Stanley-Laman's $814M book tilts hard into the semi-cap + nuclear-power AI stack; 30 shell filings point to a tranche-heavy filing day

Executive Summary

As of April 17, 2026, The 13F Tracker Desk has processed 31 new 13F-HR filings lodged with the SEC's EDGAR system in the past 24 hours, and only one of them — Stanley-Laman Group, Ltd. (CIK 0001601489) — arrived with a fully populated holdings roster. The other 30 filings are cover-sheet or placeholder submissions from small registered investment advisors (Rainier Family Wealth, Greenbush Financial, Birch Financial, Kure Advisory, Hanson & Doremus, and the like) whose Information Tables we expect to follow within 24-72 hours as amended or supplemental filings. This is a structurally slow day for holdings disclosure, but it is not unusual in the final stretch before the May 15 Q1 2026 deadline when small RIAs stage their filings.

The dominant signal today is Stanley-Laman's portfolio. The Wayne, Pennsylvania wealth-management shop — a firm that has historically managed in the $800M-$1.5B range for private clients — reports a 295-position, roughly $814 million 13(f)-eligible book as of its most recent reporting period. Accession number 0001376474-26-000292, filed April 16, 2026 (https://www.sec.gov/Archives/edgar/data/1601489/000137647426000292/). What jumps out of the Information Table is a top-10 concentration of 17.5% and, within that, two thematic clusters that define the book's character: a semi-cap equipment trio (Lam Research + ASML + KLA Corp) aggregating $37.8M or ~4.6% of the portfolio, and a nuclear-fuel-plus-nuclear-generation pairing (Cameco + Entergy) totaling $25.1M or ~3.1%. Neither is an index hug. Both track the AI-power-demand thesis that has dominated institutional positioning since late 2025.

The top holdings as of the filing date are Alphabet Class A (GOOGL, $21.9M, 2.69% of portfolio), Amazon (AMZN, $16.4M, 2.01%), RTX Corporation (RTX, $15.9M, 1.95%), Cameco (CCJ, $14.2M, 1.74%), Lam Research (LRCX, $14.1M, 1.73%), NVIDIA (NVDA, $13.5M, 1.66%), ASML Holding (ASML, $12.3M, 1.51%), KLA Corp (KLAC, $11.4M, 1.41%), Broadcom (AVGO, $11.1M, 1.37%), and Entergy (ETR, $10.9M, 1.34%). The absence of Microsoft, Meta, Tesla, Apple, and Berkshire from the top 10 is itself a signal — Stanley-Laman is not running a cap-weighted mega-cap sleeve. Our read is that the fund is expressing the AI capex cycle through the picks-and-shovels layer (wafer fab equipment) and the power layer (uranium + utilities) rather than the hyperscaler layer, while maintaining GOOGL and AMZN as the two mega-cap anchors and NVDA as the only pure-play compute bet.

Today's top signals: (1) Stanley-Laman — $37.8M semi-cap trio (LRCX + ASML + KLAC) at ~4.6% of book, reflecting Q4 2025 period-end positions; (2) Stanley-Laman — $25.1M nuclear stack (CCJ + ETR) at ~3.1% of book; (3) 30 small-RIA 13F-HR filings arrived without holdings data — we will re-examine EDGAR tomorrow for the amended Information Tables. The 45-day delay caveat applies in full: Stanley-Laman's positions reflect valuations at or near the most recent quarter-end, not the April 17 market snapshot. Whether the fund has trimmed, rolled, or added into Q1 2026 will not become visible until the Q1 13F-HR deadline of May 15, 2026. With the S&P 500 closing at 7,022.95 on April 15 — a 3.7% weekly gain off the early-April dip — and VIX compressing from 25.78 on April 7 to 18.17 on April 15, the macro tape is kinder to long-tilted concentration than it was when these positions were set.

Today In Numbers

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Notable Filer Deep Dives

Stanley-Laman Group, Ltd. — $814M AUM

• Filing: 13F-HR, filed 2026-04-16, accession 0001376474-26-000292. EDGAR: https://www.sec.gov/Archives/edgar/data/1601489/000137647426000292/
• Portfolio summary: 295 reported positions, aggregate reported value ~$814M. Top-5 holdings (GOOGL, AMZN, RTX, CCJ, LRCX) represent ~10.1% of the book. Top-10 concentration is 17.5%. The remaining 285 positions account for 82.5% of the portfolio, averaging ~$2.4M per line — consistent with a diversified wealth-management separately managed account program rather than a concentrated hedge-fund book.
• Top 10 holdings table:

