What smart money is saying about Coherent Corp.
7 funds in our archive have pitched Coherent Corp., most recently Baron Global Opportunity Fund in September 2026.
Coherent, Inc. specializes in advanced laser technologies, offering a comprehensive suite of products that includes lasers, laser-based solutions, and complete systems. These are deployed across a spectrum of uses, from commercial and industrial operations to critical scientific research. The company's operations are distinctly segmented into two primary areas: laser sources for Original Equipment Manufacturers (OEMs) and industrial lasers alongside integrated systems. Coherent handles the entire lifecycle of its offerings, from conceptual design and manufacturing to global marketing and ongoing service. Their product portfolio spans lasers, specialized laser tools, high-precision optical components, associated accessories, and sophisticated laser measurement and control devices. These sophisticated tools are integral to fields such as microelectronics fabrication, advanced materials processing, integration into original equipment manufacturer (OEM) components and instrumentation, scientific studies, and various governmental programs. Distribution in the U.S. is primarily managed by an in-house sales team, while international markets are reached through a combination of direct sales personnel and independent representatives. Established in 1966, Coherent, Inc. maintains its headquarters in Santa Clara, California. Notably, since July 1, 2022, the company has operated as a wholly-owned subsidiary of II-VI Incorporated.
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Fund signal · last 12 months
16 lettersMore funds are buying than 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 Q1 2025 and Q4 2026, 16 fund letters reported a position in Coherent Corp., with 6 buys (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 1 | 1 | 0 | 0 |
| Q3 2026 | 3 | 1 | 0 | 2 |
| Q2 2026 | 11 | 3 | 0 | 3 |
| Q1 2026 | 1 | 1 | 0 | 1 |
| Q1 2025 | 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 · 16 positions · 6 moves
- AddedBlueBox Global Technology FundOctober 2026
“The BlueBox Global Technology Fund lost 7.1% on the month (marginally outperforming its reference index) but remained up 20.3% year-to-date. As one would expect in the circumstances, the main laggards were all semiconductor or component names, Coherent (-38%), ARM Holdings (-29%), Lam Research (-27%) and Applied Materials (-24%); while the gainers were led by software names, Intuit (+24%), Autodesk (+19%), Trimble (+14%) and Veeva Systems (+10%). We added two new stocks to the portfolio during the month, both small positions that we hope to increase over time. We bought Coherent at the beginning of October, which turned out to be particularly unfortunately timed, as it participated fully in the subsequent weakness of AI capex names.”
Coherent Corp. - September 2026
“Coherent Coherent detracted from performance in the third quarter as investors rotated out of AI infrastructure names on concerns that data center capacity is being overbuilt and that lower-cost Chinese open-source models will force frontier labs to cut token pricing, compressing margins and the capital available to fund frontier model development.”
Coherent Corp. - HoldsBaron SMID Cap ETFSeptember 2026
Listed in Baron SMID Cap ETF’s reported holdings.
Coherent Corp. - New positionBaron Global Opportunity FundSeptember 2026
“During the quarter, we initiated a new position in the optical networking solutions provider, Coherent.”
Coherent Corp. - HoldsBaron Technology ETFJune 2026
“We also had solid performance from optical networking leader Coherent Corp.”
Coherent Corp. - June 2026
“Portfolio Performance The ClearBridge SMID Cap Growth Strategy generated double-digit absolute returns but underperformed the soaring Russell 2500 Growth Index benchmark during the quarter, with underexposure to the highest-beta AI infrastructure winners as well as weakness in health care and consumer discretionary sectors more than offsetting strong contributions from several AI-related and biotechnology holdings. Information technology (IT) was a meaningful source of relative weakness despite strong performance from several individual holdings. Semiconductor companies including Allegro MicroSystems and Lattice Semiconductor, along with networking and semiconductor capital equipment providers such as Coherent, Credo Technology and Onto Innovation, benefited from demand tied to AI infrastructure, semiconductor cycle improvement, automation and cutting-edge AI applications.”
