LYRICAL ASSET MANAGEMENT LP

LYRICAL ASSET MANAGEMENT LP declares $2.2B in 5 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 28.1% of its $7.9B 13F portfolio. Largest positions: Flex (1.3% of the company) and Johnson Controls (0.49% of the company). Over time: $2.2B in 5 of these companies for Q2 2026, against $1.3B in 5 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought nothing and sold $435.3M of these stocks, at the quarter's prices: a net sale of $435.3M.

Performance of its AI picks

The AI-stock portfolio LYRICAL ASSET MANAGEMENT LP declared for Q2 2026 (Form 13F), held unchanged, returned -12.1% in Q3 2026 (SMH -7.1%), ranked 1676 of 1,783 active managers. Over the last 12 months, quarter after quarter: +39.7% (SMH +87.2%), ranked 282 of 1,359 active managers. Over three years, quarter after quarter: +405.5% (SMH +325.8%). Over five years, quarter after quarter: +570.3% (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. Flex (FLEX) — $751.2M: 4.6M shares, 1.3% of the company, 9.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Johnson Controls (JCI) — $437.8M: 3.0M shares, 0.49% of the company, 5.6% of its portfolio (trimmed this quarter); held since Q2 2024
3. NRG Energy (NRG) — $392.8M: 2.7M shares, 1.3% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q2 2020
4. NetApp (NTAP) — $381.6M: 2.5M shares, 1.3% of the company, 4.8% of its portfolio (trimmed this quarter); held since Q3 2025
5. NXP Semiconductors (NXPI) — $249.4M: 887,619 shares, 0.35% of the company, 3.2% of its portfolio (trimmed this quarter); held since Q4 2022

By sector

• Power, electrical & cooling — $830.7M, 38% of its AI holdings, 2 companies
• Servers & systems — $751.2M, 34% of its AI holdings, 1 company
• Memory & storage — $381.6M, 17% of its AI holdings, 1 company
• Chips & compute — $249.4M, 11% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Flex (FLEX): -$377.0M at the quarter's price
• trimmed Johnson Controls (JCI): -$21.9M at the quarter's price
• trimmed NRG Energy (NRG): -$13.8M at the quarter's price
• trimmed NXP Semiconductors (NXPI): -$13.1M at the quarter's price
• trimmed NetApp (NTAP): -$9.5M at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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