KLP KAPITALFORVALTNING AS

New 13F: Q3 2026

KLP KAPITALFORVALTNING AS filed its 13F for the quarter ended Sep 30, 2026 on Nov 10, 2026: $16.1B in AI and semiconductor stocks; $548.2M bought and $55.0M sold against its previous quarter, at the quarter's prices.

• added to NVIDIA (NVDA): +$72.2M at the quarter's price
• added to Sandisk (SNDK): +$51.8M at the quarter's price
• added to Apple (AAPL): +$51.5M at the quarter's price
• added to Alphabet (GOOGL): +$44.2M at the quarter's price
• added to Microsoft (MSFT): +$36.5M at the quarter's price
• added to Amazon (AMZN): +$25.1M at the quarter's price
• opened a position in Nebius (NBIS): +$21.8M at the quarter's price
• added to Broadcom (AVGO): +$20.3M at the quarter's price
• added to Micron (MU): +$18.9M at the quarter's price
• added to Meta Platforms (META): +$17.1M at the quarter's price

KLP KAPITALFORVALTNING AS declares $15.0B in 184 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 48.2% of its $31.0B 13F portfolio. Largest positions: NVIDIA (0.04% of the company) and Apple (0.05% of the company). Over time: $15.0B in 184 of these companies for Q2 2026, against $8.5B in 169 for Q4 2024 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $985.3M and sold $35.3M of these stocks, at the quarter's prices: a net purchase of $950.1M; 3 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio KLP KAPITALFORVALTNING AS declared for Q2 2026 (Form 13F), held unchanged, returned +4.7% in Q3 2026 (SMH -7.1%), ranked 671 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.0% (SMH +87.2%), ranked 575 of 1,360 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. NVIDIA (NVDA): $2.0B, 10.0M shares, 0.04% of the company, 6.4% of its portfolio (added this quarter); held since Q4 2024
2. Apple (AAPL): $1.9B, 6.6M shares, 0.05% of the company, 6.2% of its portfolio (added this quarter); held since Q4 2024
3. Alphabet (GOOGL): $1.6B, 4.6M shares, 0.04% of the company, 5.3% of its portfolio (added this quarter); held since Q4 2024
4. Microsoft (MSFT): $1.2B, 3.1M shares, 0.04% of the company, 3.8% of its portfolio (added this quarter); held since Q4 2024
5. Amazon (AMZN): $912.1M, 3.8M shares, 0.04% of the company, 2.9% of its portfolio (added this quarter); held since Q4 2024
6. Broadcom (AVGO): $704.1M, 1.9M shares, 0.04% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2024
7. Micron (MU): $533.6M, 462,285 shares, 0.04% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2024
8. Meta Platforms (META): $515.6M, 915,410 shares, 0.04% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2024
9. AMD (AMD): $406.1M, 699,047 shares, 0.04% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2024
10. Applied Materials (AMAT): $283.2M, 391,701 shares, 0.05% of the company, 0.91% of its portfolio (added this quarter); held since Q4 2024
11. Lam Research (LRCX): $271.5M, 626,180 shares, 0.05% of the company, 0.88% of its portfolio (added this quarter); held since Q4 2024
12. Intel (INTC): $269.7M, 1.9M shares, 0.04% of the company, 0.87% of its portfolio (added this quarter); held since Q4 2024
13. Cisco (CSCO): $217.2M, 1.8M shares, 0.05% of the company, 0.70% of its portfolio (added this quarter); held since Q4 2024
14. KLA (KLAC): $216.2M, 716,470 shares, 0.06% of the company, 0.70% of its portfolio (added this quarter); held since Q4 2024
15. GE Vernova (GEV): $140.4M, 119,470 shares, 0.05% of the company, 0.45% of its portfolio (added this quarter); held since Q4 2024

By sector

• Cloud & AI giants: $6.2B, 41% of its AI holdings, 6 companies
• Chips & compute: $3.9B, 26% of its AI holdings, 30 companies
• AI software: $972.7M, 7% of its AI holdings, 30 companies
• Power, electrical & cooling: $946.9M, 6% of its AI holdings, 37 companies
• Equipment & test: $897.1M, 6% of its AI holdings, 21 companies
• Memory & storage: $831.6M, 6% of its AI holdings, 6 companies
• Interconnect: $491.9M, 3% of its AI holdings, 11 companies
• Servers & systems: $273.8M, 2% of its AI holdings, 11 companies
• Optics: $206.5M, 1% of its AI holdings, 11 companies
• Neoclouds & data centers: $201.5M, 1% of its AI holdings, 21 companies

Biggest changes this quarter

• added to Apple (AAPL): +$131.7M at the quarter's price
• added to Microsoft (MSFT): +$77.9M at the quarter's price
• added to Alphabet (GOOGL): +$77.7M at the quarter's price
• added to Broadcom (AVGO): +$62.4M at the quarter's price
• added to Meta Platforms (META): +$59.2M at the quarter's price
• added to Amazon (AMZN): +$58.0M at the quarter's price
• added to Micron (MU): +$45.3M at the quarter's price
• added to Intel (INTC): +$32.2M at the quarter's price
• added to NVIDIA (NVDA): +$32.0M at the quarter's price
• added to AMD (AMD): +$26.3M at the quarter's price

Other holders of this size

• Squarepoint Ops LLC: $14.9B in 192 of these companies
• PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO: $15.2B in 174 of these companies
• OSAIC HOLDINGS, INC.: $14.6B in 227 of these companies
• TEACHER RETIREMENT SYSTEM OF TEXAS: $15.4B in 155 of these companies
• CAPTRUST FINANCIAL ADVISORS: $14.5B in 198 of these companies
• Value Aligned Research Advisors, LLC: $15.4B in 45 of these companies
• PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO: $14.5B in 185 of these companies
• PANAGORA ASSET MANAGEMENT INC: $15.6B in 131 of these companies

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