Global Alpha Capital Management Ltd.

Global Alpha Capital Management Ltd. declares $145.4M in 4 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 8.7% of its $1.7B 13F portfolio. Largest positions: Sanmina (0.55% of the company) and Diodes (1.3% of the company). Over time: $145.4M in 4 of these companies for Q2 2026, against $6.1M in 1 for Q1 2020 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $990,797.00 and sold $106.6M of these stocks, at the quarter's prices: a net sale of $105.6M; 1 new position.

Performance of its AI picks

The AI-stock portfolio Global Alpha Capital Management Ltd. declared for Q2 2026 (Form 13F), held unchanged, returned -14.0% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +89.2% (SMH +87.2%). Over three years, quarter after quarter: +208.5% (SMH +325.8%). Over five years, quarter after quarter: -5.1% (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. Sanmina (SANM) — $75.0M: 296,337 shares, 0.55% of the company, 4.5% of its portfolio (trimmed this quarter); held since Q2 2022
2. Diodes (DIOD) — $63.4M: 578,999 shares, 1.3% of the company, 3.8% of its portfolio (trimmed this quarter); held since Q3 2023
3. EnerSys (ENS) — $6.0M: 25,706 shares, 0.07% of the company, 0.36% of its portfolio (trimmed this quarter); held since Q4 2023
4. Power Integrations (POWI) — $990,797.00: 11,829 shares, 0.02% of the company, 0.06% of its portfolio (new position this quarter)

By sector

• Servers & systems — $75.0M, 52% of its AI holdings, 1 company
• Chips & compute — $64.4M, 44% of its AI holdings, 2 companies
• Power, electrical & cooling — $6.0M, 4% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Sanmina (SANM): -$77.5M at the quarter's price
• trimmed Diodes (DIOD): -$28.3M at the quarter's price
• opened a position in Power Integrations (POWI): +$990,797.00 at the quarter's price
• trimmed EnerSys (ENS): -$815,330.00 at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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