AHNIM STUDIO | Guru statistics | Reviewed October 23, 2026 (KST)
Identified semiconductor-related equity weights rose in 9 of the same 17 institutional reporting groups between March 31 and June 30, 2026. The pooled value weight increased from 5.82% to 9.90%, while the equal-manager mean rose from 13.57% to 18.51%. The increase remains when the three largest Q2 portfolios are excluded from both quarters. It was therefore not confined to the biggest books—but these are identified SEC SIC 3674 positions, with unclassified equity still in the denominator, not a complete measure of economic semiconductor exposure or proof of buying.
Three weights answer three different questions
Our Guru research and statistics hub combines disclosed portfolios. That pooled view answers where the reported dollars sit. It does not answer how the typical reporting group is positioned. This study keeps the same 17-group panel and changes the weighting rule, then tests whether the largest books explain the result.
| Measure | March 31 | June 30 | Change |
|---|---|---|---|
| Pooled value weight: all 17 | 5.82% | 9.90% | +4.07 pp |
| Equal-manager mean: all 17 | 13.57% | 18.51% | +4.94 pp |
| Median manager weight: all 17 | 7.87% | 11.27% | +3.40 pp |
| Pooled, excluding Berkshire: same 16 | 15.93% | 23.95% | +8.02 pp |
| Pooled, excluding fixed Q2 largest three: same 14 | 10.60% | 17.87% | +7.27 pp |
For manager i, the identified weight is sᵢ = identified SIC 3674 equity value / eligible disclosed equity value. The pooled weight is Σ semiconductor value / Σ eligible value; the equal-manager mean is Σsᵢ / 17. The median is the ninth weight after sorting all 17, including groups with no identified position. We retain full precision in calculations and round only for display.
Berkshire suppresses the pooled level; it does not explain away the rise
Berkshire represented 63.46% of the panel’s eligible equity dollars in Q1 and 58.68% in Q2, with no identified SIC 3674 equity in either quarter. Its large denominator holds down the pooled percentage. Removing it lifts the Q2 measure from 9.90% to 23.95%. This is a different sample statistic, not a corrected estimate of Berkshire’s own portfolio.
The Berkshire quarterly report provides its filing context. A zero identified category is not a finding of zero economic exposure: 4.78% of Berkshire’s Q1 eligible value and 4.06% of its Q2 value remain unclassified in this mapping, and indirect exposure through operating businesses is outside this holdings measure.
A stronger size test removes Berkshire, Coatue and Tiger Global—the largest three eligible books at June 30—from both quarters. The remaining 14 groups still rise from 10.60% to 17.87%. This fixed-set test avoids changing the sample between dates. It supports a wider rise in the identified category; it does not make the 17 managers representative of all institutions.
Nine increases, three decreases, five unchanged identified weights
| Reporting group | Q1 identified | Q2 identified | Change, pp | Unclassified Q1 → Q2 |
|---|---|---|---|---|
| Situational Awareness | 2.26% | 37.05% | +34.79 | 2.16% → 2.27% |
| Altimeter | 41.58% | 52.66% | +11.08 | 1.11% → 0.00% |
| Appaloosa | 23.41% | 34.23% | +10.82 | 11.12% → 7.92% |
| Coatue | 27.05% | 36.44% | +9.40 | 1.06% → 0.18% |
| Tiger Global | 25.05% | 33.62% | +8.57 | 9.08% → 6.43% |
| Whale Rock | 17.37% | 25.56% | +8.19 | 7.84% → 0.00% |
| Fundsmith LLP | 3.97% | 10.44% | +6.47 | 0.00% → 0.00% |
| Soros Fund Management | 7.87% | 11.27% | +3.40 | 57.86% → 48.27% |
| ARK | 8.43% | 10.82% | +2.39 | 42.46% → 35.44% |
| Icahn reporting group | 0.00% | 0.00% | +0.00 | 0.00% → 0.00% |
| Greenlight / DME | 0.00% | 0.00% | +0.00 | 40.98% → 38.46% |
| Berkshire Hathaway | 0.00% | 0.00% | +0.00 | 4.78% → 4.06% |
| Dalal Street, LLC | 0.00% | 0.00% | +0.00 | 0.00% → 0.00% |
| Pershing Square | 0.00% | 0.00% | +0.00 | 1.25% → 0.87% |
| Third Point | 7.02% | 4.82% | -2.20 | 9.20% → 11.67% |
| Light Street | 48.67% | 45.09% | -3.58 | 8.07% → 0.34% |
| Bridgewater | 18.06% | 12.67% | -5.38 | 46.55% → 54.71% |
The largest change was Situational Awareness, from 2.26% to 37.05%. Its Q2 holdings and options analysis explains the disclosed equity composition and why options must remain separate. The opposite direction appears at Light Street: 48.67% to 45.09%, despite a growing dollar contribution to the combined category as its disclosed book expanded.
