LRCX Archives

LRCX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	ACATIS Investment	-	-0.2%	2330 TT, 6920 JP, AMRZ, ANSS, CLS CN, CRM, DWNI GR, HAL, HIMS, HOLX, ICE, ISRG, KGH PW, KRN GR, KVUE, KYGA IR, LRCX, PEP, SNPS, UMI BB, UNH, UPWK, VNA GR, ZAL GR	energy security, fiscal deficits, Global Fragmentation, Industrial Policy, Trade Policy	The report discusses mounting geopolitical fragmentation and policy uncertainty, emphasizing how trade tensions, fiscal imbalances and shifting global alliances are reshaping capital flows and regional growth prospects. Management highlights structural challenges in Europe alongside opportunities tied to industrial policy, energy security and technological sovereignty. In this environment, ACATIS positions portfolios toward globally competitive companies with resilient business models and exposure to long-term structural trends rather than cyclical macro swings.	UPWK UMI BB PEP KGH PW HIMS HAL ZAL GR CLS CN SNPS HOLX ICE KRN GR 2330 TT	View
2025 Q3	Sep 30, 2025	Barometer Capital Management Inc.	-	-	AEM, AGI, AVGO, BMO CN, CLS, GOOG, HBM, LRCX, META, MS, NVDA, SAN	Copper, Energy Transition, gold, Precious Metals, uranium	The report highlights a synchronized rally in precious and industrial metals as persistent inflation, early Fed rate cuts, and geopolitical uncertainty drove renewed demand for hard assets. Gold and silver benefitted from central bank purchases and safe-haven flows, while copper, uranium, and lithium advanced on electrification, infrastructure build-out, and global energy transition policies. Barometer's positioning across bullion, miners, and commodity-linked equities is framed as both a diversification tool and a structural growth allocation tied to power demand and resource scarcity.	BMO CN	View
2025 Q2	Jul 22, 2025	Columbia Seligman Global Technology Fund	19.5%	-	AAPL, ADBE, AVGO, BE, LRCX, MRVL, MSFT, NVDA	AI Infrastructure, cybersecurity, global tech, semiconductors, valuation	The commentary focuses on global technology opportunities driven by AI infrastructure buildouts, semiconductor demand and cybersecurity needs. Management stresses bottom-up stock selection and valuation awareness within high-growth industries. Technology remains attractive despite volatility and tariff-related risks.	SYNA 6723 JP BE AAPL LRCX	View
2025 Q2	Jul 19, 2025	Appalaches Capital	7.4%	6.9%	ASML, EXP, LRCX	barriers to entry, durability, Pricing Power, ROIC, Scarcity	The commentary emphasizes businesses with durable barriers to entry, pricing power, and high returns on invested capital. Examples include railroads, semiconductors, and cement producers benefiting from regulation, scarcity, and supply constraints. Barriers are framed as the foundation of long-term compounding.	ASML US LRCX US EXP US	View
2025 Q2	Jul 18, 2025	Alpine Capital Research	-	-	AMZN, CRM, LRCX, MU, V	AI, infrastructure, innovation, semiconductors, technology	The letter highlights technology and AI as dominant drivers of market performance, supported by scale advantages and capital investment by industry leaders. Management discusses volatility around tariffs and policy but remains focused on innovation-led growth and productivity gains. Energy infrastructure and semiconductors are noted as key beneficiaries.	V MU LRCX GLXY CN	View
2025 Q2	Jul 18, 2025	Alpine Capital Research	-	-	LRCX, MU, V	Artificial Intelligence, dollar weakness, Market Discipline, Policy Volatility, Semiconductor Demand	The letter discusses sharp market volatility triggered by U.S. tariff announcements followed by a rapid recovery as trade tensions eased and investor confidence returned. Alpine emphasizes staying disciplined through policy noise, maintaining exposure to artificial intelligence leaders benefiting from accelerating capex, scale advantages, and margin expansion. A weakening U.S. dollar and rising AI-driven electricity and semiconductor demand underpin portfolio positioning and longer-term optimism.		View
2025 Q2	Jun 30, 2025	ACATIS Investment	-	-5.2%	1177 HK, BKNG, BNTX, ITM LN, LRCX, PLTR	Artificial Intelligence, Data centers, Energy Infrastructure, Pricing Power, semiconductors	The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta.	ITM LN	View
2025 Q1	May 5, 2025	Protean Small Cap	2.5%	-	2EX SS, BIIB, GETIB SS, ITAB SS, LINDEX FH, LRCX, RATOB SS	-			View
2025 Q1	Mar 31, 2025	Columbia Seligman Global Technology Fund	-12.7%	-12.7%	AAPL, AVGO, BE, LRCX, MSFT, NVDA	-			View
2024 Q4	Mar 1, 2025	Columbia Seligman Global Technology Fund	7.5%	26.7%	APPL, AVGO, BE, LRCX, MRVL, MSFT, NVDA	-			View
