KLAC

KLAC

KLAC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Bailard Technology Strategy	-1.7%	26.4%	AAPL, AMZN, CRWD, FISV, GOOGL, KLAC, LRCX, META, MSFT, MU, NFLX, NVDA, PANW, PSTG, SHOP.TO, SMAR, SPOT, TSM, UBER, WMT	AI, cybersecurity, growth, large cap, semiconductors, software, technology	The strategy anticipates a shift in IT budgets towards AI-enabled platforms and applications after infrastructure spending peaks. Enterprises are achieving significant productivity gains through AI solutions, with examples like Walmart improving 850 million catalog pieces and Palo Alto Networks reducing support headcount by 50%. The focus is moving from infrastructure hardware to application software as AI adoption becomes more widespread.		View
2025 Q2	Jul 2, 2025	Guinness Global Innovators	-	0.6%	2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM	AI, global, growth, innovation, Quality, semiconductors, technology, Trade Policy	The fund benefits from exposure to artificial intelligence through holdings like Nvidia and Amphenol. Nvidia delivered strongest quarterly earnings despite US licensing restrictions on China shipments, with strong global demand for its latest AI platform. Amphenol saw record sales growth driven by AI-related data center demand.		View
2025 Q2	Jul 18, 2025	Bailard Technology Strategy	23.0%	11.5%	AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS	AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology	AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment.		View
2025 Q2	Jul 17, 2025	Platinum International Fund	0.3%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade	AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS.	WIZZ LN CCO CN	View
2025 Q2	Jul 17, 2025	Platinum International Brands Fund	6.6%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies.	IDXX WING GALD SW	View
2024 Q2	Jul 12, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEY, ALGN, ALNY, BILL, BMRN, CPRT, CSGP, EFX, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SQ, TER, TT, WDAY, WDC, WST	AI, growth, Housing, Life Sciences, mid cap, semiconductors, software, technology	The fund maintains an overweight position in semiconductors, which was the most significant contributor this quarter. Holdings include Teradyne, KLA Corporation, and Monolithic Power Systems, all benefiting from AI-driven demand. The fund re-initiated a position in Western Digital to participate in AI via an undervalued memory semiconductor stock.		View
2024 Q2	Jul 11, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	AMAT, ANSS, ASML, CDNS, INSP, INTC, KLAC, KLIC, NVDA, PDFS, SNPS, TMDX	AI, Medical Devices, mid cap, semiconductors, small caps, technology, value	The manager discusses semiconductor manufacturing complexity and the need for advanced yield optimization software. PDF Solutions is positioned to benefit from increasing complexity at advanced nodes and the emergence of new foundries investing at the leading edge.		View
2025 Q2	Jul 1, 2025	Kingdom Capital Advisors	-	-	2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM	AI, Dollar, global, innovation, semiconductors, tariffs, technology	Strong demand for AI-driven technologies supported portfolio performance, particularly in data centers and semiconductors. Nvidia delivered strongest quarterly earnings despite China restrictions, with hyperscalers using cutting-edge server systems for AI workloads. Amphenol benefited from robust demand for AI-related data center technologies.		View
2025 Q2	Jun 30, 2025	Distillate Capital Fundamental Stability & Value	-	1.5%	AMGN, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT	free cash flow, momentum, Quality, rebalancing, small caps, valuation, value	The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. The 20 most expensive stocks account for 40% of S&P 500 capitalization and trade at multiples 106% above the rest of the market. Valuation expansion has contributed 4.6 percentage points to S&P 500 returns since 2017 but could become a headwind going forward.		View
2025 Q2	Jun 30, 2025	Distillate Capital International	-	22.3%	AMGN, CRM, FERG, GMED, HCA, HII, ICLR, JBL, JNJ, KLAC, LRCX, MOS, PEP, REGN, STRL, TMUS, TPG, UNH, VST, VTRS	free cash flow, large cap, momentum, Quality, rebalancing, small caps, valuation, value	The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as starting valuations historically predict future valuation headwinds.		View