Coherent Corp. - June 2026
“Shares of Datadog, Inc. outperformed during the quarter as results confirmed the company is emerging as a structural beneficiary of the AI buildout. Datadog, a leading observability and cloud monitoring platform, secured landmark deals with the superintelligence research divisions of two of the world's largest technology companies—organizations that historically built tooling in-house—validating its commercial value and opening the model-training market as an entirely new addressable opportunity. Beyond these marquee wins, the growth proved encouragingly broad: revenue accelerated to 32% year over year for a fourth straight quarter, non-AI core customers re-accelerated to mid-20% usage growth at scale, and the AI-native cohort diversified to more leading labs and AI-native applications. Management raised its full-year guidance for revenue and earnings per share materially, and net revenue retention re-accelerated to the low 120%. We believe this quarter served as further evidence that AI is expanding demand for observability through more cloud workloads, faster development timelines, and a more complex stack to monitor. Our conviction in the long-term thesis is intact and reinforced by multiple secular growth drivers. Coherent Corp. is a vertically integrated provider of laser- based systems.”
Coherent Corp. - June 2026
“Several of our AI-infrastructure and semiconductor investments also contributed to absolute and relative performance, including Taiwan Semiconductor Manufacturing Company Limited (the world’s advanced-semiconductor manufacturing champion), indie Semiconductor, Inc. (automotive semiconductor innovator), Coherent Corp. (optical technology leader), ASML Holding N.V. (the world’s dominant provider of advanced lithography semiconductor manufacturing equipment), Micron, and Broadcom.”
Coherent Corp. - HoldsBaron SMID Cap ETFJune 2026
“Top contributors to performance for the quarter Contribution to Return (%) Forgent Power Solutions, Inc. 1.78 Datadog, Inc. 1.58 Coherent Corp. 1.57 Rubrik, Inc. 1.42 Lattice Semiconductor Corporation 1.31 Forgent Power Solutions, Inc. is a leading manufacturer of electrical distribution equipment used in data centers, the power grid, and industrial applications. Forgent is a low- and medium-voltage equipment specialist focused on custom, “engineered-to-order” products (over 90% of revenue) whereas larger competitors in the industry generally focus more on higher voltage and standard products. The stock rose during the quarter as it continued to deliver very strong financial results reflecting improving demand for its products amidst the broader data points on AI infrastructure and grid buildout continuing to point to strong growth for the next several years. Forgent is gaining share with its ability to offer customized products at industry-leading lead times and is still just scratching the surface of its opportunity having sold very little directly to the biggest customers in the market. The company has invested heavily in capacity and people to support future growth, and we see many strong years of growth and margin expansion ahead as it grows from an approximate $1.2 billion revenue run-rate currently into its $5 billion manufacturing footprint. Shares of Datadog, Inc. outperformed during the quarter as results confirmed the company is emerging as a structural beneficiary of the AI buildout. Datadog, a leading observability and cloud monitoring platform, secured landmark deals with the superintelligence research divisions of two of the world's largest technology companies—organizations that historically built tooling in-house—validating its commercial value and opening the model-training market as an entirely new addressable opportunity. Beyond these marquee wins, the growth proved encouragingly broad: revenue accelerated to 32% year over year for a fourth straight quarter, non-AI core customers re-accelerated to mid-20% usage growth at scale, and the AI-native cohort diversified to more leading labs and AI-native applications. Management raised its full-year guidance for revenue and earnings per share materially, and net revenue retention re-accelerated to the low 120%. We believe this quarter served as further evidence that AI is expanding demand for observability through more cloud workloads, faster development timelines, and a more complex stack to monitor. Our conviction in the long-term thesis is intact and reinforced by multiple secular growth drivers. Coherent Corp. is a vertically integrated provider of laser-based systems.”
