LAZARD ASSET MANAGEMENT LLC

LAZARD ASSET MANAGEMENT LLC declares $28.8B in 179 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 43.5% of its $66.1B 13F portfolio. Largest positions: NVIDIA (0.05% of the company) and Alphabet (0.06% of the company). Over time: $28.8B in 179 of these companies for Q2 2026, against $13.6B in 102 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.2B and sold $2.9B of these stocks, at the quarter's prices: a net sale of $788.8M; 28 new positions and 7 sold out.

Performance of its AI picks

The AI-stock portfolio LAZARD ASSET MANAGEMENT LLC declared for Q2 2026 (Form 13F), held unchanged, returned +1.9% in Q3 2026 (SMH -7.1%), ranked 1160 of 1,785 active managers. Over the last 12 months, quarter after quarter: +31.9% (SMH +87.2%), ranked 474 of 1,360 active managers. Over three years, quarter after quarter: +129.6% (SMH +325.8%). Over five years, quarter after quarter: +137.6% (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. NVIDIA (NVDA): $2.6B, 12.9M shares, 0.05% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $2.5B, 7.2M shares, 0.06% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $2.4B, 8.1M shares, 0.06% of the company, 3.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $2.0B, 5.3M shares, 0.07% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $1.9B, 7.8M shares, 0.07% of the company, 2.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Exelon (EXC): $1.5B, 32.2M shares, 3.1% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. TSMC (TSM): $1.4B, 3.0M shares, 0.06% of the company, 2.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. American Tower (AMT): $1.4B, 8.4M shares, 1.8% of the company, 2.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Crown Castle (CCI): $1.1B, 15.1M shares, 3.5% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. KLA (KLAC): $732.3M, 2.4M shares, 0.19% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. AMD (AMD): $694.7M, 1.2M shares, 0.07% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Micron (MU): $650.5M, 563,544 shares, 0.05% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Analog Devices (ADI): $645.4M, 1.6M shares, 0.34% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Broadcom (AVGO): $633.5M, 1.7M shares, 0.04% of the company, 0.96% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Palo Alto Networks (PANW): $618.9M, 1.8M shares, 0.22% of the company, 0.94% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $9.1B, 32% of its AI holdings, 6 companies
• Chips & compute: $6.8B, 24% of its AI holdings, 30 companies
• Power, electrical & cooling: $2.8B, 10% of its AI holdings, 36 companies
• Equipment & test: $2.6B, 9% of its AI holdings, 21 companies
• Neoclouds & data centers: $2.6B, 9% of its AI holdings, 23 companies
• AI software: $2.0B, 7% of its AI holdings, 24 companies
• Memory & storage: $1.1B, 4% of its AI holdings, 7 companies
• Interconnect: $873.2M, 3% of its AI holdings, 10 companies
• Optics: $468.7M, 2% of its AI holdings, 10 companies
• Servers & systems: $260.4M, 1% of its AI holdings, 12 companies

Biggest changes this quarter

• trimmed Marvell (MRVL): -$527.0M at the quarter's price
• added to NVIDIA (NVDA): +$507.3M at the quarter's price
• trimmed Broadcom (AVGO): -$394.7M at the quarter's price
• added to Exelon (EXC): +$351.9M at the quarter's price
• trimmed ASE Technology (ASX): -$250.9M at the quarter's price
• trimmed Micron (MU): -$238.5M at the quarter's price
• added to American Tower (AMT): +$176.2M at the quarter's price
• trimmed Teradyne (TER): -$161.8M at the quarter's price
• trimmed KLA (KLAC): -$150.3M at the quarter's price
• added to AMD (AMD): +$141.4M at the quarter's price

Other holders of this size

• Quantinno Capital Management LP: $28.5B in 205 of these companies
• CANADA LIFE ASSURANCE Co: $29.1B in 138 of these companies
• Marshall Wace: $27.5B in 181 of these companies
• Gigafund Management Company, LLC: $29.4B in 1 of these companies
• DANSKE BANK A/S: $27.1B in 130 of these companies
• BAMCO INC /NY/: $29.5B in 51 of these companies
• Two Sigma: $27.0B in 220 of these companies
• STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM: $29.8B in 195 of these companies

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