Arrowstreet Q1 2026: Semi-Equipment Hides in the Top 10

Arrowstreet Capital, the Boston-based systematic equity manager run by former PanAgora and Harvard Management Company alumni, filed its Q1 2026 Form 13F-HR reporting $184.75 billion in assets under management spread across 500 long positions. The top of the book has the mega-cap-tech block you would expect to see in any large quant equity allocation. The interesting part is what shares space with the platforms: Lam Research (LRCX) at 1.64% portfolio weight and ASML Holding (CUSIP N07059210) at 1.27% — both semiconductor capital-equipment names — sit in positions 8 and 10 of the top 10. Neither is in the S&P 500 top 50 by weight. Both are at multiples of their index weights. That is the active call hiding in plain sight.

Arrowstreet runs a multi-factor systematic strategy across global developed-market equities. The firm's published research emphasizes value, quality, and momentum factors with explicit risk-management constraints on sector and country exposure. The Q1 2026 13F shape — heavy mega-cap tech, plus a semiconductor capital-equipment tilt that lifts LRCX and ASML into the top 10 — is the signature of a factor model that has gone long on the semiconductor-capacity-buildout story in addition to the AI-platform compute story. Together, the two reads are: long the AI workload (mega-caps consuming compute) and long the picks-and-shovels suppliers (the equipment that builds the chips that run the workload).

The book at a glance

$184.75 billion AUM (from Arrowstreet's reported 13F-HR totalAum line). 500 distinct positions. WhaleScore 70.50 on our smart-money rubric. Arrowstreet sits in the upper-quartile of active conviction filers we track, despite being a systematic factor shop rather than a discretionary stock-picker.

The top 10 by dollar value:

Reading the mega-cap block correctly

MSFT leads at $8.98 billion and 5.25% portfolio. NVDA sits at 3.24% — meaningfully underweight the S&P 500 (which carries NVDA at roughly 6.5%). AMZN at 3.96% is slightly overweight (vs 3.9% index), AAPL at 2.88% is meaningfully underweight (vs 6.1% index), and AVGO at 3.39% is meaningfully overweight (vs 2.1% index).

The combined GOOGL + GOOG block sums to $9.08 billion or 5.30% portfolio. Alphabet's combined index weight runs around 4.5%, so Arrowstreet is slightly overweight Alphabet — a factor-model signal that quality + cash-flow durability are scoring above average for the search and cloud franchise relative to other mega-caps.

Why the Lam Research overweight matters

Lam Research at 1.64% portfolio is the standout. LRCX produces semiconductor wafer-processing equipment — etch, deposition, clean — and is one of three companies (alongside Applied Materials and ASML) that capture the majority of leading-edge fab capacity spending. Its S&P 500 index weight currently sits around 0.3%, meaning Arrowstreet is running roughly a 5x index overweight.

That is not a passive bet. Factor models score LRCX highly on quality (consistently high return on invested capital), momentum (the stock has been a top-decile performer in the post-2024 semi-equipment recovery), and value (forward P/E is below the broader tech median despite earnings revisions climbing). When all three factors point the same direction, an Arrowstreet-style multi-factor model size the position at top-10 weight.

ASML in the top 10

ASML Holding (the Netherlands-domiciled photolithography monopoly that makes the EUV machines required for sub-7nm chip production) sits at $2.17 billion and 1.27% portfolio. ASML files with the SEC as a foreign private issuer via ADR; the cusip in the Arrowstreet 13F is N07059210, which resolves to ASML Holding NV in our security master.

ASML is not in the S&P 500. It is in the Nasdaq-100 as a US-listed ADR but carries no S&P 500 index weight. The 1.27% Arrowstreet position is therefore a pure active call — there is no index-tracking flow defending the weight. Factor models score ASML on the same trio LRCX scores on (quality, momentum, value-adjusted-for-growth), with the added kicker that ASML's order book is one of the longest-dated in technology (lithography systems have multi-year lead times).

Two semiconductor-capital-equipment names inside the top 10 of a $184 billion factor-driven book is a strong signal. Arrowstreet's model is concluding that the AI-platform leadership thesis is durable enough to support multi-year capacity additions — which is what LRCX and ASML get paid to build.

The top 10 vs the rest

The top 10 sums to $45.46 billion or 24.6% of the portfolio. The remaining 490 positions average $284 million each. This is the familiar quant-factor barbell: concentrated factor expressions at the top, broad diversification in the tail to provide bench strength and risk normalization.

Salesforce as the non-semi growth tilt

Salesforce (CRM) at 1.38% portfolio weight is the only non-tech-hardware name in the Arrowstreet top 10. CRM's S&P 500 index weight is roughly 0.5%, so this is a 2.5x overweight. Factor models that pair platform-software margin expansion with AI productivity narratives have been overweight CRM since the Agentforce launch cycle. Arrowstreet's position here is consistent with that broader factor preference.

AUM trajectory

Arrowstreet's reported 13F AUM has scaled meaningfully through the 2024-2026 cycle, consistent with both market beta exposure and incremental factor-strategy capital inflows from institutional clients. The 500-position floor has been maintained throughout, indicating no drift toward concentration as AUM grows — the factor model places equal weight on diversification and conviction.

What this 13F tells institutional readers

1. The semi-equipment overweight is the active alpha. LRCX at ~5x and ASML at unbounded (no index baseline) sit in positions 8 and 10. Together they account for ~2.9% of portfolio in just two semi-capex stocks. This is a deliberate factor bet on AI-capacity-buildout cycles continuing.
2. The Nvidia underweight is informative. NVDA at 3.24% vs ~6.5% index weight means Arrowstreet's factor model is not scoring Nvidia as best-in-class on the combined value-quality-momentum signal — likely because the value factor is now penalizing the multiple expansion.
3. The Alphabet (GOOGL + GOOG) combined overweight ranks as a quality-and-cash-flow bet. Search-and-cloud platform durability scores above other mega-caps on Arrowstreet's factor model.

What to track

Arrowstreet files quarterly. The next Q2 2026 13F-HR is due August 14, 2026. Watch:

• Whether LRCX and ASML stay in the top 10. A trim in either would signal the factor model has shifted away from the semi-capacity-buildout thesis.
• Whether Applied Materials (AMAT — the third leg of the semi-equipment trio) climbs into the top 10. AMAT in Q1 2026 sits in the next tier of holdings; if the factor read continues, AMAT joins LRCX and ASML up top.
• Whether NVDA's underweight closes. Factor models can shift quickly when momentum scores reset; an NVDA portfolio weight expansion above 4% would signal a recalibration.

Read the full Arrowstreet holdings table on the Arrowstreet Capital profile page. Compare against peer quant managers — including Renaissance Technologies and Two Sigma Advisers — via the institutional signals feed. For a primer on reading multi-factor systematic 13Fs, see our explainer hub.

Source: SEC Form 13F-HR filed by Arrowstreet Capital, Limited Partnership (CIK 0001164508) for the period ending 2026-03-31; available via EDGAR — Arrowstreet filer index.