Janney Montgomery Scott LLC

New 13F: Q3 2026

Janney Montgomery Scott LLC filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $11.3B in AI and semiconductor stocks; $204.9M bought and $150.9M sold against its previous quarter, at the quarter's prices.

• added to SpaceX (SPCX): +$37.8M at the quarter's price
• added to Microsoft (MSFT): +$23.0M at the quarter's price
• added to Applied Optoelectronics (AAOI): +$14.7M at the quarter's price
• trimmed Cisco (CSCO): -$12.7M at the quarter's price
• added to Amazon (AMZN): +$12.6M at the quarter's price
• added to Accenture (ACN): +$12.4M at the quarter's price
• trimmed Fortinet (FTNT): -$10.9M at the quarter's price
• trimmed Corning (GLW): -$10.6M at the quarter's price
• added to Amphenol (APH): +$9.5M at the quarter's price
• trimmed Palo Alto Networks (PANW): -$8.5M at the quarter's price

Janney Montgomery Scott LLC declares $11.0B in 178 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 21.2% of its $51.6B 13F portfolio. Largest positions: Apple (0.03% of the company) and Alphabet (0.03% of the company). It is a private wealth platform: it holds shares for many client accounts, so its trades are left out of the quarter's moves on /holders. Over time: $11.0B in 178 of these companies for Q2 2026, against $1.8B in 100 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.3B and sold $242.8M of these stocks, at the quarter's prices: a net purchase of $1.1B; 30 new positions and 3 sold out.

Performance of its AI picks

The AI-stock portfolio Janney Montgomery Scott LLC declared for Q2 2026 (Form 13F), held unchanged, returned +2.7% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +26.6% (SMH +87.2%). Over three years, quarter after quarter: +139.6% (SMH +325.8%). Over five years, quarter after quarter: +141.8% (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. Apple (AAPL): $1.4B, 5.0M shares, 0.03% of the company, 2.8% of its portfolio (added this quarter); held since Q2 2023
2. Alphabet (GOOGL): $1.1B, 3.1M shares, 0.03% of the company, 2.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. NVIDIA (NVDA): $938.9M, 4.7M shares, 0.02% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $854.1M, 2.3M shares, 0.03% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Broadcom (AVGO): $674.2M, 1.8M shares, 0.04% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN): $658.5M, 2.8M shares, 0.03% of the company, 1.3% of its portfolio (added this quarter); held since Q2 2023
7. Meta Platforms (META): $316.6M, 561,995 shares, 0.02% of the company, 0.61% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Caterpillar (CAT): $303.4M, 284,923 shares, 0.06% of the company, 0.59% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Cisco (CSCO): $261.0M, 2.2M shares, 0.06% of the company, 0.51% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Eaton (ETN): $207.9M, 487,988 shares, 0.13% of the company, 0.40% of its portfolio (new position this quarter)
11. TSMC (TSM): $203.3M, 425,753 shares, 0.01% of the company, 0.39% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. IBM (IBM): $196.2M, 697,737 shares, 0.07% of the company, 0.38% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. NextEra Energy (NEE): $170.7M, 1.9M shares, 0.09% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Micron (MU): $163.5M, 141,607 shares, 0.01% of the company, 0.32% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Lam Research (LRCX): $158.5M, 365,882 shares, 0.03% of the company, 0.31% of its portfolio (added this quarter); held since Q4 2024

By sector

• Cloud & AI giants: $4.4B, 40% of its AI holdings, 6 companies
• Chips & compute: $2.4B, 22% of its AI holdings, 25 companies
• Power, electrical & cooling: $1.6B, 15% of its AI holdings, 45 companies
• AI software: $551.0M, 5% of its AI holdings, 27 companies
• Equipment & test: $543.9M, 5% of its AI holdings, 22 companies
• Interconnect: $462.0M, 4% of its AI holdings, 9 companies
• Servers & systems: $340.9M, 3% of its AI holdings, 11 companies
• Memory & storage: $314.3M, 3% of its AI holdings, 6 companies
• Optics: $185.7M, 2% of its AI holdings, 9 companies
• Neoclouds & data centers: $151.8M, 1% of its AI holdings, 18 companies

Biggest changes this quarter

• added to Alphabet (GOOGL): +$487.1M at the quarter's price
• opened a position in Eaton (ETN): +$207.9M at the quarter's price
• opened a position in Duke Energy (DUK): +$97.1M at the quarter's price
• opened a position in Dell (DELL): +$69.5M at the quarter's price
• added to Apple (AAPL): +$47.4M at the quarter's price
• added to NVIDIA (NVDA): +$42.9M at the quarter's price
• opened a position in Cummins (CMI): +$42.9M at the quarter's price
• opened a position in TE Connectivity (TEL): +$35.1M at the quarter's price
• opened a position in Texas Pacific Land (TPL): +$27.3M at the quarter's price
• added to Fortinet (FTNT): +$26.0M at the quarter's price

Other holders of this size

• First Eagle Investment Management, LLC: $10.8B in 39 of these companies
• Candriam S.C.A.: $11.0B in 102 of these companies
• STATE OF MICHIGAN RETIREMENT SYSTEM: $10.6B in 128 of these companies
• Rathbones Group PLC: $11.1B in 79 of these companies
• UniSuper Management Pty Ltd: $10.6B in 97 of these companies
• ING GROEP NV: $11.1B in 97 of these companies
• Resona Asset Management Co.,Ltd.: $10.4B in 111 of these companies
• Tredje AP-fonden: $11.2B in 91 of these companies

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