What smart money is saying about Amphenol
17 funds in our archive have pitched Amphenol, most recently Aoris International Fund in September 2026.
Amphenol Corporation, alongside its numerous subsidiaries, operates globally as a prominent designer, manufacturer, and distributor of electrical, electronic, and fiber optic connectors. Its market reach extends across the United States, China, and various international territories. The company is organized into three primary operational divisions: Harsh Environment Solutions, Communications Solutions, and Interconnect and Sensor Systems. Amphenol's comprehensive product lineup features an extensive array of connectors and integrated connector systems. These include specialized interconnects engineered for demanding conditions (covering data, power, high-speed, fiber optic, and radio frequency applications), in addition to busbars and complete power distribution systems. Beyond these core offerings, the company provides value-added products such as backplane interconnect systems, bespoke cable assemblies and harnesses, and cable management solutions. Their portfolio also encompasses flexible and rigid printed circuit boards (PCBs), hinges, and various other mechanical and production-related components. Furthermore, Amphenol supplies antennas for consumer electronics, network infrastructure, and other uses; a range of coaxial, power, and specialty cables; and an assortment of sensors and sensor-based technologies. The company distributes its products through a multi-channel approach, utilizing its internal sales force, independent representatives, and an extensive network of electronics distributors. Its diverse customer base comprises original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), and service providers. These clients span numerous industries, including automotive, broadband communication, commercial aerospace, industrial, information technology and data communication, military, mobile device, and mobile network markets. Amphenol Corporation was founded in 1932 and is presently headquartered in Wallingford, Connecticut.
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Fund signal · last 12 months
33 lettersFunds are split between buying and selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 36 fund letters reported a position in Amphenol, with 7 buys (opened or added) and 10 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 7 | 0 | 2 | 2 |
| Q2 2026 | 20 | 5 | 5 | 6 |
| Q1 2026 | 3 | 1 | 1 | 3 |
| Q4 2025 | 3 | 1 | 2 | 3 |
| Q3 2025 | 1 | 0 | 0 | 1 |
| Q2 2025 | 2 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 36 positions · 19 moves
- September 2026
“The companies we’re referring to are Amphenol, Halma, and Diploma.”
Amphenol - September 2026
“In the tables above, “weight” is the average percentage weight of the holding during the period, and “contribution” is the contribution to overall relative performance over the period.”
Amphenol - September 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Amphenol - September 2026
“Take current holding Amphenol. Following excellent work by our colleague and partner Eric early in 2024, we initiated an investment in the company last February and scaled it during the “tariff tantrum” that followed. Our attraction to the business centered on 1) the strength and agility of its highly decentralized culture (there were more ERP systems amongst subsidiaries than corporate employees), 2) the diversity and secular growth of its end markets, 3) the company’s distinguished record of deploying shareholder capital, Page | 2 and 4) the opportunity for a proven team to reinvest meaningful dollars with the same playbook. While AI was a clear opportunity, waning sentiment at the time allowed us to enter without making a huge bet on the ultimate size of the datacenter buildout. The company’s execution over the past 18 months has been outstanding. Even by Amphenol standards. Annualized organic revenue growth outside of the datacenter market has accelerated into the low double- digits versus ~6% historically (left chart below). Inside the datacenter, growth has been north of 100% (right chart). Since the beginning of 2025 management has deployed $14.3 billion into strategic M&A at prices that from today’s vantage point look almost too good to be true. These acquisitions represent nearly 20% of Amphenol’s market capitalization at the time of Ironvine’s purchase and exceed the company’s combined M&A spending over the preceding 20 years by more than 30%. The largest acquisition was CommScope (~$10 billion), which has the rare combination of being both strategic and highly accretive. CommScope’s fiber optic capabilities bring valuable diversification to Amphenol’s datacenter product line, and we estimate the deal is producing a 25%-plus cash return on equity with substantial growth opportunities ahead. It is a compelling example of Amphenol’s ability to pair opportunistic capital deployment with the operational improvements brought on by its decentralized structure. Following the recent bout of success the company’s end markets are now less diversified. Datacenter- related demand, which was ~20% of company revenue three years ago, now accounts for over 40% of revenue, increasingly tethering the stock to the machinations of the AI trade. Despite closing the quarter near all-time highs, Amphenol’s forward earnings multiple is below its 10-year average which suggests the market has questions about the sustainability of even average growth in the intermediate future. In addition to concerns around the trajectory of the datacenter buildout, there are company-specific questions about copper’s long-term position in the evolving AI compute stack. What is a long-term investor to do with an exceptional business when shares have appreciated materially and the company has significant exposure to an end market that could have a multi-year mismatch in supply and demand? Our response has been to sell a portion of our Amphenol investment into the strength, in part to manage overall AI exposure at the portfolio level.”
