ROYAL LONDON ASSET MANAGEMENT LTD

New 13F: Q3 2026

ROYAL LONDON ASSET MANAGEMENT LTD filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $27.7B in AI and semiconductor stocks; $978.5M bought and $614.6M sold against its previous quarter, at the quarter's prices.

• added to Cisco (CSCO): +$136.0M at the quarter's price
• added to CrowdStrike (CRWD): +$98.5M at the quarter's price
• trimmed Microsoft (MSFT): -$96.6M at the quarter's price
• trimmed Broadcom (AVGO): -$85.6M at the quarter's price
• added to Datadog (DDOG): +$83.2M at the quarter's price
• added to Seagate (STX): +$79.9M at the quarter's price
• added to Meta Platforms (META): +$77.6M at the quarter's price
• added to Bloom Energy (BE): +$60.3M at the quarter's price
• trimmed TSMC (TSM): -$59.8M at the quarter's price
• added to IBM (IBM): +$51.8M at the quarter's price

ROYAL LONDON ASSET MANAGEMENT LTD declares $26.3B in 110 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 48.4% of its $54.3B 13F portfolio. Largest positions: NVIDIA (0.07% of the company) and Alphabet (0.07% of the company). Over time: $26.3B in 110 of these companies for Q2 2026, against $4.2B in 72 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $599.2M and sold $604.6M of these stocks, at the quarter's prices: a net sale of $5.4M; 4 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio ROYAL LONDON ASSET MANAGEMENT LTD declared for Q2 2026 (Form 13F), held unchanged, returned +4.4% in Q3 2026 (SMH -7.1%), ranked 748 of 1,785 active managers. Over the last 12 months, quarter after quarter: +29.7% (SMH +87.2%), ranked 599 of 1,360 active managers. Over three years, quarter after quarter: +156.5% (SMH +325.8%), ranked 269 of 784 active managers. Over five years, quarter after quarter: +165.9% (SMH +389.8%), ranked 221 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): $3.6B, 18.0M shares, 0.07% of the company, 6.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $3.2B, 9.1M shares, 0.07% of the company, 6.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $3.0B, 10.3M shares, 0.07% of the company, 5.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $2.2B, 5.8M shares, 0.08% of the company, 4.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $2.1B, 8.9M shares, 0.08% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $1.4B, 3.8M shares, 0.08% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Micron (MU): $1.0B, 895,924 shares, 0.08% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $745.1M, 1.3M shares, 0.05% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. TSMC (TSM): $726.5M, 1.5M shares, 0.03% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. AMD (AMD): $592.8M, 1.0M shares, 0.06% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Intel (INTC): $581.8M, 4.2M shares, 0.08% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Cisco (CSCO): $387.3M, 3.3M shares, 0.08% of the company, 0.71% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Applied Materials (AMAT): $332.6M, 460,003 shares, 0.06% of the company, 0.61% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Texas Instruments (TXN): $324.7M, 1.1M shares, 0.12% of the company, 0.60% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Lam Research (LRCX): $286.7M, 661,673 shares, 0.05% of the company, 0.53% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $11.3B, 43% of its AI holdings, 6 companies
• Chips & compute: $8.0B, 30% of its AI holdings, 16 companies
• Power, electrical & cooling: $1.9B, 7% of its AI holdings, 27 companies
• Memory & storage: $1.4B, 5% of its AI holdings, 5 companies
• AI software: $1.3B, 5% of its AI holdings, 19 companies
• Equipment & test: $914.2M, 3% of its AI holdings, 8 companies
• Interconnect: $637.9M, 2% of its AI holdings, 6 companies
• Optics: $333.7M, 1% of its AI holdings, 5 companies
• Servers & systems: $257.8M, 1% of its AI holdings, 8 companies
• Neoclouds & data centers: $230.3M, 1% of its AI holdings, 10 companies

Biggest changes this quarter

• trimmed Broadcom (AVGO): -$113.3M at the quarter's price
• added to Apple (AAPL): +$103.0M at the quarter's price
• trimmed Micron (MU): -$91.6M at the quarter's price
• added to Ciena (CIEN): +$90.2M at the quarter's price
• opened a position in Arm Holdings (ARM): +$76.2M at the quarter's price
• trimmed CrowdStrike (CRWD): -$73.7M at the quarter's price
• trimmed Intel (INTC): -$60.3M at the quarter's price
• added to Nebius (NBIS): +$47.6M at the quarter's price
• added to Cloudflare (NET): +$44.9M at the quarter's price
• added to Microsoft (MSFT): +$43.7M at the quarter's price

Other holders of this size

• JONES FINANCIAL COMPANIES LLLP: $26.1B in 221 of these companies
• PUBLIC INVESTMENT FUND: $26.3B in 1 of these companies
• Korea Investment CORP: $24.8B in 112 of these companies
• Daiwa Securities Group Inc.: $26.4B in 140 of these companies
• NOMURA ASSET MANAGEMENT CO LTD: $24.6B in 138 of these companies
• Clear Street Group Inc.: $26.8B in 87 of these companies
• Polar Capital Holdings Plc: $24.6B in 59 of these companies
• NEW YORK STATE TEACHERS RETIREMENT SYSTEM: $27.0B in 152 of these companies

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