2025 Q4	Feb 9, 2026	Shelton Equity Income Strategy / Shelton Equity Income Fund (EQTIX)	4.4%	18.5%	CAH, FAST, GM, GOOGL, HPQ, LRCX, MRK, PYPL, TMUS, VICI	dividends, financials, healthcare, income, Options, technology, volatility	The market experienced turbulence in November marked by concerns about the sustainability of AI-driven investment. Looking ahead to 2026, the AI trade will be in focus as investors may start to expect companies to show returns on the capital being invested in AI infrastructure. The fourth quarter delivered continuation of upside since April, with the market hitting new all-time highs in October before experiencing a shaky November. The Equity Income strategy is positioned to capitalize on volatility and buffer any pullbacks in the near term.		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
2025 Q4	Feb 23, 2026	Barometer Capital Management Inc.	0.0%	0.0%	AEM.TO, BBD-B.TO, BVN, CAT, CLS.TO, CPX.TO, FTT.TO, GOOGL, HWM, K.TO, LRCX, MS, NA.TO, POW.TO, RTX, RY.TO, SAN, SE, TTWO, TVE.TO	AI, Canada, Copper, defense, energy, financials, Precious Metals, semiconductors	AI infrastructure remained a pillar of market leadership despite some consolidation in December. The market continued to distinguish between AI-enablers where demand remained strong and more cyclical parts of the chip complex, reinforcing the durability of the infrastructure buildout theme. Semiconductors exposed to AI maintained strength as semiconductor capital spending remained supported by AI-driven demand for advanced chips. Defense spending stayed elevated amid ongoing geopolitical uncertainty, supporting backlog strength and long-cycle earnings durability for aerospace and defense companies. RTX and Howmet extended gains as commercial aerospace demand remained strong and defense spending supported long-cycle revenue visibility through backlogs. Precious metals experienced renewed volatility during the quarter, with gold and silver weakening sharply into the end of October after an extended run higher. The pullback created opportunity as the manager re-engaged at lower levels when the market stabilized and the broader macro backdrop remained supportive for hard assets. Gold miners delivered strong returns throughout the year despite some weakness in final days of December. Copper prices surged into year-end amid rising demand tied to electrification, infrastructure, and data-center buildouts, alongside persistent supply constraints. This supported miners levered to the copper theme, with materials exposure contributing positively through companies like Hudbay Minerals and Rio Tinto benefiting from strength in copper and base metals. The portfolio benefited from exposure to global power demand themes, with Caterpillar continuing to benefit from robust demand in its energy & transportation business increasingly tied to expanding global power needs, particularly the build-out of AI data centers requiring reliable on-site generation capacity. Nuclear energy remained supported by structural tailwinds including rising global demand for reliable baseload power. Financials added to returns with banks demonstrating strong earnings power and shareholder return capacity. Morgan Stanley benefited from a supportive backdrop for capital markets activity and wealth management momentum, while Canadian banks continued to demonstrate resilient profitability and capital strength supporting shareholder return expectations.	TVE CN LRCX CAT	View
2025 Q4	Dec 31, 2025	Guinness Global Innovators	0.0%	12.8%	2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO	AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology	AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher.		View
2025 Q4	Dec 31, 2025	ACATIS Investment	0.0%	0.3%	ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS	AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value	The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta.	PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM	View
2024 Q4	Dec 31, 2024	Sands Capital Select Growth Fund	8.8%	24.3%	300750 CH, APP, AXON, DXCM, EW, FND, GRAB, LRCX, NFLX, NOW, NU, OKTA, RBLX, SSFN, YMM	-			View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861 JP, ALGN, APP, AXON, DXCM, EW, GRAB, LRCX, MELI, NFLX, NOW, OKTA, SPOT, SSFN, TTEK	-			View
2025 Q3	Oct 9, 2025	Heartland Mid Cap Value Fund	1.6%	2.1%	CNC, DHI, LRCX	Artificial Intelligence, Housing, Quality, semiconductors, Value Investing	The Heartland Mid Cap Value Fund lagged benchmarks as investors chased AI and speculative growth, while fundamentals-driven names lagged. The team remains focused on valuation discipline and quality amid rate and employment uncertainty. Strong performers included D.R. Horton and Lam Research, while Centene detracted; the fund stresses long-term fundamentals over short-term momentum.	LRCX DHI	View
