Qube Research & Technologies Ltd

New 13F: Q3 2026

Qube Research & Technologies Ltd filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $25.9B in AI and semiconductor stocks; $11.3B bought and $6.2B sold against its previous quarter, at the quarter's prices.

• added to NVIDIA (NVDA): +$1.1B at the quarter's price
• added to Meta Platforms (META): +$975.6M at the quarter's price
• added to Alphabet (GOOGL): +$800.0M at the quarter's price
• trimmed Sandisk (SNDK): -$702.6M at the quarter's price
• opened a position in Caterpillar (CAT): +$610.7M at the quarter's price
• trimmed Intel (INTC): -$471.5M at the quarter's price
• trimmed Bloom Energy (BE): -$406.7M at the quarter's price
• added to Cummins (CMI): +$402.6M at the quarter's price
• added to Applied Materials (AMAT): +$395.4M at the quarter's price
• added to Western Digital (WDC): +$366.3M at the quarter's price

Qube Research & Technologies Ltd declares $21.5B in 137 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 19.9% of its $107.6B 13F portfolio. Largest positions: Amazon (0.04% of the company) and Apple (0.03% of the company). Over time: $21.5B in 137 of these companies for Q2 2026, against $180.7M in 67 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $11.7B and sold $9.6B of these stocks, at the quarter's prices: a net purchase of $2.1B; 50 new positions and 28 sold out.

Performance of its AI picks

The AI-stock portfolio Qube Research & Technologies Ltd declared for Q2 2026 (Form 13F), held unchanged, returned -3.2% in Q3 2026 (SMH -7.1%), ranked 1463 of 1,785 active managers. Over the last 12 months, quarter after quarter: +55.0% (SMH +87.2%), ranked 138 of 1,360 active managers. Over three years, quarter after quarter: +191.7% (SMH +325.8%), ranked 121 of 784 active managers. Over five years, quarter after quarter: +215.5% (SMH +389.8%), ranked 66 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. Amazon (AMZN): $1.1B, 4.7M shares, 0.04% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2021
2. Apple (AAPL): $1.1B, 3.6M shares, 0.03% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q1 2020
3. Sandisk (SNDK): $931.4M, 409,650 shares, 0.29% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q4 2025
4. Micron (MU): $871.0M, 754,752 shares, 0.07% of the company, 0.81% of its portfolio (trimmed this quarter); held since Q3 2025
5. NVIDIA (NVDA): $677.9M, 3.4M shares, 0.01% of the company, 0.63% of its portfolio (added this quarter); held since Q1 2023
6. Intel (INTC): $662.1M, 4.7M shares, 0.09% of the company, 0.62% of its portfolio (new position this quarter)
7. AMD (AMD): $631.2M, 1.1M shares, 0.07% of the company, 0.59% of its portfolio (added this quarter); held since Q3 2025
8. Microsoft (MSFT): $586.9M, 1.6M shares, 0.02% of the company, 0.55% of its portfolio (trimmed this quarter); held since Q2 2023
9. Western Digital (WDC): $585.0M, 915,929 shares, 0.24% of the company, 0.54% of its portfolio (new position this quarter)
10. Salesforce (CRM): $543.7M, 3.5M shares, 0.42% of the company, 0.51% of its portfolio (added this quarter); held since Q4 2024
11. Seagate (STX): $533.4M, 552,780 shares, 0.24% of the company, 0.50% of its portfolio (added this quarter); held since Q1 2026
12. Hewlett Packard Enterprise (HPE): $450.5M, 10.0M shares, 0.75% of the company, 0.42% of its portfolio (new position this quarter)
13. Bloom Energy (BE): $445.6M, 1.5M shares, 0.50% of the company, 0.41% of its portfolio (new position this quarter)
14. Cisco (CSCO): $397.9M, 3.4M shares, 0.09% of the company, 0.37% of its portfolio (added this quarter); held since Q1 2022
15. Credo (CRDO): $365.0M, 1.3M shares, 0.71% of the company, 0.34% of its portfolio (new position this quarter)

By sector

• Chips & compute: $4.5B, 21% of its AI holdings, 24 companies
• Cloud & AI giants: $3.2B, 15% of its AI holdings, 6 companies
• Memory & storage: $3.0B, 14% of its AI holdings, 6 companies
• Power, electrical & cooling: $2.4B, 11% of its AI holdings, 24 companies
• AI software: $2.4B, 11% of its AI holdings, 16 companies
• Interconnect: $1.7B, 8% of its AI holdings, 10 companies
• Equipment & test: $1.7B, 8% of its AI holdings, 16 companies
• Servers & systems: $1.4B, 6% of its AI holdings, 11 companies
• Neoclouds & data centers: $885.1M, 4% of its AI holdings, 16 companies
• Optics: $248.8M, 1% of its AI holdings, 8 companies

Biggest changes this quarter

• trimmed Micron (MU): -$1.7B at the quarter's price
• trimmed Alphabet (GOOGL): -$1.1B at the quarter's price
• trimmed Sandisk (SNDK): -$988.2M at the quarter's price
• opened a position in Intel (INTC): +$662.1M at the quarter's price
• added to AMD (AMD): +$630.0M at the quarter's price
• opened a position in Western Digital (WDC): +$585.0M at the quarter's price
• trimmed Apple (AAPL): -$547.0M at the quarter's price
• trimmed Broadcom (AVGO): -$544.3M at the quarter's price
• added to Seagate (STX): +$531.9M at the quarter's price
• added to Salesforce (CRM): +$524.1M at the quarter's price

Other holders of this size

• 1832 Asset Management L.P.: $21.3B in 95 of these companies
• BROWN ADVISORY INC: $21.7B in 128 of these companies
• Boston Partners: $21.1B in 69 of these companies
• Focus Partners Wealth: $21.9B in 166 of these companies
• Winslow Capital Management, LLC: $21.0B in 33 of these companies
• TORONTO DOMINION BANK: $22.0B in 132 of these companies
• SC US (TTGP), LTD.: $20.9B in 3 of these companies
• Caisse de depot et placement du Quebec: $22.9B in 99 of these companies

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