HARVARD MANAGEMENT CO INC

HARVARD MANAGEMENT CO INC declares $3.8B in 10 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 88.5% of its $4.3B 13F portfolio. Largest positions: SpaceX (0.10% of the company) and TSMC (0.01% of the company). Over time: $3.8B in 10 of these companies for Q2 2026, against $580.5M in 3 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $128.2M and sold $151.6M of these stocks, at the quarter's prices: a net sale of $23.4M; 1 new position.

Performance of its AI picks

The AI-stock portfolio HARVARD MANAGEMENT CO INC declared for Q2 2026 (Form 13F), held unchanged, returned -5.5% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +3.2% (SMH +87.2%). Over three years, quarter after quarter: +138.5% (SMH +325.8%). Over five years, quarter after quarter: +146.8% (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. SpaceX (SPCX) — $2.2B: 12.9M shares, 0.10% of the company, 51.8% of its portfolio
2. TSMC (TSM) — $349.6M: 732,022 shares, 0.01% of the company, 8.2% of its portfolio (added this quarter); held since Q3 2025
3. Cerebras Systems (CBRS) — $239.0M: 1.1M shares, 0.46% of the company, 5.6% of its portfolio
4. Amazon (AMZN) — $234.2M: 982,839 shares, 0.01% of the company, 5.5% of its portfolio (added this quarter); held since Q2 2025
5. Alphabet (GOOGL) — $165.2M: 462,160 shares, 0.00% of the company, 3.9% of its portfolio (trimmed this quarter); held since Q3 2021
6. NVIDIA (NVDA) — $157.6M: 787,721 shares, 0.00% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2021
7. Microsoft (MSFT) — $146.3M: 392,265 shares, 0.01% of the company, 3.4% of its portfolio (trimmed this quarter); held since Q4 2024
8. Broadcom (AVGO) — $127.8M: 338,346 shares, 0.01% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q2 2024
9. Meta Platforms (META) — $120.8M: 214,504 shares, 0.01% of the company, 2.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Lumentum (LITE) — $23.4M: 27,243 shares, 0.03% of the company, 0.55% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants — $2.9B, 76% of its AI holdings, 5 companies
• Chips & compute — $874.0M, 23% of its AI holdings, 4 companies
• Optics — $23.4M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• added to Amazon (AMZN): +$63.2M at the quarter's price
• trimmed Alphabet (GOOGL): -$55.3M at the quarter's price
• trimmed Broadcom (AVGO): -$51.2M at the quarter's price
• trimmed Microsoft (MSFT): -$45.1M at the quarter's price
• opened a position in Lumentum (LITE): +$23.4M at the quarter's price
• added to TSMC (TSM): +$21.6M at the quarter's price
• added to Meta Platforms (META): +$11.2M at the quarter's price
• added to NVIDIA (NVDA): +$8.8M at the quarter's price

Other holders of this size

• Beacon Pointe Advisors, LLC — $3.7B in 132 of these companies
• Groupe la Francaise — $3.8B in 73 of these companies
• Circle Wealth Management, LLC — $3.7B in 57 of these companies
• PRUDENTIAL PLC — $3.8B in 107 of these companies
• Quilter Plc — $3.7B in 27 of these companies
• GROUPAMA ASSET MANAGMENT — $3.8B in 72 of these companies
• GREAT LAKES ADVISORS, LLC — $3.7B in 99 of these companies
• Brookfield Corp /ON/ — $3.9B in 21 of these companies

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