PFA Pension, Forsikringsaktieselskab

New 13F: Q3 2026

PFA Pension, Forsikringsaktieselskab filed its 13F for the quarter ended Sep 30, 2026 on Nov 6, 2026: $21.3B in AI and semiconductor stocks; $635.2M bought and $677.4M sold against its previous quarter, at the quarter's prices.

• added to Palo Alto Networks (PANW): +$174.5M at the quarter's price
• opened a position in Sandisk (SNDK): +$150.6M at the quarter's price
• trimmed NVIDIA (NVDA): -$73.9M at the quarter's price
• trimmed NetApp (NTAP): -$53.8M at the quarter's price
• opened a position in Public Service Enterprise (PEG): +$51.3M at the quarter's price
• added to Hewlett Packard Enterprise (HPE): +$51.2M at the quarter's price
• trimmed Cisco (CSCO): -$48.3M at the quarter's price
• trimmed Lam Research (LRCX): -$41.0M at the quarter's price
• trimmed Apple (AAPL): -$35.8M at the quarter's price
• trimmed Microsoft (MSFT): -$31.3M at the quarter's price

PFA Pension, Forsikringsaktieselskab declares $20.4B in 85 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 51.7% of its $39.4B 13F portfolio. Largest positions: NVIDIA (0.06% of the company) and Apple (0.06% of the company). Over time: $20.4B in 85 of these companies for Q2 2026, against $16.7B in 77 for Q4 2025 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.1B and sold $646.7M of these stocks, at the quarter's prices: a net purchase of $498.9M; 9 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio PFA Pension, Forsikringsaktieselskab declared for Q2 2026 (Form 13F), held unchanged, returned +5.0% in Q3 2026 (SMH -7.1%), ranked 604 of 1,785 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): $2.8B, 14.2M shares, 0.06% of the company, 7.2% of its portfolio (added this quarter); held since Q4 2025
2. Apple (AAPL): $2.6B, 8.9M shares, 0.06% of the company, 6.5% of its portfolio (added this quarter); held since Q4 2025
3. Alphabet (GOOGL): $2.3B, 6.4M shares, 0.05% of the company, 5.8% of its portfolio (added this quarter); held since Q4 2025
4. Microsoft (MSFT): $1.6B, 4.3M shares, 0.06% of the company, 4.1% of its portfolio (added this quarter); held since Q4 2025
5. Amazon (AMZN): $1.3B, 5.4M shares, 0.05% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2025
6. Broadcom (AVGO): $1.0B, 2.8M shares, 0.06% of the company, 2.7% of its portfolio (added this quarter); held since Q4 2025
7. Micron (MU): $774.5M, 671,006 shares, 0.06% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2025
8. Meta Platforms (META): $741.0M, 1.3M shares, 0.05% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2025
9. AMD (AMD): $580.6M, 999,509 shares, 0.06% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2025
10. Applied Materials (AMAT): $405.7M, 561,108 shares, 0.07% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2025
11. Lam Research (LRCX): $401.4M, 926,200 shares, 0.07% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q4 2025
12. Intel (INTC): $359.7M, 2.6M shares, 0.05% of the company, 0.91% of its portfolio (added this quarter); held since Q4 2025
13. Cisco (CSCO): $350.9M, 3.0M shares, 0.08% of the company, 0.89% of its portfolio (added this quarter); held since Q4 2025
14. KLA (KLAC): $284.8M, 943,968 shares, 0.07% of the company, 0.72% of its portfolio (trimmed this quarter); held since Q4 2025
15. GE Vernova (GEV): $188.0M, 160,026 shares, 0.06% of the company, 0.48% of its portfolio (trimmed this quarter); held since Q4 2025

By sector

• Cloud & AI giants: $8.5B, 42% of its AI holdings, 5 companies
• Chips & compute: $5.6B, 27% of its AI holdings, 12 companies
• Equipment & test: $1.2B, 6% of its AI holdings, 6 companies
• Power, electrical & cooling: $1.2B, 6% of its AI holdings, 20 companies
• AI software: $1.2B, 6% of its AI holdings, 18 companies
• Memory & storage: $1.2B, 6% of its AI holdings, 4 companies
• Interconnect: $757.0M, 4% of its AI holdings, 6 companies
• Servers & systems: $467.7M, 2% of its AI holdings, 6 companies
• Optics: $251.2M, 1% of its AI holdings, 4 companies
• Neoclouds & data centers: $111.3M, 1% of its AI holdings, 4 companies

Biggest changes this quarter

• trimmed Palo Alto Networks (PANW): -$123.4M at the quarter's price
• added to Apple (AAPL): +$79.7M at the quarter's price
• opened a position in Entergy (ETR): +$76.4M at the quarter's price
• added to Microsoft (MSFT): +$75.2M at the quarter's price
• added to Alphabet (GOOGL): +$58.1M at the quarter's price
• added to Meta Platforms (META): +$53.4M at the quarter's price
• added to Micron (MU): +$53.1M at the quarter's price
• added to Applied Materials (AMAT): +$50.3M at the quarter's price
• opened a position in Bloom Energy (BE): +$48.7M at the quarter's price
• trimmed Equinix (EQIX): -$48.2M at the quarter's price

Other holders of this size

• Fayez Sarofim & Co: $20.3B in 54 of these companies
• Creative Planning: $20.5B in 213 of these companies
• Corient Private Wealth LP: $20.3B in 185 of these companies
• WCM INVESTMENT MANAGEMENT, LLC: $20.5B in 38 of these companies
• DekaBank Deutsche Girozentrale: $20.2B in 96 of these companies
• HighTower Advisors, LLC: $20.6B in 199 of these companies
• US BANCORP \DE\: $20.1B in 213 of these companies
• Mitsubishi UFJ Trust & Banking Corp: $20.6B in 180 of these companies

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