LBP AM SA

New 13F: Q3 2026

LBP AM SA filed its 13F for the quarter ended Sep 30, 2026 on Nov 6, 2026: $3.5B in AI and semiconductor stocks; $232.2M bought and $2.6B sold against its previous quarter, at the quarter's prices.

• trimmed NVIDIA (NVDA): -$595.8M at the quarter's price
• trimmed Microsoft (MSFT): -$432.9M at the quarter's price
• trimmed Amazon (AMZN): -$164.9M at the quarter's price
• trimmed AMD (AMD): -$152.3M at the quarter's price
• trimmed Alphabet (GOOGL): -$140.2M at the quarter's price
• trimmed Broadcom (AVGO): -$93.4M at the quarter's price
• trimmed TE Connectivity (TEL): -$91.0M at the quarter's price
• trimmed Marvell (MRVL): -$84.0M at the quarter's price
• trimmed Apple (AAPL): -$73.0M at the quarter's price
• added to Texas Instruments (TXN): +$65.5M at the quarter's price

LBP AM SA declares $5.6B in 84 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 56.2% of its $10.0B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Microsoft (0.02% of the company). Over time: $5.6B in 84 of these companies for Q2 2026, against $960.3M in 61 for Q4 2022 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.0B and sold $304.2M of these stocks, at the quarter's prices: a net purchase of $708.3M; 7 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio LBP AM SA declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%), ranked 801 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.4% (SMH +87.2%), ranked 552 of 1,360 active managers. Over three years, quarter after quarter: +171.6% (SMH +325.8%), ranked 176 of 784 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): $619.6M, 3.1M shares, 0.01% of the company, 6.2% of its portfolio (added this quarter); held since Q4 2022
2. Microsoft (MSFT): $531.1M, 1.4M shares, 0.02% of the company, 5.3% of its portfolio (added this quarter); held since Q4 2022
3. Amazon (AMZN): $506.3M, 2.1M shares, 0.02% of the company, 5.1% of its portfolio (added this quarter); held since Q4 2022
4. Alphabet (GOOGL): $462.7M, 1.3M shares, 0.01% of the company, 4.6% of its portfolio (added this quarter); held since Q4 2022
5. Apple (AAPL): $392.2M, 1.4M shares, 0.01% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2022
6. Broadcom (AVGO): $245.6M, 650,117 shares, 0.01% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2022
7. AMD (AMD): $242.7M, 417,746 shares, 0.03% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2022
8. TSMC (TSM): $221.5M, 463,710 shares, 0.01% of the company, 2.2% of its portfolio (trimmed this quarter); held since Q3 2024
9. Intel (INTC): $195.6M, 1.4M shares, 0.03% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2022
10. Micron (MU): $148.6M, 128,696 shares, 0.01% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2022
11. Meta Platforms (META): $146.5M, 260,037 shares, 0.01% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2022
12. Marvell (MRVL): $101.1M, 339,453 shares, 0.04% of the company, 1.0% of its portfolio (added this quarter); held since Q3 2024
13. TE Connectivity (TEL): $88.3M, 437,808 shares, 0.15% of the company, 0.88% of its portfolio (added this quarter); held since Q3 2024
14. Applied Materials (AMAT): $85.6M, 118,355 shares, 0.01% of the company, 0.86% of its portfolio (added this quarter); held since Q4 2022
15. Vertiv (VRT): $79.4M, 237,009 shares, 0.06% of the company, 0.79% of its portfolio (added this quarter); held since Q3 2024

By sector

• Cloud & AI giants: $2.1B, 37% of its AI holdings, 6 companies
• Chips & compute: $1.8B, 31% of its AI holdings, 13 companies
• Power, electrical & cooling: $437.3M, 8% of its AI holdings, 18 companies
• AI software: $336.7M, 6% of its AI holdings, 17 companies
• Memory & storage: $286.0M, 5% of its AI holdings, 5 companies
• Interconnect: $228.1M, 4% of its AI holdings, 4 companies
• Equipment & test: $219.4M, 4% of its AI holdings, 6 companies
• Servers & systems: $96.9M, 2% of its AI holdings, 6 companies
• Neoclouds & data centers: $93.7M, 2% of its AI holdings, 7 companies
• Optics: $70.0M, 1% of its AI holdings, 2 companies

Biggest changes this quarter

• added to Alphabet (GOOGL): +$142.9M at the quarter's price
• added to Intel (INTC): +$131.0M at the quarter's price
• trimmed CrowdStrike (CRWD): -$83.6M at the quarter's price
• added to Microsoft (MSFT): +$71.2M at the quarter's price
• added to NVIDIA (NVDA): +$69.6M at the quarter's price
• added to Amazon (AMZN): +$57.6M at the quarter's price
• added to Applied Materials (AMAT): +$47.6M at the quarter's price
• added to CoreWeave (CRWV): +$43.8M at the quarter's price
• trimmed Micron (MU): -$36.3M at the quarter's price
• added to Meta Platforms (META): +$36.2M at the quarter's price

Other holders of this size

• OFI INVEST ASSET MANAGEMENT: $5.6B in 75 of these companies
• Mediolanum International Funds Ltd: $5.6B in 84 of these companies
• Varma Mutual Pension Insurance Co: $5.6B in 73 of these companies
• Fuller & Thaler Asset Management, Inc.: $5.7B in 54 of these companies
• Sustainable Growth Advisers, LP: $5.6B in 14 of these companies
• APPALOOSA LP: $5.7B in 15 of these companies
• GATEWAY INVESTMENT ADVISERS LLC: $5.5B in 117 of these companies
• CAPSTONE INVESTMENT ADVISORS, LLC: $5.7B in 104 of these companies

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