Bridgewater and Third Point also show lower identified weights. Bridgewater requires particular caution: its unclassified share increases from 46.55% to 54.71%, so this is a comparison of identified positions, not a high-coverage sector verdict. The five unchanged groups all have zero identified weight; several retain unclassified equities.
A dollar-weighted rise can still be concentrated
Breadth and dollar contribution are different. Under an exact two-date weighting identity, Coatue contributes 1.58 percentage points and Situational Awareness 1.44 points to the panel’s net 4.07-point pooled increase. Together they account for about 74.22% of that signed net change. Other positive and negative contributions net to the remainder. This does not mean the two groups bought 74% of the securities, earned 74% of a return or caused prices to move.
Let aᵢ be a group’s share of the panel’s eligible equity value and sᵢ its identified category weight. The exact identity is ΔΣ(aᵢsᵢ) = Σ[mean(aᵢ) × Δsᵢ] + Σ[mean(sᵢ) × Δaᵢ], where each mean is the average of the two quarter-end observations. The first term contributes 2.65 points; changing relative book sizes contributes 1.42 points. This is arithmetic attribution between two snapshots, not a causal separation of trades, market returns or cash flows.
What is—and is not—inside “semiconductors”
We use the SEC label SIC 3674, Semiconductors & Related Devices, rather than construct a discretionary AI-stock basket. It includes names such as NVIDIA, Micron and Taiwan Semiconductor, but the code is broader than a pure chip-design index: the official industry definition also includes solar cells. In our verified mapping it includes Enphase, Nextpower and T1 Energy. Conversely, semiconductor equipment, software and other supply-chain companies assigned to different SICs are outside this numerator. It is neither GICS nor a complete chip-industry supply-chain classification.
One fixed issuer mapping is applied across both quarters and every group. The mapping was assembled from SEC issuer records in the October 17–23 research sequence; all 21 identified SIC 3674 issuers were rechecked against SEC submissions profiles on October 23 (KST). It is a current research mapping applied retrospectively, not a reconstruction of every issuer’s historical quarter-end SIC. Where an issuer’s verified code was present on some rows but absent on others, we consistently filled 69 derived rows across 35 issuers. Original as-filed and prior normalized records remain preserved; earlier hub snapshots are not silently overwritten.
| Panel value / classification | March 31, 2026 | June 30, 2026 |
|---|---|---|
| Eligible disclosed equity, USD billion | 414.599 | 509.984 |
| Identified SIC 3674 equity, USD billion | 24.135 | 50.465 |
| Unclassified equity, USD billion | 34.380 | 34.394 |
| Classified share of eligible value | 91.71% | 93.26% |
Unknown classifications stay in the denominator. If every unknown dollar were hypothetically outside the category, the identified weights would be 5.82% and 9.90%. If every unknown dollar were inside it, the corresponding upper extremes would be 14.11% and 16.64%. These extreme ranges overlap; they are sensitivity bounds, not confidence intervals or plausible estimates. We therefore cannot establish an unconditional increase in fully classified total industry exposure. The narrower result—identified weights rose under all three weighting rules and in 9 of 17 groups—is what the evidence supports.
Filing scope, comparability and the next check
The panel covers 17 reporting groups and two actual quarter ends, March 31 and June 30, 2026. We reconciled all 4,269 preserved source rows to 35 information tables and cover summaries. An eligibility review dated October 24, 2026 reclassified six explicit non-common rows—two Altimeter Grab warrants, two Soros Oracle depositary preferred rows and two Bridgewater Global X Uranium ETF rows—so the current derivative contains 4,073 eligible equity rows and 196 excluded rows. Recalculation changes the unrounded pooled weights from 5.8213% to 5.8219% in Q1 and from 9.8953% to 9.8964% in Q2; the displayed 5.82% and 9.90% figures remain unchanged at two decimals.
Eligible value includes disclosed common/ordinary shares, ADRs, REIT and operating-partnership equity under the existing methodology. Funds and ETFs/ETPs, options, debt or principal units, warrants, preferred/depositary equity, acquisition units and dated equity units are excluded. Rows with distinct disclosed accounts are retained within the reporting group; the statistics do not claim unique beneficial ownership across different managers. Both quarters use the same eligibility rules. No share-count trading interpretation is made, so a price-driven value change is not labeled a purchase.