2025 Q2	Jun 30, 2025	Distillate Capital Small/Mid Cap Quality & Value	-	-6.6%	000700.HK, AMGN, BABA, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT	free cash flow, large cap, momentum, Quality, valuation, value	The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as historically high valuations suggest potential headwinds to future returns.		View
2025 Q2	Jun 30, 2025	Parnassus Mid Cap Growth Fund	13.3%	-	ALC, ALNY, BLDR, CSGP, DDOG, EFX, GWRE, HLT, HOOD, JBHT, KLAC, MELI, NET, ODFL, POOL, RCL, RGEN, SARO, SN, WDC	AI, Cyclical, growth, Logistics, mid cap, semiconductors, software	The fund maintains thematic focus on artificial intelligence exposure through software and semiconductor companies. Portfolio includes companies like Guidewire, Autodesk and Cadence that are well positioned with large datasets and existing customer relationships to train AI technology for specific use cases.		View
2025 Q2	Jun 30, 2025	SoftBank Group	-	-	1548.HK, 2228.HK, 9434.T, 9984.T, ARM, ASTO.OL, BABA, CPNG, DASH, DIDI, DTE.DE, GOOGL, KLAC, META, MOMS.NS, MSFT, OLECTRA.NS, SWGY.NS, SYM, TMUS	AI, growth, innovation, Investment, Platform, semiconductors, technology, Vision Funds	SoftBank is positioning itself as the world's No. 1 ASI (Artificial Super Intelligence) platform provider, with major investments in OpenAI, Arm's AI chip designs, and AI infrastructure through the Stargate Project. The company sees AI as completely redefining every industry and believes the next few decades of AI innovation will surpass all technological progress of the last three centuries.		View
2024 Q2	Jun 30, 2024	Bailard Technology Strategy	9.8%	28.5%	AAPL, AMD, AMZN, FISV, KLAC, LRCX, META, MSFT, MU, NFLX, NTAP, NVDA, PANW, PSTG, SHOP, SNOW, SPOT, SPT, TSM, UBER	AI, growth, large cap, semiconductors, software, technology	Spending on AI infrastructure coupled with recovery in cyclical markets underscored improving fundamentals for semiconductors. Demand for high performance chips is spurring order activity for new wafer fabrication equipment, setting up a recovery in the tooling segment and strong upcycle in 2025. Apple unveiled a credible suite of AI-enabled apps and stoked expectations for a sizable iPhone upgrade cycle.		View
2026 Q1	May 1, 2026	Bailard Technology Strategy	-11.3%	-11.3%	KLAC, LRCX, META, MRVL, MSFT, TSM	AI, Cloud, Data centers, hardware, semiconductors, software, technology			View
2024 Q1	Apr 27, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	A, ADYEN.AS, ANSS, BALL, BMRN, CSGP, EFX, GWRE, KLAC, LRCX, LULU, MELI, NTR, PGR, PTC, SNPS, SQ, TEAM, TT, WDAY	AI, growth, healthcare, mid cap, semiconductors, software, technology	Artificial Intelligence helped lift earnings, particularly among technology stocks. The revolutionary potential of AI may drive a super-cycle in semiconductors, as AI technology will move from the data center to laptops and smartphones.		View
2026 Q1	Apr 17, 2026	Parnassus Core Equity Fund	-6.2%	-6.2%	AMAT, BRO, BSX, CRM, DE, DHR, KLAC, LIN, NOW, O, ODFL, SPGI, TMO, VMC, WDAY	AI, Geopolitical, healthcare, industrials, large cap, Quality, semiconductors		VMC ODFL	View
2026 Q1	Apr 17, 2026	Parnassus Mid Cap Growth Fund	-7.0%	-7.0%	ARES, BILL, BLDR, CSGP, DKS, EW, HOOD, HUBG, KLAC, ODFL, RDDT, RKLB, ROK, TER, VMC	AI, growth, Housing, industrials, mid cap, semiconductors, technology			View
2024 Q1	Apr 15, 2024	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NVDA, SMAR, SNAP, TWLO, UBER	AI, growth, large cap, Long/Short, Social Media, Streaming, technology	Performance was largely driven by AI hardware companies selling equipment into the AI space, with NVIDIA gaining 82% in the quarter. The artificial intelligence arms race kicked off by ChatGPT has generated tremendous demand for Nvidia's next generation graphic processors. The fund is excited about AI as a long-term trend and looks forward to valuation gains being more broadly spread through the AI ecosystem.	FIVN AAPL SNAP DIS META NVDA	View
2024 Q1	Apr 15, 2024	RiverPark Large Growth	3.7%	16.4%	AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER	AI, growth, large cap, Social Media, Streaming, technology	AI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI.	NFLX UBER DIS META NVDA	View
2025 Q1	Mar 31, 2025	Bailard Technology Strategy	-9.4%	-9.4%	AAPL, AMZN, DDOG, FI, HUBS, INTU, KLAC, META, MSFT, NSIT, NVDA, PANW, PSTG, SPOT, TSM, TTD, UBER, V	AI, cybersecurity, semiconductors, software, tariffs, technology	The Strategy is positioned for the expected shift to AI agents and copilots, with software exposure tilted towards applications. The ecosystem surrounding AI software applications including security, agent monitoring, workflows, and infrastructure presents numerous investment opportunities over the next several years.		View
