XPONANCE LLC

New 13F: Q3 2026

XPONANCE LLC filed its 13F for the quarter ended Sep 30, 2026 on Nov 3, 2026: $9.7B in AI and semiconductor stocks; $430.2M bought and $7.4M sold against its previous quarter, at the quarter's prices.

• added to NVIDIA (NVDA): +$56.5M at the quarter's price
• added to Apple (AAPL): +$47.1M at the quarter's price
• added to Microsoft (MSFT): +$39.7M at the quarter's price
• added to Alphabet (GOOGL): +$37.8M at the quarter's price
• added to Amazon (AMZN): +$26.6M at the quarter's price
• added to Sandisk (SNDK): +$19.1M at the quarter's price
• added to Broadcom (AVGO): +$15.5M at the quarter's price
• added to Micron (MU): +$15.3M at the quarter's price
• added to Meta Platforms (META): +$14.8M at the quarter's price
• added to AMD (AMD): +$11.7M at the quarter's price

XPONANCE LLC declares $8.9B in 194 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 54.7% of its $16.3B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Alphabet (0.02% of the company). Over time: $8.9B in 194 of these companies for Q2 2026, against $1.5B in 98 for Q2 2020 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $636.8M and sold $435.4M of these stocks, at the quarter's prices: a net purchase of $201.4M; 15 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio XPONANCE LLC declared for Q2 2026 (Form 13F), held unchanged, returned +4.2% in Q3 2026 (SMH -7.1%), ranked 791 of 1,785 active managers. Over the last 12 months, quarter after quarter: +24.2% (SMH +87.2%), ranked 971 of 1,360 active managers. Over three years, quarter after quarter: +146.0% (SMH +325.8%), ranked 406 of 784 active managers. Over five years, quarter after quarter: +162.2% (SMH +389.8%), ranked 245 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): $1.3B, 6.7M shares, 0.03% of the company, 8.2% of its portfolio (added this quarter); held since Q2 2020
2. Alphabet (GOOGL): $1.1B, 3.0M shares, 0.02% of the company, 6.6% of its portfolio (added this quarter); held since Q2 2020
3. Apple (AAPL): $1.0B, 3.5M shares, 0.02% of the company, 6.3% of its portfolio (trimmed this quarter); held since Q2 2020
4. Microsoft (MSFT): $657.7M, 1.8M shares, 0.02% of the company, 4.0% of its portfolio (trimmed this quarter); held since Q2 2020
5. Broadcom (AVGO): $499.7M, 1.3M shares, 0.03% of the company, 3.1% of its portfolio (added this quarter); held since Q2 2020
6. Amazon (AMZN): $462.0M, 1.9M shares, 0.02% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q2 2020
7. Micron (MU): $365.0M, 316,243 shares, 0.03% of the company, 2.2% of its portfolio (added this quarter); held since Q2 2020
8. Meta Platforms (META): $331.1M, 587,820 shares, 0.02% of the company, 2.0% of its portfolio (added this quarter); held since Q2 2020
9. AMD (AMD): $268.1M, 461,498 shares, 0.03% of the company, 1.6% of its portfolio (added this quarter); held since Q2 2020
10. Applied Materials (AMAT): $165.8M, 229,388 shares, 0.03% of the company, 1.0% of its portfolio (added this quarter); held since Q2 2020
11. Lam Research (LRCX): $157.8M, 364,140 shares, 0.03% of the company, 0.97% of its portfolio (trimmed this quarter); held since Q2 2020
12. Caterpillar (CAT): $130.0M, 122,094 shares, 0.03% of the company, 0.80% of its portfolio (added this quarter); held since Q2 2020
13. Intel (INTC): $118.2M, 846,607 shares, 0.02% of the company, 0.73% of its portfolio (added this quarter); held since Q2 2020
14. KLA (KLAC): $112.5M, 372,746 shares, 0.03% of the company, 0.69% of its portfolio (trimmed this quarter); held since Q2 2020
15. Cisco (CSCO): $92.8M, 790,433 shares, 0.02% of the company, 0.57% of its portfolio (added this quarter); held since Q2 2020

By sector

• Cloud & AI giants: $3.6B, 40% of its AI holdings, 6 companies
• Chips & compute: $2.5B, 28% of its AI holdings, 30 companies
• Power, electrical & cooling: $666.2M, 7% of its AI holdings, 45 companies
• AI software: $542.6M, 6% of its AI holdings, 29 companies
• Memory & storage: $531.9M, 6% of its AI holdings, 6 companies
• Equipment & test: $503.6M, 6% of its AI holdings, 22 companies
• Interconnect: $247.6M, 3% of its AI holdings, 11 companies
• Servers & systems: $122.6M, 1% of its AI holdings, 11 companies
• Optics: $115.8M, 1% of its AI holdings, 11 companies
• Neoclouds & data centers: $100.4M, 1% of its AI holdings, 23 companies

Biggest changes this quarter

• trimmed Apple (AAPL): -$150.4M at the quarter's price
• added to Alphabet (GOOGL): +$132.9M at the quarter's price
• added to Micron (MU): +$124.0M at the quarter's price
• trimmed Amazon (AMZN): -$121.2M at the quarter's price
• trimmed Microsoft (MSFT): -$111.2M at the quarter's price
• added to Applied Materials (AMAT): +$42.0M at the quarter's price
• added to Caterpillar (CAT): +$39.0M at the quarter's price
• added to AMD (AMD): +$37.4M at the quarter's price
• added to Marvell (MRVL): +$33.3M at the quarter's price
• added to Sandisk (SNDK): +$30.8M at the quarter's price

Other holders of this size

• KEYBANK NATIONAL ASSOCIATION/OH: $8.7B in 146 of these companies
• Lone Pine Capital LLC: $8.9B in 15 of these companies
• LSV ASSET MANAGEMENT: $8.6B in 50 of these companies
• KING LUTHER CAPITAL MANAGEMENT CORP: $9.0B in 78 of these companies
• M&T Bank Corp: $8.6B in 171 of these companies
• COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS: $9.0B in 152 of these companies
• Cardano Risk Management B.V.: $8.6B in 22 of these companies
• AMF Tjanstepension AB: $9.0B in 33 of these companies

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