RA
Rafferty Asset Management, LLC — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Rafferty Asset Management, LLCCIK: 0001389426
Diversified strategySector-focusedMomentum follower
Total reported value
$43.9B
Reporting period: 2026-06-30 · Number of holdings: 1133
Rafferty Asset Management, LLC disclosed 1133 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $43.9B and a quarterly turnover rate of 63.5%.
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Personality snowflake
- Concentration
- 10.04
- Portfolio Stability
- 63.5
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 47.61
Rafferty Asset Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 40 equally-sized positions, well below its 1133 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 5.24), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
+34.2% $2.8B
Trim TLT
-25.1% -$506.8M
Add AMD
+16.1% $1.4B
Add INTC
+26.4% $1.2B
Add KLAC
+1574.5% $927.7M
Trim IWM
-6.7% $117.8M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Rafferty Asset Management rotated aggressively into semiconductor and memory names this quarter. The most striking move is MU, whose weight nearly tripled from 3.15% to 8.1%, alongside substantial adds in AMD, INTC, KLAC, AMAT, and LRCX. NVDA and AVGO saw more modest increments. The uniformity of the direction — all active adds, all in adjacent sub-sectors — suggests a deliberate sector-level repositioning rather than idiosyncratic stock picking.
Macro & Fundamentals
The cluster of adds in memory, logic, and equipment names may align with a market narrative around AI-driven compute demand and a potential memory upcycle. But this is an inference from a single quarter's weight shifts; there is no data here on earnings expectations or supply-demand dynamics. The 100% momentum-tilt score adds mild support to a trend-following interpretation, though it is a portfolio-level statistic, not a causal claim.
Blind Spots / Risks
The most exposed risk is the implicit bet that semiconductor cyclicality will cooperate. Even with a low HHI (0.025), the top changes are uniformly tech-heavy, so a sector-wide de-rating would hit the portfolio's actively-traded positions hardest. Also worth flagging: a 63.5% turnover ratio means these weights could be transient — what looks like conviction in Q2 may simply unwind next quarter, making forward extrapolation genuinely uncertain.
This narrative is generated by AI from data disclosed in this institution's SEC EDGAR Form 13F filings and describes past holdings only. It is not a recommendation to buy or sell any security; the source filing is linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1133 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | Stock-Tech | 8.10% | +4.95% | +34.20% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.83% | +0.39% | +66.61% | |
| 3 | AMD | Advanced Micro Devices | Stock-Tech | 4.57% | +2.11% | +16.07% | |
| 4 | AVGO | Broadcom Inc | Stock-Tech | 3.85% | +0.24% | +55.69% | |
| 5 | INTC | Intel CORP | Stock-Tech | 3.54% | +1.96% | +26.40% | |
| 6 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 3.39% | -4.72% | -25.14% | |
| 7 | AMAT | Applied Materials Inc | Stock-Tech | 3.18% | +1.00% | +23.12% | |
| 8 | KLAC | Kla CORP | Stock-Tech | 2.98% | +1.43% | +1574.50% | |
| 9 | MRVL | Marvell Technology Inc | Stock-Tech | 2.77% | +1.06% | -3.87% | |
| 10 | LRCX | Lam Research CORP | Stock-Tech | 2.74% | +1.19% | +55.40% | |
| 11 | EWY | Ishares Msci South Korea ETF | ETF-Other | 2.34% | +0.06% | +11.79% | |
| 12 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 2.33% | -1.35% | -6.73% | |
