PRINCIPAL FINANCIAL GROUP INC

New 13F: Q3 2026

PRINCIPAL FINANCIAL GROUP INC filed its 13F for the quarter ended Sep 30, 2026 on Nov 2, 2026: $63.4B in AI and semiconductor stocks; $1.4B bought and $3.6B sold against its previous quarter, at the quarter's prices.

• trimmed Microsoft (MSFT): -$769.6M at the quarter's price
• trimmed Amazon (AMZN): -$358.7M at the quarter's price
• trimmed Apple (AAPL): -$286.2M at the quarter's price
• added to Lam Research (LRCX): +$238.9M at the quarter's price
• trimmed NVIDIA (NVDA): -$195.1M at the quarter's price
• added to AMD (AMD): +$185.8M at the quarter's price
• trimmed Iron Mountain (IRM): -$165.6M at the quarter's price
• trimmed Crown Castle (CCI): -$157.2M at the quarter's price
• added to Cisco (CSCO): +$130.5M at the quarter's price
• added to SBA Communications (SBAC): +$127.5M at the quarter's price

PRINCIPAL FINANCIAL GROUP INC declares $63.9B in 181 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 31.4% of its $203.6B 13F portfolio. Largest positions: NVIDIA (0.16% of the company) and Alphabet (0.14% of the company). Over time: $63.9B in 181 of these companies for Q2 2026, against $20.1B in 134 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.2B and sold $3.4B of these stocks, at the quarter's prices: a net sale of $2.2B; 8 new positions and 8 sold out.

Performance of its AI picks

The AI-stock portfolio PRINCIPAL FINANCIAL GROUP INC declared for Q2 2026 (Form 13F), held unchanged, returned +2.7% in Q3 2026 (SMH -7.1%), ranked 1050 of 1,785 active managers. Over the last 12 months, quarter after quarter: +26.6% (SMH +87.2%), ranked 827 of 1,360 active managers. Over three years, quarter after quarter: +130.2% (SMH +325.8%), ranked 566 of 784 active managers. Over five years, quarter after quarter: +129.4% (SMH +389.8%), ranked 416 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): $7.7B, 38.4M shares, 0.16% of the company, 3.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $6.2B, 17.5M shares, 0.14% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $6.2B, 21.5M shares, 0.15% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $5.1B, 13.7M shares, 0.18% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $4.1B, 17.1M shares, 0.16% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $3.3B, 8.7M shares, 0.18% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Meta Platforms (META): $2.3B, 4.1M shares, 0.16% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Equinix (EQIX): $2.0B, 1.9M shares, 1.9% of the company, 0.97% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Micron (MU): $1.9B, 1.7M shares, 0.15% of the company, 0.95% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. AMD (AMD): $1.2B, 2.0M shares, 0.12% of the company, 0.58% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Entegris (ENTG): $1.1B, 6.0M shares, 3.9% of the company, 0.53% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. TSMC (TSM): $941.3M, 2.0M shares, 0.04% of the company, 0.46% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. American Tower (AMT): $939.3M, 5.7M shares, 1.2% of the company, 0.46% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Lam Research (LRCX): $834.1M, 1.9M shares, 0.15% of the company, 0.41% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Intel (INTC): $740.2M, 5.3M shares, 0.10% of the company, 0.36% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $23.9B, 37% of its AI holdings, 6 companies
• Chips & compute: $15.9B, 25% of its AI holdings, 29 companies
• Power, electrical & cooling: $5.4B, 8% of its AI holdings, 44 companies
• Neoclouds & data centers: $4.9B, 8% of its AI holdings, 16 companies
• Equipment & test: $4.4B, 7% of its AI holdings, 23 companies
• Memory & storage: $3.1B, 5% of its AI holdings, 6 companies
• AI software: $3.0B, 5% of its AI holdings, 24 companies
• Interconnect: $1.7B, 3% of its AI holdings, 10 companies
• Servers & systems: $866.1M, 1% of its AI holdings, 12 companies
• Optics: $663.6M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• trimmed Amazon (AMZN): -$491.8M at the quarter's price
• trimmed Microsoft (MSFT): -$476.0M at the quarter's price
• added to Marvell (MRVL): +$308.5M at the quarter's price
• trimmed Alphabet (GOOGL): -$270.0M at the quarter's price
• trimmed NVIDIA (NVDA): -$238.5M at the quarter's price
• trimmed Cadence (CDNS): -$208.1M at the quarter's price
• added to SBA Communications (SBAC): +$178.6M at the quarter's price
• added to Micron (MU): +$117.7M at the quarter's price
• added to AMD (AMD): +$104.7M at the quarter's price
• trimmed Credo (CRDO): -$87.2M at the quarter's price

Other holders of this size

• RHUMBLINE ADVISERS: $61.8B in 219 of these companies
• SCHRODER INVESTMENT MANAGEMENT GROUP: $64.6B in 124 of these companies
• NORDEA INVESTMENT MANAGEMENT AB: $61.6B in 137 of these companies
• Victory Capital Management, Inc.: $65.0B in 203 of these companies
• DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main: $61.5B in 123 of these companies
• Swedbank AB: $68.1B in 111 of these companies
• NVIDIA Corporation: $61.2B in 6 of these companies
• California Public Employees Retirement System: $74.4B in 137 of these companies

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