DISCIPLINED GROWTH INVESTORS INC /MN

DISCIPLINED GROWTH INVESTORS INC /MN declares $1.8B in 14 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 30.6% of its $5.9B 13F portfolio. Largest positions: Plexus (5.4% of the company) and Arista Networks (0.14% of the company). Over time: $1.8B in 14 of these companies for Q2 2026, against $1.3B in 11 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $85.0M and sold $376.0M of these stocks, at the quarter's prices: a net sale of $291.0M.

Performance of its AI picks

The AI-stock portfolio DISCIPLINED GROWTH INVESTORS INC /MN declared for Q2 2026 (Form 13F), held unchanged, returned -2.8% in Q3 2026 (SMH -7.1%), ranked 1448 of 1,783 active managers. Over the last 12 months, quarter after quarter: +29.2% (SMH +87.2%), ranked 633 of 1,359 active managers. Over three years, quarter after quarter: +146.6% (SMH +325.8%), ranked 396 of 783 active managers. Over five years, quarter after quarter: +321.0% (SMH +389.8%), ranked 22 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. Plexus (PLXS) — $433.2M: 1.4M shares, 5.4% of the company, 7.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Arista Networks (ANET) — $303.8M: 1.8M shares, 0.14% of the company, 5.1% of its portfolio (trimmed this quarter); held since Q1 2020
3. Akamai (AKAM) — $193.3M: 1.6M shares, 1.1% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Generac (GNRC) — $163.6M: 558,568 shares, 0.95% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q3 2022
5. Power Integrations (POWI) — $158.5M: 1.9M shares, 3.4% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Semtech (SMTC) — $154.6M: 955,033 shares, 1.0% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q2 2022
7. GitLab (GTLB) — $101.0M: 3.3M shares, 2.0% of the company, 1.7% of its portfolio (added this quarter); held since Q1 2026
8. Super Micro Computer (SMCI) — $78.1M: 2.7M shares, 0.41% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. IPG Photonics (IPGP) — $62.3M: 530,833 shares, 1.2% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Autodesk (ADSK) — $60.1M: 309,345 shares, 0.15% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Microchip (MCHP) — $43.6M: 478,469 shares, 0.09% of the company, 0.74% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. CEVA (CEVA) — $31.3M: 662,802 shares, 2.4% of the company, 0.53% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Intuit (INTU) — $22.5M: 86,019 shares, 0.03% of the company, 0.38% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Apple (AAPL) — $287,045.00: 992 shares, 0.00% of the company, 0.00% of its portfolio; held since Q4 2020

By sector

• Servers & systems — $511.4M, 28% of its AI holdings, 2 companies
• Interconnect — $458.4M, 25% of its AI holdings, 2 companies
• Chips & compute — $233.4M, 13% of its AI holdings, 3 companies
• Neoclouds & data centers — $193.3M, 11% of its AI holdings, 1 company
• AI software — $183.6M, 10% of its AI holdings, 3 companies
• Power, electrical & cooling — $163.6M, 9% of its AI holdings, 1 company
• Optics — $62.3M, 3% of its AI holdings, 1 company
• Cloud & AI giants — $287,045.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Semtech (SMTC): -$202.6M at the quarter's price
• added to GitLab (GTLB): +$73.2M at the quarter's price
• trimmed Microchip (MCHP): -$70.0M at the quarter's price
• trimmed Super Micro Computer (SMCI): -$68.2M at the quarter's price
• trimmed Plexus (PLXS): -$16.1M at the quarter's price
• added to CEVA (CEVA): +$10.0M at the quarter's price
• trimmed Generac (GNRC): -$6.5M at the quarter's price
• trimmed Power Integrations (POWI): -$5.6M at the quarter's price
• trimmed Arista Networks (ANET): -$3.9M at the quarter's price
• trimmed Akamai (AKAM): -$2.8M at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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