| 13 | AAPL | Apple Inc | Stock-Tech | 2.23% | +0.06% | +60.70% | |
| 14 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 2.18% | +0.88% | +110.99% | |
| 15 | TXN | Texas Instruments Inc | Stock-Tech | 1.87% | +0.40% | +48.16% | |
| 16 | ADI | Analog Devices Inc | Stock-Tech | 1.79% | +0.37% | +79.68% | |
| 17 | MSFT | Microsoft CORP | Stock-Tech | 1.77% | -0.16% | +61.59% | |
| 18 | TER | Teradyne Inc | Stock-Tech | 1.67% | +0.36% | +38.99% | |
| 19 | NXPI | NXP Semiconductors N.V. | Stock-Tech | 1.55% | +0.27% | +50.92% | |
| 20 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.53% | -1.09% | -8.13% | |
| 21 | ALAB | Astera Labs Inc | Stock-Tech | 1.45% | +1.03% | +39.76% | |
| 22 | MPWR | Monolithic Power Systems Inc | Stock-Tech | 1.45% | +0.04% | +44.67% | |
| 23 | QCOM | Qualcomm Inc | Stock-Tech | 1.42% | — | +24.22% | |
| 24 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 1.20% | -1.04% | +16.02% | |
| 25 | ASML | ASML Holding N.V. | Stock-Tech | 1.12% | -0.07% | +10.76% | |
| 26 | MCHP | Microchip Technology Inc | Stock-Tech | 1.08% | +0.03% | +29.86% | |
| 27 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.95% | -0.34% | +2.64% | |
| 28 | CRDO | Credo Technology Group Holding Ltd | Stock-Tech | 0.94% | +0.51% | +34.78% | |
| 29 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.84% | -0.03% | +38.15% | |
| 30 | ON | On Semiconductor | Stock-Tech | 0.80% | +0.09% | +31.09% | |
| 31 | FXI | Ishares China Large-cap ETF | ETF-Emerging Markets | 0.73% | -0.87% | -7.60% | |
| 32 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.68% | -0.21% | +18.90% | |
| 33 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.64% | -0.28% | +19.76% | |
| 34 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.58% | -0.20% | +19.08% | |
| 35 | ENTG | Entegris Inc | Stock-Tech | 0.57% | +0.07% | +32.14% | |
| 36 | ASX | Ase Technology Holding -adr | Stock-Tech | 0.57% | +0.25% | +54.22% | |
| 37 | MTSI | Macom Technology Solutions H | Stock-Tech | 0.55% | +0.13% | +35.33% | |
| 38 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.51% | -0.09% | +55.62% | |
| 39 | UMC | United Microelectron-sp Adr | Stock-Other | 0.47% | +0.29% | +53.57% | |
| 40 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.45% | -0.31% | +32.00% | |
| 41 | ARM | Arm Holdings Plc-adr | Stock-Tech | 0.40% | +0.17% | +29.67% | |
| 42 | CSCO | Cisco Systems Inc | Stock-Tech | 0.40% | +0.04% | +31.46% | |
| 43 | V | Visa Inc-class A Shares | Stock-Financials | 0.38% | -0.12% | +17.94% | |
| 44 | STM | Stmicroelectronics Nv-ny Shs | Stock-Tech | 0.37% | +0.17% | +53.68% | |
| 45 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.36% | — | +45.95% | |
| 46 | NVMI | Nova Ltd. | Stock-Other | 0.36% | -0.03% | +31.56% | |
| 47 | SNDK | Sandisk CORP | Stock-Tech | 0.30% | +0.21% | +66.88% | |
| 48 | RMBS | Rambus Inc | Stock-Tech | 0.30% | +0.04% | +32.04% | |
| 49 | GDXJ | Vaneck Junior Gold Miners | ETF-Commodities | 0.28% | -0.42% | -14.03% | |
| 50 | MA | Mastercard Inc - A | Stock-Financials | 0.27% | -0.13% | +18.26% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
-4%
Performance Last 4 Quarters
+46.7%
- Stdev
- +20.7%
- Beta
- +1.36
- Alpha
- -2.6%
- Max Drawdown
- -11.7%
- Annualized Perf
- +25.1%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +2.44
- Stutzer
- +0.36
- Treynor
- +0.18
- Sterling
- +1.34
- Calmar
- +2.14
- Information Ratio
- +0.39
- Tracking Error
- +11.8%
- Stdev Down
- +10.1%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +70.7%
- Worst 12 Months
- -1.9%
