Glen Kacher Q1 2026 Portfolio — TSM New Position, Semiconductor Concentration Deepens

Glen Kacher's Light Street Capital Management significantly ramped up its semiconductor sector bet in the Q1 2026 13F filing, initiating a $37M position in TSM and expanding AVGO by 4%. With total AUM of $524M across 20 holdings, all four of the portfolio's top positions are semiconductor-related. Simultaneously, Kacher fully exited five positions — including CONFLUENT ($28M), RDDT ($21M), and NFLX ($19M) — sharpening overall portfolio concentration.

Top 5 Holdings — Q1 2026

• TSM: $77M (14.4%)
• NVDA: $47M (8.9%)
• AVGO: $46M (8.7%)
• AMD: $45M (8.3%)
• CHYM: $39M (7.3%)

Q1 2026 Key Trading Highlights

The defining theme of Light Street Capital's Q1 2026 portfolio is deep semiconductor concentration. TSM is the largest holding at $77M (14.4%), with an additional $37M new purchase this quarter, bringing the total TSM allocation to $114M — the portfolio's single largest bet. Adding NVDA ($47M, 8.9%), AVGO ($46M, 8.7%), and AMD ($45M, 8.3%), the top four semiconductor names account for more than 40% of total AUM. Notably, MKSI surged 524% quarter-over-quarter to $28M, signaling growing conviction in the semiconductor equipment space.

• TSM: New buy $37M — Added to existing $77M position; total TSM exposure reaches $114M, confirming it as the portfolio's single largest bet
• MKSI: Increased +524% ($28M) — Aggressive capital deployment into semiconductor equipment; position now represents 5.3% of portfolio
• AVGO: Increased +4% ($46M) — Continued holding of AI chip and networking beneficiary; maintains third-largest portfolio position
• CONFLUENT: Full exit $28M → 0 — Complete liquidation of data streaming software; signals reduced software sector weighting
• RDDT: Full exit $21M → 0 — Closed social media platform position; exit from advertising and media sector
• AMPL: Reduced -80% ($2M) — Significant trim of digital analytics holding; selective pullback from high-growth software

On the exit side, the reduction in software and media exposure is unmistakable. Five positions were fully liquidated: CONFLUENT ($28M), CEG ($22M), RDDT ($21M), NFLX ($19M), and TEAM ($10M). AMPL was cut by 80% and GOOGL by 68%. On the other hand, CPNG ($20M), IOT ($12M), BE ($7M), and DDOG ($5M) were added as new positions, reflecting selective additions in AI infrastructure and growth equities. The overall capital rotation — out of software-centric positions and into semiconductor and hardware infrastructure — is clearly defined.

Semiconductor-Heavy Portfolio: Risk Profile and Directional Conviction

Glen Kacher's portfolio reflects strong conviction that AI infrastructure demand will remain durable over the long term. The strategy involves building deep exposure across the core semiconductor value chain — TSM, NVDA, AVGO, and AMD — while extending upstream coverage into equipment names like MKSI. That said, concentrating $524M in AUM across just 20 holdings means portfolio sensitivity to semiconductor cycle volatility is considerable. The new additions in CPNG and IOT, spanning Asian e-commerce and industrial IoT, appear to be a modest effort to preserve some diversification beyond the semiconductor core.