Northern Trust

Northern Trust declares $373.8B in 224 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 43.5% of its $859.8B 13F portfolio. Largest positions: NVIDIA (1.0% of the company) and Apple (1.1% of the company). It is an index manager: its trades follow fund flows, so they are left out of the quarter's moves on /holders. Over time: $373.8B in 224 of these companies for Q2 2026, against $104.8B in 169 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.9B and sold $4.6B of these stocks, at the quarter's prices: a net sale of $1.6B; 3 new positions.

Performance of its AI picks

The AI-stock portfolio Northern Trust declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +29.4% (SMH +87.2%). Over three years, quarter after quarter: +151.0% (SMH +325.8%). Over five years, quarter after quarter: +167.0% (SMH +389.8%). 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): $50.2B, 251.0M shares, 1.0% of the company, 5.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $45.7B, 157.8M shares, 1.1% of the company, 5.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $41.9B, 117.8M shares, 0.96% of the company, 4.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $29.3B, 78.7M shares, 1.1% of the company, 3.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $22.5B, 94.6M shares, 0.87% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $18.2B, 48.2M shares, 1.0% of the company, 2.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $12.5B, 10.8M shares, 0.96% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $12.3B, 21.9M shares, 0.86% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $9.7B, 16.7M shares, 1.0% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Applied Materials (AMAT): $6.4B, 8.9M shares, 1.1% of the company, 0.75% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Lam Research (LRCX): $6.1B, 14.0M shares, 1.1% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Caterpillar (CAT): $6.0B, 5.7M shares, 1.2% of the company, 0.70% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Intel (INTC): $6.0B, 42.8M shares, 0.81% of the company, 0.70% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO): $5.4B, 46.0M shares, 1.2% of the company, 0.63% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. KLA (KLAC): $4.6B, 15.3M shares, 1.2% of the company, 0.54% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $152.3B, 41% of its AI holdings, 6 companies
• Chips & compute: $100.3B, 27% of its AI holdings, 38 companies
• Power, electrical & cooling: $30.0B, 8% of its AI holdings, 47 companies
• Equipment & test: $21.9B, 6% of its AI holdings, 29 companies
• AI software: $21.1B, 6% of its AI holdings, 31 companies
• Memory & storage: $20.0B, 5% of its AI holdings, 7 companies
• Interconnect: $11.3B, 3% of its AI holdings, 11 companies
• Servers & systems: $6.5B, 2% of its AI holdings, 12 companies
• Neoclouds & data centers: $6.1B, 2% of its AI holdings, 29 companies
• Optics: $4.4B, 1% of its AI holdings, 14 companies

Biggest changes this quarter

• added to Marvell (MRVL): +$504.5M at the quarter's price
• added to Micron (MU): +$472.0M at the quarter's price
• trimmed Apple (AAPL): -$428.3M at the quarter's price
• trimmed Microsoft (MSFT): -$385.5M at the quarter's price
• trimmed NVIDIA (NVDA): -$340.0M at the quarter's price
• trimmed Intel (INTC): -$288.7M at the quarter's price
• added to Broadcom (AVGO): +$214.1M at the quarter's price
• trimmed Salesforce (CRM): -$195.5M at the quarter's price
• trimmed Bloom Energy (BE): -$190.9M at the quarter's price
• added to Analog Devices (ADI): +$182.8M at the quarter's price

Other holders of this size

• Goldman Sachs: $353.8B in 225 of these companies
• Bank of America: $385.2B in 223 of these companies
• Charles Schwab: $263.5B in 216 of these companies
• UBS: $462.8B in 227 of these companies
• BNY: $245.5B in 220 of these companies
• Norges Bank: $478.8B in 161 of these companies
• Legal & General: $236.0B in 222 of these companies
• T. Rowe Price: $529.7B in 215 of these companies

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