FRED ALGER MANAGEMENT, LLC

FRED ALGER MANAGEMENT, LLC declares $20.8B in 86 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 69.2% of its $30.0B 13F portfolio. Largest positions: NVIDIA (0.07% of the company) and Microsoft (0.07% of the company). Over time: $20.8B in 86 of these companies for Q2 2026, against $8.8B in 45 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.3B and sold $2.6B of these stocks, at the quarter's prices: a net sale of $385.8M; 14 new positions and 10 sold out.

Performance of its AI picks

The AI-stock portfolio FRED ALGER MANAGEMENT, LLC declared for Q2 2026 (Form 13F), held unchanged, returned +2.6% in Q3 2026 (SMH -7.1%), ranked 1083 of 1,785 active managers. Over the last 12 months, quarter after quarter: +31.7% (SMH +87.2%), ranked 481 of 1,360 active managers. Over three years, quarter after quarter: +209.0% (SMH +325.8%), ranked 90 of 784 active managers. Over five years, quarter after quarter: +210.6% (SMH +389.8%), ranked 70 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): $3.5B, 17.7M shares, 0.07% of the company, 11.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Microsoft (MSFT): $1.9B, 5.2M shares, 0.07% of the company, 6.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Amazon (AMZN): $1.7B, 7.2M shares, 0.07% of the company, 5.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Alphabet (GOOGL): $1.6B, 4.6M shares, 0.04% of the company, 5.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Nebius (NBIS): $1.6B, 5.7M shares, 2.3% of the company, 5.3% of its portfolio (trimmed this quarter); held since Q4 2024
6. Apple (AAPL): $1.5B, 5.0M shares, 0.03% of the company, 4.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Western Digital (WDC): $1.4B, 2.2M shares, 0.59% of the company, 4.7% of its portfolio (trimmed this quarter); held since Q2 2025
8. Meta Platforms (META): $1.1B, 2.0M shares, 0.08% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Broadcom (AVGO): $1.0B, 2.8M shares, 0.06% of the company, 3.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. SpaceX (SPCX): $987.5M, 5.8M shares, 0.02% of the company, 3.3% of its portfolio
11. Astera Labs (ALAB): $620.1M, 1.3M shares, 0.73% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q1 2024
12. Talen Energy (TLN): $594.2M, 1.5M shares, 3.6% of the company, 2.0% of its portfolio (added this quarter); held since Q3 2024
13. GE Vernova (GEV): $470.4M, 400,255 shares, 0.15% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2024
14. Micron (MU): $309.2M, 267,881 shares, 0.02% of the company, 1.0% of its portfolio (added this quarter); held since Q1 2025
15. AMD (AMD): $262.7M, 452,304 shares, 0.03% of the company, 0.88% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants: $8.8B, 43% of its AI holdings, 6 companies
• Chips & compute: $5.0B, 24% of its AI holdings, 11 companies
• Memory & storage: $1.9B, 9% of its AI holdings, 5 companies
• Neoclouds & data centers: $1.8B, 9% of its AI holdings, 11 companies
• Power, electrical & cooling: $1.5B, 7% of its AI holdings, 20 companies
• Interconnect: $804.2M, 4% of its AI holdings, 6 companies
• AI software: $457.5M, 2% of its AI holdings, 15 companies
• Optics: $273.6M, 1% of its AI holdings, 5 companies
• Equipment & test: $137.6M, 1% of its AI holdings, 4 companies
• Servers & systems: $35.2M, 0% of its AI holdings, 3 companies

Biggest changes this quarter

• trimmed Nebius (NBIS): -$1.1B at the quarter's price
• trimmed Astera Labs (ALAB): -$622.7M at the quarter's price
• trimmed Western Digital (WDC): -$289.7M at the quarter's price
• added to NVIDIA (NVDA): +$268.8M at the quarter's price
• opened a position in AMD (AMD): +$262.7M at the quarter's price
• added to Lumentum (LITE): +$195.7M at the quarter's price
• added to Alphabet (GOOGL): +$193.3M at the quarter's price
• added to Micron (MU): +$181.2M at the quarter's price
• opened a position in Snowflake (SNOW): +$158.8M at the quarter's price
• added to Talen Energy (TLN): +$138.5M at the quarter's price

Other holders of this size

• Capricorn Investment Group LLC: $20.8B in 2 of these companies
• SC US (TTGP), LTD.: $20.9B in 3 of these companies
• CREDIT AGRICOLE S A: $20.7B in 157 of these companies
• Winslow Capital Management, LLC: $21.0B in 33 of these companies
• Mitsubishi UFJ Trust & Banking Corp: $20.6B in 180 of these companies
• Boston Partners: $21.1B in 69 of these companies
• HighTower Advisors, LLC: $20.6B in 199 of these companies
• 1832 Asset Management L.P.: $21.3B in 95 of these companies

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