Winslow Capital Management, LLC

New 13F: Q3 2026

Winslow Capital Management, LLC filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $21.3B in AI and semiconductor stocks; $2.3B bought and $2.6B sold against its previous quarter, at the quarter's prices.

• trimmed Broadcom (AVGO): -$715.6M at the quarter's price
• added to Microsoft (MSFT): +$539.6M at the quarter's price
• trimmed Apple (AAPL): -$362.2M at the quarter's price
• trimmed Trane (TT): -$360.8M at the quarter's price
• trimmed GE Vernova (GEV): -$341.8M at the quarter's price
• trimmed Vertiv (VRT): -$280.1M at the quarter's price
• added to Amphenol (APH): +$272.1M at the quarter's price
• added to SpaceX (SPCX): +$265.2M at the quarter's price
• sold out of Celestica (CLS): -$260.6M at the quarter's price
• added to Palantir (PLTR): +$224.2M at the quarter's price

Winslow Capital Management, LLC declares $21.0B in 33 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 72.3% of its $29.1B 13F portfolio. Largest positions: NVIDIA (0.06% of the company) and Alphabet (0.07% of the company). Over time: $21.0B in 33 of these companies for Q2 2026, against $8.6B in 12 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $4.0B and sold $5.0B of these stocks, at the quarter's prices: a net sale of $996.4M; 9 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio Winslow Capital Management, LLC declared for Q2 2026 (Form 13F), held unchanged, returned +2.7% in Q3 2026 (SMH -7.1%), ranked 1054 of 1,785 active managers. Over the last 12 months, quarter after quarter: +13.9% (SMH +87.2%), ranked 1282 of 1,360 active managers. Over three years, quarter after quarter: +127.8% (SMH +325.8%), ranked 585 of 784 active managers. Over five years, quarter after quarter: +129.9% (SMH +389.8%), ranked 414 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): $3.1B, 15.6M shares, 0.06% of the company, 10.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $3.1B, 8.8M shares, 0.07% of the company, 10.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Broadcom (AVGO): $1.8B, 4.6M shares, 0.10% of the company, 6.0% of its portfolio (trimmed this quarter); held since Q2 2023
4. Apple (AAPL): $1.4B, 4.9M shares, 0.03% of the company, 4.9% of its portfolio (trimmed this quarter); held since Q3 2022
5. Amazon (AMZN): $1.0B, 4.3M shares, 0.04% of the company, 3.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Microsoft (MSFT): $856.2M, 2.3M shares, 0.03% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. AMD (AMD): $848.2M, 1.5M shares, 0.09% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q3 2025
8. Meta Platforms (META): $753.9M, 1.3M shares, 0.05% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q1 2023
9. ASML (ASML): $693.0M, 348,356 shares, 0.09% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2025
10. Micron (MU): $645.8M, 559,488 shares, 0.05% of the company, 2.2% of its portfolio (trimmed this quarter); held since Q1 2026
11. Arista Networks (ANET): $592.0M, 3.5M shares, 0.28% of the company, 2.0% of its portfolio (added this quarter); held since Q3 2025
12. Lumentum (LITE): $511.0M, 595,561 shares, 0.66% of the company, 1.8% of its portfolio (new position this quarter)
13. Seagate (STX): $498.9M, 517,006 shares, 0.23% of the company, 1.7% of its portfolio (new position this quarter)
14. KLA (KLAC): $460.0M, 1.5M shares, 0.12% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q2 2025
15. Johnson Controls (JCI): $430.5M, 2.9M shares, 0.49% of the company, 1.5% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants: $7.4B, 35% of its AI holdings, 6 companies
• Chips & compute: $6.3B, 30% of its AI holdings, 5 companies
• Power, electrical & cooling: $2.3B, 11% of its AI holdings, 6 companies
• Memory & storage: $1.5B, 7% of its AI holdings, 4 companies
• Equipment & test: $1.3B, 6% of its AI holdings, 4 companies
• Interconnect: $952.5M, 5% of its AI holdings, 2 companies
• Optics: $511.0M, 2% of its AI holdings, 1 company
• AI software: $476.0M, 2% of its AI holdings, 4 companies
• Servers & systems: $260.6M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Apple (AAPL): -$1.3B at the quarter's price
• trimmed Snowflake (SNOW): -$819.7M at the quarter's price
• trimmed Microsoft (MSFT): -$818.1M at the quarter's price
• added to Alphabet (GOOGL): +$762.3M at the quarter's price
• opened a position in Lumentum (LITE): +$511.0M at the quarter's price
• opened a position in Seagate (STX): +$498.9M at the quarter's price
• opened a position in Johnson Controls (JCI): +$430.5M at the quarter's price
• opened a position in Caterpillar (CAT): +$373.5M at the quarter's price
• opened a position in Sandisk (SNDK): +$295.3M at the quarter's price
• sold out of Intuit (INTU): -$281.7M at the quarter's price

Other holders of this size

• SC US (TTGP), LTD.: $20.9B in 3 of these companies
• Boston Partners: $21.1B in 69 of these companies
• FRED ALGER MANAGEMENT, LLC: $20.8B in 86 of these companies
• 1832 Asset Management L.P.: $21.3B in 95 of these companies
• Capricorn Investment Group LLC: $20.8B in 2 of these companies
• Qube Research & Technologies Ltd: $21.5B in 137 of these companies
• CREDIT AGRICOLE S A: $20.7B in 157 of these companies
• BROWN ADVISORY INC: $21.7B in 128 of these companies

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