Sarasin & Partners LLP

Sarasin & Partners LLP declares $4.5B in 17 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 53.0% of its $8.5B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Alphabet (0.01% of the company). Over time: $4.5B in 17 of these companies for Q2 2026, against $1.9B in 14 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $235.3M and sold $464.7M of these stocks, at the quarter's prices: a net sale of $229.5M; 1 new position.

Performance of its AI picks

The AI-stock portfolio Sarasin & Partners LLP declared for Q2 2026 (Form 13F), held unchanged, returned +8.9% in Q3 2026 (SMH -7.1%), ranked 185 of 1,783 active managers. Over the last 12 months, quarter after quarter: +15.1% (SMH +87.2%), ranked 1263 of 1,359 active managers. Over three years, quarter after quarter: +135.8% (SMH +325.8%), ranked 517 of 783 active managers. Over five years, quarter after quarter: +149.8% (SMH +389.8%), ranked 317 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) — $847.5M: 4.2M shares, 0.02% of the company, 9.9% of its portfolio (trimmed this quarter); held since Q2 2023
2. Alphabet (GOOGL) — $653.2M: 1.8M shares, 0.01% of the company, 7.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Microsoft (MSFT) — $566.6M: 1.5M shares, 0.02% of the company, 6.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Apple (AAPL) — $534.6M: 1.8M shares, 0.01% of the company, 6.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN) — $457.2M: 1.9M shares, 0.02% of the company, 5.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO) — $434.8M: 1.2M shares, 0.02% of the company, 5.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. TSMC (TSM) — $252.9M: 529,518 shares, 0.01% of the company, 3.0% of its portfolio (added this quarter); held since Q1 2026
8. Meta Platforms (META) — $188.2M: 334,128 shares, 0.01% of the company, 2.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Duke Energy (DUK) — $162.4M: 1.3M shares, 0.16% of the company, 1.9% of its portfolio (added this quarter); held since Q1 2026
10. American Tower (AMT) — $139.0M: 849,693 shares, 0.18% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Quanta Services (PWR) — $118.6M: 164,775 shares, 0.11% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2023
12. Cisco (CSCO) — $101.4M: 863,286 shares, 0.02% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q3 2020
13. Texas Instruments (TXN) — $33.6M: 112,599 shares, 0.01% of the company, 0.39% of its portfolio (trimmed this quarter); held since Q4 2025
14. NetApp (NTAP) — $23.7M: 152,975 shares, 0.08% of the company, 0.28% of its portfolio (trimmed this quarter); held since Q4 2025
15. Fortinet (FTNT) — $7.8M: 50,901 shares, 0.01% of the company, 0.09% of its portfolio (trimmed this quarter); held since Q1 2024

By sector

• Cloud & AI giants — $2.4B, 53% of its AI holdings, 5 companies
• Chips & compute — $1.6B, 35% of its AI holdings, 5 companies
• Power, electrical & cooling — $281.1M, 6% of its AI holdings, 2 companies
• Neoclouds & data centers — $139.0M, 3% of its AI holdings, 1 company
• Interconnect — $101.4M, 2% of its AI holdings, 1 company
• Memory & storage — $23.7M, 1% of its AI holdings, 1 company
• AI software — $9.5M, 0% of its AI holdings, 2 companies

Biggest changes this quarter

• trimmed Fortinet (FTNT): -$225.3M at the quarter's price
• added to TSMC (TSM): +$158.7M at the quarter's price
• trimmed Cisco (CSCO): -$68.3M at the quarter's price
• trimmed NVIDIA (NVDA): -$62.2M at the quarter's price
• added to Broadcom (AVGO): +$31.0M at the quarter's price
• trimmed Texas Instruments (TXN): -$27.8M at the quarter's price
• trimmed Quanta Services (PWR): -$27.3M at the quarter's price
• added to Duke Energy (DUK): +$21.6M at the quarter's price
• added to Alphabet (GOOGL): +$19.7M at the quarter's price
• trimmed Microsoft (MSFT): -$17.9M at the quarter's price

Other holders of this size

• Ilmarinen Mutual Pension Insurance Co — $4.5B in 88 of these companies
• MUFG Securities EMEA plc — $4.5B in 102 of these companies
• Defiance ETFs, LLC — $4.5B in 134 of these companies
• Schonfeld Strategic Advisors LLC — $4.6B in 164 of these companies
• ECP ControlCo, LLC — $4.5B in 2 of these companies
• WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST — $4.6B in 7 of these companies
• Jericho Capital Asset Management L.P. — $4.5B in 11 of these companies
• MAVERICK CAPITAL LTD — $4.6B in 81 of these companies

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