Victory Capital Management, Inc.

New 13F: Q3 2026

Victory Capital Management, Inc. filed its 13F for the quarter ended Sep 30, 2026 on Nov 10, 2026: $69.3B in AI and semiconductor stocks; $7.6B bought and $4.5B sold against its previous quarter, at the quarter's prices.

• added to Micron (MU): +$1.2B at the quarter's price
• added to Microsoft (MSFT): +$799.2M at the quarter's price
• added to Sandisk (SNDK): +$620.7M at the quarter's price
• trimmed Cisco (CSCO): -$468.2M at the quarter's price
• added to Amazon (AMZN): +$451.4M at the quarter's price
• added to GE Vernova (GEV): +$448.2M at the quarter's price
• added to Accenture (ACN): +$433.1M at the quarter's price
• added to Applied Materials (AMAT): +$428.8M at the quarter's price
• added to MasTec (MTZ): +$419.0M at the quarter's price
• trimmed Quanta Services (PWR): -$389.0M at the quarter's price

Victory Capital Management, Inc. declares $65.0B in 203 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 36.5% of its $178.3B 13F portfolio. Largest positions: NVIDIA (0.14% of the company) and Alphabet (0.14% of the company). Over time: $65.0B in 203 of these companies for Q2 2026, against $12.2B in 142 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $4.4B and sold $4.9B of these stocks, at the quarter's prices: a net sale of $493.7M; 6 new positions.

Performance of its AI picks

The AI-stock portfolio Victory Capital Management, Inc. declared for Q2 2026 (Form 13F), held unchanged, returned +2.0% in Q3 2026 (SMH -7.1%), ranked 1153 of 1,785 active managers. Over the last 12 months, quarter after quarter: +31.6% (SMH +87.2%), ranked 483 of 1,360 active managers. Over three years, quarter after quarter: +148.1% (SMH +325.8%), ranked 378 of 784 active managers. Over five years, quarter after quarter: +173.6% (SMH +389.8%), ranked 167 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): $7.0B, 34.9M shares, 0.14% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $6.0B, 16.7M shares, 0.14% of the company, 3.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $5.4B, 18.7M shares, 0.13% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $4.2B, 11.2M shares, 0.15% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $3.8B, 15.7M shares, 0.15% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. AMD (AMD): $2.5B, 4.3M shares, 0.26% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Broadcom (AVGO): $2.1B, 5.6M shares, 0.12% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $1.6B, 2.9M shares, 0.11% of the company, 0.91% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Cisco (CSCO): $1.5B, 12.8M shares, 0.32% of the company, 0.84% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. NRG Energy (NRG): $1.4B, 9.5M shares, 4.5% of the company, 0.78% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Synopsys (SNPS): $1.3B, 2.9M shares, 1.5% of the company, 0.72% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Micron (MU): $1.3B, 1.1M shares, 0.10% of the company, 0.71% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. KLA (KLAC): $1.2B, 3.9M shares, 0.30% of the company, 0.66% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Applied Materials (AMAT): $1.1B, 1.6M shares, 0.20% of the company, 0.64% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Amphenol (APH): $1.1B, 12.4M shares, 0.50% of the company, 0.62% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $21.0B, 32% of its AI holdings, 6 companies
• Chips & compute: $16.1B, 25% of its AI holdings, 33 companies
• Power, electrical & cooling: $8.3B, 13% of its AI holdings, 46 companies
• AI software: $6.4B, 10% of its AI holdings, 30 companies
• Equipment & test: $5.2B, 8% of its AI holdings, 23 companies
• Interconnect: $3.1B, 5% of its AI holdings, 11 companies
• Memory & storage: $2.6B, 4% of its AI holdings, 7 companies
• Servers & systems: $1.2B, 2% of its AI holdings, 12 companies
• Optics: $715.6M, 1% of its AI holdings, 11 companies
• Neoclouds & data centers: $510.8M, 1% of its AI holdings, 24 companies

Biggest changes this quarter

• trimmed AMD (AMD): -$446.3M at the quarter's price
• trimmed Quanta Services (PWR): -$418.0M at the quarter's price
• added to NVIDIA (NVDA): +$413.8M at the quarter's price
• trimmed Dell (DELL): -$373.3M at the quarter's price
• added to Alphabet (GOOGL): +$367.4M at the quarter's price
• added to NRG Energy (NRG): +$344.6M at the quarter's price
• trimmed Amazon (AMZN): -$289.4M at the quarter's price
• trimmed Cisco (CSCO): -$287.5M at the quarter's price
• trimmed American Electric Power (AEP): -$270.7M at the quarter's price
• opened a position in GlobalFoundries (GFS): +$254.8M at the quarter's price

Schedule 13D/G declarations

• MKS (MKSI): 13G filed Jul 24, 2026: 604,690 shares as of Jun 30, 2026, 0.90% as declared
• Cohu (COHU): 13G filed May 12, 2026: 2.3M shares as of Mar 31, 2026, 4.9% as declared
• Kulicke & Soffa (KLIC): 13G filed Oct 31, 2025: 2.2M shares as of Sep 30, 2025, 4.3% as declared
• Cohu (COHU): 13G filed Oct 30, 2025: 2.9M shares as of Sep 30, 2025, 6.3% as declared
• Cohu (COHU): 13G filed Aug 8, 2025: 4.2M shares as of Jun 30, 2025, 8.9% as declared
• MKS (MKSI): 13G filed Aug 8, 2025: 3.8M shares as of Jun 30, 2025, 5.6% as declared

Other holders of this size

• SCHRODER INVESTMENT MANAGEMENT GROUP: $64.6B in 124 of these companies
• Swedbank AB: $68.1B in 111 of these companies
• PRINCIPAL FINANCIAL GROUP INC: $63.9B in 181 of these companies
• California Public Employees Retirement System: $74.4B in 137 of these companies
• RHUMBLINE ADVISERS: $61.8B in 219 of these companies
• BNP PARIBAS FINANCIAL MARKETS: $75.4B in 222 of these companies
• NORDEA INVESTMENT MANAGEMENT AB: $61.6B in 137 of these companies
• AQR: $76.7B in 211 of these companies

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