Aberdeen Group 13F Portfolio

The biggest adds read like a bet that AI’s economics are sliding from chip suppliers into the platforms that own users, data, and distribution.

• Tesla up 18.7% and Union Pacific up 26.7% in shares signal confidence that transport and logistics are the next productivity frontier. Both are capital-intensive, high-automation franchises that stand to monetize autonomy and network efficiency, not just volume.
• KLA is the statement trade: an 823.9% share add and about $307.7M more capital into semiconductor process control, despite sitting roughly -60.8% below Aberdeen’s average cost. This is classic averaging down into the “picks-and-shovels of the picks-and-shovels,” a view that wafer inspection is structurally underpriced versus long-term AI capex.
• On the software and cloud side, Microsoft (+3.1% in shares), Alphabet GOOGL (+2.1%), Apple (+1.3%), and Amazon (+5.8%) see fresh capital. Aberdeen is explicitly backing the hyperscale and ecosystem layer as the durable owners of AI margin, not just the vendors of compute.
• In health, UnitedHealth (+22.2%) and Medtronic (+13.3%) get meaningful adds, underscoring a thesis that healthcare’s complexity and cost inflation create a long runway for analytics, devices, and managed-care scale economies.
• REITs tied to data and logistics — Prologis (+15.4%), Equinix (+4.6%), and Welltower (+4.5%) — are being quietly built up as hard-asset infrastructure behind cloud, aging demographics, and care delivery.

Taken together, the conviction buys say Aberdeen wants to own the control points of data, networks, and regulated demand rather than chase the next marginal AI headline.

The trims are less about abandoning themes and more about price discipline in the parts of the book that have already paid off.

• In semis, Marvell is the funding workhorse: shares down 26.8%, roughly $120.6M out, even though it’s still up about 356.3% versus their cost. AMD (-6.1%), Intel (-9.9%), Micron (-4.6%), Nvidia (-1.1%), Broadcom (-2.1%), and Marvell together show a systematic bleed from the most crowd‑loved AI silicon into other parts of the stack.
• Healthcare sees profit-taking in the glamour names. Eli Lilly (-5.7%), Merck (-7.6%), Johnson & Johnson (-6.1%), and AbbVie (-7.0%) are all trimmed despite very strong gains vs cost for Lilly and AbbVie in particular. Aberdeen is clearly rotating from high-momentum pharma into more reasonably priced health platforms and devices like UnitedHealth and Medtronic.
• In consumer and payments they are clipping some long-held defensives: Procter & Gamble (-10.3%), Walmart (-6.6%), Costco (-2.2%), Coca-Cola (-2.2%), plus modest trims in Visa (-6.1%), Mastercard (-1.6%), and Home Depot (-4.9%). These look like valuation-driven cash sources, not thematic breaks.

The pattern is consistent: where they’ve compounded triple-digit percentage gains and the narrative is fully owned by the sell side, Aberdeen is happy to be the liquidity provider and move on to underappreciated parts of the same structural stories.

On the sector chart, the changes look small in percentage terms but are telling in direction. Technology ticks down only marginally, from 63.02% to 62.65%, despite heavy semiconductor trims — meaning they are aggressively recycling within tech, not stepping away from it.

Industrials rise from 6.86% to 7.75%, powered by the Tesla, Union Pacific, Caterpillar, Eaton, and Danaher adds. This is Aberdeen reframing “growth” as real-economy automation and energy-efficient equipment, not just software multiples.

Healthcare edges down from 7.76% to 7.43%, but that headline hides a sharp internal rotation from expensive pharma into managed care and devices. Consumer Discretionary eases slightly (10.50% to 10.44%) as they trim staples-like PG and big-box winners to fund Amazon and Netflix increases.

Real Estate (4.64% to 4.60%), Finance (steady at 3.35%), Energy (0.6%), and Materials (0.6%) barely move, but the composition within REITs tilts more toward logistics (Prologis) and digital infrastructure (Equinix). The overall message: Aberdeen is keeping its growth-heavy profile while seeding more cyclical and asset-backed ways to express the same structural themes.

This quarter’s repositioning suggests Aberdeen believes the easy money in headline AI semis has been made, and that the second derivative of AI — who actually captures the productivity and pricing power — will increasingly matter.

Expect them to keep a core in the “Magnificent” platform names and leading fabs and tools, but with more of the incremental dollar going into infrastructure, rails, and health systems that can compound earnings through efficiency rather than pure unit growth. The huge averaging down in KLA hints that they still think the semiconductor capex cycle is early relative to AI’s total addressable demand.

At the same time, rotating from Lilly, Merck, and consumer defensives into UnitedHealth, Medtronic, and industrials frames a portfolio that is less about hiding from macro and more about monetizing it. If AI and automation continue to diffuse into transportation, logistics, and care delivery, Aberdeen’s Q2 book is set up to own the boring, cash-rich layers where those gains ultimately stick.

Conversely, if AI enthusiasm fades or rates bite into multiples, this shift toward platforms, rails, and hard-asset infrastructure could leave them better protected than a pure semiconductor momentum book. The strategy now looks like a diffusion stack: chips remain the base, but the real bet is on the layers above and the physical networks they power.