MASSACHUSETTS FINANCIAL SERVICES CO /MA/

New 13F: Q3 2026

MASSACHUSETTS FINANCIAL SERVICES CO /MA/ filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $109.2B in AI and semiconductor stocks; $3.9B bought and $12.3B sold against its previous quarter, at the quarter's prices.

• trimmed Apple (AAPL): -$1.6B at the quarter's price
• trimmed Caterpillar (CAT): -$1.2B at the quarter's price
• trimmed Seagate (STX): -$766.3M at the quarter's price
• trimmed KLA (KLAC): -$635.1M at the quarter's price
• trimmed NVIDIA (NVDA): -$580.2M at the quarter's price
• opened a position in ServiceNow (NOW): +$539.2M at the quarter's price
• trimmed Amazon (AMZN): -$521.9M at the quarter's price
• trimmed Analog Devices (ADI): -$520.6M at the quarter's price
• trimmed Texas Instruments (TXN): -$515.6M at the quarter's price
• added to Microsoft (MSFT): +$458.4M at the quarter's price

MASSACHUSETTS FINANCIAL SERVICES CO /MA/ declares $115.5B in 133 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 36.6% of its $315.2B 13F portfolio. Largest positions: NVIDIA (0.26% of the company) and Alphabet (0.24% of the company). Over time: $115.5B in 133 of these companies for Q2 2026, against $55.1B in 65 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $12.2B and sold $12.4B of these stocks, at the quarter's prices: a net sale of $158.6M; 24 new positions and 4 sold out.

Performance of its AI picks

The AI-stock portfolio MASSACHUSETTS FINANCIAL SERVICES CO /MA/ declared for Q2 2026 (Form 13F), held unchanged, returned +1.4% in Q3 2026 (SMH -7.1%), ranked 1210 of 1,785 active managers. Over the last 12 months, quarter after quarter: +19.7% (SMH +87.2%), ranked 1183 of 1,360 active managers. Over three years, quarter after quarter: +116.9% (SMH +325.8%), ranked 645 of 784 active managers. Over five years, quarter after quarter: +120.5% (SMH +389.8%), ranked 443 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. NVIDIA (NVDA): $13.7B, 62.5M shares, 0.26% of the company, 4.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $11.0B, 29.9M shares, 0.24% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $8.9B, 30.4M shares, 0.21% of the company, 2.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Amazon (AMZN): $8.8B, 32.1M shares, 0.30% of the company, 2.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Microsoft (MSFT): $8.8B, 20.4M shares, 0.28% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $5.5B, 12.1M shares, 0.25% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. TSMC (TSM): $4.7B, 9.5M shares, 0.18% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. KLA (KLAC): $4.5B, 14.7M shares, 1.1% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q2 2020
9. Seagate (STX): $2.5B, 2.6M shares, 1.1% of the company, 0.80% of its portfolio (added this quarter); held since Q3 2025
10. Analog Devices (ADI): $2.2B, 5.4M shares, 1.1% of the company, 0.68% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Eaton (ETN): $2.1B, 4.9M shares, 1.3% of the company, 0.67% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Meta Platforms (META): $2.1B, 3.6M shares, 0.14% of the company, 0.66% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Amphenol (APH): $1.9B, 21.0M shares, 0.85% of the company, 0.61% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Caterpillar (CAT): $1.9B, 1.7M shares, 0.38% of the company, 0.60% of its portfolio (added this quarter); held since Q2 2025
15. GE Vernova (GEV): $1.8B, 1.6M shares, 0.59% of the company, 0.59% of its portfolio (trimmed this quarter); held since Q2 2024

By sector

• Cloud & AI giants: $40.8B, 35% of its AI holdings, 6 companies
• Chips & compute: $31.8B, 27% of its AI holdings, 24 companies
• Power, electrical & cooling: $18.3B, 16% of its AI holdings, 35 companies
• Equipment & test: $7.1B, 6% of its AI holdings, 15 companies
• Memory & storage: $4.8B, 4% of its AI holdings, 5 companies
• AI software: $4.8B, 4% of its AI holdings, 18 companies
• Interconnect: $4.7B, 4% of its AI holdings, 8 companies
• Optics: $1.3B, 1% of its AI holdings, 6 companies
• Servers & systems: $1.1B, 1% of its AI holdings, 8 companies
• Neoclouds & data centers: $779.5M, 1% of its AI holdings, 8 companies

Biggest changes this quarter

• added to Alphabet (GOOGL): +$2.2B at the quarter's price
• trimmed Microsoft (MSFT): -$2.2B at the quarter's price
• added to Amazon (AMZN): +$1.7B at the quarter's price
• added to Micron (MU): +$1.5B at the quarter's price
• added to Broadcom (AVGO): +$1.4B at the quarter's price
• added to AMD (AMD): +$1.0B at the quarter's price
• trimmed Lam Research (LRCX): -$926.9M at the quarter's price
• trimmed Accenture (ACN): -$896.6M at the quarter's price
• trimmed Amphenol (APH): -$632.2M at the quarter's price
• trimmed NVIDIA (NVDA): -$605.2M at the quarter's price

Other holders of this size

• Janus Henderson: $110.1B in 205 of these companies
• Barclays: $115.8B in 224 of these companies
• HSBC HOLDINGS PLC: $105.9B in 184 of these companies
• ALLIANCEBERNSTEIN L.P.: $124.2B in 214 of these companies
• JENNISON ASSOCIATES LLC: $103.9B in 110 of these companies
• Fisher Asset Management, LLC: $129.7B in 113 of these companies
• Berkshire Hathaway Inc: $103.7B in 2 of these companies
• WELLS FARGO & COMPANY/MN: $146.9B in 226 of these companies

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