Mediolanum International Funds Ltd

New 13F: Q3 2026

Mediolanum International Funds Ltd filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $6.1B in AI and semiconductor stocks; $528.9M bought and $415.0M sold against its previous quarter, at the quarter's prices.

• sold out of Carrier (CARR): -$46.8M at the quarter's price
• added to Sandisk (SNDK): +$44.2M at the quarter's price
• trimmed ServiceNow (NOW): -$41.7M at the quarter's price
• added to Palantir (PLTR): +$40.9M at the quarter's price
• trimmed Caterpillar (CAT): -$39.6M at the quarter's price
• added to Meta Platforms (META): +$39.5M at the quarter's price
• trimmed Cisco (CSCO): -$34.5M at the quarter's price
• trimmed Cummins (CMI): -$33.0M at the quarter's price
• added to Marvell (MRVL): +$30.6M at the quarter's price
• opened a position in SpaceX (SPCX): +$26.1M at the quarter's price

Mediolanum International Funds Ltd declares $5.6B in 84 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 48.2% of its $11.7B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Apple (0.02% of the company). Over time: $5.6B in 84 of these companies for Q2 2026, against $2.6B in 63 for Q1 2024 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $661.2M and sold $548.5M of these stocks, at the quarter's prices: a net purchase of $112.7M; 8 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Mediolanum International Funds Ltd declared for Q2 2026 (Form 13F), held unchanged, returned +4.7% in Q3 2026 (SMH -7.1%), ranked 677 of 1,785 active managers. Over the last 12 months, quarter after quarter: +27.0% (SMH +87.2%), ranked 796 of 1,360 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): $700.3M, 3.6M shares, 0.01% of the company, 6.0% of its portfolio (trimmed this quarter); held since Q1 2024
2. Apple (AAPL): $674.6M, 2.4M shares, 0.02% of the company, 5.8% of its portfolio (trimmed this quarter); held since Q1 2024
3. Alphabet (GOOGL): $641.6M, 1.8M shares, 0.01% of the company, 5.5% of its portfolio (added this quarter); held since Q1 2024
4. Microsoft (MSFT): $461.3M, 1.3M shares, 0.02% of the company, 3.9% of its portfolio (added this quarter); held since Q1 2024
5. Broadcom (AVGO): $358.8M, 963,484 shares, 0.02% of the company, 3.1% of its portfolio (added this quarter); held since Q1 2024
6. Amazon (AMZN): $315.7M, 1.3M shares, 0.01% of the company, 2.7% of its portfolio (added this quarter); held since Q1 2024
7. Micron (MU): $228.2M, 199,270 shares, 0.02% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q1 2024
8. Meta Platforms (META): $217.8M, 387,085 shares, 0.02% of the company, 1.9% of its portfolio (added this quarter); held since Q1 2024
9. AMD (AMD): $160.4M, 297,342 shares, 0.02% of the company, 1.4% of its portfolio (added this quarter); held since Q1 2024
10. Caterpillar (CAT): $140.9M, 136,412 shares, 0.03% of the company, 1.2% of its portfolio (added this quarter); held since Q1 2024
11. Cisco (CSCO): $95.1M, 807,910 shares, 0.02% of the company, 0.81% of its portfolio (trimmed this quarter); held since Q1 2024
12. Applied Materials (AMAT): $89.9M, 129,428 shares, 0.02% of the company, 0.77% of its portfolio (added this quarter); held since Q1 2024
13. KLA (KLAC): $72.3M, 259,646 shares, 0.02% of the company, 0.62% of its portfolio (trimmed this quarter); held since Q1 2024
14. Intel (INTC): $72.2M, 547,770 shares, 0.01% of the company, 0.62% of its portfolio (added this quarter); held since Q1 2024
15. Arista Networks (ANET): $63.4M, 386,282 shares, 0.03% of the company, 0.54% of its portfolio (trimmed this quarter); held since Q1 2024

By sector

• Cloud & AI giants: $2.3B, 41% of its AI holdings, 5 companies
• Chips & compute: $1.4B, 26% of its AI holdings, 12 companies
• Power, electrical & cooling: $570.4M, 10% of its AI holdings, 24 companies
• Memory & storage: $367.2M, 7% of its AI holdings, 5 companies
• AI software: $340.5M, 6% of its AI holdings, 16 companies
• Interconnect: $263.8M, 5% of its AI holdings, 6 companies
• Equipment & test: $170.2M, 3% of its AI holdings, 3 companies
• Servers & systems: $76.0M, 1% of its AI holdings, 5 companies
• Optics: $60.7M, 1% of its AI holdings, 5 companies
• Neoclouds & data centers: $39.5M, 1% of its AI holdings, 3 companies

Biggest changes this quarter

• added to Amazon (AMZN): +$58.7M at the quarter's price
• trimmed Micron (MU): -$56.6M at the quarter's price
• added to AMD (AMD): +$54.5M at the quarter's price
• trimmed Arista Networks (ANET): -$51.5M at the quarter's price
• added to Cummins (CMI): +$48.8M at the quarter's price
• added to Alphabet (GOOGL): +$46.5M at the quarter's price
• added to Broadcom (AVGO): +$43.6M at the quarter's price
• added to Microsoft (MSFT): +$41.9M at the quarter's price
• added to Seagate (STX): +$41.3M at the quarter's price
• added to Carrier (CARR): +$39.7M at the quarter's price

Other holders of this size

• LBP AM SA: $5.6B in 84 of these companies
• Fuller & Thaler Asset Management, Inc.: $5.7B in 54 of these companies
• OFI INVEST ASSET MANAGEMENT: $5.6B in 75 of these companies
• APPALOOSA LP: $5.7B in 15 of these companies
• Varma Mutual Pension Insurance Co: $5.6B in 73 of these companies
• CAPSTONE INVESTMENT ADVISORS, LLC: $5.7B in 104 of these companies
• Sustainable Growth Advisers, LP: $5.6B in 14 of these companies
• ZACKS INVESTMENT MANAGEMENT: $5.7B in 104 of these companies

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