ROYCE & ASSOCIATES LP

ROYCE & ASSOCIATES LP declares $1.3B in 49 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 10.1% of its $12.4B 13F portfolio. Largest positions: MKS (0.39% of the company) and Onto Innovation (0.58% of the company). Over time: $1.3B in 49 of these companies for Q2 2026, against $1.1B in 62 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $24.9M and sold $599.8M of these stocks, at the quarter's prices: a net sale of $574.9M; 2 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio ROYCE & ASSOCIATES LP declared for Q2 2026 (Form 13F), held unchanged, returned -25.0% in Q3 2026 (SMH -7.1%), ranked 1777 of 1,783 active managers. Over the last 12 months, quarter after quarter: +107.2% (SMH +87.2%), ranked 24 of 1,359 active managers. Over three years, quarter after quarter: +256.9% (SMH +325.8%), ranked 47 of 783 active managers. Over five years, quarter after quarter: +315.1% (SMH +389.8%), ranked 24 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. MKS (MKSI) — $116.3M: 261,567 shares, 0.39% of the company, 0.94% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Onto Innovation (ONTO) — $108.3M: 286,087 shares, 0.58% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Ultra Clean (UCTT) — $95.0M: 666,496 shares, 1.5% of the company, 0.77% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Cohu (COHU) — $69.3M: 938,030 shares, 2.0% of the company, 0.56% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Ichor (ICHR) — $68.3M: 608,109 shares, 1.6% of the company, 0.55% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Cirrus Logic (CRUS) — $60.0M: 403,894 shares, 0.81% of the company, 0.48% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. AAON (AAON) — $48.9M: 385,198 shares, 0.47% of the company, 0.39% of its portfolio (trimmed this quarter); held since Q1 2025
8. TTM Technologies (TTMI) — $42.0M: 224,690 shares, 0.21% of the company, 0.34% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Kulicke & Soffa (KLIC) — $41.0M: 306,723 shares, 0.59% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. FormFactor (FORM) — $37.5M: 234,556 shares, 0.30% of the company, 0.30% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. nLIGHT (LASR) — $35.3M: 506,972 shares, 0.88% of the company, 0.28% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Camtek (CAMT) — $34.4M: 210,711 shares, 0.46% of the company, 0.28% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. DigitalOcean (DOCN) — $32.3M: 205,544 shares, 0.17% of the company, 0.26% of its portfolio (trimmed this quarter); held since Q1 2026
14. Nova (NVMI) — $29.3M: 54,029 shares, 0.18% of the company, 0.24% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Impinj (PI) — $29.1M: 203,114 shares, 0.66% of the company, 0.23% of its portfolio (added this quarter); held since Q1 2020

By sector

• Equipment & test — $694.0M, 55% of its AI holdings, 16 companies
• Chips & compute — $175.3M, 14% of its AI holdings, 9 companies
• Power, electrical & cooling — $146.5M, 12% of its AI holdings, 8 companies
• Servers & systems — $69.5M, 6% of its AI holdings, 5 companies
• Optics — $59.8M, 5% of its AI holdings, 3 companies
• Memory & storage — $41.9M, 3% of its AI holdings, 2 companies
• Neoclouds & data centers — $32.3M, 3% of its AI holdings, 1 company
• Interconnect — $24.8M, 2% of its AI holdings, 2 companies
• AI software — $8.2M, 1% of its AI holdings, 3 companies

Biggest changes this quarter

• trimmed Cohu (COHU): -$80.5M at the quarter's price
• trimmed MKS (MKSI): -$63.2M at the quarter's price
• trimmed Vishay (VSH): -$52.8M at the quarter's price
• trimmed Penguin Solutions (PENG): -$51.6M at the quarter's price
• trimmed Kulicke & Soffa (KLIC): -$37.5M at the quarter's price
• trimmed FormFactor (FORM): -$34.8M at the quarter's price
• trimmed Applied Optoelectronics (AAOI): -$27.1M at the quarter's price
• trimmed Ichor (ICHR): -$27.1M at the quarter's price
• trimmed Argan (AGX): -$25.1M at the quarter's price
• trimmed Silicon Motion (SIMO): -$16.8M at the quarter's price

Schedule 13D/G declarations

• nLIGHT (LASR) — 13G filed Jul 16, 2025: 1.9M shares as of Jun 30, 2025, 3.9% as declared
• Amtech Systems (ASYS) — 13G filed Apr 4, 2025: 587,986 shares as of Mar 31, 2025, 4.1% as declared
• inTEST (INTT) — 13G filed Jan 28, 2025: 1.4M shares as of Dec 31, 2024, 11.6% as declared
• Amtech Systems (ASYS) — 13G filed Jan 28, 2025: 1.5M shares as of Dec 31, 2024, 10.4% as declared
• inTEST (INTT) — 13G filed Nov 8, 2024: 1.3M shares as of Oct 31, 2024, 10.4% as declared

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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