OREGON PUBLIC EMPLOYEES RETIREMENT FUND

OREGON PUBLIC EMPLOYEES RETIREMENT FUND declares $4.3B in 151 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 46.9% of its $9.3B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Apple (0.01% of the company). Over time: $4.3B in 151 of these companies for Q2 2026, against $1.8B in 122 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $326.3M and sold $7.4M of these stocks, at the quarter's prices: a net purchase of $318.9M; 1 new position and 1 sold out.

Performance of its AI picks

The AI-stock portfolio OREGON PUBLIC EMPLOYEES RETIREMENT FUND declared for Q2 2026 (Form 13F), held unchanged, returned +4.0% in Q3 2026 (SMH -7.1%), ranked 826 of 1,783 active managers. Over the last 12 months, quarter after quarter: +29.8% (SMH +87.2%), ranked 596 of 1,359 active managers. Over three years, quarter after quarter: +156.1% (SMH +325.8%), ranked 275 of 783 active managers. Over five years, quarter after quarter: +170.6% (SMH +389.8%), ranked 188 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) — $595.9M: 3.0M shares, 0.01% of the company, 6.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL) — $522.6M: 1.8M shares, 0.01% of the company, 5.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL) — $463.0M: 1.3M shares, 0.01% of the company, 5.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT) — $340.7M: 913,338 shares, 0.01% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN) — $286.9M: 1.2M shares, 0.01% of the company, 3.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO) — $219.9M: 582,071 shares, 0.01% of the company, 2.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU) — $160.0M: 138,652 shares, 0.01% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META) — $152.1M: 270,039 shares, 0.01% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD) — $116.4M: 200,439 shares, 0.01% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Intel (INTC) — $81.1M: 580,816 shares, 0.01% of the company, 0.88% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT) — $70.5M: 97,566 shares, 0.01% of the company, 0.76% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX) — $66.6M: 153,766 shares, 0.01% of the company, 0.72% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT) — $60.3M: 56,630 shares, 0.01% of the company, 0.65% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO) — $57.0M: 485,621 shares, 0.01% of the company, 0.62% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. KLA (KLAC) — $48.4M: 160,540 shares, 0.01% of the company, 0.52% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants — $1.8B, 41% of its AI holdings, 5 companies
• Chips & compute — $1.2B, 27% of its AI holdings, 26 companies
• Power, electrical & cooling — $357.8M, 8% of its AI holdings, 38 companies
• Memory & storage — $259.6M, 6% of its AI holdings, 6 companies
• Equipment & test — $239.3M, 6% of its AI holdings, 20 companies
• AI software — $233.6M, 5% of its AI holdings, 18 companies
• Interconnect — $125.2M, 3% of its AI holdings, 9 companies
• Servers & systems — $81.5M, 2% of its AI holdings, 11 companies
• Optics — $57.9M, 1% of its AI holdings, 7 companies
• Neoclouds & data centers — $50.2M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$39.1M at the quarter's price
• added to Apple (AAPL): +$36.1M at the quarter's price
• added to Alphabet (GOOGL): +$35.6M at the quarter's price
• opened a position in Marvell (MRVL): +$32.1M at the quarter's price
• added to Microsoft (MSFT): +$23.5M at the quarter's price
• added to Amazon (AMZN): +$20.3M at the quarter's price
• added to Broadcom (AVGO): +$14.8M at the quarter's price
• added to Micron (MU): +$11.3M at the quarter's price
• added to Meta Platforms (META): +$11.1M at the quarter's price
• added to AMD (AMD): +$8.0M at the quarter's price

Other holders of this size

• W1M Asset Management Ltd — $4.3B in 28 of these companies
• iA Global Asset Management Inc. — $4.3B in 77 of these companies
• IMC-Chicago, LLC — $4.3B in 142 of these companies
• Andra AP-fonden — $4.4B in 83 of these companies
• Quadrature Capital Ltd — $4.2B in 104 of these companies
• TCI FUND MANAGEMENT LTD — $4.4B in 1 of these companies
• MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC — $4.2B in 163 of these companies
• State of Alaska, Department of Revenue — $4.4B in 163 of these companies

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