PARADIGM CAPITAL MANAGEMENT INC/NY

PARADIGM CAPITAL MANAGEMENT INC/NY declares $2.5B in 29 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 68.1% of its $3.7B 13F portfolio. Largest positions: Onto Innovation (2.2% of the company) and Modine (2.7% of the company). Over time: $2.5B in 29 of these companies for Q2 2026, against $484.3M in 26 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $17.3M and sold $132.5M of these stocks, at the quarter's prices: a net sale of $115.1M; 1 new position and 1 sold out.

Performance of its AI picks

The AI-stock portfolio PARADIGM CAPITAL MANAGEMENT INC/NY declared for Q2 2026 (Form 13F), held unchanged, returned -22.1% in Q3 2026 (SMH -7.1%), ranked 1762 of 1,783 active managers. Over the last 12 months, quarter after quarter: +51.8% (SMH +87.2%). Over three years, quarter after quarter: +150.4% (SMH +325.8%). Over five years, quarter after quarter: +230.4% (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. Onto Innovation (ONTO) — $416.8M: 1.1M shares, 2.2% of the company, 11.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Modine (MOD) — $388.1M: 1.5M shares, 2.7% of the company, 10.6% of its portfolio (trimmed this quarter); held since Q1 2021
3. Broadcom (AVGO) — $305.6M: 809,000 shares, 0.02% of the company, 8.3% of its portfolio; held since Q4 2019 or earlier
4. Fabrinet (FN) — $298.2M: 530,500 shares, 1.5% of the company, 8.1% of its portfolio; held since Q4 2019 or earlier
5. Jabil (JBL) — $210.8M: 546,900 shares, 0.52% of the company, 5.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Veeco (VECO) — $156.6M: 2.1M shares, 3.4% of the company, 4.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Extreme Networks (EXTR) — $137.3M: 4.2M shares, 3.3% of the company, 3.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. EnerSys (ENS) — $102.2M: 437,300 shares, 1.2% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Entegris (ENTG) — $94.2M: 523,700 shares, 0.34% of the company, 2.6% of its portfolio; held since Q4 2019 or earlier
10. Ultra Clean (UCTT) — $86.7M: 608,200 shares, 1.3% of the company, 2.4% of its portfolio; held since Q4 2019 or earlier
11. Penguin Solutions (PENG) — $52.1M: 685,900 shares, 1.1% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q3 2024
12. Cohu (COHU) — $42.8M: 578,997 shares, 1.2% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Calix (CALX) — $37.2M: 997,134 shares, 1.6% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Lumentum (LITE) — $28.8M: 33,600 shares, 0.04% of the company, 0.78% of its portfolio; held since Q4 2019 or earlier
15. Cerence (CRNC) — $28.4M: 2.5M shares, 5.6% of the company, 0.77% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Equipment & test — $854.6M, 34% of its AI holdings, 12 companies
• Power, electrical & cooling — $506.7M, 20% of its AI holdings, 4 companies
• Chips & compute — $338.3M, 14% of its AI holdings, 4 companies
• Optics — $327.0M, 13% of its AI holdings, 2 companies
• Servers & systems — $219.8M, 9% of its AI holdings, 3 companies
• Interconnect — $174.5M, 7% of its AI holdings, 2 companies
• Memory & storage — $52.1M, 2% of its AI holdings, 1 company
• AI software — $28.4M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Penguin Solutions (PENG): -$69.9M at the quarter's price
• trimmed Extreme Networks (EXTR): -$32.2M at the quarter's price
• sold out of MaxLinear (MXL): -$15.0M at the quarter's price
• added to Calix (CALX): +$8.5M at the quarter's price
• added to Skyworks (SWKS): +$8.1M at the quarter's price
• trimmed Veeco (VECO): -$8.0M at the quarter's price
• trimmed Cohu (COHU): -$3.3M at the quarter's price
• trimmed EMCOR (EME): -$1.2M at the quarter's price
• trimmed EnerSys (ENS): -$1.1M at the quarter's price
• opened a position in Photronics (PLAB): +$650,600.00 at the quarter's price

Schedule 13D/G declarations

• Cerence (CRNC) — 13G filed May 15, 2026: 2.5M shares as of Mar 31, 2026, 5.6% as declared
• Cerence (CRNC) — 13G filed Nov 14, 2025: 2.0M shares as of Sep 30, 2025, 4.7% as declared
• Cerence (CRNC) — 13G filed Feb 14, 2025: 2.6M shares as of Dec 31, 2024, 6.0% as declared

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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