Rakuten Investment Management, Inc.

New 13F: Q3 2026

Rakuten Investment Management, Inc. filed its 13F for the quarter ended Sep 30, 2026 on Oct 30, 2026: $8.3B in AI and semiconductor stocks; $3.1B bought and $4.4M sold against its previous quarter, at the quarter's prices.

• opened a position in Apple (AAPL): +$1.0B at the quarter's price
• opened a position in Amazon (AMZN): +$517.1M at the quarter's price
• opened a position in AMD (AMD): +$281.8M at the quarter's price
• opened a position in Applied Materials (AMAT): +$123.3M at the quarter's price
• opened a position in Lam Research (LRCX): +$122.4M at the quarter's price
• added to NVIDIA (NVDA): +$100.7M at the quarter's price
• added to Alphabet (GOOGL): +$75.4M at the quarter's price
• added to Microsoft (MSFT): +$72.9M at the quarter's price
• opened a position in Analog Devices (ADI): +$66.4M at the quarter's price
• added to SpaceX (SPCX): +$57.8M at the quarter's price

Rakuten Investment Management, Inc. declares $4.9B in 77 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 14.2% of its $34.6B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Alphabet (0.02% of the company). Over time: $4.9B in 77 of these companies for Q2 2026, against $30.2M in 70 for Q4 2023 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $644.1M and sold $75.2M of these stocks, at the quarter's prices: a net purchase of $568.9M; 2 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio Rakuten Investment Management, Inc. declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%), ranked 804 of 1,785 active managers. Over the last 12 months, quarter after quarter: +51.0% (SMH +87.2%). 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): $929.6M, 4.8M shares, 0.02% of the company, 2.7% of its portfolio (added this quarter); held since Q4 2023
2. Alphabet (GOOGL): $719.2M, 2.0M shares, 0.02% of the company, 2.1% of its portfolio (added this quarter); held since Q4 2023
3. Microsoft (MSFT): $516.7M, 1.4M shares, 0.02% of the company, 1.5% of its portfolio (added this quarter); held since Q1 2025
4. Broadcom (AVGO): $361.2M, 969,839 shares, 0.02% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2023
5. Micron (MU): $343.2M, 299,691 shares, 0.03% of the company, 0.99% of its portfolio (added this quarter); held since Q1 2025
6. Meta Platforms (META): $248.8M, 442,233 shares, 0.02% of the company, 0.72% of its portfolio (added this quarter); held since Q4 2023
7. Intel (INTC): $166.1M, 1.3M shares, 0.02% of the company, 0.48% of its portfolio (added this quarter); held since Q4 2023
8. Cisco (CSCO): $111.9M, 951,009 shares, 0.02% of the company, 0.32% of its portfolio (added this quarter); held since Q4 2023
9. KLA (KLAC): $107.4M, 385,680 shares, 0.03% of the company, 0.31% of its portfolio (added this quarter); held since Q4 2023
10. Caterpillar (CAT): $78.1M, 75,605 shares, 0.02% of the company, 0.23% of its portfolio (added this quarter); held since Q1 2025
11. Marvell (MRVL): $76.6M, 275,841 shares, 0.03% of the company, 0.22% of its portfolio (added this quarter); held since Q4 2023
12. Texas Instruments (TXN): $75.3M, 263,737 shares, 0.03% of the company, 0.22% of its portfolio (added this quarter); held since Q1 2025
13. Palo Alto Networks (PANW): $65.1M, 195,958 shares, 0.02% of the company, 0.19% of its portfolio (added this quarter); held since Q1 2025
14. Palantir (PLTR): $63.2M, 546,398 shares, 0.02% of the company, 0.18% of its portfolio (added this quarter); held since Q1 2025
15. Qualcomm (QCOM): $58.3M, 308,812 shares, 0.03% of the company, 0.17% of its portfolio (added this quarter); held since Q4 2023

By sector

• Chips & compute: $1.7B, 35% of its AI holdings, 12 companies
• Cloud & AI giants: $1.5B, 30% of its AI holdings, 4 companies
• Memory & storage: $458.1M, 9% of its AI holdings, 4 companies
• AI software: $367.3M, 7% of its AI holdings, 14 companies
• Power, electrical & cooling: $318.6M, 6% of its AI holdings, 16 companies
• Interconnect: $166.9M, 3% of its AI holdings, 4 companies
• Equipment & test: $154.1M, 3% of its AI holdings, 5 companies
• Servers & systems: $84.7M, 2% of its AI holdings, 6 companies
• Optics: $81.8M, 2% of its AI holdings, 4 companies
• Neoclouds & data centers: $62.4M, 1% of its AI holdings, 8 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$102.8M at the quarter's price
• added to Alphabet (GOOGL): +$81.6M at the quarter's price
• added to Microsoft (MSFT): +$58.6M at the quarter's price
• sold out of Lam Research (LRCX): -$57.6M at the quarter's price
• added to Broadcom (AVGO): +$46.2M at the quarter's price
• added to Micron (MU): +$38.5M at the quarter's price
• opened a position in Amphenol (APH): +$33.5M at the quarter's price
• added to Meta Platforms (META): +$30.9M at the quarter's price
• added to Marvell (MRVL): +$27.7M at the quarter's price
• added to KLA (KLAC): +$19.4M at the quarter's price

Other holders of this size

• Impax Asset Management Group plc: $4.9B in 53 of these companies
• Aspex Management (HK) Ltd: $4.9B in 7 of these companies
• Railway Pension Investments Ltd: $4.9B in 34 of these companies
• PECONIC PARTNERS LLC: $4.9B in 3 of these companies
• HORIZON KINETICS ASSET MANAGEMENT LLC: $4.8B in 28 of these companies
• DAVENPORT & Co LLC: $5.0B in 111 of these companies
• BANQUE PICTET & CIE SA: $4.8B in 48 of these companies
• VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V.: $5.0B in 45 of these companies

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