2025 Q1	Mar 31, 2025	RVK	-	-	0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM	AI, China, Cloud, global, growth, innovation, semiconductors, technology	AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns.	0700.HK AVGO NVO LSEG.L LRCX GOOGL	View
2023 Q1	Mar 31, 2023	Evolve Private Wealth	-	-	0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSMC	AI, China, Cloud, global, growth, innovation, semiconductors, technology	AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly such heavy spending can translate into tangible returns.	000700.HK AVGO AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT LSEG.L LRCX GOOGL	View
2025 Q4	Feb 23, 2026	Bailard Technology Strategy	-2.2%	19.2%	ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD	AI, growth, infrastructure, positioning, semiconductors, software, technology	The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements.		View
2024 Q4	Dec 31, 2024	Bailard Technology Strategy	3.1%	30.2%	AAPL, ADBE, AMZN, AVGO, CRWD, DDOG, FI, HUBS, KLAC, META, MRVL, MSFT, MU, NFLX, NSIT, NVDA, PANW, PSTG, SHOP, SMWB, SNOW, SPOT, TEAM, TSLA, TSM, TTD, UBER, VRNS	AI, cybersecurity, Data centers, Electric Vehicles, Fintech, semiconductors, software, technology	AI is increasingly becoming integrated into daily lives for search, planning, and productivity. Investment in data centers and GPU clusters for LLM training is anticipated to remain strong in 2025. Agentic AI is expected to gain traction in 2025 when industry-specific AI agents bring large language model capabilities directly to local users.		View
2024 Q4	Dec 31, 2024	Parnassus Core Equity Fund	0.3%	18.5%	AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTC, KLAC, LIN, LLY, O, ORCL, SYY, VRTX, WDAY	Cloud, Esg, healthcare, large cap, materials, Pharmaceuticals, technology, value	AI remained a dominant theme throughout 2024, with companies like Oracle gaining market share in cloud-based training of generative AI models and Broadcom benefiting from AI chip sales. The fund expects the path and continuation of frontier AI model scaling to be a notable driver of investment returns in 2025, along with greater AI usage and workflow integration across consumer and enterprise businesses.	VRTX KLAC WDAY LLY FERG	View
2024 Q4	Dec 31, 2024	Parnassus Mid Cap Growth Fund	-2.5%	10.6%	A, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, JBHT, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT	Automation, Freight, growth, industrials, mid cap, Quality, semiconductors, technology	The fund maintains a key thematic overweight in semiconductors, identifying innovative, competitively advantaged, market-share gainers that can deliver strong performance over the coming years. Holdings include KLA Corporation, a semiconductor process control solutions provider affected by the industry's cyclical downturn and geopolitical risks including U.S.-China export restrictions.		View
2024 Q4	Dec 31, 2024	Renaissance Investment Management – Large Cap Growth	-	-	ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX	AI, defense, growth, healthcare, large cap, technology	Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets.	PINS BAH HCA AVGO APP	View
2023 Q4	Dec 31, 2023	Bailard Technology Strategy	20.0%	68.2%	AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI	AI, growth, semiconductors, software, technology	Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries.		View
2024 Q4	Dec 30, 2024	Munro Global Growth Fund	10.4%	37.2%	AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER	AI, growth, large cap, semiconductors, technology, US	Artificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips.	AXON AVGO	View
2023 Q3	Nov 30, 2023	Spear Advisors	-3.5%	0.0%	APLD, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF	AI, Automation, energy, Industrial, semiconductors, Space, technology	The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is highlighted as a key breakthrough trend in industrial technology that the fund targets.		View
2025 Q3	Oct 30, 2025	Guinness Global Innovators	-	8.1%	0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM	AI, China, Cloud, growth, innovation, semiconductors, technology	AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns.		View
2024 Q3	Oct 3, 2024	Vltava Fund	0.0%	0.0%	AAPL, AMZN, BN, BRK-B, GOOGL, HUM, KLAC, META, MKL, MSFT, NVDA, OSB.L, STLA	AI, energy, fiscal policy, global, inflation, infrastructure, technology, value	The AI investment wave spans multiple sectors with first-tier beneficiaries being semiconductor companies like NVIDIA. Building AI clusters requires massive infrastructure investments including new semiconductor factories, energy sources, and associated infrastructure. The construction of AI centers may necessitate a 20% increase in US energy consumption over the next decade.	BN	View
