Sachem Head Capital Management LP

Sachem Head Capital Management LP declares $2.0B in 7 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 41.5% of its $4.8B 13F portfolio. Largest positions: Talen Energy (2.9% of the company) and Seagate (0.21% of the company). Over time: $2.0B in 7 of these companies for Q2 2026, against $212.1M in 2 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.1B and sold $445.5M of these stocks, at the quarter's prices: a net purchase of $614.7M; 4 new positions and 3 sold out.

Performance of its AI picks

The AI-stock portfolio Sachem Head Capital Management LP declared for Q2 2026 (Form 13F), held unchanged, returned -18.6% in Q3 2026 (SMH -7.1%), ranked 1741 of 1,783 active managers. Over the last 12 months, quarter after quarter: +22.7% (SMH +87.2%). Over three years, quarter after quarter: +328.9% (SMH +325.8%). Over five years, quarter after quarter: +448.8% (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. Talen Energy (TLN) — $526.4M: 1.4M shares, 2.9% of the company, 10.9% of its portfolio (trimmed this quarter); held since Q3 2024
2. Seagate (STX) — $455.5M: 472,000 shares, 0.21% of the company, 9.5% of its portfolio (new position this quarter)
3. MKS (MKSI) — $361.5M: 812,700 shares, 1.2% of the company, 7.5% of its portfolio (new position this quarter)
4. GDS Holdings (GDS) — $260.8M: 8.7M shares, 4.3% of the company, 5.4% of its portfolio; held since Q1 2025
5. STMicroelectronics (STM) — $164.8M: 2.2M shares, 0.25% of the company, 3.4% of its portfolio (new position this quarter)
6. Bitdeer (BTDR) — $152.9M: 9.6M shares, 4.1% of the company, 3.2% of its portfolio; held since Q1 2026
7. Riot Platforms (RIOT) — $78.4M: 2.9M shares, 0.76% of the company, 1.6% of its portfolio (new position this quarter)

By sector

• Power, electrical & cooling — $526.4M, 26% of its AI holdings, 1 company
• Neoclouds & data centers — $492.2M, 25% of its AI holdings, 3 companies
• Memory & storage — $455.5M, 23% of its AI holdings, 1 company
• Equipment & test — $361.5M, 18% of its AI holdings, 1 company
• Chips & compute — $164.8M, 8% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Seagate (STX): +$455.5M at the quarter's price
• opened a position in MKS (MKSI): +$361.5M at the quarter's price
• sold out of Coherent (COHR): -$229.9M at the quarter's price
• opened a position in STMicroelectronics (STM): +$164.8M at the quarter's price
• sold out of onsemi (ON): -$120.4M at the quarter's price
• opened a position in Riot Platforms (RIOT): +$78.4M at the quarter's price
• trimmed Talen Energy (TLN): -$68.2M at the quarter's price
• sold out of Akamai (AKAM): -$27.0M at the quarter's price

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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