Federation des caisses Desjardins du Quebec

Federation des caisses Desjardins du Quebec declares $7.4B in 197 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 22.6% of its $32.7B 13F portfolio. Largest positions: Alphabet (0.02% of the company) and NVIDIA (0.02% of the company). Over time: $7.4B in 197 of these companies for Q2 2026, against $639.0M in 118 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.1B and sold $212.6M of these stocks, at the quarter's prices: a net purchase of $879.6M; 7 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Federation des caisses Desjardins du Quebec declared for Q2 2026 (Form 13F), held unchanged, returned +5.5% in Q3 2026 (SMH -7.1%), ranked 513 of 1,785 active managers. Over the last 12 months, quarter after quarter: +28.6% (SMH +87.2%), ranked 690 of 1,360 active managers. Over three years, quarter after quarter: +145.2% (SMH +325.8%), ranked 419 of 784 active managers. Over five years, quarter after quarter: +158.7% (SMH +389.8%), ranked 268 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. Alphabet (GOOGL): $1.0B, 2.9M shares, 0.02% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $847.4M, 4.2M shares, 0.02% of the company, 2.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $819.8M, 2.8M shares, 0.02% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $746.2M, 2.0M shares, 0.03% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $616.2M, 2.6M shares, 0.02% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $294.2M, 778,911 shares, 0.02% of the company, 0.90% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Meta Platforms (META): $233.0M, 413,645 shares, 0.02% of the company, 0.71% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. AMD (AMD): $190.6M, 328,183 shares, 0.02% of the company, 0.58% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Micron (MU): $183.6M, 159,109 shares, 0.01% of the company, 0.56% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Lam Research (LRCX): $171.7M, 396,240 shares, 0.03% of the company, 0.52% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. TSMC (TSM): $148.3M, 310,466 shares, 0.01% of the company, 0.45% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Palo Alto Networks (PANW): $120.0M, 351,971 shares, 0.04% of the company, 0.37% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT): $89.8M, 84,327 shares, 0.02% of the company, 0.27% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Applied Materials (AMAT): $82.5M, 114,072 shares, 0.01% of the company, 0.25% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Cisco (CSCO): $67.9M, 578,383 shares, 0.01% of the company, 0.21% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $3.5B, 47% of its AI holdings, 6 companies
• Chips & compute: $1.7B, 24% of its AI holdings, 31 companies
• Power, electrical & cooling: $523.1M, 7% of its AI holdings, 47 companies
• AI software: $502.3M, 7% of its AI holdings, 29 companies
• Equipment & test: $420.6M, 6% of its AI holdings, 19 companies
• Memory & storage: $278.7M, 4% of its AI holdings, 7 companies
• Interconnect: $140.8M, 2% of its AI holdings, 11 companies
• Servers & systems: $135.4M, 2% of its AI holdings, 11 companies
• Neoclouds & data centers: $111.6M, 2% of its AI holdings, 24 companies
• Optics: $94.0M, 1% of its AI holdings, 12 companies

Biggest changes this quarter

• added to Apple (AAPL): +$162.8M at the quarter's price
• added to Alphabet (GOOGL): +$142.4M at the quarter's price
• added to NVIDIA (NVDA): +$111.8M at the quarter's price
• added to Microsoft (MSFT): +$92.3M at the quarter's price
• trimmed Palo Alto Networks (PANW): -$58.3M at the quarter's price
• added to Applied Materials (AMAT): +$45.9M at the quarter's price
• added to Lam Research (LRCX): +$40.6M at the quarter's price
• added to Amazon (AMZN): +$35.2M at the quarter's price
• added to Meta Platforms (META): +$32.5M at the quarter's price
• added to Micron (MU): +$32.0M at the quarter's price

Other holders of this size

• BROWN BROTHERS HARRIMAN & CO: $7.3B in 156 of these companies
• Vinva Investment Management Ltd: $7.4B in 93 of these companies
• VIRGINIA RETIREMENT SYSTEMS ET Al: $7.3B in 151 of these companies
• O'SHAUGHNESSY ASSET MANAGEMENT, LLC: $7.4B in 171 of these companies
• Cresset Asset Management, LLC: $7.1B in 153 of these companies
• IEQ CAPITAL, LLC: $7.4B in 140 of these companies
• PineStone Asset Management Inc.: $7.1B in 7 of these companies
• GQG Partners LLC: $7.5B in 18 of these companies

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