SMH Fair Value: Look-Through Valuation
Weighted by holding size, the model fair values of SMH's covered holdings sit 12.1% below their current prices (a look-through model estimate across 82% of the fund, under stated assumptions). Data as of 2026-10-22. Net assets $74.9B; holdings as of 2026-10-22.
Top 25 holdings of 26
| Holding | Weight | Price | Model fair value | Gap |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | 19.14% | $212.21 | $192.21 | -9.4% |
| TSM Taiwan Semiconductor Manufacturing | 9.24% | — | Not covered | — |
| AMD Advanced Micro Devices Inc | 5.57% | $507.93 | $420.40 | -17.2% |
| AVGO Broadcom Inc | 5.07% | $323.24 | $269.50 | -16.6% |
| MU Micron Technology Inc | 4.78% | $856.49 | $1103.79 | +28.9% |
| AMAT Applied Materials Inc | 4.73% | $375.58 | $336.08 | -10.5% |
| KLAC KLA Corporation | 4.65% | $147.83 | $111.92 | -24.3% |
| TXN Texas Instruments Incorporated | 4.61% | $279.50 | $204.96 | -26.7% |
| INTC Intel Corporation | 4.61% | $85.49 | $67.02 | -21.6% |
| LRCX Lam Research Corp | 4.52% | $230.15 | $220.58 | -4.2% |
| SKHY SK HYNIX INC ADR | 4.49% | — | Not covered | — |
| ASML ASML Holding N.V. New York Registry Shares | 4.45% | — | Not covered | — |
| MRVL Marvell Technology Group Ltd | 4.44% | $223.47 | $180.00 | -19.4% |
| ADI Analog Devices Inc | 4.11% | $385.76 | $299.68 | -22.3% |
| QCOM Qualcomm Incorporated | 3.61% | $172.83 | $207.84 | +20.3% |
| CDNS Cadence Design Systems Inc | 1.97% | $309.65 | $209.34 | -32.4% |
| SNPS Synopsys Inc | 1.93% | $422.48 | $344.77 | -18.4% |
| TER Teradyne Inc | 1.36% | $308.75 | $244.30 | -20.9% |
| MPWR Monolithic Power Systems Inc | 1.23% | $1167.93 | $660.61 | -43.4% |
| ARM Arm Holdings plc American Depositary Shares | 1.15% | $210.10 | $151.46 | -27.9% |
| ALAB Astera Labs, Inc. | 1.07% | $257.82 | $163.97 | -36.4% |
| NXPI NXP Semiconductors NV | 1.00% | $237.79 | $254.23 | +6.9% |
| STM STMicroelectronics NV ADR | 0.94% | $44.09 | $47.99 | +8.8% |
| MCHP Microchip Technology Inc | 0.79% | $74.52 | $64.58 | -13.3% |
| ON ON Semiconductor Corporation | 0.51% | $73.23 | $55.08 | -24.8% |
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