KADENSA CAPITAL Ltd

KADENSA CAPITAL Ltd declares $352.2M in 20 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 75.2% of its $468.6M 13F portfolio. Largest positions: TSMC (0.00% of the company) and NVIDIA (0.00% of the company). Over time: $352.2M in 20 of these companies for Q2 2026, against $38.5M in 4 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $126.1M and sold $273.4M of these stocks, at the quarter's prices: a net sale of $147.3M; 11 new positions and 12 sold out.

Performance of its AI picks

The AI-stock portfolio KADENSA CAPITAL Ltd declared for Q2 2026 (Form 13F), held unchanged, returned -5.6% in Q3 2026 (SMH -7.1%), ranked 1555 of 1,783 active managers. Over the last 12 months, quarter after quarter: +47.3% (SMH +87.2%), ranked 187 of 1,359 active managers. Over three years, quarter after quarter: +186.3% (SMH +325.8%). Over five years, quarter after quarter: +153.3% (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. TSMC (TSM) — $68.1M: 142,610 shares, 0.00% of the company, 14.5% of its portfolio (trimmed this quarter); held since Q2 2025
2. NVIDIA (NVDA) — $49.2M: 246,094 shares, 0.00% of the company, 10.5% of its portfolio (trimmed this quarter); held since Q2 2023
3. Johnson Controls (JCI) — $31.6M: 216,294 shares, 0.04% of the company, 6.7% of its portfolio (trimmed this quarter); held since Q2 2025
4. STMicroelectronics (STM) — $28.0M: 373,702 shares, 0.04% of the company, 6.0% of its portfolio (new position this quarter)
5. Quanta Services (PWR) — $22.2M: 30,840 shares, 0.02% of the company, 4.7% of its portfolio (added this quarter); held since Q3 2025
6. Oracle (ORCL) — $21.6M: 147,345 shares, 0.00% of the company, 4.6% of its portfolio (added this quarter); held since Q2 2025
7. GE Vernova (GEV) — $21.0M: 17,914 shares, 0.01% of the company, 4.5% of its portfolio (trimmed this quarter); held since Q3 2025
8. Aehr Test Systems (AEHR) — $14.9M: 155,299 shares, 0.48% of the company, 3.2% of its portfolio (new position this quarter)
9. KLA (KLAC) — $14.5M: 47,968 shares, 0.00% of the company, 3.1% of its portfolio (new position this quarter)
10. Digi Power X (DGXX) — $12.7M: 2.3M shares, 2.3% of the company, 2.7% of its portfolio (new position this quarter)
11. Tempus AI (TEM) — $12.6M: 217,591 shares, 0.12% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q1 2025
12. Comfort Systems USA (FIX) — $12.4M: 6,269 shares, 0.02% of the company, 2.7% of its portfolio (new position this quarter)
13. Arm Holdings (ARM) — $10.6M: 29,799 shares, 0.00% of the company, 2.3% of its portfolio (new position this quarter)
14. Alphabet (GOOGL) — $10.1M: 28,600 shares, 0.00% of the company, 2.2% of its portfolio (new position this quarter)
15. AXT (AXTI) — $8.3M: 115,053 shares, 0.18% of the company, 1.8% of its portfolio (new position this quarter)

By sector

• Chips & compute — $159.8M, 45% of its AI holdings, 5 companies
• Power, electrical & cooling — $89.9M, 26% of its AI holdings, 5 companies
• AI software — $34.2M, 10% of its AI holdings, 2 companies
• Equipment & test — $29.4M, 8% of its AI holdings, 2 companies
• Neoclouds & data centers — $12.7M, 4% of its AI holdings, 1 company
• Cloud & AI giants — $12.0M, 3% of its AI holdings, 2 companies
• Optics — $9.1M, 3% of its AI holdings, 2 companies
• Memory & storage — $5.0M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed NVIDIA (NVDA): -$49.7M at the quarter's price
• trimmed Corning (GLW): -$32.3M at the quarter's price
• opened a position in STMicroelectronics (STM): +$28.0M at the quarter's price
• sold out of Palantir (PLTR): -$20.6M at the quarter's price
• sold out of Microsoft (MSFT): -$19.2M at the quarter's price
• sold out of AMD (AMD): -$18.9M at the quarter's price
• sold out of Meta Platforms (META): -$18.7M at the quarter's price
• sold out of Flex (FLEX): -$16.4M at the quarter's price
• sold out of Teradyne (TER): -$16.1M at the quarter's price
• opened a position in Aehr Test Systems (AEHR): +$14.9M 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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