Hill City Capital, LP

Hill City Capital, LP declares $1.2B in 4 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 28.4% of its $4.3B 13F portfolio. Largest positions: MasTec (2.7% of the company) and STMicroelectronics (0.35% of the company). Over time: $1.2B in 4 of these companies for Q2 2026, against $25.5M in 2 for Q4 2020 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $62.3M and sold nothing of these stocks, at the quarter's prices: a net purchase of $62.3M.

Performance of its AI picks

The AI-stock portfolio Hill City Capital, LP declared for Q2 2026 (Form 13F), held unchanged, returned -43.6% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +20.5% (SMH +87.2%). Over three years, quarter after quarter: +240.1% (SMH +325.8%). Over five years, quarter after quarter: +282.7% (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. MasTec (MTZ) — $896.6M: 2.2M shares, 2.7% of the company, 20.9% of its portfolio; held since Q4 2022
2. STMicroelectronics (STM) — $232.2M: 3.1M shares, 0.35% of the company, 5.4% of its portfolio (added this quarter); held since Q1 2026
3. Wolfspeed (WOLF) — $45.1M: 935,000 shares, 1.8% of the company, 1.1% of its portfolio (added this quarter); held since Q1 2026
4. EnerSys (ENS) — $44.4M: 190,000 shares, 0.53% of the company, 1.0% of its portfolio; held since Q4 2020

By sector

• Power, electrical & cooling — $941.0M, 77% of its AI holdings, 2 companies
• Chips & compute — $277.3M, 23% of its AI holdings, 2 companies

Biggest changes this quarter

• added to STMicroelectronics (STM): +$59.9M at the quarter's price
• added to Wolfspeed (WOLF): +$2.4M 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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