- Efficiency Ratio
- +0.56
- Sharpe
- +1.19
- Stdev Sectors
- +22%
- Skewness
- +0.38
- Kurtosis
- +0.76
- Upside Potential
- +4.07
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 1133 | $43.9B | 64 | ||
| 2026 Q1 | 1057 | $24.6B | 24 | ||
| 2025 Q4 | 1134 | $28.9B | 17 | ||
| 2025 Q3 | 1104 | $30.8B | 34 | ||
| 2025 Q2 | 1077 | $30.3B | 0 | ||
| 2025 Q1 | 1058 | $23.5B | 100 | ||
| 2024 Q4 | 1140 | $28.3B | 0 | ||
| 2024 Q3 | 1137 | $29.2B | 0 | ||
| 2024 Q2 | 1168 | $26.9B | 0 | ||
| 2024 Q1 | 1080 | $26.8B | 0 | ||
| 2023 Q4 | 1070 | $23.7B | 0 | ||
| 2023 Q3 | 1072 | $17.0B | 0 | ||
| 2023 Q2 | 1089 | $17.7B | 0 | ||
| 2023 Q1 | 1140 | $14.8B | 0 | ||
| 2022 Q4 | 1120 | $11.9B | 0 | ||
| 2022 Q3 | 1137 | $9.4B | 0 | ||
| 2022 Q2 | 1124 | $10.9B | 0 | ||
| 2022 Q1 | 1217 | $16.9B | 0 | ||
| 2021 Q4 | 1298 | $19.0B | 0 | ||
| 2021 Q3 | 1252 | $14.6B | 0 | ||
| 2021 Q2 | 1253 | $15.9B | 96 | ||
| 2021 Q1 | 1159 | $14.6B | 44 | ||
| 2020 Q4 | 1007 | $10.2B | 30 | ||
| 2020 Q3 | 949 | $8.3B | 39 | ||
| 2020 Q2 | 970 | $7.1B | 100 | ||
| 2020 Q1 | 596 | $2.4B | 100 | ||
| 2019 Q4 | 864 | $6.5B | 23 | ||
| 2019 Q3 | 798 | $6.4B | 34 | ||
| 2019 Q2 | 795 | $5.7B | 30 | ||
| 2019 Q1 | 789 | $6.2B | 42 | ||
| 2018 Q4 | 616 | $4.6B | 41 | ||
| 2018 Q3 | 683 | $6.5B | 19 | ||
| 2018 Q2 | 648 | $6.7B | 26 | ||
| 2018 Q1 | 663 | $6.7B | 30 | ||
| 2017 Q4 | 699 | $5.8B | 44 | ||
| 2017 Q3 | 591 | $4.5B | 43 | ||
| 2017 Q2 | 544 | $3.5B | 64 | ||
| 2017 Q1 | 528 | $4.5B | 83 | ||
| 2016 Q4 | 443 | $2.2B | 51 | ||
| 2016 Q3 | 480 | $2.7B | 97 | ||
| 2016 Q2 | 501 | $1.5B | 92 | ||
| 2016 Q1 | 505 | $1.8B | 100 | ||
| 2015 Q4 | 521 | $831.2M | 75 | ||
| 2015 Q3 | 548 | $1.3B | 75 | ||
| 2015 Q2 | 518 | $1.5B | 65 | ||
| 2015 Q1 | 557 | $1.3B | 100 | ||
| 2014 Q4 | 351 | $440.7M | 100 | ||
| 2014 Q3 | 357 | $929.4M | 98 | ||
| 2014 Q2 | 336 | $519.9M | 98 | ||
| 2014 Q1 | 254 | $483.1M | 62 | ||
| 2013 Q4 | 272 | $418.2M | 78 | ||
| 2013 Q3 | 161 | $517.9M | 83 | ||
| 2013 Q2 | 283 | $725.9M | 0 |
Holding changes this quarter
Rafferty Asset Management, LLC's most significant position changes for 2026-06-30: Sold out: Honeywell International Inc (HON); New buy: Nebius Group N.V. (NBIS); New buy: ; New buy: ; New buy: Thomson Reuters CORP (TRI).
Showing top 200 changes by size (of 1171 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +5% | +34.20% | Add |
| 2 | AMD | Advanced Micro Devices | +2.1% | +16.07% | Add |
| 3 | INTC | Intel CORP | +2% | +26.40% | Add |
| 4 | KLAC | Kla CORP | +1.4% | +1574.50% | Add |
| 5 | LRCX | Lam Research CORP | +1.2% | +55.40% | Add |
| 6 | MRVL | Marvell Technology Inc | +1.1% | -3.87% | Trim |
| 7 | ALAB | Astera Labs Inc | +1% | +39.76% | Add |
| 8 | AMAT | Applied Materials Inc | +1% | +23.12% | Add |
| 9 | TSM | Taiwan Semiconductor-sp Adr | +0.9% | +110.99% | Add |
| 10 | CRDO | Credo Technology Group Holding Ltd | +0.5% | +34.78% | Add |
| 11 | TXN | Texas Instruments Inc | +0.4% | +48.16% | Add |
| 12 | NVDA | Nvidia CORP | +0.4% | +66.61% | Add |
| 13 | ADI | Analog Devices Inc | +0.4% | +79.68% | Add |
| 14 | TER | Teradyne Inc | +0.4% | +38.99% | Add |
| 15 | UMC | United Microelectron-sp Adr | +0.3% | +53.57% | Add |
| 16 | NXPI | NXP Semiconductors N.V. | +0.3% | +50.92% | Add |
| 17 | ASX | Ase Technology Holding -adr | +0.3% | +54.22% | Add |
| 18 | AVGO | Broadcom Inc | +0.2% | +55.69% | Add |
| 19 | SNDK | Sandisk CORP | +0.2% | +66.88% | Add |
| 20 | ARM | Arm Holdings Plc-adr | +0.2% | +29.67% | Add |
| 21 | STM | Stmicroelectronics Nv-ny Shs | +0.2% | +53.68% | Add |
