NATIONAL BANK OF CANADA /FI/

NATIONAL BANK OF CANADA /FI/ declares $52.0B in 168 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 37.2% of its $139.8B 13F portfolio. Largest positions: NVIDIA (0.16% of the company) and Alphabet (0.15% of the company). Over time: $52.0B in 168 of these companies for Q2 2026, against $7.0B in 127 for Q4 2021 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $6.5B and sold $7.0B of these stocks, at the quarter's prices: a net sale of $584.2M; 20 new positions and 7 sold out.

Performance of its AI picks

The AI-stock portfolio NATIONAL BANK OF CANADA /FI/ declared for Q2 2026 (Form 13F), held unchanged, returned +6.2% in Q3 2026 (SMH -7.1%), ranked 424 of 1,785 active managers. Over the last 12 months, quarter after quarter: +38.0% (SMH +87.2%), ranked 303 of 1,360 active managers. Over three years, quarter after quarter: +178.0% (SMH +325.8%). 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. NVIDIA (NVDA): $7.8B, 38.8M shares, 0.16% of the company, 5.6% of its portfolio (trimmed this quarter); held since Q4 2021
2. Alphabet (GOOGL): $6.6B, 18.4M shares, 0.15% of the company, 4.7% of its portfolio (added this quarter); held since Q4 2021
3. Microsoft (MSFT): $4.3B, 11.5M shares, 0.15% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q4 2021
4. Micron (MU): $3.7B, 3.2M shares, 0.29% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q4 2021
5. Apple (AAPL): $3.7B, 12.9M shares, 0.09% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q4 2021
6. Amazon (AMZN): $3.4B, 14.1M shares, 0.13% of the company, 2.4% of its portfolio (added this quarter); held since Q4 2021
7. Meta Platforms (META): $3.2B, 5.7M shares, 0.22% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2021
8. Broadcom (AVGO): $2.7B, 7.3M shares, 0.15% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2021
9. Intel (INTC): $1.2B, 8.8M shares, 0.16% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q4 2021
10. Marvell (MRVL): $1.0B, 3.4M shares, 0.38% of the company, 0.72% of its portfolio (added this quarter); held since Q4 2021
11. Palantir (PLTR): $958.3M, 8.2M shares, 0.34% of the company, 0.69% of its portfolio (added this quarter); held since Q4 2021
12. AMD (AMD): $933.9M, 1.6M shares, 0.10% of the company, 0.67% of its portfolio (trimmed this quarter); held since Q4 2021
13. TSMC (TSM): $888.4M, 1.9M shares, 0.04% of the company, 0.64% of its portfolio (added this quarter); held since Q4 2021
14. Cisco (CSCO): $758.2M, 6.5M shares, 0.16% of the company, 0.54% of its portfolio (trimmed this quarter); held since Q4 2021
15. Lam Research (LRCX): $626.8M, 1.4M shares, 0.12% of the company, 0.45% of its portfolio (trimmed this quarter); held since Q4 2021

By sector

• Cloud & AI giants: $21.1B, 41% of its AI holdings, 6 companies
• Chips & compute: $15.9B, 31% of its AI holdings, 27 companies
• Memory & storage: $4.6B, 9% of its AI holdings, 6 companies
• AI software: $3.2B, 6% of its AI holdings, 30 companies
• Power, electrical & cooling: $2.1B, 4% of its AI holdings, 39 companies
• Equipment & test: $1.8B, 3% of its AI holdings, 16 companies
• Interconnect: $1.3B, 2% of its AI holdings, 8 companies
• Servers & systems: $1.1B, 2% of its AI holdings, 9 companies
• Neoclouds & data centers: $525.7M, 1% of its AI holdings, 16 companies
• Optics: $513.2M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• trimmed AMD (AMD): -$1.7B at the quarter's price
• added to Meta Platforms (META): +$1.5B at the quarter's price
• trimmed Apple (AAPL): -$1.5B at the quarter's price
• trimmed Micron (MU): -$1.2B at the quarter's price
• added to Marvell (MRVL): +$707.5M at the quarter's price
• added to Amazon (AMZN): +$570.8M at the quarter's price
• added to Broadcom (AVGO): +$480.0M at the quarter's price
• trimmed Lam Research (LRCX): -$445.4M at the quarter's price
• trimmed Applied Materials (AMAT): -$428.9M at the quarter's price
• added to Palantir (PLTR): +$407.7M at the quarter's price

Other holders of this size

• Jane Street: $51.3B in 199 of these companies
• ENVESTNET ASSET MANAGEMENT INC: $52.0B in 202 of these companies
• PICTET ASSET MANAGEMENT SA: $49.7B in 203 of these companies
• STATE FARM MUTUAL AUTOMOBILE INSURANCE CO: $52.5B in 19 of these companies
• BNP PARIBAS ASSET MANAGEMENT Holding S.A.: $49.3B in 204 of these companies
• CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM: $52.5B in 205 of these companies
• D. E. Shaw: $48.7B in 205 of these companies
• VOYA INVESTMENT MANAGEMENT LLC: $53.3B in 208 of these companies

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