MAI Capital Management

New 13F: Q3 2026

MAI Capital Management filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $5.2B in AI and semiconductor stocks; $125.0M bought and $74.0M sold against its previous quarter, at the quarter's prices.

• added to SpaceX (SPCX): +$41.7M at the quarter's price
• added to Microsoft (MSFT): +$21.3M at the quarter's price
• added to Ciena (CIEN): +$9.8M at the quarter's price
• trimmed Broadcom (AVGO): -$9.1M at the quarter's price
• trimmed Meta Platforms (META): -$8.9M at the quarter's price
• added to Amazon (AMZN): +$8.3M at the quarter's price
• trimmed Dell (DELL): -$8.1M at the quarter's price
• trimmed Apple (AAPL): -$6.6M at the quarter's price
• added to ServiceNow (NOW): +$6.3M at the quarter's price
• added to KLA (KLAC): +$3.9M at the quarter's price

MAI Capital Management declares $4.8B in 136 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 18.1% of its $26.6B 13F portfolio. Largest positions: Apple (0.02% of the company) and Alphabet (0.01% of the company). Over time: $4.8B in 136 of these companies for Q2 2026, against $654.9M in 56 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $915.2M and sold $15.0M of these stocks, at the quarter's prices: a net purchase of $900.2M; 81 sold out.

Performance of its AI picks

The AI-stock portfolio MAI Capital Management declared for Q2 2026 (Form 13F), held unchanged, returned +6.5% in Q3 2026 (SMH -7.1%), ranked 380 of 1,785 active managers. Over the last 12 months, quarter after quarter: +24.7% (SMH +87.2%), ranked 941 of 1,360 active managers. Over three years, quarter after quarter: +134.3% (SMH +325.8%), ranked 525 of 784 active managers. Over five years, quarter after quarter: +133.7% (SMH +389.8%), ranked 399 of 535 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. Apple (AAPL): $859.7M, 3.0M shares, 0.02% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $657.8M, 1.8M shares, 0.01% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. NVIDIA (NVDA): $519.4M, 2.6M shares, 0.01% of the company, 2.0% of its portfolio (added this quarter); held since Q1 2020
4. Microsoft (MSFT): $477.0M, 1.3M shares, 0.02% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $347.6M, 1.5M shares, 0.01% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $251.7M, 666,214 shares, 0.01% of the company, 0.95% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Meta Platforms (META): $140.5M, 249,508 shares, 0.01% of the company, 0.53% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Cisco (CSCO): $127.0M, 1.1M shares, 0.03% of the company, 0.48% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. TSMC (TSM): $117.7M, 246,513 shares, 0.00% of the company, 0.44% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. AMD (AMD): $69.3M, 119,373 shares, 0.01% of the company, 0.26% of its portfolio (added this quarter); held since Q1 2020
11. Caterpillar (CAT): $69.3M, 65,076 shares, 0.01% of the company, 0.26% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX): $68.7M, 158,471 shares, 0.01% of the company, 0.26% of its portfolio (added this quarter); held since Q2 2020
13. Eaton (ETN): $64.1M, 150,471 shares, 0.04% of the company, 0.24% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Applied Materials (AMAT): $64.1M, 88,673 shares, 0.01% of the company, 0.24% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Micron (MU): $63.2M, 54,792 shares, 0.00% of the company, 0.24% of its portfolio (added this quarter); held since Q4 2020

By sector

• Cloud & AI giants: $2.5B, 52% of its AI holdings, 6 companies
• Chips & compute: $1.1B, 23% of its AI holdings, 19 companies
• Power, electrical & cooling: $320.2M, 7% of its AI holdings, 35 companies
• AI software: $236.5M, 5% of its AI holdings, 22 companies
• Equipment & test: $218.6M, 5% of its AI holdings, 13 companies
• Interconnect: $168.7M, 4% of its AI holdings, 8 companies
• Servers & systems: $92.2M, 2% of its AI holdings, 9 companies
• Memory & storage: $92.2M, 2% of its AI holdings, 5 companies
• Neoclouds & data centers: $44.1M, 1% of its AI holdings, 13 companies
• Optics: $37.9M, 1% of its AI holdings, 6 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$184.3M at the quarter's price
• added to Apple (AAPL): +$147.4M at the quarter's price
• added to Alphabet (GOOGL): +$136.9M at the quarter's price
• added to Microsoft (MSFT): +$69.4M at the quarter's price
• added to Amazon (AMZN): +$59.3M at the quarter's price
• added to Lam Research (LRCX): +$35.8M at the quarter's price
• added to Meta Platforms (META): +$34.5M at the quarter's price
• added to Broadcom (AVGO): +$22.6M at the quarter's price
• added to Micron (MU): +$18.7M at the quarter's price
• added to AMD (AMD): +$16.8M at the quarter's price

Other holders of this size

• WT Asset Management Ltd: $4.8B in 16 of these companies
• BANQUE PICTET & CIE SA: $4.8B in 48 of these companies
• Blue Sparrow, LLC /DE: $4.8B in 30 of these companies
• HORIZON KINETICS ASSET MANAGEMENT LLC: $4.8B in 28 of these companies
• LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA: $4.8B in 79 of these companies
• Railway Pension Investments Ltd: $4.9B in 34 of these companies
• EP Wealth Advisors, LLC: $4.8B in 129 of these companies
• Impax Asset Management Group plc: $4.9B in 53 of these companies

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