2024 Q3	Oct 28, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	A, ADSK, BILL, CDNS, EFX, GWRE, IQV, JBHT, KLAC, LPLA, MELI, MTD, NET, NTR, ROST, SHW, TEAM, TER, TT, WDC	growth, healthcare, mid cap, Quality, semiconductors, software, technology, Transportation	Fund maintained overweight position despite third quarter underperformance, expecting holdings to benefit as AI moves from data centers to smartphones and laptops. Increasing semiconductor complexity requires more design, capital equipment and testing.		View
2025 Q3	Oct 21, 2025	Bailard Technology Strategy	9.4%	21.9%	AAPL, AMZN, APP, CDNS, CYBR, FI, GOOGL, HUBS, INTU, KLAC, LRCX, META, MSFT, NSIT, NVDA, PSTG, SHOP, SPOT, TSM	AI, Data centers, energy, growth, infrastructure, semiconductors, software, technology	AI-driven demand continues to anchor sector fundamentals with surging investment in compute capacity and infrastructure. The focus has shifted to operational scalability, energy efficiency, and maturing economics of AI deployment. Computing efficiency now hinges on tokens per watt rather than simply low-cost silicon, making energy the binding constraint in modern AI data centers.		View
2025 Q3	Oct 19, 2025	Harding Loevner International Small Companies Equity	-1.1%	17.3%	AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN	AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap	The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery.	MEDI NO AFX GR 6869 JP	View
2025 Q3	Oct 15, 2025	Parnassus Core Equity Fund	2.6%	-	AAPL, AMD, AVGO, AZO, BRO, BSX, CRM, DE, FI, GOOGL, GWW, ICE, INTU, KLAC, LLY, NVDA, ORCL, SYK, TMO, WDAY	AI, Defensive, financials, industrials, large cap, Quality, semiconductors, technology	The Fund maintains offensive positions in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested and scaled the technology to drive massive infrastructure transformation. However, rising AI infrastructure investments require greater monetization to avoid overheating.	GWW US BSX US	View
2025 Q3	Oct 15, 2025	Parnassus Mid Cap Growth Fund	7.9%	-	APP, CMG, DDOG, EFX, GWRE, GWW, HLT, HOOD, ICLR, JBHT, KLAC, MELI, MORN, MPWR, NET, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK	AI, Cyclical, growth, mid cap, semiconductors, technology, value	The portfolio maintains exposure to artificial intelligence through software and semiconductor companies. AI megatrend is boosting demand for memory and storage, particularly ultra-high-capacity drives. Strong demand for AI applications in system-on-a-chip and memory testing is a major growth driver.		View
2024 Q4	Jan 6, 2025	Vltava Fund	0.0%	0.0%	000660.KS, 005930.KS, 8035.T, AMAT, ASML, BRK-A, KLAC, LRCX, MU, TSM, WSM	Concentration, Equipment, semiconductors, technology, value	The fund added Applied Materials and Lam Research to join existing holding KLA Corporation, creating exposure to three companies that operate as oligopolies in semiconductor equipment manufacturing. These companies have dominant global positions with net margins around 27% and ROCE of 30%, manufacturing equipment essential for advanced chip production. The manager views this as one collective investment into a critical segment of the global economy with high barriers to entry and sustainable competitive advantages.	LRCX AMAT	View
2025 Q4	Jan 22, 2026	Jensen Investment	0.0%	5.6%	AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM	AI, growth, large cap, Market Concentration, Quality, semiconductors, technology	The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022.	AVGO SYK WM CPRT MMC ACN LLY APH KLAC	View
2025 Q4	Jan 18, 2026	Parnassus Core Equity Fund	1.6%	11.6%	AAPL, AMAT, AMD, AZO, BALL, BRO, CRM, DHR, EFX, FISV, GOOGL, HD, KLAC, LIN, LLY, MSFT, ORCL, TMO, VRTX, WDAY	AI, growth, healthcare, large cap, Quality, semiconductors, technology, value	The fund views AI as a generational demand driver creating durable need for faster, more powerful and energy-efficient computing. They are likely in the early stages of a decade-long AI investment cycle, seeking upside capture while managing risks of rapid technological change, rising competition and growing financial leverage. The gap will widen between AI winners versus AI losers, favoring active portfolio management. The fund maintains exposure to semiconductor companies benefiting from AI-driven demand. Applied Materials and KLA gained from sustained AI-driven