PICTET ASSET MANAGEMENT SA

New 13F: Q3 2026

PICTET ASSET MANAGEMENT SA filed its 13F for the quarter ended Sep 30, 2026 on Nov 3, 2026: $50.6B in AI and semiconductor stocks; $3.4B bought and $3.2B sold against its previous quarter, at the quarter's prices.

PICTET ASSET MANAGEMENT SA declares $49.7B in 203 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 47.5% of its $104.7B 13F portfolio. Largest positions: NVIDIA (0.09% of the company) and Alphabet (0.09% of the company). Over time: $49.7B in 203 of these companies for Q2 2026, against $26.5B in 152 for Q3 2023 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $4.1B and sold $7.8B of these stocks, at the quarter's prices: a net sale of $3.7B; 7 new positions.

Performance of its AI picks

The AI-stock portfolio PICTET ASSET MANAGEMENT SA declared for Q2 2026 (Form 13F), held unchanged, returned +1.3% in Q3 2026 (SMH -7.1%), ranked 1219 of 1,785 active managers. Over the last 12 months, quarter after quarter: +32.8% (SMH +87.2%), ranked 441 of 1,360 active managers. Over three years, quarter after quarter: +139.5% (SMH +325.8%), ranked 478 of 784 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): $4.3B, 21.4M shares, 0.09% of the company, 4.1% of its portfolio (trimmed this quarter); held since Q3 2023
  2. Alphabet (GOOGL): $3.9B, 11.0M shares, 0.09% of the company, 3.8% of its portfolio (trimmed this quarter); held since Q3 2023
  3. Broadcom (AVGO): $2.8B, 7.3M shares, 0.15% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q3 2023
  4. Apple (AAPL): $2.5B, 8.8M shares, 0.06% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q3 2023
  5. Microsoft (MSFT): $2.1B, 5.5M shares, 0.07% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q3 2023
  6. Amazon (AMZN): $2.0B, 8.6M shares, 0.08% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q3 2023
  7. Applied Materials (AMAT): $1.5B, 2.1M shares, 0.26% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q3 2023
  8. KLA (KLAC): $1.5B, 4.9M shares, 0.37% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q3 2023
  9. Micron (MU): $1.2B, 1.1M shares, 0.09% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q3 2023
  10. Lam Research (LRCX): $1.1B, 2.7M shares, 0.21% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q3 2023
  11. AMD (AMD): $1.1B, 1.8M shares, 0.11% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q3 2023
  12. Snowflake (SNOW): $1.0B, 4.1M shares, 1.2% of the company, 0.99% of its portfolio (added this quarter); held since Q3 2023
  13. Cisco (CSCO): $910.1M, 7.7M shares, 0.20% of the company, 0.87% of its portfolio (added this quarter); held since Q3 2023
  14. NXP Semiconductors (NXPI): $907.0M, 3.2M shares, 1.3% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q3 2023
  15. Arista Networks (ANET): $791.1M, 4.7M shares, 0.37% of the company, 0.76% of its portfolio (added this quarter); held since Q3 2023

By sector

Biggest changes this quarter

Schedule 13D/G declarations

  • Elastic (ESTC): 13D filed Oct 27, 2026: 5.2M shares as of Oct 26, 2026, 4.9% as declared
  • Elastic (ESTC): 13D filed Oct 6, 2026: 5.4M shares as of Oct 5, 2026, 5.2% as declared
  • Elastic (ESTC): 13D filed Sep 2, 2026: 5.2M shares as of Sep 1, 2026, 4.9% as declared
  • Elastic (ESTC): 13D filed Aug 20, 2026: 5.4M shares as of Aug 19, 2026, 5.2% as declared
  • Elastic (ESTC): 13D filed Mar 3, 2026: 6.4M shares as of Feb 27, 2026, 6.2% as declared
  • Elastic (ESTC): 13D filed Jan 26, 2026: 5.3M shares as of Jan 23, 2026, 5.0% as declared

Other holders of this size

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