Manager holders · last 4 qtrsⓘ
4
2025Q2 – 2026Q1 · +2 QoQ
Total position
$1.1B
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
SandsⓘTrim-4.5%$845M3.32%High-conviction growth / Innovation-led
Valley ForgeAdd+35.52%$226M6.69%Ultra-concentrated / Quality growth
PolenⓘAdd+43.56%$21M0.15%Quality growth / GARP concentrated
Third PointⓘNew$16M0.76%Aggressive value / Event-driven
What managers sayⓘ
2026-06-30The Capital Cycle (Marathon)BearDeepSequel (June 2026)Detail →
2026-06-30Oakmark FundsBullWrong in the right direction | International equity market commentary 2Q 2026Detail →
2026-04-23Scottish Mortgage (Baillie Gifford)BullPrivate Investor Forum 2026: Investing in great growth companiesDetail →
2025-09-30GMOBullAmerican UnexceptionalismDetail →
2025-06-30Oakmark FundsBullOakmark International Fund: Second Calendar Quarter 2025Detail →
2025-06-25Hosking PartnersNeutralThe AI Paradox: Capital QuestionsDetail →
2024-03-31Oakmark FundsBearGranolas, Japan and Crypto – why we don’t chase momentum – International equity market commentary 1Q24Detail →
2023-09-10Voss CapitalBullChip Wars — Summary of 'Chips Wars' by Chris Miller, the History of the Semi Conductor Industry and the Potential Geopolitical (and Investing) ImplicationsDetail →
Earnings Callsⓘ
Q2 results beat expectations, driven primarily by strong EUV demand and capacity expansion, which fueled revenue growth of 35%.
Revenue grew 35% year-over-year, with High-NA EUV shipments expected to reach 4-5 units for the full year.
Management plans to increase 2027 capacity by 30% by freeing up R&D positions, shortening cycle time, and collaborating with the supply chain. It is also studying an additional 30% increase for 2028. Customer demand is robust for both the E and F platforms. The F platform will be used for the 1.4nm node, and as High-NA matures, it can also be deployed for capacity expansion.
The outlook did not provide specific figures, but emphasized that capacity will increase quarter by quarter each year, and operating leverage will continue to improve.
Positive signal: Management believes its bargaining power is stronger in the current environment, allowing for future ASP increases. Negative signal: High-NA and Low-NA optical equipment are not interchangeable, and supply chain expansion is constrained.
Financialsⓘ
Financials coming soon — 10-K data not yet synced for this name