Legal & General

Legal & General declares $236.0B in 222 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 49.2% of its $479.5B 13F portfolio. Largest positions: NVIDIA (0.66% of the company) and Apple (0.72% of the company). It is an index manager: its trades follow fund flows, so they are left out of the quarter's moves on /holders. Over time: $236.0B in 222 of these companies for Q2 2026, against $53.5B in 154 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.9B and sold $8.6B of these stocks, at the quarter's prices: a net sale of $6.7B; 7 new positions.

Performance of its AI picks

The AI-stock portfolio Legal & General declared for Q2 2026 (Form 13F), held unchanged, returned +4.6% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +29.3% (SMH +87.2%). Over three years, quarter after quarter: +149.5% (SMH +325.8%). Over five years, quarter after quarter: +164.1% (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): $31.8B, 158.9M shares, 0.66% of the company, 6.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $30.4B, 105.2M shares, 0.72% of the company, 6.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $24.0B, 67.4M shares, 0.55% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $18.3B, 49.1M shares, 0.66% of the company, 3.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $12.8B, 53.8M shares, 0.50% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $12.0B, 31.8M shares, 0.67% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Micron (MU): $8.4B, 7.3M shares, 0.64% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $7.9B, 14.1M shares, 0.55% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $6.4B, 11.0M shares, 0.67% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Lam Research (LRCX): $4.5B, 10.4M shares, 0.83% of the company, 0.94% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $4.4B, 6.1M shares, 0.77% of the company, 0.92% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Intel (INTC): $4.1B, 29.3M shares, 0.55% of the company, 0.85% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Cisco (CSCO): $3.8B, 32.1M shares, 0.82% of the company, 0.79% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. KLA (KLAC): $3.0B, 10.0M shares, 0.77% of the company, 0.63% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Caterpillar (CAT): $2.8B, 2.6M shares, 0.57% of the company, 0.58% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $93.7B, 40% of its AI holdings, 6 companies
• Chips & compute: $64.1B, 27% of its AI holdings, 38 companies
• Power, electrical & cooling: $17.8B, 8% of its AI holdings, 47 companies
• AI software: $14.5B, 6% of its AI holdings, 31 companies
• Equipment & test: $13.7B, 6% of its AI holdings, 28 companies
• Memory & storage: $13.0B, 6% of its AI holdings, 7 companies
• Interconnect: $7.4B, 3% of its AI holdings, 11 companies
• Neoclouds & data centers: $4.7B, 2% of its AI holdings, 29 companies
• Servers & systems: $4.4B, 2% of its AI holdings, 12 companies
• Optics: $2.6B, 1% of its AI holdings, 13 companies

Biggest changes this quarter

• trimmed NVIDIA (NVDA): -$2.1B at the quarter's price
• trimmed Apple (AAPL): -$844.5M at the quarter's price
• trimmed Intel (INTC): -$532.4M at the quarter's price
• trimmed Microsoft (MSFT): -$442.8M at the quarter's price
• trimmed Alphabet (GOOGL): -$425.4M at the quarter's price
• trimmed Amazon (AMZN): -$405.9M at the quarter's price
• added to Sandisk (SNDK): +$405.3M at the quarter's price
• trimmed Lam Research (LRCX): -$293.6M at the quarter's price
• trimmed Cisco (CSCO): -$263.5M at the quarter's price
• added to Western Digital (WDC): +$243.0M at the quarter's price

Other holders of this size

• Wellington: $212.6B in 172 of these companies
• BNY: $245.5B in 220 of these companies
• Amundi: $204.0B in 197 of these companies
• Charles Schwab: $263.5B in 216 of these companies
• Nuveen: $201.5B in 220 of these companies
• Goldman Sachs: $353.8B in 225 of these companies
• Franklin Templeton: $188.6B in 202 of these companies
• Northern Trust: $373.8B in 224 of these companies

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