Amphenol - August 2026
“The Guinness Sustainable Energy Fund is well positioned to benefit, with exposure to semiconductors (Infineon, NXP Semi), electrical connectors and sensors (Amphenol, TE Connectivity, Sensata) and batteries (LG Chem).”
Amphenol - July 2026
“Amphenol and Hubbell were among the Fund’s top performers, supported by AI infrastructure investment and growth in grid capital expenditure.”
Amphenol - TrimmedREQJuly 2026
“Portfolio activity We sold the majority of our Amphenol position during the first half – earlier than we had envisaged when we initiated the position in early 2024.”
Amphenol - June 2026
“To help you understand these high-quality companies that we are talking about better, below are three short writeups. One on our investment in Amphenol, which we own in our Brasada Equity and Select Equity strategies, which should benefit from the AI buildout.”
Amphenol - June 2026
“As a result, we’ve been lowering our collective exposure in recent weeks. Specifically, we sold portions of our Applied Materials, Analog Devices, and Amphenol investments across Ironvine strategies during the second quarter.”
Amphenol - June 2026
“Among electrical suppliers, Amphenol and nVent Electric are examples of businesses whose competitive positions should allow them to convert demand into attractive long-term returns on capital.”
Amphenol - June 2026
“Amphenol Corporation (APH) delivered a strong first quarter, reporting a book-to-bill ratio of 1.24x, driven by a 78% year-over-year increase in orders.”
Amphenol “Holdings such as Eaton, Schneider Electric, Amphenol and Legrand participate in various niches in the design, manufacturing and servicing of electrical products across low, medium and high voltage applications, for a wide range of end markets.”
Amphenol- June 2026
“Among electrical suppliers, Amphenol and nVent Electric are examples of businesses whose competitive positions should allow them to convert demand into attractive long-term returns on capital.”
Amphenol - June 2026
“Among electrical suppliers, Amphenol and nVent Electric are examples of businesses whose competitive positions should allow them to convert demand into attractive long-term returns on capital.”
Amphenol - June 2026
“These new positions complement existing holdings such as Synopsys, Amphenol, NVIDIA, Intuitive Surgical, and Axon, which already give us exposure to this theme.”
Amphenol - New positionRothschild & Co LongRun EquityJune 2026
“Activity We added two new positions during the quarter: Amphenol, the investment case of which is outlined later in this report, and Nvidia.”
Amphenol - TrimmedBaron Asset FundJune 2026
“Top net sales for the quarter Quarter End Market Cap or Market Cap When Sold ($B) Net Amount Sold ($M) Fair Isaac Corporation 27.7 23.1 Floor & Decor Holdings, Inc. 5.2 14.3 Booz Allen Hamilton Holding Corporation 7.3 9.7 Amphenol Corporation 216.9 8.9 Gartner, Inc. 8.7 7.5 We reduced our position in Fair Isaac Corporation , which produces the FICO score that is widely used by lenders to evaluate consumers’ creditworthiness, in response to ongoing uncertainty about potential regulatory changes in the mortgage market. We sold our position in Floor & Decor Holdings, Inc. , a retailer of home flooring, over concerns that market demand trends will remain depressed for longer than we had expected. We reduced our position in Booz Allen Hamilton Holding Corporation , which primarily provides technology consulting and implementation services to the U.S. defense establishment, over concerns about the looming impact of AI on their business. We managed down the Fund’s weightings in several long-held positions, including Amphenol Corporation , Gartner, Inc. , IDEXX Laboratories, Inc. , and Hyatt Hotels Corporation .”
