GF FUND MANAGEMENT CO. LTD.

New 13F: Q3 2026

GF FUND MANAGEMENT CO. LTD. filed its 13F for the quarter ended Sep 30, 2026 on Oct 26, 2026: $6.0B in AI and semiconductor stocks; $760.1M bought and $911.4M sold against its previous quarter, at the quarter's prices.

• trimmed Sandisk (SNDK): -$427.9M at the quarter's price
• added to Marvell (MRVL): +$190.3M at the quarter's price
• trimmed Micron (MU): -$130.5M at the quarter's price
• added to SpaceX (SPCX): +$124.5M at the quarter's price
• added to Microsoft (MSFT): +$110.5M at the quarter's price
• added to Intel (INTC): +$77.2M at the quarter's price
• added to Meta Platforms (META): +$77.1M at the quarter's price
• trimmed Cerebras Systems (CBRS): -$51.9M at the quarter's price
• trimmed Broadcom (AVGO): -$47.5M at the quarter's price
• trimmed FormFactor (FORM): -$44.8M at the quarter's price

GF FUND MANAGEMENT CO. LTD. declares $6.4B in 71 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 77.0% of its $8.3B 13F portfolio. Largest positions: Sandisk (0.23% of the company) and Micron (0.04% of the company). Over time: $6.4B in 71 of these companies for Q2 2026, against $2.7B in 61 for Q4 2024 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $774.1M and sold $681.4M of these stocks, at the quarter's prices: a net purchase of $92.7M; 7 new positions and 8 sold out.

Performance of its AI picks

The AI-stock portfolio GF FUND MANAGEMENT CO. LTD. declared for Q2 2026 (Form 13F), held unchanged, returned -4.3% in Q3 2026 (SMH -7.1%), ranked 1512 of 1,785 active managers. Over the last 12 months, quarter after quarter: +70.2% (SMH +87.2%), ranked 78 of 1,360 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. Sandisk (SNDK): $740.5M, 325,682 shares, 0.23% of the company, 8.9% of its portfolio (trimmed this quarter); held since Q3 2025
2. Micron (MU): $517.2M, 448,075 shares, 0.04% of the company, 6.2% of its portfolio (trimmed this quarter); held since Q4 2024
3. NVIDIA (NVDA): $467.6M, 2.3M shares, 0.01% of the company, 5.6% of its portfolio (trimmed this quarter); held since Q4 2024
4. Alphabet (GOOGL): $437.8M, 1.2M shares, 0.01% of the company, 5.3% of its portfolio (trimmed this quarter); held since Q4 2024
5. Apple (AAPL): $412.0M, 1.4M shares, 0.01% of the company, 4.9% of its portfolio (trimmed this quarter); held since Q4 2024
6. AMD (AMD): $359.7M, 619,172 shares, 0.04% of the company, 4.3% of its portfolio (added this quarter); held since Q4 2024
7. Lam Research (LRCX): $298.3M, 688,419 shares, 0.06% of the company, 3.6% of its portfolio (added this quarter); held since Q4 2024
8. Amazon (AMZN): $295.8M, 1.2M shares, 0.01% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2024
9. Applied Materials (AMAT): $270.6M, 374,268 shares, 0.05% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2024
10. Broadcom (AVGO): $236.4M, 625,760 shares, 0.01% of the company, 2.8% of its portfolio (added this quarter); held since Q4 2024
11. ASML (ASML): $212.9M, 107,010 shares, 0.03% of the company, 2.6% of its portfolio (added this quarter); held since Q4 2024
12. Microsoft (MSFT): $202.8M, 543,732 shares, 0.01% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2024
13. Teradyne (TER): $175.6M, 362,931 shares, 0.23% of the company, 2.1% of its portfolio (added this quarter); held since Q4 2025
14. Intel (INTC): $149.9M, 1.1M shares, 0.02% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2024
15. Meta Platforms (META): $129.9M, 230,625 shares, 0.01% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q4 2024

By sector

• Chips & compute: $1.6B, 25% of its AI holdings, 15 companies
• Cloud & AI giants: $1.5B, 23% of its AI holdings, 6 companies
• Memory & storage: $1.4B, 22% of its AI holdings, 4 companies
• Equipment & test: $1.3B, 20% of its AI holdings, 9 companies
• AI software: $277.7M, 4% of its AI holdings, 12 companies
• Interconnect: $130.8M, 2% of its AI holdings, 3 companies
• Power, electrical & cooling: $85.2M, 1% of its AI holdings, 11 companies
• Neoclouds & data centers: $58.0M, 1% of its AI holdings, 7 companies
• Optics: $43.8M, 1% of its AI holdings, 2 companies
• Servers & systems: $1.2M, 0% of its AI holdings, 2 companies

Biggest changes this quarter

• trimmed Tower Semiconductor (TSEM): -$239.4M at the quarter's price
• trimmed Lumentum (LITE): -$210.9M at the quarter's price
• added to AMD (AMD): +$167.9M at the quarter's price
• added to FormFactor (FORM): +$122.2M at the quarter's price
• added to Applied Materials (AMAT): +$99.6M at the quarter's price
• opened a position in Onto Innovation (ONTO): +$86.3M at the quarter's price
• added to Seagate (STX): +$75.1M at the quarter's price
• trimmed Ciena (CIEN): -$41.7M at the quarter's price
• trimmed Microsoft (MSFT): -$39.3M at the quarter's price
• added to Arm Holdings (ARM): +$32.5M at the quarter's price

Other holders of this size

• PensionDanmark Pensionsforsikringsaktieselskab: $6.4B in 95 of these companies
• TUDOR INVESTMENT CORP ET AL: $6.4B in 127 of these companies
• BANCO BILBAO VIZCAYA ARGENTARIA, S.A.: $6.4B in 117 of these companies
• Soroban Capital Partners LP: $6.5B in 9 of these companies
• JUPITER ASSET MANAGEMENT LTD: $6.4B in 60 of these companies
• Epoch Investment Partners, Inc.: $6.5B in 42 of these companies
• BI Asset Management Fondsmaeglerselskab A/S: $6.4B in 108 of these companies
• Sumitomo Mitsui DS Asset Management Company, Ltd: $6.5B in 112 of these companies

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