Employees Provident Fund Board

Employees Provident Fund Board declares $12.3B in 28 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 70.6% of its $17.4B 13F portfolio. Largest positions: Microsoft (0.05% of the company) and NVIDIA (0.03% of the company). Over time: $12.3B in 28 of these companies for Q2 2026, against $2.0B in 16 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.8B and sold $1.6B of these stocks, at the quarter's prices: a net purchase of $135.6M; 3 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio Employees Provident Fund Board declared for Q2 2026 (Form 13F), held unchanged, returned +8.1% in Q3 2026 (SMH -7.1%), ranked 228 of 1,785 active managers. Over the last 12 months, quarter after quarter: +45.4% (SMH +87.2%), ranked 211 of 1,360 active managers. Over three years, quarter after quarter: +200.9% (SMH +325.8%), ranked 101 of 784 active managers. Over five years, quarter after quarter: +265.3% (SMH +389.8%), ranked 34 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. Microsoft (MSFT): $1.4B, 3.7M shares, 0.05% of the company, 8.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $1.4B, 6.8M shares, 0.03% of the company, 7.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Micron (MU): $1.0B, 878,000 shares, 0.08% of the company, 5.8% of its portfolio (trimmed this quarter); held since Q1 2022
4. Alphabet (GOOGL): $962.9M, 2.7M shares, 0.02% of the company, 5.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Broadcom (AVGO): $813.8M, 2.2M shares, 0.05% of the company, 4.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Meta Platforms (META): $702.1M, 1.2M shares, 0.05% of the company, 4.0% of its portfolio (added this quarter); held since Q4 2023
7. Applied Materials (AMAT): $635.4M, 878,803 shares, 0.11% of the company, 3.6% of its portfolio (added this quarter); held since Q1 2024
8. Apple (AAPL): $567.6M, 2.0M shares, 0.01% of the company, 3.3% of its portfolio (added this quarter); held since Q3 2023
9. CrowdStrike (CRWD): $563.0M, 3.0M shares, 0.29% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2022
10. Quanta Services (PWR): $533.6M, 741,046 shares, 0.49% of the company, 3.1% of its portfolio (added this quarter); held since Q3 2024
11. Amazon (AMZN): $533.0M, 2.2M shares, 0.02% of the company, 3.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Palo Alto Networks (PANW): $506.0M, 1.5M shares, 0.18% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q3 2023
13. ServiceNow (NOW): $414.2M, 4.2M shares, 0.40% of the company, 2.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Datadog (DDOG): $364.5M, 1.4M shares, 0.39% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q4 2022
15. NextEra Energy (NEE): $359.9M, 4.1M shares, 0.20% of the company, 2.1% of its portfolio (added this quarter); held since Q2 2020

By sector

• Cloud & AI giants: $4.2B, 34% of its AI holdings, 5 companies
• Chips & compute: $2.6B, 21% of its AI holdings, 4 companies
• AI software: $2.5B, 20% of its AI holdings, 7 companies
• Power, electrical & cooling: $1.2B, 10% of its AI holdings, 7 companies
• Memory & storage: $1.0B, 8% of its AI holdings, 1 company
• Equipment & test: $722.6M, 6% of its AI holdings, 2 companies
• Interconnect: $98.1M, 1% of its AI holdings, 1 company
• Neoclouds & data centers: $3.2M, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Micron (MU): -$1.0B at the quarter's price
• added to Broadcom (AVGO): +$247.0M at the quarter's price
• added to Quanta Services (PWR): +$222.4M at the quarter's price
• added to GE Vernova (GEV): +$181.9M at the quarter's price
• trimmed Arm Holdings (ARM): -$177.3M at the quarter's price
• added to Microsoft (MSFT): +$170.8M at the quarter's price
• trimmed Datadog (DDOG): -$156.2M at the quarter's price
• added to ServiceNow (NOW): +$145.6M at the quarter's price
• added to NextEra Energy (NEE): +$140.4M at the quarter's price
• trimmed Palo Alto Networks (PANW): -$136.6M at the quarter's price

Other holders of this size

• Holocene Advisors, LP: $12.3B in 99 of these companies
• STRS OHIO: $12.4B in 182 of these companies
• Nykredit A/S: $12.2B in 180 of these companies
• WORLDQUANT MILLENNIUM ADVISORS LLC: $12.4B in 111 of these companies
• Vontobel Holding Ltd.: $12.1B in 158 of these companies
• CI INVESTMENTS INC.: $12.4B in 122 of these companies
• NOMURA HOLDINGS INC: $12.0B in 153 of these companies
• Balyasny: $12.7B in 171 of these companies

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