Rank	Company (Ticker)	Shares	Value ($M)	% of Portfolio

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• What changed: This is the filing as it arrived in today's inbox — prior-quarter comparison is not available in the dataset processed for this edition, so we flag new-vs-increased-vs-decreased positions as indeterminate for now. Stanley-Laman is a recurring 13F filer and the firm's prior editions will be reconciled against this filing in a forthcoming change log. What we can say: the presence of RTX (CUSIP 75513E101, reflecting the post-2023 RTX rebrand of Raytheon Technologies) and the split-adjusted NVDA and LRCX share counts — LRCX at 65,918 shares post-October 2024 10-for-1 split, NVDA at 77,462 post-June 2024 10-for-1 split — indicate the positions have been rolled through the 2024 corporate-action calendar intact.
• Sector allocation (from filing): 'Other' 85.5%, Technology 10.0%, Automotive 1.46%, Healthcare 1.42%, Consumer 0.75%, Energy 0.61%, Financials 0.28%. The 'Other' bucket is an artifact of the parser: it reflects the 277 positions the classifier could not map to a GICS-style sector, not a thematic concentration. Readers should treat the sector row as a lower bound on each sector and cross-reference the top-10 table directly.
• The signal: Stanley-Laman's book tells us three things. First, the fund is expressing the AI capex thesis at the picks-and-shovels layer — the LRCX + ASML + KLAC trio at $37.8M (4.64%) is roughly twice the size of the single NVDA position and signals a view that wafer-fab tool suppliers capture AI spend with less single-name risk than the GPU designer. Second, the Cameco + Entergy pairing — $25.1M at 3.08% — is the textbook 'AI power' trade: uranium fuel plus Louisiana utility with disclosed data-center interconnect queues. This is consistent with the broader pattern we have documented across the 2025 13F cycle in which active managers rotated into nuclear-adjacent names as hyperscaler power contracts became front-page news. Third, the absence of Microsoft, Meta, Apple, and Tesla from the top 10 — names that typically appear in cap-weighted RIA books — is not accidental. Stanley-Laman's mega-cap sleeve (GOOGL, AMZN, NVDA, AVGO at 7.73%) is selective rather than indexed. The book is long tech but not long 'tech beta'; it is long tech plus long tech's physical supply chain.

Sector Flow Analysis

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With only one populated filing in today's inbox, the sector-flow table reflects Stanley-Laman's single book and should not be read as a cross-fund aggregate. That said, the relative weightings within the one book we can see are informative. Explicit Technology exposure at $81.6M across 7 positions — driven by GOOGL, AMZN, AVGO, NVDA, LRCX, ASML, and KLAC — is the single-largest identifiable thematic cluster in the portfolio. Healthcare, Consumer, Energy, and Financials are small and likely reflect incidental SPDR/ETF or ADR-like positions rather than deliberate sector tilts. The 'Other' bucket at $696M across 277 positions is where the bulk of the portfolio sits and is where tomorrow's reconciliation work will be most valuable: unclassified positions at a 2.4% weighted average per line mean the fund is genuinely diversified below the top-10, and any single line materially above $10M would warrant a follow-up.

On a macro-context basis, the sector mix lines up with the tape. The S&P 500's 3.7% weekly gain into April 15, the VIX collapse from 25.78 (April 7) to 18.17 (April 15), and the +0.54 10Y-2Y spread (April 16) describe a market that has re-accelerated risk-on pricing. A tech-overweight, nuclear-adjacent book is directionally consistent with that backdrop.

Activist And Concentration Watch

No named activists (Icahn, Ackman, Elliott, Starboard, Engaged Capital, Trian, ValueAct) filed today. No >10% single-name concentrations appeared in any populated filing. No 13F lines cleared the 5%-of-outstanding threshold that would trigger a 13D or 13G cross-reference. On a strict reading, the Activist & Concentration Watch is quiet.

What is worth flagging are two soft-concentration patterns inside Stanley-Laman. First, the semi-cap equipment trio (LRCX + ASML + KLAC) at $37.8M is an aggregated 4.64% single-theme concentration. That is below the 10% 'extreme conviction' bar individually, but as a bundled expression it is roughly 1.7x the largest single position in the book (GOOGL at 2.69%). We do not flag it as activist, but we flag it as thematic conviction — a PM reading this book should recognize that the fund is expressing semi-cycle direction through hardware tool suppliers rather than chip designers. Second, the nuclear-power pair (CCJ + ETR) at $25.1M / 3.08% is a two-name combination that requires a specific macro view — uranium supply tightness plus data-center power demand — to justify. It is small enough not to trigger concentration scoring, but large enough that any hedge ratio between the two names (CCJ is a Canadian uranium producer, ETR is a U.S. regulated utility) is a deliberate portfolio-construction choice.

We flag no new activist targets today. We will re-examine tomorrow's 13F-HR calendar for filings from Elliott, Starboard, and Trian, which have not appeared in this week's inbox and which are due before the May 15 Q1 2026 deadline.

