Chapin Davis's $449M Q1 2026 filing is a concentrated technology-and-healthcare portfolio with a distinctive Q1 rotation out of semiconductor names and into data-infrastructure and life-sciences plays. The largest positions remain Apple ($22.5M, 5.0%), Western Digital ($16.5M, 3.7%), Seagate ($13.7M, 3.0%), Microsoft ($11.2M, 2.5%), and Alphabet ($11.0M, 2.4%) — but the changes behind these anchors tell the real story. Broadcom was the sharpest cut: the position fell 60% in share count from 34,339 to 13,574, shedding $7.7M in value and dropping from the top 10 entirely, while Micron Technology was closed out completely (-$9.1M) and Amphenol, Idexx Labs, GE Aerospace, Expedia, and Asterra Labs all exited. The offset was a cluster of new openings in semiconductor-adjacent equipment and data infrastructure: Keysight Technologies ($10.0M), Ciena ($8.9M), Lam Research ($8.4M), and Lumentum ($6.9M) all initiated alongside increases in Teradyne (+$5.2M, +47% shares), Corning (+$3.6M, +13%), KLA (+$1.5M), and Howmet Aerospace. The healthcare sleeve — Moderna ($6.4M, new), Johnson & Johnson increased, AbbVie, Eli Lilly, Amgen all held — reads as a deliberate pandemic-preparedness and obesity/pharma bet rather than routine diversification. The portfolio's $105.9M technology exposure is the dominant sector, but its composition shifted from fabless chip design and AI-software names toward test equipment, optical networking, data storage, and semiconductor manufacturing — a supply-chain rotation within the same thematic that suggests Chapin Davis believes the next phase of the AI buildout will be infrastructure and connectivity, not model training.
The sell list is small in count but large in concentration. Broadcom (AVGO) was the most consequential reduction: the position was cut by 60% in share count, shedding 20,765 shares and roughly $7.7M in value, taking it from a top-5 holding to outside the top 15. That is not a rebalance — at a $450M book, a 60% single-name cut implies a thesis change, most likely around the AI-networking and custom-silicon cycle that had driven Broadcom's valuation through 2025. Micron Technology (MU) was closed out entirely, with the full $9.1M position liquidated — a decisive exit from DRAM and NAND at a moment when memory-cycle dynamics were deteriorating. Amphenol (APH), Idexx Labs (IDXX), GE Aerospace (GE), Expedia (EXPE), and Asterra Labs (ALAB) all exited as well, while Palantir had already been reduced in the prior quarter. The common thread across these exits is names that had either (a) already delivered strong returns fromprior entry points or (b) belonged to a thematic the manager is rotating out of — in this case, memory and general-purpose AI software.
The opens and increases are the more informative half of the trade. Keysight Technologies (KEYS, $10.0M, new) is an electronic test-and-measurement company whose products are used in semiconductor R&D and 5G/6G deployment — a direct beneficiary of increased chip design and wireless infrastructure investment, but one that sits several layers below the end-customer AI demand that drives Nvidia and Broadcom valuations. Ciena (CIEN, $8.9M, new) is an optical-networking company whose coherent-optical systems are the physical backbone of data-center interconnect — the bandwidth layer that makes AI cluster computing possible at scale. Lam Research (LRCX, $8.4M, new) and KLA ($8.4M, increased to $8.4M from $6.8M) are both semiconductor manufacturing equipment: the tools that fabricate the chips that Nvidia designs. Lumentum (LITE, $6.9M, new) makes optical components for data-center and telecom networks. And Howmet Aerospace (HWM, $10.4M) received a $1.5M increase — aerospace-grade manufacturing equipment that doubles as an AI-data-center thermal-management play. Together these five names represent roughly $44M in new or increased exposure to the physical infrastructure of AI computing.