2025 Q3	Oct 21, 2025	Columbia Seligman Global Technology Fund	23.7%	-	AAPL, AVGO, BE, LRCX, NVDA, ORCL	AI, Cloud, cybersecurity, energy, semiconductors	The fund outperformed benchmarks with 23.7% gains, driven by semiconductors, cloud infrastructure, and AI data center demand. Bloom Energy and Lam Research were key contributors, benefiting from AI-related power and chip investments. Managers expect continued growth in AI infrastructure and cybersecurity spending despite sector concentration risks.	ORCL AVGO WDC BE AVGO WDC LRCX BE	View
2025 Q3	Oct 21, 2025	Bailard Technology Strategy	9.4%	21.9%	APP, FI, INTU, LRCX, NVDA, SPOT	AI, Data centers, energy, semiconductors, software	Technology fundamentals strengthened as AI-driven investment and energy efficiency dominated sector dynamics. Nvidia, Applovin, and Lam Research led gains, while the strategy reduced exposure to overvalued software and expanded in data infrastructure. Managers highlight tokens per watt as the key metric shaping the next phase of AI economics.		View
2025 Q3	Oct 20, 2025	Appalaches Capital	7.0%	14.4%	CSX, LRCX, PGR	Behavioral Finance, Concentration, Progressive Insurance, Scale Economies, Value Investing	Appalaches maintained a concentrated, benchmark-agnostic portfolio of 12 holdings emphasizing disciplined value investing. The letter revisits scale economies shared, highlighting Progressive Insurance as a case study in using data and cost efficiencies to deliver sustainable underwriting profits. The manager stresses patience, intrinsic value growth, and a long-term compounding approach while avoiding speculative behavior.	LRCX CSX PGR LRCX CSX PGR	View
2025 Q3	Oct 19, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, GLW, KOF, LRCX, MDLZ, ORCL	AI, Cloud, Data centers, interest rates, semiconductors	AI infrastructure spending drove performance across technology and semiconductor holdings. Broadcom, Oracle, and Lam Research benefited from growing data center demand and AI-driven contracts. The fund reduced exposure after strong gains, mindful of potential macro risks from rate policy and tariffs.		View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	DEO, LRCX, MAR, TXN, UNH	-			View
2024 Q4	Jan 6, 2025	Vltava Fund	0.0%	0.0%	AMAT, KLAC, LRCX	-			View
2025 Q4	Jan 30, 2026	Alpha Wealth Funds – The Insiders Fund	-0.4%	30.8%	AMAT, AMD, APPF, AXON, ET, GOOGL, INTC, LLY, LRCX, MRVL, NKE, NSC, NUE, ROK	AI, Automation, Industrial, Manufacturing, Onshoring, semiconductors, technology	Geopolitical events and government incentives like the U.S. CHIPS Act are driving monumental investment to localize advanced semiconductor manufacturing in the U.S. and allied nations. This builds resilience and meets future demand from AI, 5G/6G, and advanced auto. The fund seeks direct beneficiaries of this capital expenditure cycle. Focus expands beyond Generative AI and LLMs to Physical AI—the integration of AI/ML into autonomous physical systems and advanced robotics. The next wave of productivity will come from intelligent machines executing complex real-world tasks. This includes foundational AI infrastructure, Edge AI hardware, and advanced Industrial/Service Robotics. The fund is positioned around the thesis that the U.S. Government will spend whatever amount necessary to assist the government-private industry partnership to reshore the semiconductor industry. Companies like Applied Materials dominate wafer fabrication equipment as AI, advanced packaging, and memory capex ramp globally. Broader echo of the semiconductor trend covering other critical industries like rare earth metals, batteries, and pharmaceuticals where focus is shifting from lowest-cost sourcing to supply chain resilience. The fund targets companies establishing highly automated, next-generation domestic production capabilities.	NSC INTC MRVL NUE ROK AMAT APPF ET GOOG	View
2025 Q4	Jan 27, 2026	Fawkes Capital Management	5.4%	35.5%	000660.KS, 0300.HK, AMAT, AMD, INTC, LRCX, TSM	AI, Asia, Bubble, Equipment, infrastructure, semiconductors, technology	AI infrastructure investment could reach $400 billion in 2026, equivalent to 1.5% of US GDP, potentially doubling economic growth. Unlike the dotcom bubble, AI infrastructure must scale dynamically with usage as demand is real and immediate. However, AI remains largely uneconomic with only 5% of ChatGPT users paying for services. Global chip shortage driven by accelerating AI demand has caused memory chip prices to triple in 2025. Intel and AMD are flagging logic chip supply constraints while leading foundries like TSMC and SK Hynix announced double-digit capex increases, pointing to significant equipment demand.	8637 HK	View
