Empowered Funds, LLC

Empowered Funds, LLC declares $6.1B in 164 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 32.0% of its $19.0B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Alphabet (0.01% of the company). Over time: $6.1B in 164 of these companies for Q2 2026, against $19.3M in 12 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $835.4M and sold $407.6M of these stocks, at the quarter's prices: a net purchase of $427.8M; 13 new positions and 10 sold out.

Performance of its AI picks

The AI-stock portfolio Empowered Funds, LLC declared for Q2 2026 (Form 13F), held unchanged, returned +0.3% in Q3 2026 (SMH -7.1%), ranked 1301 of 1,785 active managers. Over the last 12 months, quarter after quarter: +35.7% (SMH +87.2%), ranked 349 of 1,360 active managers. Over three years, quarter after quarter: +168.9% (SMH +325.8%), ranked 185 of 784 active managers. Over five years, quarter after quarter: +146.7% (SMH +389.8%). 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): $603.7M, 3.0M shares, 0.01% of the company, 3.2% of its portfolio (added this quarter); held since Q3 2021
2. Alphabet (GOOGL): $509.0M, 1.4M shares, 0.01% of the company, 2.7% of its portfolio (added this quarter); held since Q2 2021
3. Apple (AAPL): $465.3M, 1.6M shares, 0.01% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q1 2026
4. TSMC (TSM): $399.2M, 835,931 shares, 0.02% of the company, 2.1% of its portfolio (added this quarter); held since Q1 2026
5. Micron (MU): $318.4M, 275,818 shares, 0.02% of the company, 1.7% of its portfolio (added this quarter); held since Q1 2026
6. Amazon (AMZN): $292.7M, 1.2M shares, 0.01% of the company, 1.5% of its portfolio (added this quarter); held since Q1 2026
7. Microsoft (MSFT): $263.2M, 705,569 shares, 0.01% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q1 2026
8. Broadcom (AVGO): $254.7M, 674,343 shares, 0.01% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q2 2021
9. Meta Platforms (META): $162.5M, 288,471 shares, 0.01% of the company, 0.86% of its portfolio (trimmed this quarter); held since Q2 2021
10. AMD (AMD): $146.0M, 251,408 shares, 0.02% of the company, 0.77% of its portfolio (trimmed this quarter); held since Q1 2026
11. Lam Research (LRCX): $135.5M, 312,654 shares, 0.03% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q1 2026
12. Western Digital (WDC): $97.5M, 152,676 shares, 0.04% of the company, 0.51% of its portfolio (trimmed this quarter); held since Q1 2026
13. GE Vernova (GEV): $90.5M, 77,028 shares, 0.03% of the company, 0.48% of its portfolio (added this quarter); held since Q2 2024
14. Vistra (VST): $89.3M, 563,170 shares, 0.17% of the company, 0.47% of its portfolio (added this quarter); held since Q4 2023
15. Applied Materials (AMAT): $84.7M, 117,109 shares, 0.01% of the company, 0.45% of its portfolio (trimmed this quarter); held since Q1 2026

By sector

• Chips & compute: $1.8B, 30% of its AI holdings, 27 companies
• Cloud & AI giants: $1.7B, 28% of its AI holdings, 6 companies
• Power, electrical & cooling: $750.2M, 12% of its AI holdings, 39 companies
• Memory & storage: $512.7M, 8% of its AI holdings, 6 companies
• AI software: $406.5M, 7% of its AI holdings, 23 companies
• Equipment & test: $370.0M, 6% of its AI holdings, 19 companies
• Interconnect: $209.5M, 3% of its AI holdings, 9 companies
• Servers & systems: $201.8M, 3% of its AI holdings, 11 companies
• Neoclouds & data centers: $71.2M, 1% of its AI holdings, 17 companies
• Optics: $48.1M, 1% of its AI holdings, 7 companies

Biggest changes this quarter

• added to TSMC (TSM): +$310.2M at the quarter's price
• added to NVIDIA (NVDA): +$62.8M at the quarter's price
• opened a position in United Microelectronics (UMC): +$51.5M at the quarter's price
• added to Amazon (AMZN): +$46.4M at the quarter's price
• trimmed Microsoft (MSFT): -$37.8M at the quarter's price
• added to Micron (MU): +$36.8M at the quarter's price
• added to Fortinet (FTNT): +$26.2M at the quarter's price
• trimmed Sandisk (SNDK): -$23.3M at the quarter's price
• trimmed Qualcomm (QCOM): -$22.5M at the quarter's price
• trimmed Western Digital (WDC): -$20.2M at the quarter's price

Other holders of this size

• Clal Insurance Enterprises Holdings Ltd: $6.1B in 51 of these companies
• CONGRESS ASSET MANAGEMENT CO: $6.1B in 76 of these companies
• PINEBRIDGE INVESTMENTS LLC: $6.0B in 113 of these companies
• Vident Advisory, LLC: $6.1B in 197 of these companies
• &PARTNERS: $5.9B in 160 of these companies
• Pathstone Holdings, LLC: $6.1B in 182 of these companies
• B. Metzler seel. Sohn & Co. AG: $5.9B in 108 of these companies
• POLEN CAPITAL MANAGEMENT LLC: $6.1B in 50 of these companies

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