Coherent Corp. - June 2026
“COHR: Shares of Coherent staged a bit of a catch-up rally to optical peers during the quarter, with industry momentum still fueled by robust commentary on supply/demand imbalances and Nvidia’s large investment and purchase agreements from March.”
Coherent Corp. - June 2026
“Several of our AI-infrastructure and semiconductor investments also contributed to absolute and relative performance, including Taiwan Semiconductor Manufacturing Company Limited (the world’s advanced semiconductor manufacturing champion), indie Semiconductor, Inc. (automotive semiconductor innovator), Coherent Corp. (optical technology leader), ASML Holding N.V. (the world’s dominant provider of advanced lithography semiconductor manufacturing equipment), Micron, and Broadcom.”
Coherent Corp. - June 2026
“Our AI infrastructure holdings — NVIDIA, Broadcom, Alphabet, Amazon.com, Inc., Arista Networks, Inc., Lumentum Holdings Inc., Coherent, and Datadog — span every critical layer of the buildout, and we broadened this exposure during the quarter.”
Coherent Corp. - New positionMatthew 25 FundJune 2026
Listed in Matthew 25 Fund’s reported holdings.
Coherent Corp. - New positionAristotle Atlantic Focus Growth StrategyJune 2026
“Coherent Coherent is a vertically integrated manufacturing company that develops, manufactures and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation and electronics markets.”
Coherent Corp. - June 2026
“The top contributors to performance for the quarter were Comfort Systems and Sterling Infrastructure in Infrastructure Area of Interest (AoI); Quanta Services (Power Generation); and Coherent (Connectivity).”
Coherent Corp. - New positionAristotle Core EquityMarch 2026
“Coherent Coherent Corp. is a vertically integrated manufacturing company that develops, manufactures and markets lasers, transceivers, and other optical and optoelectronic devices, modules and systems, as well as engineered materials, for use in the communications, industrial, instrumentation and electronics markets. The company has broad technical expertise and a deep technology stack in areas of importance to its products, including materials growth and fabrication of specialty materials, semiconductor lasers and passive optics including isolators, transceivers, transport equipment and high-power lasers for semiconductor capital equipment, display manufacturing, precision manufacturing and scientific research. Many of Coherent’s products include custom integrated software that it develops internally, leveraging the company’s deep domain expertise. We initiated a position in Coherent based on our view that the company sits at the nexus of a key secular growth theme in technology infrastructure, AI-driven data center buildout, with a uniquely defensible position spanning every layer of the 4 | Aristotle Atlantic Partners, LLC Quarterly Commentary – Core Equity photonics stack.”
Coherent Corp.
Fund coverage · 7 theses
- Baron Global Opportunity FundSeptember 2026
Coherent makes optical networking components for data centers, and its vertical integration and photonics expertise position it for sustained growth as AI clusters require more optical connections.
Read the full thesis - Aristotle Atlantic Core Equity StrategySeptember 2026
Coherent is leveraged to AI infrastructure demand for optical connectivity and is expected to deliver multi-year revenue growth and margin expansion.
Read the full thesis Coherent is positioned to benefit from the shift to optical networking in AI data centers, supported by vertical integration and NVIDIA partnership.
Read the full thesis- Baron SMID Cap StrategyJune 2026
Coherent Corp. is a vertically integrated laser and photonics company whose optical transceivers are positioned to benefit from AI data center buildouts.
Read the full thesis Coherent is exposed to undersupplied hyperscaler optics demand, pricing power, and margin expansion from aggressive capacity ramping.
Read the full thesis- Baron Technology ETFMarch 2026
Coherent Corp. is a vertically integrated photonics leader poised to benefit from expanding optical communications in AI data centers and emerging technologies like co-packaged optics.
Read the full thesis - RoyceMarch 2025
Coherent is a technology company leveraging engineered materials and laser solutions to drive growth in key markets like datacom, electric vehicles, and AI, with recent success in datacom transceivers amid rising demand.
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