Fresh submissions checks covered the 18 legal registrants underlying this 17-group panel, including relevant archived submission lists. No additional qualifying 13F-HR or 13F-HR/A beyond the baseline was found in that checked scope. Q2 remains the latest matched verified panel here; a later quarter’s reporting timetable is not treated as filed holdings. Congressional PTRs are outside every number in this article.
Our interpretation is that the identified shift has both breadth and concentrated dollar drivers. For the next matched quarter we will test whether the same groups retain the higher weights, whether unresolved classifications can be verified, and whether amendments or reporting-scope changes require a dated restatement. Holdings disclose positions, not costs, transaction dates, motives, short books or an entire investment strategy. This statistical study sets no stock-price target and is not a manager-performance ranking or personalized investment advice.
Sources and original documents
SEC Form 13F-HR cover summaries and information tables for the reporting groups below; quarter ends March 31 and June 30, 2026. Links open the original XML documents. Filing dates are shown; current-source rechecks were completed October 23, 2026 (KST).
Berkshire Hathaway — Q1, filed 2026-05-15, CIK 1067983: information table / cover summary; Q2, filed 2026-08-14, CIK 1067983: information table / cover summary.
Pershing Square — Q1, filed 2026-05-15, CIK 1336528: information table / cover summary; Q1, filed 2026-05-15, CIK 2026053: information table / cover summary; Q2, filed 2026-08-14, CIK 2026053: information table / cover summary.
Dalal Street, LLC — Q1, filed 2026-05-14, CIK 1549575: information table / cover summary; Q2, filed 2026-08-13, CIK 1549575: information table / cover summary.
Appaloosa — Q1, filed 2026-05-15, CIK 1656456: information table / cover summary; Q2, filed 2026-08-14, CIK 1656456: information table / cover summary.
Greenlight / DME — Q1, filed 2026-05-15, CIK 1489933: information table / cover summary; Q2, filed 2026-08-14, CIK 1489933: information table / cover summary.
Fundsmith LLP — Q1, filed 2026-05-15, CIK 1569205: information table / cover summary; Q2, filed 2026-08-14, CIK 1569205: information table / cover summary.
Third Point — Q1, filed 2026-05-15, CIK 1040273: information table / cover summary; Q2, filed 2026-08-14, CIK 1040273: information table / cover summary.
Icahn reporting group — Q1, filed 2026-05-15, CIK 921669: information table / cover summary; Q2, filed 2026-08-14, CIK 921669: information table / cover summary.
Soros Fund Management — Q1, filed 2026-05-15, CIK 1029160: information table / cover summary; Q2, filed 2026-08-14, CIK 1029160: information table / cover summary.
Bridgewater — Q1, filed 2026-05-15, CIK 1350694: information table / cover summary; Q2, filed 2026-08-14, CIK 1350694: information table / cover summary.
ARK — Q1, filed 2026-05-12, CIK 1697748: information table / cover summary; Q2, filed 2026-08-14, CIK 1697748: information table / cover summary.
Tiger Global — Q1, filed 2026-05-15, CIK 1167483: information table / cover summary; Q2, filed 2026-08-14, CIK 1167483: information table / cover summary.
Coatue — Q1, filed 2026-05-15, CIK 1135730: information table / cover summary; Q2, filed 2026-08-14, CIK 1135730: information table / cover summary.
Altimeter — Q1, filed 2026-05-15, CIK 1541617: information table / cover summary; Q2, filed 2026-08-14, CIK 1541617: information table / cover summary.
Whale Rock — Q1, filed 2026-05-15, CIK 1387322: information table / cover summary; Q2, filed 2026-08-14, CIK 1387322: information table / cover summary.
Situational Awareness — Q1, filed 2026-05-18, CIK 2045724: information table / cover summary; Q2, filed 2026-08-14, CIK 2045724: information table / cover summary.
Light Street — Q1, filed 2026-05-15, CIK 1569049: information table / cover summary; Q2, filed 2026-08-14, CIK 1569049: information table / cover summary.
SEC — Standard Industrial Classification code list, June 3, 2021; U.S. Department of Labor — SIC 3674 industry definition, reviewed October 23, 2026. These define the category rather than an AI-industry investment universe.
SEC issuer submissions profiles, reviewed October 23, 2026; each confirms the identified issuer’s SIC 3674 mapping: NVDA, AVGO, MU, AMD, INTC, AMAT, ARM, TXN, ADI, NXPI, ALAB, STM, CBRS, MTSI, SITM, NXT, AMKR, VIAV, ENPH, TE, TSM.
SEC — Frequently Asked Questions About Form 13F, reviewed October 23, 2026; reporting scope and amendment treatment. Our About Us and research policy explains AI assistance, source responsibility and dated corrections.
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