DNB Asset Management AS

New 13F: Q3 2026

DNB Asset Management AS filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $21.4B in AI and semiconductor stocks; $1.6B bought and $1.3B sold against its previous quarter, at the quarter's prices.

DNB Asset Management AS declares $19.2B in 170 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 53.8% of its $35.7B 13F portfolio. Largest positions: Alphabet (0.06% of the company) and Microsoft (0.09% of the company). Over time: $19.2B in 170 of these companies for Q2 2026, against $5.1B in 76 for Q4 2022 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $3.1B and sold $1.5B of these stocks, at the quarter's prices: a net purchase of $1.6B; 16 new positions and 4 sold out.

Performance of its AI picks

The AI-stock portfolio DNB Asset Management AS declared for Q2 2026 (Form 13F), held unchanged, returned +9.7% in Q3 2026 (SMH -7.1%), ranked 131 of 1,785 active managers. Over the last 12 months, quarter after quarter: +29.0% (SMH +87.2%), ranked 660 of 1,360 active managers. Over three years, quarter after quarter: +178.8% (SMH +325.8%), ranked 147 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. Alphabet (GOOGL): $2.5B, 7.0M shares, 0.06% of the company, 7.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
  2. Microsoft (MSFT): $2.5B, 6.7M shares, 0.09% of the company, 7.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
  3. NVIDIA (NVDA): $2.3B, 11.4M shares, 0.05% of the company, 6.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
  4. Amazon (AMZN): $1.9B, 7.8M shares, 0.07% of the company, 5.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
  5. Broadcom (AVGO): $1.6B, 4.1M shares, 0.09% of the company, 4.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
  6. Apple (AAPL): $1.4B, 4.8M shares, 0.03% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
  7. Meta Platforms (META): $1.2B, 2.1M shares, 0.08% of the company, 3.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
  8. HP Inc. (HPQ): $413.4M, 18.8M shares, 2.1% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  9. Micron (MU): $351.5M, 304,537 shares, 0.03% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  10. TSMC (TSM): $326.4M, 683,962 shares, 0.01% of the company, 0.91% of its portfolio (added this quarter); held since Q4 2019 or earlier
  11. Intuit (INTU): $250.1M, 958,207 shares, 0.36% of the company, 0.70% of its portfolio (added this quarter); held since Q4 2019 or earlier
  12. AMD (AMD): $247.1M, 425,397 shares, 0.03% of the company, 0.69% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  13. Skyworks (SWKS): $216.2M, 3.2M shares, 1.4% of the company, 0.61% of its portfolio (added this quarter); held since Q4 2019 or earlier
  14. Oracle (ORCL): $206.7M, 1.4M shares, 0.05% of the company, 0.58% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  15. Intel (INTC): $200.0M, 1.4M shares, 0.03% of the company, 0.56% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

Biggest changes this quarter

Schedule 13D/G declarations

  • Sandisk (SNDK): 13G filed Nov 10, 2025: 1.0M shares as of Sep 30, 2025, 0.70% as declared
  • Sandisk (SNDK): 13G filed Aug 12, 2025: 7.1M shares as of Jun 30, 2025, 5.8% as declared

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