Amphenol - June 2026
“Recent Activity During the second quarter, we initiated a new position in the aerospace and defense focused proprietary component manufacturer, Arxis . We took advantage of market volatility to add to our electrical systems and components designer and manufacturer, Amphenol , and also continued building our recently initiated position in the semiconductor equipment manufacturer, Lam Research.”
Amphenol - June 2026
“We continued building our Amphenol Corporation position in the second quarter after initiating it in the first quarter (see the Q1 letter for a full write-up).”
Amphenol - June 2026
“Recent Activity During the second quarter, we initiated a new position in the aerospace and defense focused proprietary component manufacturer, Arxis. We took advantage of market volatility to add to our electrical systems and components designer and manufacturer, Amphenol, and also continued building our recently initiated position in the semiconductor equipment manufacturer, Lam Research.”
Amphenol - June 2026
Listed in Liontrust Global Dividend Fund’s reported holdings.
Amphenol - New positionAristotle Atlantic Focus Growth StrategyJune 2026
“Amphenol Amphenol is one of the world’s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems; antennas; sensors and sensor-based products; and coaxial, high-speed and specialty cable.”
Amphenol - June 2026
Listed in Liontrust GF Global Dividend Fund’s reported holdings.
Amphenol - June 2026
“During the quarter, we sold Amphenol to reposition the portfolio toward more direct exposure to the optical interconnect transition.”
Amphenol - June 2026
“As a result, we exited the position.”
Amphenol - New positionJensen Global Quality Growth Equity CompositeJune 2026
“During the quarter, we initiated positions in two quality companies, TJX Companies (TJX) and Amphenol Corporation (APH).”
Amphenol - June 2026
“To help you understand these high-quality companies that we are talking about better, below are three short writeups. One on our investment in Amphenol, which we own in our Brasada Equity and Select Equity strategies, which should benefit from the AI buildout.”
Amphenol - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Amphenol - March 2026
“To fund these new holdings, we took profits in four of our longer-standing investments: SK Hynix, MOOG, Eli Lilly and Amphenol.”
Amphenol - New positionAristotle Large Cap GrowthMarch 2026
“Buys Amphenol”
Amphenol - New positionClearbridge Global Growth StrategyDecember 2025
“In addition to the transactions mentioned above, we added positions in Walmart and PT Unilever in consumer staples, MTU Aero Engines, Ferguson, Eaton and Sandvik in industrials, Ulta Beauty in consumer discretionary, Johnson & Johnson and CG Oncology in health care, Nu Holdings in financials and Amphenol in IT.”
Amphenol - TrimmedMar Vista US QualityDecember 2025
“We added to our holdings in Amazon.com Inc. (AMZN), Linde plc (LIN), and Visa Inc. (V) and trimmed Amphenol Corp. (APH), Oracle Corp. (ORCL), SAP SE (SAP), and Salesforce Inc. (CRM).”
Amphenol - ExitedPlatinium Asset ManagementDecember 2025
“• We exited TE Connectivity and Amphenol and trimmed Broadcom, Nvidia, and Vertiv to fund these new positions.”
Amphenol - September 2025
“Amphenol Corp. designs and produces electrical, electronic, and fiber optic connectors.”
Amphenol - June 2025
“Top 3 Contributors to Relative Performance Amphenol Corporation (APH) – APH was a top name as it is a beneficiary of AI spending, driven by surging demand for its electronic connectors, interconnect systems, antennas, and sensors used in AI datacenters.”
Amphenol - HoldsMadison Mid Cap FundJune 2025
“The top five contributors for the quarter were Amphenol, Microchip Technology, Arista Networks, MKS, and Liberty Formula One.”
