What smart money is saying about AEHR
AEHR
No fund has written a full thesis on AEHR in our archive, but 5 fund letters report a position in it, most recently Baillie Gifford Discovery in June 2026.
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5
Reported positions
1
Bought
2
Sold
5
Letters
Position history
Between Q3 2025 and Q2 2026, 5 fund letters reported a position in AEHR, with 1 buy (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 4 | 0 | 2 | 0 |
| Q3 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 6 positions · 3 moves
- TrimmedBaillie Gifford DiscoveryJune 2026
“Aehr Test Systems is a good example. Aehr provides semiconductor testing equipment, which is increasingly relevant for demanding AI, silicon photonics and power semiconductor applications. We admire a lot about the business and are very excited by the remaining opportunity. But after a significant rerating, we materially reduced the position.”
AEHR - HoldsNext Century Growth Investors NCGJune 2026
“2Q Attribution* What worked What didn’t Sector outperformance: technology, industrials, basic materials, telecommunications Top 3 contributors to absolute performance: STRL, AEHR, XMTR”
AEHR - TrimmedBaillie Gifford DiscoveryJune 2026
“Aehr Test Systems is a good example. Aehr provides semiconductor testing equipment, which is increasingly relevant for demanding AI, silicon photonics and power semiconductor applications. We admire a lot about the business and are very excited by the remaining opportunity. But after a significant rerating, we materially reduced the position.”
AEHR - June 2026
“The top contributors to relative performance in the period were Vishay Precision Group, AEHR Test Systems, and Rackspace Technology.”
AEHR - HoldsNext Century Growth Investors NCGJune 2026
“2Q Attribution* What worked What didn’t Sector outperformance: technology, industrials, basic materials, telecommunications Top 3 contributors to absolute performance: STRL, AEHR, XMTR Technology performance driven by software, semiconductors & semicap equipment, optical components, and test equipment holdings Industrials performance driven by AI infrastructure and aerospace & defense holdings Basic materials performance driven by specialty materials holding Telecommunications performance driven by optical components holding Sector underperformance: consumer and healthcare Top 3 detractors to absolute performance: AORT, KRMN, ATEC Health care underperformance driven by stock specific weakness in two medical device holdings, mostly offset by strength in diagnostics and pharmaceuticals Consumer underperformance driven by stock specific weakness in two holdings, mostly offset by strength in for profit educations holdings 2Q Portfolio Activity Portfolio Positioning Sector Relative Weight Industry Exposure Basic Materials Overweight Aerospace, general industrial, rare/critical minerals Consumer Underweight Education, restaurants, off-price retail, consumer goods Small Cap 2Q26 2 | P a g e Financials Underweight Currently no exposure Health Care Underweight Medical device, diagnostics, pharma, managed care, health care services Industrials Overweight Aerospace & defense, infrastructure construction, industrial manufacturing, transportation logistics, payment services Technology Overweight Semiconductors, semicap equipment, AI infrastructure, software, IT services We added 9 new positions in Q2: o three in industrials: PKE, IPGP, DPC o three in technology: DOCN, MXL, BRZE o three in health care: GH, GKOS, VCEL We sold 12 positions to zero in Q2: o four in health care: TMDX, ADMA, AORT, ATEC o three in technology: PEGA, COHR, WAY o two in industrials: BE, YSS o two in consumer: WING, CELH o one in financials: KNSL Sector Weights* As of 06/30/2026 *Source: Factset (763) 591-4490 Fax (763) 591-4499 ncgrowth.com Two Carlson Parkway N, Suite 125 Plymouth, MN 55447 NCG MICRO CAP 2Q26 REVIEW Annualized 2Q26 YTD 1 year 3 year 5 year 10 year Since Inception^ Micro Cap Growth (%) (Net of fees) 48.63 48.69 65.48 23.14 10.38 26.06 18.61 Russell Microcap® Growth Index (%) 28.97 23.50 51.29 23.15 3.30 10.79 9.57 ^Inception 1/1/2003 2Q Attribution* What worked What didn’t Sector outperformance: technology, industrials, basic materials, telecommunications Top 3 contributors to absolute performance: AEHR, XMTR, AAOI”
AEHR - September 2025
“o six in technology: Impinj, JFrog, Klaviyo, Netskope, Aehr Test, Applied Digital”
AEHR
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