Graticule Asia Macro Advisors LLC

Graticule Asia Macro Advisors LLC declares $1.3B in 15 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 98.5% of its $1.3B 13F portfolio. Largest positions: Bloom Energy (1.4% of the company) and NVIDIA (0.00% of the company). Over time: $1.3B in 15 of these companies for Q2 2026, against $12.1M in 3 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.7M and sold $101.6M of these stocks, at the quarter's prices: a net sale of $99.9M; 12 new positions.

Performance of its AI picks

The AI-stock portfolio Graticule Asia Macro Advisors LLC declared for Q2 2026 (Form 13F), held unchanged, returned -7.8% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +210.9% (SMH +87.2%). 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. Bloom Energy (BE) — $1.3B: 4.2M shares, 1.4% of the company, 95.5% of its portfolio (trimmed this quarter); held since Q3 2025
2. NVIDIA (NVDA) — $38.0M: 189,900 shares, 0.00% of the company, 2.8% of its portfolio; held since Q3 2025
3. SPX Technologies (SPXC) — $230,460.00: 940 shares, 0.00% of the company, 0.02% of its portfolio (new position this quarter)
4. Primoris Services (PRIM) — $228,372.00: 2,304 shares, 0.00% of the company, 0.02% of its portfolio (new position this quarter)
5. Meta Platforms (META) — $225,879.00: 401 shares, 0.00% of the company, 0.02% of its portfolio (new position this quarter)
6. Adobe (ADBE) — $223,267.00: 1,089 shares, 0.00% of the company, 0.02% of its portfolio (new position this quarter)
7. Microsoft (MSFT) — $208,891.00: 560 shares, 0.00% of the company, 0.02% of its portfolio (new position this quarter)
8. Carrier (CARR) — $188,730.00: 2,573 shares, 0.00% of the company, 0.01% of its portfolio (new position this quarter)
9. Innodata (INOD) — $117,376.00: 1,553 shares, 0.00% of the company, 0.01% of its portfolio (new position this quarter)
10. Cerebras Systems (CBRS) — $110,500.00: 500 shares, 0.00% of the company, 0.01% of its portfolio
11. Sanmina (SANM) — $94,399.00: 373 shares, 0.00% of the company, 0.01% of its portfolio (new position this quarter)
12. Benchmark Electronics (BHE) — $71,240.00: 722 shares, 0.00% of the company, 0.01% of its portfolio (new position this quarter)
13. nLIGHT (LASR) — $59,943.00: 861 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)
14. Ultra Clean (UCTT) — $36,646.00: 257 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)
15. Equinix (EQIX) — $32,314.00: 31 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)

By sector

• Power, electrical & cooling — $1.3B, 97% of its AI holdings, 4 companies
• Chips & compute — $38.1M, 3% of its AI holdings, 2 companies
• Cloud & AI giants — $434,770.00, 0% of its AI holdings, 2 companies
• AI software — $340,643.00, 0% of its AI holdings, 2 companies
• Servers & systems — $165,639.00, 0% of its AI holdings, 2 companies
• Optics — $59,943.00, 0% of its AI holdings, 1 company
• Equipment & test — $36,646.00, 0% of its AI holdings, 1 company
• Neoclouds & data centers — $32,314.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Bloom Energy (BE): -$101.6M at the quarter's price
• opened a position in SPX Technologies (SPXC): +$230,460.00 at the quarter's price
• opened a position in Primoris Services (PRIM): +$228,372.00 at the quarter's price
• opened a position in Meta Platforms (META): +$225,879.00 at the quarter's price
• opened a position in Adobe (ADBE): +$223,267.00 at the quarter's price
• opened a position in Microsoft (MSFT): +$208,891.00 at the quarter's price
• opened a position in Carrier (CARR): +$188,730.00 at the quarter's price
• opened a position in Innodata (INOD): +$117,376.00 at the quarter's price
• opened a position in Sanmina (SANM): +$94,399.00 at the quarter's price
• opened a position in Benchmark Electronics (BHE): +$71,240.00 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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