STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM

New 13F: Q3 2026

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $33.3B in AI and semiconductor stocks; $2.3B bought and $26.3M sold against its previous quarter, at the quarter's prices.

• added to NVIDIA (NVDA): +$340.7M at the quarter's price
• added to Apple (AAPL): +$318.0M at the quarter's price
• added to Alphabet (GOOGL): +$234.0M at the quarter's price
• added to Microsoft (MSFT): +$231.6M at the quarter's price
• added to Amazon (AMZN): +$159.6M at the quarter's price
• added to Broadcom (AVGO): +$103.6M at the quarter's price
• added to Meta Platforms (META): +$101.6M at the quarter's price
• added to Micron (MU): +$64.7M at the quarter's price
• added to AMD (AMD): +$55.9M at the quarter's price
• added to Intel (INTC): +$45.2M at the quarter's price

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM declares $29.8B in 195 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 49.3% of its $60.3B 13F portfolio. Largest positions: NVIDIA (0.08% of the company) and Apple (0.08% of the company). Over time: $29.8B in 195 of these companies for Q2 2026, against $10.8B in 139 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $334.1M and sold $689.5M of these stocks, at the quarter's prices: a net sale of $355.3M; 6 new positions.

Performance of its AI picks

The AI-stock portfolio STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM declared for Q2 2026 (Form 13F), held unchanged, returned +4.3% in Q3 2026 (SMH -7.1%), ranked 757 of 1,785 active managers. Over the last 12 months, quarter after quarter: +28.9% (SMH +87.2%). Over three years, quarter after quarter: +150.4% (SMH +325.8%). Over five years, quarter after quarter: +166.1% (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. NVIDIA (NVDA): $4.0B, 19.9M shares, 0.08% of the company, 6.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $3.6B, 12.4M shares, 0.08% of the company, 5.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $3.2B, 9.0M shares, 0.07% of the company, 5.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $2.4B, 6.3M shares, 0.09% of the company, 3.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $2.0B, 8.3M shares, 0.08% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $1.5B, 4.0M shares, 0.08% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Micron (MU): $1.1B, 975,163 shares, 0.09% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $1.1B, 1.9M shares, 0.07% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $817.5M, 1.4M shares, 0.09% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Intel (INTC): $531.0M, 3.8M shares, 0.07% of the company, 0.88% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $493.7M, 682,788 shares, 0.09% of the company, 0.82% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX): $465.2M, 1.1M shares, 0.09% of the company, 0.77% of its portfolio (trimmed this quarter); held since Q1 2025
13. Caterpillar (CAT): $415.8M, 390,457 shares, 0.09% of the company, 0.69% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO): $397.6M, 3.4M shares, 0.09% of the company, 0.66% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. KLA (KLAC): $338.8M, 1.1M shares, 0.09% of the company, 0.56% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $12.2B, 41% of its AI holdings, 6 companies
• Chips & compute: $7.8B, 26% of its AI holdings, 31 companies
• Power, electrical & cooling: $2.5B, 8% of its AI holdings, 47 companies
• AI software: $1.8B, 6% of its AI holdings, 31 companies
• Memory & storage: $1.6B, 5% of its AI holdings, 6 companies
• Equipment & test: $1.6B, 5% of its AI holdings, 21 companies
• Interconnect: $889.2M, 3% of its AI holdings, 11 companies
• Servers & systems: $540.2M, 2% of its AI holdings, 11 companies
• Neoclouds & data centers: $405.0M, 1% of its AI holdings, 21 companies
• Optics: $392.1M, 1% of its AI holdings, 10 companies

Biggest changes this quarter

• trimmed NVIDIA (NVDA): -$138.7M at the quarter's price
• trimmed Apple (AAPL): -$100.5M at the quarter's price
• trimmed Alphabet (GOOGL): -$84.6M at the quarter's price
• trimmed Microsoft (MSFT): -$62.0M at the quarter's price
• added to Bloom Energy (BE): +$51.4M at the quarter's price
• trimmed Amazon (AMZN): -$38.1M at the quarter's price
• trimmed Broadcom (AVGO): -$32.5M at the quarter's price
• added to CoreWeave (CRWV): +$27.7M at the quarter's price
• added to Credo (CRDO): +$27.0M at the quarter's price
• trimmed Meta Platforms (META): -$22.2M at the quarter's price

Other holders of this size

• BAMCO INC /NY/: $29.5B in 51 of these companies
• Mariner, LLC: $29.8B in 170 of these companies
• Gigafund Management Company, LLC: $29.4B in 1 of these companies
• PNC Financial Services Group, Inc.: $30.4B in 217 of these companies
• CANADA LIFE ASSURANCE Co: $29.1B in 138 of these companies
• Ensign Peak Advisors, Inc: $30.9B in 184 of these companies
• LAZARD ASSET MANAGEMENT LLC: $28.8B in 179 of these companies
• Rafferty Asset Management, LLC: $30.9B in 124 of these companies

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