Contrarian Signals

Stanley-Laman's holdings sit close to current institutional consensus rather than against it. The semi-cap equipment trade, the uranium-plus-utility pairing, and the mega-cap-tech anchors have all been well-reported positioning since Q4 2025. A strict contrarian reading of today's filings has limited material to work with.

Three smaller observations are worth separating out. First, RTX Corp at $15.9M (1.95%) as the third-largest position is notable given RTX's mixed 2025 commercial-aerospace narrative and the stock's range-bound 2026-to-date performance. The bull case: RTX benefits from a defense-spending cycle, Pratt & Whitney engine demand, and Raytheon missile-defense backlog. The bear case: commercial aftermarket headwinds and the GTF engine recall overhang continue to compress margins. Stanley-Laman is on the bull side of that debate with a top-3 weight; that is a distinct choice relative to RIAs that have preferred Northrop, General Dynamics, or Lockheed exposure.

Second, Cameco at $14.2M (1.74%) as the fourth-largest position is consistent with the AI-power trade but is also a position in a name that has traded at historically rich multiples relative to realized uranium prices. The bull case: long-cycle supply-demand deficit and multi-decade reactor restart cycle. The bear case: spot-price volatility and the risk that utility fuel-contract terms lag. Neither side is 'contrarian' relative to the tape, but the weight suggests conviction.

Third, Entergy at $10.9M (1.34%) is one of only two utilities in the top 10 and is notable because it has been a disclosed beneficiary of Gulf-region data-center interconnect announcements. Stanley-Laman's inclusion of ETR over larger-cap alternatives (NextEra, Duke, Dominion) implies a specific view on the Louisiana/Mississippi interconnect queue rather than a generic utility overweight.

What To Watch This Week

1. Q1 2026 13F-HR deadline — May 15, 2026. Filings for positions as of March 31, 2026 begin arriving in volume starting May 1. This is the next reporting cycle and will be the first opportunity to see whether Stanley-Laman trimmed or added to its semi-cap cluster into the April risk-off.

2. ASML Q1 2026 earnings — due week of April 20 (historically mid-April). A soft bookings print would pressure the LRCX/ASML/KLAC trio we flagged; a strong High-NA EUV commentary would validate it. Stanley-Laman's $37.8M semi-cap cluster is the filing most exposed today.

3. Lam Research Q3 FY2026 earnings — late April. LRCX is the largest semi-cap name in Stanley-Laman's book at $14.1M. Guidance on HBM / memory tool orders is the catalyst.

4. NVIDIA GTC / product cadence and any mid-quarter update. NVDA at $13.5M is the fund's only pure-play compute position. Any hyperscaler capex revision affects the whole semi-plus-power stack.

5. Entergy Q1 2026 earnings and data-center disclosure update — late April / early May. ETR's $10.9M weight is tied directly to utility interconnect-queue disclosures; an MOU or signed PPA announcement with a hyperscaler is the upside catalyst.

6. FOMC meeting — next scheduled decision. Fed Funds at 3.64% and the +0.54 10Y-2Y spread imply a market that has priced one-to-two further cuts. Any hawkish repricing would hit long-duration tech hardest — the exact overweight in Stanley-Laman's book.

7. CCJ / uranium contract news. Cameco's $14.2M position is exposed to any utility long-term-contract signings or spot-price move; the AI-data-center PPA cycle is the macro driver here.

Bottom Line

The institutional money is — on the evidence of today's one populated filing — continuing to express the AI capex super-cycle through the picks-and-shovels and the power-generation layers rather than through the hyperscaler cap-weights. Stanley-Laman Group's $814M book concentrates $37.8M in wafer-fab equipment (LRCX + ASML + KLAC) and $25.1M in nuclear fuel and generation (CCJ + ETR), a combined 7.7% thematic weight that is roughly 2.8x the fund's single largest position (GOOGL at 2.69%). The dominant theme is that thoughtful RIAs are buying the physical supply chain of AI — tools and power — alongside, not instead of, the mega-cap platforms. The biggest surprise is the absence of Microsoft, Meta, Tesla, and Apple from the top 10; that reads as a deliberate de-emphasis of cap-weighted tech beta. The #1 filing a portfolio manager should read in full today is Stanley-Laman Group's 13F-HR at accession 0001376474-26-000292 (https://www.sec.gov/Archives/edgar/data/1601489/000137647426000292/), particularly rows 4-10 of the Information Table where the fund's non-consensus tilt lives. We will reconcile this filing against Stanley-Laman's prior quarter tomorrow to quantify new-vs-increased-vs-exited moves, subject to the 45-day reporting lag that governs every statement in this edition.