SCHWARTZ INVESTMENT COUNSEL INC

SCHWARTZ INVESTMENT COUNSEL INC declares $888.7M in 20 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 29.5% of its $3.0B 13F portfolio. Largest positions: Texas Pacific Land (0.60% of the company) and Texas Instruments (0.05% of the company). Over time: $888.7M in 20 of these companies for Q2 2026, against $258.0M in 12 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $78.5M and sold $209.2M of these stocks, at the quarter's prices: a net sale of $130.7M; 1 new position.

Performance of its AI picks

The AI-stock portfolio SCHWARTZ INVESTMENT COUNSEL INC declared for Q2 2026 (Form 13F), held unchanged, returned -7.6% in Q3 2026 (SMH -7.1%), ranked 1601 of 1,783 active managers. Over the last 12 months, quarter after quarter: +52.2% (SMH +87.2%), ranked 151 of 1,359 active managers. Over three years, quarter after quarter: +145.8% (SMH +325.8%), ranked 412 of 783 active managers. Over five years, quarter after quarter: +172.8% (SMH +389.8%), ranked 172 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. Texas Pacific Land (TPL) — $180.9M: 413,457 shares, 0.60% of the company, 6.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Texas Instruments (TXN) — $139.8M: 468,900 shares, 0.05% of the company, 4.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. NVIDIA (NVDA) — $139.4M: 696,604 shares, 0.00% of the company, 4.6% of its portfolio (added this quarter); held since Q3 2022
4. TSMC (TSM) — $112.7M: 235,882 shares, 0.00% of the company, 3.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Silicon Motion (SIMO) — $90.0M: 270,000 shares, 0.80% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q1 2024
6. Intel (INTC) — $57.0M: 408,122 shares, 0.01% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q1 2026
7. LandBridge (LB) — $51.1M: 644,716 shares, 0.84% of the company, 1.7% of its portfolio (added this quarter); held since Q2 2024
8. Entegris (ENTG) — $32.4M: 180,000 shares, 0.12% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q3 2025
9. Tower Semiconductor (TSEM) — $28.7M: 110,000 shares, 0.10% of the company, 0.95% of its portfolio (trimmed this quarter); held since Q3 2025
10. Rambus (RMBS) — $13.3M: 100,000 shares, 0.09% of the company, 0.44% of its portfolio (trimmed this quarter); held since Q1 2025
11. Comfort Systems USA (FIX) — $8.9M: 4,500 shares, 0.01% of the company, 0.30% of its portfolio (trimmed this quarter); held since Q3 2024
12. Eaton (ETN) — $7.8M: 18,256 shares, 0.00% of the company, 0.26% of its portfolio; held since Q4 2019 or earlier
13. Accenture (ACN) — $7.7M: 61,610 shares, 0.01% of the company, 0.25% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. SBA Communications (SBAC) — $7.1M: 40,000 shares, 0.04% of the company, 0.23% of its portfolio; held since Q4 2019 or earlier
15. Synopsys (SNPS) — $6.1M: 13,724 shares, 0.01% of the company, 0.20% of its portfolio; held since Q3 2025

By sector

• Chips & compute — $477.7M, 54% of its AI holdings, 6 companies
• Neoclouds & data centers — $239.4M, 27% of its AI holdings, 4 companies
• Memory & storage — $90.0M, 10% of its AI holdings, 1 company
• Equipment & test — $32.4M, 4% of its AI holdings, 1 company
• Power, electrical & cooling — $16.7M, 2% of its AI holdings, 2 companies
• Interconnect — $15.9M, 2% of its AI holdings, 2 companies
• AI software — $13.8M, 2% of its AI holdings, 2 companies
• Cloud & AI giants — $2.8M, 0% of its AI holdings, 2 companies

Biggest changes this quarter

• trimmed Intel (INTC): -$76.8M at the quarter's price
• added to TSMC (TSM): +$43.7M at the quarter's price
• trimmed Rambus (RMBS): -$42.5M at the quarter's price
• trimmed Tower Semiconductor (TSEM): -$39.1M at the quarter's price
• trimmed Accenture (ACN): -$29.7M at the quarter's price
• added to NVIDIA (NVDA): +$29.3M at the quarter's price
• trimmed Silicon Motion (SIMO): -$10.0M at the quarter's price
• trimmed Texas Instruments (TXN): -$6.0M at the quarter's price
• added to LandBridge (LB): +$4.1M at the quarter's price
• trimmed Entegris (ENTG): -$3.6M 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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