By Mackenzie Tatananni

Generation Investment Management, the sustainable investment firm founded by former U.S. vice president Al Gore, exited two semiconductor companies in the fourth quarter while snapping up shares in a trending streaming provider.

A securities filing from last week shows Generation exited Analog Devices through the sale of 1,316,607 shares, which were worth roughly $323.5 million at the end of the third quarter.

Earlier filings show Generation was gradually paring back its holdings over time. The transaction came before Analog posted stronger-than-expected earnings for its fiscal first quarter and issued encouraging fiscal-year guidance on Wednesday.

The firm shed $5.5 million worth, or 86,147 shares, of fellow semiconductor company Microchip Technology, which is regarded as one of Analog's closest peers. The same stake would be worth $6.6 million based on Thursday's closing price of $77.16.

Generation also sold its stakes in two medical technology companies. The firm exited Becton Dickinson through the sale of nearly 2 million shares and unloaded all of its 260,394 shares in veterinary diagnostics giant Idexx Labs.

Generation took a new stake of 332,933 shares in Spotify Technology. While the streaming service has experienced a turbulent start to the year, falling 15% against a 0.6% gain for the S&P 500 and a 1.9% decline for the Nasdaq Composite, it is emerging as a hot name among investment managers. Bridgewater Associates also bought shares in the fourth quarter.

Generation also took a stake in roofing company Carlisle through the purchase of 341,452 shares and bought 227,249 shares in investment research firm MSCI, formerly part of Morgan Stanley.

Generation pointed Barron's to its quarterly investor letter when asked to comment on changes to its holdings.

"Some companies involved in the AI buildout look more robust than others, in our view," the firm wrote in January. "The business of chip design is becoming increasingly competitive. The cloud companies, led by Google, are designing their own chips."

By contrast, companies that manufacture chips, especially Taiwan Semiconductor Manufacturing, "seem well positioned," Generation said. The firm held 192,192 TSMC shares as of the end of the fourth quarter, down from 242,970 shares a quarter earlier.

Generation managed $21 billion in total assets within its Global Equity fund as of Dec. 31, 2025.

Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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February 20, 2026 14:47 ET (19:47 GMT)

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