Rafferty Asset Management, LLC

New 13F: Q3 2026

Rafferty Asset Management, LLC filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $26.2B in AI and semiconductor stocks; $1.0B bought and $4.4B sold against its previous quarter, at the quarter's prices.

• trimmed Micron (MU): -$1.1B at the quarter's price
• added to Intel (INTC): +$497.3M at the quarter's price
• trimmed NVIDIA (NVDA): -$395.8M at the quarter's price
• trimmed TSMC (TSM): -$311.4M at the quarter's price
• trimmed AMD (AMD): -$222.5M at the quarter's price
• trimmed Marvell (MRVL): -$217.0M at the quarter's price
• opened a position in Tower Semiconductor (TSEM): +$196.7M at the quarter's price
• trimmed ASML (ASML): -$185.1M at the quarter's price
• sold out of Cisco (CSCO): -$174.6M at the quarter's price
• trimmed Applied Materials (AMAT): -$171.9M at the quarter's price

Rafferty Asset Management, LLC declares $30.9B in 124 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 70.4% of its $43.9B 13F portfolio. Largest positions: Micron (0.27% of the company) and NVIDIA (0.05% of the company). It is an index manager: its trades follow fund flows, so they are left out of the quarter's moves on /holders. Over time: $30.9B in 124 of these companies for Q2 2026, against $521.0M in 64 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $8.8B and sold $71.5M of these stocks, at the quarter's prices: a net purchase of $8.7B; 10 new positions and 7 sold out.

Performance of its AI picks

The AI-stock portfolio Rafferty Asset Management, LLC declared for Q2 2026 (Form 13F), held unchanged, returned -6.1% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +81.7% (SMH +87.2%). Over three years, quarter after quarter: +227.9% (SMH +325.8%). Over five years, quarter after quarter: +263.6% (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. Micron (MU): $3.6B, 3.1M shares, 0.27% of the company, 8.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $2.6B, 12.8M shares, 0.05% of the company, 5.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. AMD (AMD): $2.0B, 3.5M shares, 0.21% of the company, 4.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Broadcom (AVGO): $1.7B, 4.5M shares, 0.09% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Intel (INTC): $1.6B, 11.1M shares, 0.21% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Applied Materials (AMAT): $1.4B, 1.9M shares, 0.24% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. KLA (KLAC): $1.3B, 4.3M shares, 0.33% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Marvell (MRVL): $1.2B, 4.1M shares, 0.47% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Lam Research (LRCX): $1.2B, 2.8M shares, 0.22% of the company, 2.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Apple (AAPL): $981.3M, 3.4M shares, 0.02% of the company, 2.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. TSMC (TSM): $957.3M, 2.0M shares, 0.04% of the company, 2.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Texas Instruments (TXN): $823.1M, 2.8M shares, 0.30% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Analog Devices (ADI): $784.4M, 2.0M shares, 0.41% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Microsoft (MSFT): $775.7M, 2.1M shares, 0.03% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Teradyne (TER): $733.1M, 1.5M shares, 0.97% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Chips & compute: $15.0B, 49% of its AI holdings, 19 companies
• Equipment & test: $5.8B, 19% of its AI holdings, 13 companies
• Memory & storage: $3.9B, 13% of its AI holdings, 5 companies
• Cloud & AI giants: $2.8B, 9% of its AI holdings, 5 companies
• Interconnect: $1.8B, 6% of its AI holdings, 9 companies
• AI software: $880.3M, 3% of its AI holdings, 17 companies
• Power, electrical & cooling: $348.1M, 1% of its AI holdings, 31 companies
• Servers & systems: $199.9M, 1% of its AI holdings, 9 companies
• Optics: $156.5M, 1% of its AI holdings, 5 companies
• Neoclouds & data centers: $84.2M, 0% of its AI holdings, 11 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$1.0B at the quarter's price
• added to Micron (MU): +$906.3M at the quarter's price
• added to Broadcom (AVGO): +$604.9M at the quarter's price
• added to KLA (KLAC): +$527.4M at the quarter's price
• added to TSMC (TSM): +$503.6M at the quarter's price
• added to Lam Research (LRCX): +$428.7M at the quarter's price
• added to Apple (AAPL): +$370.6M at the quarter's price
• added to Analog Devices (ADI): +$347.9M at the quarter's price
• added to Intel (INTC): +$324.6M at the quarter's price
• added to Microsoft (MSFT): +$295.6M at the quarter's price

Other holders of this size

• Ensign Peak Advisors, Inc: $30.9B in 184 of these companies
• PRUDENTIAL FINANCIAL INC: $31.2B in 190 of these companies
• PNC Financial Services Group, Inc.: $30.4B in 217 of these companies
• Universal- Beteiligungs- und Servicegesellschaft mbH: $31.5B in 185 of these companies
• Mariner, LLC: $29.8B in 170 of these companies
• Millennium: $31.5B in 217 of these companies
• STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM: $29.8B in 195 of these companies
• ADAGE CAPITAL PARTNERS GP, L.L.C.: $31.6B in 102 of these companies

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