Amphenol
Also mentioned · 2
These funds discuss Amphenol as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedMD SASS Concentrated ValueJune 2026
“We have spent considerable time researching the theme over the last few years, and AI-related investments, including Jabil (JBL), Marvell (MRVL), Amphenol (APH), Williams Companies (WMB), and Quanta Services (PWR), drove nearly half of our performance last year.”
Amphenol - MentionedBristolgate U.S. Equity StrategyJune 2026
“Contributors Applied Materials and KLA Corp were the largest contributors in the quarter followed by Amphenol.”
Amphenol
Fund coverage · 17 theses
- Aoris International FundSeptember 2026
Amphenol makes mission-critical interconnect, sensor and antenna products, and the fund highlights its decentralised model, customer-led innovation, disciplined incentives, value-adding growth and value-accretive bolt-on M&A as reasons to own it.
Read the full thesis Amphenol is a highly decentralized compounder with diverse secular end markets, strong capital allocation, and growing AI/datacenter exposure that has driven outstanding growth and accretive M&A.
Read the full thesis- Rothschild & Co LongRun EquityJune 2026
Amphenol sells mission-critical interconnect products, benefits from a durable designed-in moat and entrepreneurial culture, and should compound through AI-driven and secular growth.
Read the full thesis - Brasada CMJune 2026
Amphenol is a mission-critical interconnect leader with switching costs, decentralized execution, AI-driven growth, and long-term electrification and digitization tailwinds.
Read the full thesis Amphenol Corporation has a strong competitive position in interconnect and sensor markets, with growth driven by AI, cloud, EVs, and industrial automation.
Read the full thesis- Guinness Sustainable Energy FundJune 2026
Amphenol participates in electrical equipment niches that support electrification and grid build-out across many end markets.
Read the full thesis - Baron Durable Advantage FundJune 2026
Amphenol Corporation is a mission-critical connectivity supplier with a decentralized culture, strong growth, and a long runway.
Read the full thesis Amphenol offers diversified exposure to interconnect demand, with AI data centers, electrification, and acquisitions supporting growth and returns.
Read the full thesis- Baron Fifth Avenue Growth FundMarch 2026
Amphenol is a diversified interconnect leader with a strong culture, AI-driven growth acceleration, and a long runway for compounding.
Read the full thesis - Aristotle Large Cap GrowthMarch 2026
Amphenol is a diversified interconnect and sensor leader benefiting from secular tailwinds like AI data centers and electrification, with M&A discipline and operational excellence supporting margins and free cash flow.
Read the full thesis - Baron Durable Advantage FundMarch 2026
Amphenol is a leading interconnect supplier benefiting from AI data center buildout and expanding connectivity capabilities.
Read the full thesis - Ironvine Capital PartnersDecember 2025
Amphenol is a diversified, decentralized interconnect leader structurally positioned to outgrow its market and compound free cash flow via organic growth and acquisitions.
Read the full thesis - EdgewoodDecember 2025
Amphenol Corp. is a mission-critical interconnect and sensor supplier positioned to benefit from AI data center and industrial automation tailwinds with diversified end-markets and a proven M&A playbook.
Read the full thesis - Baron Asset FundDecember 2025
Amphenol Corporation is a leading interconnect and sensor supplier benefiting from AI datacom demand, NVIDIA content, and an accretive CommScope acquisition.
Read the full thesis - Bristolgate US Equity StrategySeptember 2025
Amphenol is a high-quality, defensible franchise with strong growth potential and robust dividend growth driven by its proprietary technology and demand in the Information and Datacom segment.
Read the full thesis - Durable Advantage FundJune 2025
Amphenol’s technological leadership, dominant AI data center connector position, agile entrepreneurial culture, and disciplined capital allocation position it for accelerated growth and sustained shareholder value creation.
Read the full thesis - Aristotle Large Cap GrowthDecember 2024
Amphenol is poised for double-digit sales growth driven by increased demand for interconnect products in AI-enabled datacenters, supported by strong cash flow and diversified market exposure.
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