FACTORY MUTUAL INSURANCE CO

FACTORY MUTUAL INSURANCE CO declares $4.5B in 42 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 41.9% of its $10.6B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Alphabet (0.01% of the company). Over time: $4.5B in 42 of these companies for Q2 2026, against $2.3B in 24 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $136.6M and sold $178.0M of these stocks, at the quarter's prices: a net sale of $41.4M; 4 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio FACTORY MUTUAL INSURANCE CO declared for Q2 2026 (Form 13F), held unchanged, returned +4.9% in Q3 2026 (SMH -7.1%), ranked 627 of 1,783 active managers. Over the last 12 months, quarter after quarter: +26.2% (SMH +87.2%), ranked 848 of 1,359 active managers. Over three years, quarter after quarter: +156.2% (SMH +325.8%), ranked 273 of 783 active managers. Over five years, quarter after quarter: +180.7% (SMH +389.8%), ranked 139 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) — $566.9M: 2.8M shares, 0.01% of the company, 5.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL) — $530.3M: 1.5M shares, 0.01% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Apple (AAPL) — $497.3M: 1.7M shares, 0.01% of the company, 4.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT) — $344.6M: 923,818 shares, 0.01% of the company, 3.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN) — $329.7M: 1.4M shares, 0.01% of the company, 3.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO) — $272.2M: 720,520 shares, 0.02% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. KLA (KLAC) — $179.2M: 593,895 shares, 0.05% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q4 2021
8. Micron (MU) — $174.4M: 151,095 shares, 0.01% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q2 2024
9. Meta Platforms (META) — $160.0M: 283,991 shares, 0.01% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. TSMC (TSM) — $151.2M: 316,675 shares, 0.01% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q3 2023
11. AMD (AMD) — $122.9M: 211,572 shares, 0.01% of the company, 1.2% of its portfolio (added this quarter); held since Q3 2023
12. ASML (ASML) — $112.4M: 56,491 shares, 0.01% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q1 2024
13. Cadence (CDNS) — $101.1M: 269,471 shares, 0.10% of the company, 0.95% of its portfolio (trimmed this quarter); held since Q2 2022
14. Amphenol (APH) — $72.2M: 819,268 shares, 0.03% of the company, 0.68% of its portfolio (trimmed this quarter); held since Q4 2023
15. Caterpillar (CAT) — $68.2M: 64,000 shares, 0.01% of the company, 0.64% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants — $1.9B, 42% of its AI holdings, 5 companies
• Chips & compute — $1.3B, 29% of its AI holdings, 11 companies
• AI software — $345.4M, 8% of its AI holdings, 9 companies
• Equipment & test — $332.1M, 7% of its AI holdings, 3 companies
• Power, electrical & cooling — $218.3M, 5% of its AI holdings, 6 companies
• Memory & storage — $204.1M, 5% of its AI holdings, 3 companies
• Interconnect — $127.3M, 3% of its AI holdings, 2 companies
• Neoclouds & data centers — $37.0M, 1% of its AI holdings, 1 company
• Optics — $16.6M, 0% of its AI holdings, 1 company
• Servers & systems — $8.0M, 0% of its AI holdings, 1 company

Biggest changes this quarter

• added to AMD (AMD): +$29.3M at the quarter's price
• trimmed NXP Semiconductors (NXPI): -$23.7M at the quarter's price
• trimmed Micron (MU): -$22.8M at the quarter's price
• opened a position in Sandisk (SNDK): +$21.9M at the quarter's price
• added to Marvell (MRVL): +$21.0M at the quarter's price
• trimmed Microsoft (MSFT): -$18.2M at the quarter's price
• trimmed Datadog (DDOG): -$17.1M at the quarter's price
• added to Lam Research (LRCX): +$14.8M at the quarter's price
• opened a position in Analog Devices (ADI): +$14.5M at the quarter's price
• trimmed KLA (KLAC): -$14.0M at the quarter's price

Other holders of this size

• Donor Advised Charitable Giving, Inc. — $4.4B in 4 of these companies
• Jericho Capital Asset Management L.P. — $4.5B in 11 of these companies
• Trexquant Investment LP — $4.4B in 121 of these companies
• ECP ControlCo, LLC — $4.5B in 2 of these companies
• State of Alaska, Department of Revenue — $4.4B in 163 of these companies
• Defiance ETFs, LLC — $4.5B in 134 of these companies
• TCI FUND MANAGEMENT LTD — $4.4B in 1 of these companies
• Ilmarinen Mutual Pension Insurance Co — $4.5B in 88 of these companies

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