VIRGINIA RETIREMENT SYSTEMS ET Al

New 13F: Q3 2026

VIRGINIA RETIREMENT SYSTEMS ET Al filed its 13F for the quarter ended Sep 30, 2026 on Oct 28, 2026: $7.4B in AI and semiconductor stocks; $226.3M bought and $541.4M sold against its previous quarter, at the quarter's prices.

• trimmed NVIDIA (NVDA): -$131.7M at the quarter's price
• trimmed Intel (INTC): -$47.3M at the quarter's price
• trimmed Microsoft (MSFT): -$31.9M at the quarter's price
• trimmed Apple (AAPL): -$31.3M at the quarter's price
• trimmed Meta Platforms (META): -$27.4M at the quarter's price
• trimmed Oracle (ORCL): -$25.5M at the quarter's price
• added to Adobe (ADBE): +$22.6M at the quarter's price
• trimmed ServiceNow (NOW): -$20.9M at the quarter's price
• added to Dell (DELL): +$19.6M at the quarter's price
• trimmed AMD (AMD): -$19.5M at the quarter's price

VIRGINIA RETIREMENT SYSTEMS ET Al declares $7.3B in 151 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 43.8% of its $16.7B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Apple (0.02% of the company). Over time: $7.3B in 151 of these companies for Q2 2026, against $2.1B in 88 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.0B and sold $211.9M of these stocks, at the quarter's prices: a net purchase of $1.8B; 50 new positions and 4 sold out.

Performance of its AI picks

The AI-stock portfolio VIRGINIA RETIREMENT SYSTEMS ET Al declared for Q2 2026 (Form 13F), held unchanged, returned +5.0% in Q3 2026 (SMH -7.1%), ranked 603 of 1,785 active managers. Over the last 12 months, quarter after quarter: +27.1% (SMH +87.2%), ranked 786 of 1,360 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): $1.0B, 5.2M shares, 0.02% of the company, 6.2% of its portfolio (added this quarter); held since Q1 2025
2. Apple (AAPL): $939.0M, 3.2M shares, 0.02% of the company, 5.6% of its portfolio (added this quarter); held since Q1 2025
3. Alphabet (GOOGL): $762.0M, 2.1M shares, 0.02% of the company, 4.6% of its portfolio (added this quarter); held since Q1 2025
4. Microsoft (MSFT): $568.3M, 1.5M shares, 0.02% of the company, 3.4% of its portfolio (added this quarter); held since Q1 2025
5. Amazon (AMZN): $395.6M, 1.7M shares, 0.02% of the company, 2.4% of its portfolio (added this quarter); held since Q1 2025
6. Micron (MU): $310.0M, 268,589 shares, 0.02% of the company, 1.9% of its portfolio (added this quarter); held since Q1 2025
7. Broadcom (AVGO): $306.7M, 811,938 shares, 0.02% of the company, 1.8% of its portfolio (added this quarter); held since Q1 2025
8. Meta Platforms (META): $235.2M, 417,494 shares, 0.02% of the company, 1.4% of its portfolio (added this quarter); held since Q1 2025
9. Lam Research (LRCX): $170.2M, 392,874 shares, 0.03% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q1 2025
10. AMD (AMD): $165.1M, 284,286 shares, 0.02% of the company, 0.99% of its portfolio (added this quarter); held since Q2 2025
11. Cisco (CSCO): $128.8M, 1.1M shares, 0.03% of the company, 0.77% of its portfolio (added this quarter); held since Q1 2025
12. Applied Materials (AMAT): $125.0M, 172,864 shares, 0.02% of the company, 0.75% of its portfolio (added this quarter); held since Q1 2025
13. KLA (KLAC): $124.0M, 411,100 shares, 0.03% of the company, 0.74% of its portfolio (trimmed this quarter); held since Q1 2025
14. Seagate (STX): $117.9M, 122,179 shares, 0.05% of the company, 0.70% of its portfolio (trimmed this quarter); held since Q1 2025
15. Intel (INTC): $103.7M, 742,744 shares, 0.01% of the company, 0.62% of its portfolio (added this quarter); held since Q1 2026

By sector

• Cloud & AI giants: $2.9B, 40% of its AI holdings, 6 companies
• Chips & compute: $1.7B, 23% of its AI holdings, 23 companies
• Memory & storage: $542.5M, 7% of its AI holdings, 6 companies
• AI software: $532.1M, 7% of its AI holdings, 22 companies
• Power, electrical & cooling: $521.8M, 7% of its AI holdings, 34 companies
• Equipment & test: $461.9M, 6% of its AI holdings, 17 companies
• Interconnect: $349.6M, 5% of its AI holdings, 10 companies
• Neoclouds & data centers: $145.9M, 2% of its AI holdings, 15 companies
• Servers & systems: $109.6M, 1% of its AI holdings, 9 companies
• Optics: $67.5M, 1% of its AI holdings, 9 companies

Biggest changes this quarter

• added to Apple (AAPL): +$660.1M at the quarter's price
• added to Amazon (AMZN): +$316.1M at the quarter's price
• added to AMD (AMD): +$130.7M at the quarter's price
• added to Applied Materials (AMAT): +$107.5M at the quarter's price
• added to NVIDIA (NVDA): +$78.9M at the quarter's price
• added to Comfort Systems USA (FIX): +$65.5M at the quarter's price
• trimmed Qualcomm (QCOM): -$52.5M at the quarter's price
• added to Intel (INTC): +$44.0M at the quarter's price
• added to Adobe (ADBE): +$37.1M at the quarter's price
• added to American Electric Power (AEP): +$32.4M at the quarter's price

Other holders of this size

• Cresset Asset Management, LLC: $7.1B in 153 of these companies
• BROWN BROTHERS HARRIMAN & CO: $7.3B in 156 of these companies
• PineStone Asset Management Inc.: $7.1B in 7 of these companies
• Federation des caisses Desjardins du Quebec: $7.4B in 197 of these companies
• Zurich Insurance Group Ltd/FI: $7.1B in 56 of these companies
• Vinva Investment Management Ltd: $7.4B in 93 of these companies
• HUNTINGTON NATIONAL BANK: $7.1B in 200 of these companies
• O'SHAUGHNESSY ASSET MANAGEMENT, LLC: $7.4B in 171 of these companies

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