FengHe Fund Management Pte. Ltd.

FengHe Fund Management Pte. Ltd. declares $920.5M in 13 of the 220 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 87.3% of its $1.1B 13F portfolio. Largest positions: MKS (0.86% of the company) and Texas Instruments (0.06% of the company). Over time: $920.5M in 13 of these companies for Q2 2026, against $42.1M in 7 for Q4 2020 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $507.0M and sold $349.2M of these stocks, at the quarter's prices: a net purchase of $157.8M; 3 new positions and 7 sold out.

Performance of its AI picks

The AI-stock portfolio FengHe Fund Management Pte. Ltd. declared for Q2 2026 (Form 13F), held unchanged, returned -22.9% in Q3 2026 (SMH -7.1%), ranked 1761 of 1,776 active managers. Over the last 12 months, quarter after quarter: +114.4% (SMH +87.2%), ranked 18 of 1,356 active managers. Over three years, quarter after quarter: +621.7% (SMH +325.8%). Over five years, quarter after quarter: +1164.0% (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. MKS (MKSI) — $258.7M: 581,687 shares, 0.86% of the company, 24.5% of its portfolio (added this quarter); held since Q1 2026
2. Texas Instruments (TXN) — $171.4M: 575,100 shares, 0.06% of the company, 16.3% of its portfolio (new position this quarter)
3. Credo (CRDO) — $169.1M: 621,749 shares, 0.33% of the company, 16.0% of its portfolio (added this quarter); held since Q2 2025
4. TSMC (TSM) — $79.3M: 166,075 shares, 0.00% of the company, 7.5% of its portfolio (added this quarter); held since Q4 2023
5. Silicon Motion (SIMO) — $60.5M: 181,482 shares, 0.54% of the company, 5.7% of its portfolio (new position this quarter)
6. Modine (MOD) — $49.8M: 186,524 shares, 0.35% of the company, 4.7% of its portfolio (added this quarter); held since Q1 2026
7. SiTime (SITM) — $36.3M: 48,690 shares, 0.16% of the company, 3.4% of its portfolio (trimmed this quarter); held since Q4 2025
8. Ciena (CIEN) — $25.3M: 51,667 shares, 0.04% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q3 2025
9. Astera Labs (ALAB) — $25.1M: 52,000 shares, 0.03% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q2 2025
10. AMD (AMD) — $16.5M: 28,320 shares, 0.00% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q3 2024
11. Western Digital (WDC) — $16.4M: 25,661 shares, 0.01% of the company, 1.6% of its portfolio (new position this quarter)
12. NVIDIA (NVDA) — $6.7M: 33,700 shares, 0.00% of the company, 0.64% of its portfolio (added this quarter); held since Q2 2023
13. Alphabet (GOOGL) — $5.3M: 14,800 shares, 0.00% of the company, 0.50% of its portfolio (trimmed this quarter); held since Q3 2025

By sector

• Chips & compute — $310.2M, 34% of its AI holdings, 5 companies
• Equipment & test — $258.7M, 28% of its AI holdings, 1 company
• Interconnect — $194.2M, 21% of its AI holdings, 2 companies
• Memory & storage — $76.9M, 8% of its AI holdings, 2 companies
• Power, electrical & cooling — $49.8M, 5% of its AI holdings, 1 company
• Optics — $25.3M, 3% of its AI holdings, 1 company
• Cloud & AI giants — $5.3M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Texas Instruments (TXN): +$171.4M at the quarter's price
• added to Credo (CRDO): +$143.0M at the quarter's price
• opened a position in Silicon Motion (SIMO): +$60.5M at the quarter's price
• sold out of Teradyne (TER): -$58.3M at the quarter's price
• added to MKS (MKSI): +$55.8M at the quarter's price
• trimmed AMD (AMD): -$45.3M at the quarter's price
• trimmed SiTime (SITM): -$44.0M at the quarter's price
• trimmed Alphabet (GOOGL): -$41.0M at the quarter's price
• sold out of Lumentum (LITE): -$37.1M at the quarter's price
• added to Modine (MOD): +$33.1M at the quarter's price

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