KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC

KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC declares $3.3B in 110 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 10.3% of its $32.2B 13F portfolio. Largest positions: EMCOR (1.4% of the company) and Lennox (2.1% of the company). Over time: $3.3B in 110 of these companies for Q2 2026, against $1.1B in 57 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $184.8M and sold $506.2M of these stocks, at the quarter's prices: a net sale of $321.4M; 5 new positions and 8 sold out.

Performance of its AI picks

The AI-stock portfolio KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC declared for Q2 2026 (Form 13F), held unchanged, returned -7.7% in Q3 2026 (SMH -7.1%), ranked 1603 of 1,783 active managers. Over the last 12 months, quarter after quarter: +17.6% (SMH +87.2%), ranked 1224 of 1,359 active managers. Over three years, quarter after quarter: +137.3% (SMH +325.8%), ranked 506 of 783 active managers. Over five years, quarter after quarter: +182.2% (SMH +389.8%), ranked 134 of 535 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. EMCOR (EME) — $508.7M: 613,035 shares, 1.4% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q1 2020
2. Lennox (LII) — $423.9M: 739,856 shares, 2.1% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Monolithic Power (MPWR) — $284.9M: 206,130 shares, 0.42% of the company, 0.89% of its portfolio (trimmed this quarter); held since Q4 2022
4. NVIDIA (NVDA) — $179.1M: 895,334 shares, 0.00% of the company, 0.56% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amphenol (APH) — $173.5M: 2.0M shares, 0.08% of the company, 0.54% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Alphabet (GOOGL) — $160.5M: 449,568 shares, 0.00% of the company, 0.50% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Amazon (AMZN) — $118.1M: 495,610 shares, 0.00% of the company, 0.37% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. AAON (AAON) — $111.5M: 878,950 shares, 1.1% of the company, 0.35% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. KLA (KLAC) — $98.7M: 327,173 shares, 0.03% of the company, 0.31% of its portfolio (added this quarter); held since Q1 2023
10. Datadog (DDOG) — $97.0M: 372,534 shares, 0.10% of the company, 0.30% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Comfort Systems USA (FIX) — $90.4M: 45,608 shares, 0.13% of the company, 0.28% of its portfolio (trimmed this quarter); held since Q3 2025
12. Cloudflare (NET) — $90.2M: 367,585 shares, 0.10% of the company, 0.28% of its portfolio (trimmed this quarter); held since Q4 2020
13. Arm Holdings (ARM) — $78.1M: 220,321 shares, 0.02% of the company, 0.24% of its portfolio (added this quarter); held since Q1 2026
14. Marvell (MRVL) — $77.9M: 261,399 shares, 0.03% of the company, 0.24% of its portfolio (added this quarter); held since Q1 2024
15. Snowflake (SNOW) — $73.0M: 286,801 shares, 0.08% of the company, 0.23% of its portfolio (trimmed this quarter); held since Q3 2020

By sector

• Power, electrical & cooling — $1.3B, 40% of its AI holdings, 29 companies
• Chips & compute — $743.6M, 22% of its AI holdings, 18 companies
• Cloud & AI giants — $460.4M, 14% of its AI holdings, 6 companies
• AI software — $340.0M, 10% of its AI holdings, 19 companies
• Interconnect — $204.7M, 6% of its AI holdings, 7 companies
• Equipment & test — $178.5M, 5% of its AI holdings, 9 companies
• Servers & systems — $46.7M, 1% of its AI holdings, 7 companies
• Memory & storage — $19.9M, 1% of its AI holdings, 4 companies
• Neoclouds & data centers — $4.3M, 0% of its AI holdings, 6 companies
• Optics — $1.6M, 0% of its AI holdings, 5 companies

Biggest changes this quarter

• trimmed Monolithic Power (MPWR): -$83.7M at the quarter's price
• trimmed Amphenol (APH): -$82.7M at the quarter's price
• trimmed EMCOR (EME): -$78.0M at the quarter's price
• trimmed Lennox (LII): -$77.5M at the quarter's price
• added to Marvell (MRVL): +$64.0M at the quarter's price
• trimmed Cadence (CDNS): -$44.1M at the quarter's price
• trimmed Cloudflare (NET): -$41.4M at the quarter's price
• opened a position in Sterling Infrastructure (STRL): +$38.0M at the quarter's price
• trimmed Comfort Systems USA (FIX): -$24.5M at the quarter's price
• trimmed AAON (AAON): -$23.5M at the quarter's price

Schedule 13D/G declarations

• EMCOR (EME) — 13G filed Feb 13, 2025: 1.3M shares as of Dec 31, 2024, 2.8% as declared

Other holders of this size

• Union Bancaire Privee, UBP SA — $3.3B in 79 of these companies
• Robeco Schweiz AG — $3.3B in 40 of these companies
• ExodusPoint Capital Management, LP — $3.3B in 111 of these companies
• Newport Trust Company, LLC — $3.3B in 5 of these companies
• Artemis Investment Management LLP — $3.3B in 41 of these companies
• REAVES W H & CO INC — $3.3B in 27 of these companies
• MONTRUSCO BOLTON INVESTMENTS INC. — $3.3B in 13 of these companies
• Danica Pension, Livsforsikringsaktieselskab — $3.4B in 50 of these companies

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