held since Q3 2022
4. Microsoft (MSFT): $788.7M, 2.1M shares, 0.03% of the company, 4.3% of its portfolio (added this quarter); held since Q3 2022
5. Amazon (AMZN): $664.1M, 2.8M shares, 0.03% of the company, 3.6% of its portfolio (added this quarter); held since Q3 2022
6. Broadcom (AVGO): $509.1M, 1.3M shares, 0.03% of the company, 2.8% of its portfolio (added this quarter); held since Q3 2022
7. Micron (MU): $370.5M, 320,996 shares, 0.03% of the company, 2.0% of its portfolio (added this quarter); held since Q3 2022
8. Meta Platforms (META): $352.1M, 625,079 shares, 0.02% of the company, 1.9% of its portfolio (added this quarter); held since Q3 2022
9. AMD (AMD): $269.6M, 464,132 shares, 0.03% of the company, 1.5% of its portfolio (added this quarter); held since Q3 2022
10. Intel (INTC): $187.8M, 1.3M shares, 0.03% of the company, 1.0% of its portfolio (added this quarter); held since Q3 2022
11. Applied Materials (AMAT): $163.3M, 225,892 shares, 0.03% of the company, 0.89% of its portfolio (added this quarter); held since Q3 2022
12. Lam Research (LRCX): $154.2M, 355,960 shares, 0.03% of the company, 0.84% of its portfolio (added this quarter); held since Q3 2022
13. Caterpillar (CAT): $139.6M, 131,102 shares, 0.03% of the company, 0.76% of its portfolio (added this quarter); held since Q3 2022
14. Cisco (CSCO): $132.1M, 1.1M shares, 0.03% of the company, 0.72% of its portfolio (added this quarter); held since Q3 2022
15. KLA (KLAC): $112.2M, 371,817 shares, 0.03% of the company, 0.61% of its portfolio (added this quarter); held since Q3 2022

By sector

• Cloud & AI giants: $4.1B, 42% of its AI holdings, 5 companies
• Chips & compute: $2.7B, 27% of its AI holdings, 13 companies
• Power, electrical & cooling: $742.0M, 8% of its AI holdings, 26 companies
• Memory & storage: $599.3M, 6% of its AI holdings, 5 companies
• AI software: $535.0M, 5% of its AI holdings, 15 companies
• Equipment & test: $478.1M, 5% of its AI holdings, 6 companies
• Interconnect: $260.5M, 3% of its AI holdings, 4 companies
• Servers & systems: $166.7M, 2% of its AI holdings, 7 companies
• Optics: $117.7M, 1% of its AI holdings, 4 companies
• Neoclouds & data centers: $105.4M, 1% of its AI holdings, 8 companies

Biggest changes this quarter

• opened a position in Marvell (MRVL): +$74.2M at the quarter's price
• added to NVIDIA (NVDA): +$55.2M at the quarter's price
• added to Alphabet (GOOGL): +$55.1M at the quarter's price
• added to Apple (AAPL): +$52.7M at the quarter's price
• added to Microsoft (MSFT): +$34.3M at the quarter's price
• added to Amazon (AMZN): +$30.0M at the quarter's price
• added to Broadcom (AVGO): +$21.3M at the quarter's price
• opened a position in Flex (FLEX): +$17.0M at the quarter's price
• added to Micron (MU): +$16.7M at the quarter's price
• added to Meta Platforms (META): +$16.6M at the quarter's price

Other holders of this size

• Atreides Management, LP: $9.7B in 22 of these companies
• Woodline Partners LP: $9.8B in 121 of these companies
• Newlands Management Operations LLC: $9.7B in 5 of these companies
• Harel Insurance Investments & Financial Services Ltd.: $9.8B in 85 of these companies
• ARIZONA STATE RETIREMENT SYSTEM: $9.7B in 195 of these companies
• Alyeska Investment Group, L.P.: $10.0B in 80 of these companies
• HRT FINANCIAL LP: $9.7B in 123 of these companies
• NISSAY ASSET MANAGEMENT CORP /JAPAN: $10.0B in 118 of these companies

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