National Pension Service

New 13F: Q3 2026

National Pension Service filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $81.7B in AI and semiconductor stocks; $717.6M bought and $51.1M sold against its previous quarter, at the quarter's prices.

• opened a position in Sandisk (SNDK): +$294.4M at the quarter's price
• added to Apple (AAPL): +$50.1M at the quarter's price
• added to NVIDIA (NVDA): +$45.4M at the quarter's price
• added to Alphabet (GOOGL): +$43.1M at the quarter's price
• added to Microsoft (MSFT): +$39.8M at the quarter's price
• added to Amazon (AMZN): +$28.4M at the quarter's price
• added to Datadog (DDOG): +$18.3M at the quarter's price
• added to Broadcom (AVGO): +$17.4M at the quarter's price
• added to Meta Platforms (META): +$15.8M at the quarter's price
• added to AMD (AMD): +$15.0M at the quarter's price

National Pension Service declares $77.8B in 102 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 50.2% of its $155.1B 13F portfolio. Largest positions: NVIDIA (0.21% of the company) and Apple (0.22% of the company). Over time: $77.8B in 102 of these companies for Q2 2026, against $9.1B in 61 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.5B and sold $559.6M of these stocks, at the quarter's prices: a net purchase of $905.2M; 1 new position and 1 sold out.

Performance of its AI picks

The AI-stock portfolio National Pension Service declared for Q2 2026 (Form 13F), held unchanged, returned +4.3% in Q3 2026 (SMH -7.1%), ranked 784 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.7% (SMH +87.2%), ranked 527 of 1,360 active managers. Over three years, quarter after quarter: +153.5% (SMH +325.8%), ranked 304 of 784 active managers. Over five years, quarter after quarter: +168.9% (SMH +389.8%), ranked 203 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): $10.2B, 50.8M shares, 0.21% of the company, 6.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $9.1B, 31.5M shares, 0.22% of the company, 5.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $8.4B, 23.6M shares, 0.19% of the company, 5.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $5.7B, 15.2M shares, 0.21% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $5.0B, 21.0M shares, 0.19% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $3.6B, 9.6M shares, 0.20% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $3.3B, 2.9M shares, 0.26% of the company, 2.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $2.7B, 4.9M shares, 0.19% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $2.1B, 3.6M shares, 0.22% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Lam Research (LRCX): $1.5B, 3.4M shares, 0.27% of the company, 0.94% of its portfolio (trimmed this quarter); held since Q4 2024
11. Applied Materials (AMAT): $1.4B, 2.0M shares, 0.25% of the company, 0.91% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Intel (INTC): $1.4B, 10.0M shares, 0.19% of the company, 0.90% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Cisco (CSCO): $1.1B, 9.7M shares, 0.25% of the company, 0.74% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. KLA (KLAC): $1.1B, 3.6M shares, 0.28% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Caterpillar (CAT): $1.1B, 1.0M shares, 0.22% of the company, 0.69% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $31.5B, 41% of its AI holdings, 6 companies
• Chips & compute: $20.3B, 26% of its AI holdings, 13 companies
• Power, electrical & cooling: $5.8B, 8% of its AI holdings, 26 companies
• Memory & storage: $5.1B, 7% of its AI holdings, 4 companies
• AI software: $4.9B, 6% of its AI holdings, 19 companies
• Equipment & test: $4.3B, 5% of its AI holdings, 7 companies
• Interconnect: $2.7B, 3% of its AI holdings, 6 companies
• Servers & systems: $1.4B, 2% of its AI holdings, 7 companies
• Neoclouds & data centers: $942.7M, 1% of its AI holdings, 10 companies
• Optics: $868.9M, 1% of its AI holdings, 4 companies

Biggest changes this quarter

• added to Apple (AAPL): +$144.2M at the quarter's price
• added to Amazon (AMZN): +$125.9M at the quarter's price
• added to Microsoft (MSFT): +$120.2M at the quarter's price
• added to Coherent (COHR): +$100.0M at the quarter's price
• trimmed NVIDIA (NVDA): -$88.0M at the quarter's price
• added to Meta Platforms (META): +$87.5M at the quarter's price
• added to Broadcom (AVGO): +$86.9M at the quarter's price
• added to Alphabet (GOOGL): +$86.3M at the quarter's price
• added to Lumentum (LITE): +$85.8M at the quarter's price
• added to Nebius (NBIS): +$82.0M at the quarter's price

Other holders of this size

• AQR: $76.7B in 211 of these companies
• CANADA PENSION PLAN INVESTMENT BOARD: $78.1B in 160 of these companies
• BNP PARIBAS FINANCIAL MARKETS: $75.4B in 222 of these companies
• BANK OF MONTREAL /CAN/: $78.3B in 199 of these companies
• California Public Employees Retirement System: $74.4B in 137 of these companies
• PRIMECAP MANAGEMENT CO/CA/: $80.3B in 61 of these companies
• Swedbank AB: $68.1B in 111 of these companies
• American Century Companies, Inc.: $81.1B in 197 of these companies

Follow National Pension Service's SEC filings (Atom feed)

All holders · Who owns each AI company · All tracked companies · The AI market