GROUPAMA ASSET MANAGMENT

GROUPAMA ASSET MANAGMENT declares $3.8B in 72 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 48.2% of its $7.9B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Micron (0.04% of the company). Over time: $3.8B in 72 of these companies for Q2 2026, against $1.5B in 55 for Q4 2023 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $333.4M and sold $309.5M of these stocks, at the quarter's prices: a net purchase of $23.9M; 3 new positions and 3 sold out.

Performance of its AI picks

The AI-stock portfolio GROUPAMA ASSET MANAGMENT declared for Q2 2026 (Form 13F), held unchanged, returned +4.3% in Q3 2026 (SMH -7.1%), ranked 771 of 1,783 active managers. Over the last 12 months, quarter after quarter: +44.6% (SMH +87.2%), ranked 218 of 1,359 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) — $506.1M: 2.6M shares, 0.01% of the company, 6.4% of its portfolio (added this quarter); held since Q4 2023
2. Micron (MU) — $497.2M: 433,792 shares, 0.04% of the company, 6.3% of its portfolio (trimmed this quarter); held since Q4 2023
3. Alphabet (GOOGL) — $433.5M: 1.2M shares, 0.01% of the company, 5.5% of its portfolio (added this quarter); held since Q4 2023
4. Microsoft (MSFT) — $378.8M: 1.0M shares, 0.01% of the company, 4.8% of its portfolio (trimmed this quarter); held since Q4 2023
5. Broadcom (AVGO) — $362.0M: 970,123 shares, 0.02% of the company, 4.6% of its portfolio (added this quarter); held since Q2 2025
6. Apple (AAPL) — $358.0M: 1.3M shares, 0.01% of the company, 4.5% of its portfolio (added this quarter); held since Q4 2023
7. Amazon (AMZN) — $242.5M: 1.0M shares, 0.01% of the company, 3.1% of its portfolio (added this quarter); held since Q4 2023
8. Palo Alto Networks (PANW) — $177.9M: 531,922 shares, 0.07% of the company, 2.2% of its portfolio (trimmed this quarter); held since Q4 2023
9. GE Vernova (GEV) — $136.6M: 123,479 shares, 0.05% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2024
10. Meta Platforms (META) — $114.0M: 202,938 shares, 0.01% of the company, 1.4% of its portfolio (added this quarter); held since Q1 2024
11. Entergy (ETR) — $81.5M: 701,338 shares, 0.15% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2023
12. Applied Materials (AMAT) — $79.6M: 114,347 shares, 0.01% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2023
13. NextEra Energy (NEE) — $72.4M: 817,310 shares, 0.04% of the company, 0.91% of its portfolio (added this quarter); held since Q4 2023
14. Cadence (CDNS) — $64.9M: 173,526 shares, 0.06% of the company, 0.82% of its portfolio (added this quarter); held since Q4 2023
15. Lam Research (LRCX) — $44.0M: 106,402 shares, 0.01% of the company, 0.55% of its portfolio (trimmed this quarter); held since Q4 2023

By sector

• Cloud & AI giants — $1.5B, 40% of its AI holdings, 6 companies
• Chips & compute — $928.2M, 24% of its AI holdings, 11 companies
• Memory & storage — $503.8M, 13% of its AI holdings, 3 companies
• Power, electrical & cooling — $330.8M, 9% of its AI holdings, 17 companies
• AI software — $277.1M, 7% of its AI holdings, 15 companies
• Equipment & test — $140.2M, 4% of its AI holdings, 6 companies
• Neoclouds & data centers — $63.4M, 2% of its AI holdings, 5 companies
• Interconnect — $49.2M, 1% of its AI holdings, 4 companies
• Servers & systems — $3.9M, 0% of its AI holdings, 4 companies
• Optics — $1.4M, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Micron (MU): -$270.2M at the quarter's price
• added to Applied Materials (AMAT): +$75.7M at the quarter's price
• added to Alphabet (GOOGL): +$53.7M at the quarter's price
• added to NVIDIA (NVDA): +$48.2M at the quarter's price
• added to Broadcom (AVGO): +$43.1M at the quarter's price
• added to Cadence (CDNS): +$39.5M at the quarter's price
• added to Cisco (CSCO): +$24.5M at the quarter's price
• trimmed Oracle (ORCL): -$14.0M at the quarter's price
• trimmed Lam Research (LRCX): -$12.6M at the quarter's price
• added to Apple (AAPL): +$11.6M at the quarter's price

Other holders of this size

• PRUDENTIAL PLC — $3.8B in 107 of these companies
• Brookfield Corp /ON/ — $3.9B in 21 of these companies
• Groupe la Francaise — $3.8B in 73 of these companies
• Unisphere Establishment — $3.9B in 18 of these companies
• HARVARD MANAGEMENT CO INC — $3.8B in 10 of these companies
• LGT Group Foundation — $3.9B in 63 of these companies
• Beacon Pointe Advisors, LLC — $3.7B in 132 of these companies
• EDGEWOOD MANAGEMENT LLC — $3.9B in 21 of these companies

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