LSV ASSET MANAGEMENT

New 13F: Q3 2026

LSV ASSET MANAGEMENT filed its 13F for the quarter ended Sep 30, 2026 on Nov 6, 2026: $8.3B in AI and semiconductor stocks; $661.8M bought and $1.4B sold against its previous quarter, at the quarter's prices.

• trimmed Dell (DELL): -$398.9M at the quarter's price
• trimmed Cisco (CSCO): -$291.8M at the quarter's price
• trimmed Alphabet (GOOGL): -$187.8M at the quarter's price
• added to Oracle (ORCL): +$138.2M at the quarter's price
• trimmed Cummins (CMI): -$135.4M at the quarter's price
• trimmed Applied Materials (AMAT): -$119.6M at the quarter's price
• added to Qorvo (QRVO): +$91.4M at the quarter's price
• trimmed Flex (FLEX): -$73.4M at the quarter's price
• added to Adobe (ADBE): +$72.9M at the quarter's price
• added to Meta Platforms (META): +$71.0M at the quarter's price

LSV ASSET MANAGEMENT declares $8.6B in 50 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 15.7% of its $55.1B 13F portfolio. Largest positions: Alphabet (0.03% of the company) and Dell (0.38% of the company). Over time: $8.6B in 50 of these companies for Q2 2026, against $9.3B in 60 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $925.4M and sold $1.7B of these stocks, at the quarter's prices: a net sale of $794.7M; 2 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio LSV ASSET MANAGEMENT declared for Q2 2026 (Form 13F), held unchanged, returned +5.8% in Q3 2026 (SMH -7.1%), ranked 465 of 1,785 active managers. Over the last 12 months, quarter after quarter: +92.5% (SMH +87.2%), ranked 44 of 1,360 active managers. Over three years, quarter after quarter: +274.5% (SMH +325.8%). Over five years, quarter after quarter: +322.6% (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. Alphabet (GOOGL): $1.2B, 3.3M shares, 0.03% of the company, 2.1% of its portfolio (added this quarter); held since Q3 2024
2. Dell (DELL): $1.0B, 2.4M shares, 0.38% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Cisco (CSCO): $835.1M, 7.1M shares, 0.18% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Qualcomm (QCOM): $638.4M, 3.5M shares, 0.32% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Hewlett Packard Enterprise (HPE): $585.8M, 13.0M shares, 0.98% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Micron (MU): $540.2M, 467,962 shares, 0.04% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q4 2024
7. Applied Materials (AMAT): $489.7M, 677,323 shares, 0.09% of the company, 0.89% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Salesforce (CRM): $366.1M, 2.3M shares, 0.28% of the company, 0.66% of its portfolio (added this quarter); held since Q3 2025
9. Adobe (ADBE): $362.8M, 1.8M shares, 0.45% of the company, 0.66% of its portfolio (added this quarter); held since Q4 2024
10. Cirrus Logic (CRUS): $350.1M, 2.4M shares, 4.7% of the company, 0.64% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. HP Inc. (HPQ): $289.5M, 13.2M shares, 1.5% of the company, 0.53% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Cummins (CMI): $217.5M, 304,910 shares, 0.22% of the company, 0.39% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Meta Platforms (META): $189.8M, 336,960 shares, 0.01% of the company, 0.34% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Qorvo (QRVO): $179.6M, 1.9M shares, 0.33% of its portfolio (added this quarter); held since Q1 2021
15. NetApp (NTAP): $151.0M, 975,461 shares, 0.50% of the company, 0.27% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Servers & systems: $2.1B, 25% of its AI holdings, 7 companies
• Cloud & AI giants: $1.4B, 17% of its AI holdings, 5 companies
• Chips & compute: $1.4B, 16% of its AI holdings, 10 companies
• Memory & storage: $924.4M, 11% of its AI holdings, 5 companies
• AI software: $856.4M, 10% of its AI holdings, 6 companies
• Interconnect: $835.1M, 10% of its AI holdings, 1 company
• Equipment & test: $653.3M, 8% of its AI holdings, 7 companies
• Power, electrical & cooling: $393.0M, 5% of its AI holdings, 8 companies
• Neoclouds & data centers: $56.8M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Sandisk (SNDK): -$260.4M at the quarter's price
• trimmed Western Digital (WDC): -$215.0M at the quarter's price
• trimmed Flex (FLEX): -$211.6M at the quarter's price
• added to Alphabet (GOOGL): +$186.8M at the quarter's price
• trimmed Dell (DELL): -$185.9M at the quarter's price
• added to Meta Platforms (META): +$176.4M at the quarter's price
• added to Salesforce (CRM): +$172.8M at the quarter's price
• trimmed Micron (MU): -$163.2M at the quarter's price
• added to Adobe (ADBE): +$157.9M at the quarter's price
• trimmed Jabil (JBL): -$113.8M at the quarter's price

Other holders of this size

• M&T Bank Corp: $8.6B in 171 of these companies
• KEYBANK NATIONAL ASSOCIATION/OH: $8.7B in 146 of these companies
• Cardano Risk Management B.V.: $8.6B in 22 of these companies
• XPONANCE LLC: $8.9B in 194 of these companies
• NISA INVESTMENT ADVISORS, LLC: $8.6B in 208 of these companies
• Lone Pine Capital LLC: $8.9B in 15 of these companies
• Pacer Advisors, Inc.: $8.5B in 163 of these companies
• KING LUTHER CAPITAL MANAGEMENT CORP: $9.0B in 78 of these companies

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