MONTRUSCO BOLTON INVESTMENTS INC.

MONTRUSCO BOLTON INVESTMENTS INC. declares $3.3B in 13 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 50.7% of its $6.5B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Alphabet (0.01% of the company). Over time: $3.3B in 13 of these companies for Q2 2026, against $224.1M in 8 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $328.7M and sold $676.0M of these stocks, at the quarter's prices: a net sale of $347.3M; 2 new positions.

Performance of its AI picks

The AI-stock portfolio MONTRUSCO BOLTON INVESTMENTS INC. declared for Q2 2026 (Form 13F), held unchanged, returned +4.8% in Q3 2026 (SMH -7.1%), ranked 646 of 1,783 active managers. Over the last 12 months, quarter after quarter: +15.9% (SMH +87.2%), ranked 1249 of 1,359 active managers. Over three years, quarter after quarter: +126.7% (SMH +325.8%), ranked 594 of 783 active managers. Over five years, quarter after quarter: +135.1% (SMH +389.8%), ranked 394 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) — $527.8M: 2.6M shares, 0.01% of the company, 8.2% of its portfolio (trimmed this quarter); held since Q3 2023
2. Alphabet (GOOGL) — $390.8M: 1.1M shares, 0.01% of the company, 6.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Microsoft (MSFT) — $381.0M: 1.0M shares, 0.01% of the company, 5.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Amazon (AMZN) — $375.7M: 1.6M shares, 0.01% of the company, 5.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Lam Research (LRCX) — $291.0M: 671,482 shares, 0.05% of the company, 4.5% of its portfolio (trimmed this quarter); held since Q1 2025
6. Broadcom (AVGO) — $240.8M: 637,407 shares, 0.01% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2025
7. Micron (MU) — $235.5M: 204,062 shares, 0.02% of the company, 3.6% of its portfolio (new position this quarter)
8. Meta Platforms (META) — $188.5M: 334,610 shares, 0.01% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. TSMC (TSM) — $173.3M: 362,899 shares, 0.01% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q3 2024
10. Amphenol (APH) — $156.8M: 1.8M shares, 0.07% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q1 2026
11. Apple (AAPL) — $131.9M: 455,851 shares, 0.00% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Synopsys (SNPS) — $90.4M: 202,769 shares, 0.11% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q1 2025
13. GE Vernova (GEV) — $88.7M: 75,528 shares, 0.03% of the company, 1.4% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants — $1.5B, 45% of its AI holdings, 5 companies
• Chips & compute — $941.9M, 29% of its AI holdings, 3 companies
• Equipment & test — $291.0M, 9% of its AI holdings, 1 company
• Memory & storage — $235.5M, 7% of its AI holdings, 1 company
• Interconnect — $156.8M, 5% of its AI holdings, 1 company
• AI software — $90.4M, 3% of its AI holdings, 1 company
• Power, electrical & cooling — $88.7M, 3% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Micron (MU): +$235.5M at the quarter's price
• trimmed NVIDIA (NVDA): -$204.4M at the quarter's price
• trimmed Alphabet (GOOGL): -$111.1M at the quarter's price
• opened a position in GE Vernova (GEV): +$88.7M at the quarter's price
• trimmed Microsoft (MSFT): -$85.1M at the quarter's price
• trimmed TSMC (TSM): -$70.4M at the quarter's price
• trimmed Amazon (AMZN): -$59.2M at the quarter's price
• trimmed Meta Platforms (META): -$49.5M at the quarter's price
• trimmed Apple (AAPL): -$47.2M at the quarter's price
• trimmed Synopsys (SNPS): -$35.0M at the quarter's price

Other holders of this size

• Saudi Central Bank — $3.3B in 96 of these companies
• Artemis Investment Management LLP — $3.3B in 41 of these companies
• SHELTON CAPITAL MANAGEMENT — $3.3B in 126 of these companies
• ExodusPoint Capital Management, LP — $3.3B in 111 of these companies
• Voyager Global Management LP — $3.3B in 6 of these companies
• Union Bancaire Privee, UBP SA — $3.3B in 79 of these companies
• Crossmark Global Holdings, Inc. — $3.2B in 158 of these companies
• KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC — $3.3B in 110 of these companies

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