2025 Q4	Jan 26, 2026	NZS Capital – Growth	-1.4%	17.9%	AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI	AI, growth, positioning, semiconductors, software, technology, valuation	The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered.	ISRG TSM LRCX FISV DHR GOOGL	View
2025 Q4	Jan 21, 2026	Columbia Global Technology Growth Fund	2.0%	25.1%	AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM	AI, Cloud, global, growth, semiconductors, technology	The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies.	NOW MU TSM GOOGL	View
2025 Q4	Jan 21, 2026	Columbia Seligman Global Technology Fund	5.0%	35.4%	AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX	AI, Data centers, Equipment, global, growth, semiconductors, technology	AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption.	AMAT TER WDC BE LRCX NVDA	View
2025 Q4	Jan 21, 2026	Renaissance Investment Management – Large Cap Growth	0.0%	0.0%	AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM	AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation	AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies.	NFLX AMAT GOOG	View
2025 Q4	Jan 21, 2026	Platinum International Technology Fund	0.0%	13.0%	AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT	AI, Capex, Data centers, defense, energy, growth, semiconductors, technology	AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms.	2330 TT VEEV TSM UBER J	View
2025 Q4	Jan 19, 2026	Carillon Eagle Growth & Income Fund	0.0%	0.0%	ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS	AI, Capital markets, earnings, growth, large cap, semiconductors, technology	AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance.		View
2025 Q1	Apr 21, 2025	Appalaches Capital	0.5%	0.5%	ACGL, ASML, AZO, CNR CN, CSX, LAD, LRCX	-			View
2023 Q4	Jan 27, 2024	Baron Opportunity Fund	4.0%	25.1%	AMZN, ARGX, GPCR, ILMN, LRCX, MSFT, NVDA, TTD	-			View
2023 Q2	Jan 8, 2023	Saltlight Capital	15.6%	35.6%	APP, ASML, BLU AJ, LRCX, NVDA, PPE SJ, TCP AJ	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	David Burrows	Lam Research Corporation	Information Technology	Semiconductor Materials & Equipment	Bull	NASDAQ	AI, CapEx, Cyclicals, Fabrication, infrastructure, semiconductors	View Pitch
Jan 29, 2026	Fund Letters	Brad Slingerlend	Lam Research Corp.	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI, CapEx, Complexity, Margins, semiconductor equipment	View Pitch
Jan 24, 2026	Fund Letters	Vimal Patel	Lam Research Corporation	Information Technology	Semiconductor Equipment	Bull	NASDAQ	CapEx, Deposition, Etch, HBM, Memory, Semicap	View Pitch
Dec 5, 2025	Fund Letters	Vimal Patel	Lam Research Corporation	Information Technology	Semiconductor Equipment	Bull	NASDAQ	Equipment, Memory, Packaging, R&D, semiconductors	View Pitch
Dec 3, 2025	Fund Letters	Nick Tompras	Lam Research Corporation	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI, CapEx, Cycles, Equipment, semiconductors	View Pitch
Nov 29, 2025	Fund Letters	Colin McWey	Lam Research Corporation	Information Technology	Semiconductor Equipment	Bull	NASDAQ	CapEx, consolidation, Etch, market share, Semicap, services, Upcycle	View Pitch
Nov 29, 2025	Fund Letters	Jake Keys	Lam Research Corp.	Information Technology	Semiconductor Equipment	Bear	NASDAQ	capital intensity, Cycle risk, Export controls, multiple expansion, valuation, Wafer fab equipment	View Pitch
Nov 28, 2025	Fund Letters	Jake Keys	Lam Research Corp.	Information Technology	Semiconductor Equipment	Bear	NASDAQ	capital intensity, Cycle risk, Export controls, multiple expansion, valuation, Wafer fab equipment	View Pitch
Nov 28, 2025	Fund Letters	Vimal Patel	Lam Research Corp.	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI, Cycle recovery, Margins, Nand, ROIC, semiconductors, Wafer fab	View Pitch
Oct 28, 2025	Substack	Rijnberk Invest Insights	Lam Research	Information Technology	Semiconductor Equipment & Materials	Bull		Advanced computing, AI, China exposure, EPS growth, Export restrictions, Free Cash Flow, R&D investment, Revenue Growth, semiconductor equipment, shareholder returns	View Pitch
Oct 12, 2025	Substack	Rijnberk Invest Insights	Lam Research	Information Technology	Semiconductor Equipment & Materials	Neutral		AI hardware, Capital-light, Etch and deposition, Free Cash Flow, long-term growth, market leader, Quiet compounder, Semiconductor manufacturing, Structural positioning, Technological necessity	View Pitch

BSD Shareholders of LRCX

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
No investor data available.

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Letters With This Ticker

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