semiconductor demand with improving customer outlooks. The portfolio includes semiconductor manufacturing equipment suppliers and chip designers positioned for the AI infrastructure build-out. The fund invests in hyperscalers and cloud infrastructure companies. Alphabet showed improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy. The portfolio includes companies providing cloud services and infrastructure supporting the AI transformation. The fund holds pharmaceutical companies like Eli Lilly, which rebounded sharply as concerns around pricing, penetration and competitive dynamics for GLP-1 weight-loss drugs eased following stronger-than-expected demand data. The portfolio favors companies that continue to innovate to improve patient outcomes. The fund invests in life science tools companies such as Danaher and ThermoFisher that provide valuable equipment and services for clinical research. These companies benefited from improving sentiment around life sciences end markets as pharmaceutical customers signaled higher-than-expected spending on research and development.		View
2025 Q4	Jan 16, 2026	Janus Henderson Global Sustainable Equity Fund	-1.5%	9.2%	1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK	AI, Climate, Energy Transition, global, semiconductors, sustainability, technology	AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term.		View
2024 Q4	Jan 16, 2025	RVK	-	-	2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM	AI, Dollar, global, growth, innovation, semiconductors, tariffs, technology	Strong demand for AI-driven technologies supported performance across data center and semiconductor holdings. Nvidia delivered strongest quarterly earnings despite China restrictions, with hyperscalers using cutting-edge server systems for AI workloads. Amphenol benefited from robust AI-related data center demand.		View
2025 Q1	Apr 14, 2025	Parnassus Mid Cap Growth Fund	-10.0%	-10.0%	A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST	AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology	DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly.		View
2025 Q1	Mar 31, 2025	Harding Loevner International Small Companies Equity	-10.5%	-10.5%	AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN	emerging markets, Europe, growth, international, Japan, Quality, small cap	The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets.		View
2023 Q1	Mar 5, 2023	Spear Advisors	-3.5%	0.0%	ALAB, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF	AI, Automation, energy, Industrial, semiconductors, Space, technology	The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is listed as a primary investment focus area for the fund's industrial technology strategy.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Massif Capital	Lithium Americas	Materials	Metals & Mining	Bull	NYSE	Clay Deposit, development, GM Partnership, Lithium, Mining, Nevada, North America	View Pitch
Apr 27, 2026	Fund Letters	Massif Capital	Lithium Americas	Materials	Metals & Mining	Bull	NYSE	Argentina, battery materials, development, Electric Vehicles, Government Financing, Lithium, Mining, Nevada, Production Ramp, strategic separation, takeover target	View Pitch
Apr 13, 2026	Fund Letters	Parnassus Core Equity Fund	KLA Corp.	Information Technology	Semiconductor Equipment	Bull	NASDAQ	Advanced Semiconductors, China risk, manufacturing, Metrology, process control, semiconductor equipment, switching costs, technology	View Pitch
Feb 4, 2026	Twitter / X	@TheValueist	KLA Corporation	Semiconductors & Semiconductor Equipment	Semiconductor Materials & Equipment	Bull	NASDAQ	AI, annuity, China, ExportControls, HBM, Inspection, Metrology, Packaging, semiconductors, services, yield	View Pitch
Jan 24, 2026	Fund Letters	Allen T. Bond	KLA Corporation	Information Technology	Semiconductor Materials & Equipment	Bull	NASDAQ	AI, Inspection, Metrology, Pricing power, process control, Wafer fab	View Pitch
Jan 17, 2026	Substack	Monopolistic Investor	KLA Corporation	Semiconductors	Semiconductor Equipment & Materials	Neutral	NASDAQ Stock Market	Chip production efficiency, Free Cash Flow Growth, Moat score, Overvaluation, Patient investors, Pricing power, Quality score, Semiconductor inspection, switching costs, target price	View Pitch
Jan 8, 2026	Fund Letters	Andrew Clifford	KLA Corporation	Information Technology	Semiconductor Equipment	Bull	NASDAQ	Capital Spending, Cycle, Equipment, process control, semiconductors, technology	View Pitch

BSD Shareholders of KLAC

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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