DSM CAPITAL PARTNERS LLC

DSM CAPITAL PARTNERS LLC declares $4.7B in 43 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 79.8% of its $5.8B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Alphabet (0.01% of the company). Over time: $4.7B in 43 of these companies for Q2 2026, against $3.2B in 8 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $591.1M and sold $901.2M of these stocks, at the quarter's prices: a net sale of $310.0M; 22 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio DSM CAPITAL PARTNERS LLC declared for Q2 2026 (Form 13F), held unchanged, returned +7.2% in Q3 2026 (SMH -7.1%), ranked 303 of 1,785 active managers. Over the last 12 months, quarter after quarter: +7.9% (SMH +87.2%), ranked 1328 of 1,360 active managers. Over three years, quarter after quarter: +118.3% (SMH +325.8%), ranked 637 of 784 active managers. Over five years, quarter after quarter: +91.2% (SMH +389.8%), ranked 505 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): $941.0M, 4.7M shares, 0.02% of the company, 16.1% of its portfolio (trimmed this quarter); held since Q1 2021
2. Alphabet (GOOGL): $546.8M, 1.5M shares, 0.01% of the company, 9.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Broadcom (AVGO): $534.4M, 1.4M shares, 0.03% of the company, 9.2% of its portfolio (trimmed this quarter); held since Q4 2023
4. Arista Networks (ANET): $447.1M, 2.6M shares, 0.21% of the company, 7.7% of its portfolio (trimmed this quarter); held since Q1 2023
5. Microsoft (MSFT): $316.3M, 847,829 shares, 0.01% of the company, 5.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN): $315.7M, 1.3M shares, 0.01% of the company, 5.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Meta Platforms (META): $309.1M, 548,698 shares, 0.02% of the company, 5.3% of its portfolio (added this quarter); held since Q4 2023
8. GE Vernova (GEV): $225.5M, 191,962 shares, 0.07% of the company, 3.9% of its portfolio (trimmed this quarter); held since Q3 2024
9. Amphenol (APH): $125.2M, 1.4M shares, 0.06% of the company, 2.1% of its portfolio (new position this quarter)
10. Oracle (ORCL): $104.8M, 715,341 shares, 0.02% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2023
11. Teradyne (TER): $95.3M, 196,967 shares, 0.13% of the company, 1.6% of its portfolio (added this quarter); held since Q1 2026
12. Cadence (CDNS): $93.9M, 250,103 shares, 0.09% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q4 2023
13. Keysight Technologies (KEYS): $92.8M, 265,207 shares, 0.16% of the company, 1.6% of its portfolio (new position this quarter)
14. Dell (DELL): $91.4M, 211,754 shares, 0.03% of the company, 1.6% of its portfolio (new position this quarter)
15. Entegris (ENTG): $86.8M, 482,799 shares, 0.32% of the company, 1.5% of its portfolio (added this quarter); held since Q1 2026

By sector

• Chips & compute: $1.6B, 33% of its AI holdings, 9 companies
• Cloud & AI giants: $1.5B, 32% of its AI holdings, 4 companies
• Interconnect: $573.7M, 12% of its AI holdings, 5 companies
• AI software: $325.1M, 7% of its AI holdings, 12 companies
• Equipment & test: $284.5M, 6% of its AI holdings, 6 companies
• Power, electrical & cooling: $225.8M, 5% of its AI holdings, 2 companies
• Servers & systems: $91.4M, 2% of its AI holdings, 1 company
• Optics: $71.5M, 2% of its AI holdings, 3 companies
• Memory & storage: $40.6M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Microsoft (MSFT): -$258.9M at the quarter's price
• trimmed Amazon (AMZN): -$150.5M at the quarter's price
• sold out of Intuit (INTU): -$133.8M at the quarter's price
• opened a position in Amphenol (APH): +$125.2M at the quarter's price
• trimmed NVIDIA (NVDA): -$101.1M at the quarter's price
• opened a position in Keysight Technologies (KEYS): +$92.8M at the quarter's price
• opened a position in Dell (DELL): +$91.4M at the quarter's price
• trimmed Alphabet (GOOGL): -$83.1M at the quarter's price
• trimmed Broadcom (AVGO): -$75.7M at the quarter's price
• opened a position in Coherent (COHR): +$70.9M at the quarter's price

Other holders of this size

• Empower Advisory Group, LLC: $4.7B in 75 of these companies
• MAIRS & POWER INC: $4.7B in 39 of these companies
• Raiffeisen Bank International AG: $4.6B in 104 of these companies
• Compagnie Lombard Odier SCmA: $4.7B in 73 of these companies
• MAVERICK CAPITAL LTD: $4.6B in 81 of these companies
• INTECH INVESTMENT MANAGEMENT LLC: $4.7B in 185 of these companies
• WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST: $4.6B in 7 of these companies
• OP Asset Management Ltd: $4.7B in 118 of these companies

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