| 22 | MTSI | Macom Technology Solutions H | +0.1% | +35.33% | Add |
| 23 | ON | On Semiconductor | +0.1% | +31.09% | Add |
| 24 | PANW | Palo Alto Networks Inc | +0.1% | +26.99% | Add |
| 25 | WDC | Western Digital CORP | +0.1% | +18.09% | Add |
| 26 | ENTG | Entegris Inc | +0.1% | +32.14% | Add |
| 27 | STX | Seagate Technology Holdings plc | +0.1% | +13.82% | Add |
| 28 | EWY | Ishares Msci South Korea ETF | +0.1% | +11.79% | Add |
| 29 | AAPL | Apple Inc | +0.1% | +60.70% | Add |
| 30 | GLW | Corning Inc | +0.1% | +42.94% | Add |
| 31 | DELL | Dell Technologies -c | +0.1% | +34.40% | Add |
| 32 | MPWR | Monolithic Power Systems Inc | 0% | +44.67% | Add |
| 33 | CSCO | Cisco Systems Inc | 0% | +31.46% | Add |
| 34 | RMBS | Rambus Inc | 0% | +32.04% | Add |
| 35 | CRWD | Crowdstrike Holdings Inc - A | 0% | +17.31% | Add |
| 36 | FLEX | Flex Ltd. | 0% | +2253.79% | Add |
| 37 | NBIS | Nebius Group N.V. | 0% | NEW | New buy |
| 38 | MCHP | Microchip Technology Inc | 0% | +29.86% | Add |
| 39 | LITE | Lumentum Holdings Inc | 0% | +155.12% | Add |
| 40 | ✓ | 0% | NEW | New buy | |
| 41 | ✓ | 0% | NEW | New buy | |
| 42 | TRI | Thomson Reuters CORP | 0% | NEW | New buy |
| 43 | CRWV | Coreweave Inc-cl A | 0% | +863.68% | Add |
| 44 | APH | Amphenol Corp-cl A | 0% | +41.14% | Add |
| 45 | CAT | Caterpillar Inc | 0% | +48.97% | Add |
| 46 | UNH | Unitedhealth Group Inc | 0% | +43.24% | Add |
| 47 | COHR | Coherent CORP | 0% | +52.93% | Add |
| 48 | HPE | Hewlett Packard Enterprise | 0% | +35.53% | Add |
| 49 | LLY | Eli Lilly & Co | 0% | +41.14% | Add |
| 50 | ANET | Arista Networks Inc | 0% | +37.37% | Add |
1–50 of 200
Filing History
FAQ
What is Rafferty Asset Management, LLC and what type of investor is it?
Rafferty Asset Management, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $43.9B, spread across 1133 disclosed positions.
What are Rafferty Asset Management, LLC's largest equity positions?
Based on the latest 13F filing, Rafferty Asset Management, LLC's top holdings by market value are:
1. Micron Technology Inc (MU) — $3.6B (8.1%)
2. Nvidia CORP (NVDA) — $2.6B (5.8%)
3. Advanced Micro Devices (AMD) — $2.0B (4.6%)
4. Broadcom Inc (AVGO) — $1.7B (3.9%)
5. Intel CORP (INTC) — $1.6B (3.5%)
What changes did Rafferty Asset Management, LLC make in its most recent portfolio filing?
In the latest reported quarter, Rafferty Asset Management, LLC made 199 notable position adjustments: 5 new positions were initiated, 158 existing holdings were added to, 28 positions were partially reduced, and 8 were completely exited. The largest of these moves: Sold out: Honeywell International Inc (HON); New buy: Nebius Group N.V. (NBIS); New buy: ; New buy: ; New buy: Thomson Reuters CORP (TRI)
What sectors does Rafferty Asset Management, LLC focus on?
Rafferty Asset Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 78.5%
• Financials: 5.5%
• Consumer Discretionary: 4.6%
• Industrials: 2.8%
• Communication Services: 2.6%
• Health Care: 2.4%
Investment Profile
Rafferty Asset Management, LLC returned an annualized 25.1% over the trailing 36 months — underperforming the S&P 500 by 2.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.36 (more volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 78.5% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 64 over the past 4 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$2.8B, now $3.6B), while trimming TLT over the same stretch (-$1.2B, still holding $1.5B).
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Developer Access
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