Ethic Inc.

Ethic Inc. declares $3.9B in 153 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 49.0% of its $8.0B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Apple (0.01% of the company). Over time: $3.9B in 153 of these companies for Q2 2026, against $38.5M in 33 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $300.3M and sold $17.0M of these stocks, at the quarter's prices: a net purchase of $283.4M; 20 new positions.

Performance of its AI picks

The AI-stock portfolio Ethic Inc. declared for Q2 2026 (Form 13F), held unchanged, returned +3.1% in Q3 2026 (SMH -7.1%), ranked 1011 of 1,783 active managers. Over the last 12 months, quarter after quarter: +34.2% (SMH +87.2%), ranked 393 of 1,359 active managers. Over three years, quarter after quarter: +149.0% (SMH +325.8%), ranked 357 of 783 active managers. Over five years, quarter after quarter: +166.9% (SMH +389.8%), ranked 215 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) — $527.6M: 2.6M shares, 0.01% of the company, 6.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL) — $467.7M: 1.6M shares, 0.01% of the company, 5.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL) — $443.6M: 1.2M shares, 0.01% of the company, 5.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT) — $295.0M: 790,780 shares, 0.01% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN) — $204.0M: 855,892 shares, 0.01% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Micron (MU) — $153.0M: 132,569 shares, 0.01% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Broadcom (AVGO) — $152.6M: 403,872 shares, 0.01% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. AMD (AMD) — $100.4M: 172,870 shares, 0.01% of the company, 1.3% of its portfolio (added this quarter); held since Q1 2020
9. Meta Platforms (META) — $95.3M: 169,248 shares, 0.01% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Applied Materials (AMAT) — $82.7M: 114,400 shares, 0.01% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Lam Research (LRCX) — $75.1M: 173,312 shares, 0.01% of the company, 0.94% of its portfolio (added this quarter); held since Q2 2020
12. Intel (INTC) — $69.5M: 498,001 shares, 0.01% of the company, 0.87% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Cisco (CSCO) — $64.3M: 547,697 shares, 0.01% of the company, 0.80% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Caterpillar (CAT) — $63.9M: 59,981 shares, 0.01% of the company, 0.80% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. KLA (KLAC) — $53.1M: 176,055 shares, 0.01% of the company, 0.66% of its portfolio (added this quarter); held since Q3 2021

By sector

• Cloud & AI giants — $1.5B, 38% of its AI holdings, 5 companies
• Chips & compute — $1.0B, 26% of its AI holdings, 27 companies
• Equipment & test — $307.3M, 8% of its AI holdings, 21 companies
• Power, electrical & cooling — $305.7M, 8% of its AI holdings, 37 companies
• Memory & storage — $239.1M, 6% of its AI holdings, 6 companies
• AI software — $227.9M, 6% of its AI holdings, 20 companies
• Interconnect — $114.3M, 3% of its AI holdings, 9 companies
• Servers & systems — $86.6M, 2% of its AI holdings, 10 companies
• Optics — $55.2M, 1% of its AI holdings, 7 companies
• Neoclouds & data centers — $54.2M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$38.1M at the quarter's price
• added to Apple (AAPL): +$35.8M at the quarter's price
• added to Microsoft (MSFT): +$29.0M at the quarter's price
• added to Alphabet (GOOGL): +$27.0M at the quarter's price
• added to Broadcom (AVGO): +$16.9M at the quarter's price
• added to Amazon (AMZN): +$16.6M at the quarter's price
• added to Micron (MU): +$7.9M at the quarter's price
• added to AMD (AMD): +$7.4M at the quarter's price
• added to TSMC (TSM): +$7.0M at the quarter's price
• opened a position in Lumentum (LITE): +$6.4M at the quarter's price

Other holders of this size

• Williams Jones Wealth Management, LLC. — $3.9B in 77 of these companies
• ABN AMRO Bank N.V. — $3.9B in 62 of these companies
• Anther Capital Ltd — $3.9B in 18 of these companies
• Driehaus Capital Management LLC — $3.9B in 65 of these companies
• The Founders Fund Growth II Management, LP — $3.9B in 1 of these companies
• Aware Super Pty Ltd as trustee of Aware Super — $3.9B in 62 of these companies
• EDGEWOOD MANAGEMENT LLC — $3.9B in 21 of these companies
• Fundsmith LLP — $4.0B in 8 of these companies

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