Firsthand Capital Management Q2 2026 Portfolio Update: Strategic Shifts in Tech & Utilities

As reported for the period ending June 30, 2026 (Q2), Firsthand Capital Management (FCM) has made several noteworthy adjustments to its portfolio holdings. The firm's total assets under management stood at approximately $49.7 million during this quarter.

The investor demonstrated a clear focus on growth, particularly within the Technology and Utilities sectors, while also strategically exiting positions in certain stocks that experienced significant reductions or were sold outright.

Prominent Purchases This Quarter

Firsthand Capital Management significantly bolstered its position in several companies during Q2:

• OKLO INC (OKLO): The firm acquired a substantial stake, increasing holdings by 100% to represent about 5.02% of the portfolio (OKLO). This focus on Utilities aligns with potential strategic interest in this sector.

  These purchases suggest confidence in specific growth areas and a strategy to enhance exposure where management believes value is being created or opportunities exist. The new positions indicate evolving investment themes for the firm during Q2 2026.

• VIASAT INC (VSAT): A major acquisition occurred here, with FCM adding shares equivalent to a full position increase by 100% (VSAT). The stake now accounts for roughly 4.31% of the portfolio.

  These significant buys highlight FCM's active investment approach and its focus on specific growth areas during Q2 2026.

• REDWIRE CORP (RDW): Representing one of the largest absolute increases in shares, Firsthand Capital Management added a full position worth of holdings (RDW). This Industrial stock now holds about 1.95% allocation.

  These prominent purchases signal FCM's confidence in specific sectors and companies during the second quarter of 2026.

• PLANET LABS PBC (PL): Another significant addition to the portfolio, Firsthand Capital Management increased its stake by a full position (PL). This Industrial holding now contributes approximately 1.32%.

  These substantial buys indicate FCM's strategic focus on specific growth areas during Q2 2026, including Industrials and Technology.

Strategic Sales and Reductions

In parallel to its buying activities, Firsthand Capital Management also conducted notable sales or reductions of certain holdings:

• NETFLIX INC (NFLX): The firm sold shares in this Communication Services stock, reducing the position by a staggering 50% (NFLX). This exit leaves the Netflix stake at about $1.4 million or roughly 2.96% of the portfolio.

  These exits suggest a strategic shift away from certain sectors or specific companies that may no longer align with FCM's investment thesis for Q2 2026.

• ARISTA NETWORKS INC (ANET): A significant portion of this Technology holding was sold, specifically a reduction by about two-thirds (-66.67%) (ANET). The position now stands at $849k.

  These substantial reductions highlight FCM's active management style and potential reassessment of certain Technology names during the quarter.

• TOAST INC (TOST): Firsthand Capital Management completely exited its position in this Technology company (TOST). The stake was reduced by -50%.

  This exit, along with the reduction of other positions, indicates a measured approach to portfolio management during Q2 2026.

• UBER TECHNOLOGIES INC (UBER): The firm significantly reduced its stake in this Technology company (UBER). This sale represents an 80% reduction from the previous quarter.

  The combination of these sales and reductions shows FCM's disciplined approach to managing risk alongside its growth focus during Q2.

Portfolio Context & Summary

This quarter, Firsthand Capital Management maintained a diversified portfolio with 41 holdings. The Technology sector remains dominant at nearly one-third (34.78%) of the total value ($17.3 million). Communication Services and Industrials follow closely behind.

The overall allocation by sector remained consistent: Technology (~35%), followed by Industrials (~28%), Communication Services (~20%), then Utilities, Financial Services, Energy, Consumer Defensive, and Healthcare rounding out the picture with smaller allocations (FCM's filing).

The significant buying activity in Q2 2026 focused on Utilities (OKLO), Technology (VSAT, PL), and Industrials (RDW). Conversely, the investor exited positions in Netflix and Toast while substantially reducing its stake in Uber. These actions reflect a dynamic investment strategy aimed at capitalizing on perceived opportunities while managing exposure to declining or overvalued sectors.