What smart money is saying about KLA
6 funds in our archive have pitched KLA — most recently Guinness Global Innovators Fund in July 2026.
KLA Corporation specializes in creating, manufacturing, and distributing advanced solutions vital for process control, process optimization, and yield enhancement throughout the global semiconductor and broader electronics industries. The company organizes its business into four main segments: Semiconductor Process Control, Specialty Semiconductor Process, PCB, Display and Component Inspection, and an 'Other' category. For integrated circuit (IC) fabrication, KLA offers a comprehensive range of products. These include systems for wafer inspection, review, and metrology; defect inspection and metrology for both wafers/substrates and reticles; chemical and materials quality analysis tools; and real-time process management and wafer handling diagnostics essential for IC and original equipment manufacturer (OEM) production. Furthermore, the company develops software for live process control, defect excursion identification, process corrections, and defect classification. KLA also supplies refurbished and remanufactured equipment. Beyond IC manufacturing, KLA supports specialty semiconductor production. This includes benchtop metrology, surface characterization, and electrical property measurement services suitable for general-purpose and laboratory use. They also provide technologies and solutions for etching, plasma dicing, deposition, and various other wafer processing tasks within the semiconductor and microelectronics sectors. Within the printed circuit board (PCB) market, KLA delivers solutions such as direct imaging, inspection, optical shaping, additive printing, and computer-aided manufacturing and engineering. For the display industry, their offerings encompass inspection and electrical testing systems to pinpoint and categorize defects, as well as equipment for defect repair. KLA also supplies inspection and metrology systems designed to improve quality control and yield in both advanced and conventional semiconductor packaging markets. Established in 1975, the company was initially known as KLA-Tencor Corporation before rebranding as KLA Corporation in July 2019. Its corporate headquarters are situated in Milpitas, California.
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Position history
Between Q4 2024 and Q3 2026, 19 fund letters reported a position in KLA — 4 opened or added to the position, 5 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 3 | 1 | 0 | 1 |
| Q2 2026 | 14 | 3 | 3 | 3 |
| Q1 2026 | 2 | 0 | 2 | 0 |
| Q4 2024 | 0 | 0 | 0 | 2 |
Fund activity · 19 positions · 9 moves
- August 2026
“KLA (-39.4% USD), Lam Research (-32.4% USD), Applied Materials (-29.8% USD) It was an extraordinary H1 for the Fund’s three semiconductor equipment manufacturers, each of which delivered returns over 100%. However, they ended July as the Fund’s bottom-performing holdings in the context of a broad pull-back in semiconductor sentiment, with the Philadelphia Semiconductor Index (the ‘SOX’) falling 20.6%. Over 2026, these stocks were viewed as some of the key beneficiaries of rising capex expectations from the hyperscalers. Each is exposed to a different area of the semiconductor manufacturing value chain and is an industry leader in its space. Lam Research is a specialist in etch and deposition (adding, patterning, and removing materials on a silicon wafer). KLA is focused on process control (monitoring and identifying areas to increase yield and ensure quality), and Applied Materials is a larger but broader player, which competes not only in etch and deposition and process control, but also front-end (transistor and interconnect formation, chemical mechanical planarization, etc.) and back-end processes (advanced packaging). The AI infrastructure build-out is a significant tailwind for these firms as hyperscalers require greater volumes of increasingly complex chips, driving chipmakers to invest heavily in capacity and cutting-edge technologies. STOCK PERFORMANCE OVER JULY 14 Guinness Global Innovators August 2026 Source: Bloomberg. Data as of 31.07.2026 As discussed earlier in this commentary, semiconductor sentiment suffered during the month amid concerns that the AI rally had run too far too fast, questions over the sustainability of hyperscaler capex, the risk of future oversupply as chipmakers unveiled aggressive expansion plans, and continued progress from Chinese AI players – in particular, Moonshot, whose latest model, Kimi K3 introduced questions over the trajectory of hyperscaler spending plans. These concerns were compounded by the unwind of the highly leveraged hedge fund Situational Awareness. From a stock-specific perspective, however, fundamentals remained strong, with both KLA and Lam Research reporting robust results during the month. KLA delivered another beat-and-raise quarter, supported by strong growth in its core process-control business, services and advanced packaging, while management once again upgraded its expectations for industry spending on wafer fabrication equipment (WFE).”
KLA - July 2026
Listed in Guinness Global Innovators Fund’s reported holdings.
KLA - New positionLongriver Partners FundJuly 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025. I invested in semiconductor equipment supplier KLA Corp earlier this year and reinvested in Amazon, too.”
KLA - ExitedVlatava fund Vltava Fund SICAV, plcJune 2026
“We sold the troika Lam Research, Applied Materials, and KLA Corporation, all of which are key suppliers of manufacturing equipment and process control solutions for the semiconductor industry.”
KLA - June 2026
Listed in Guinness Global Innovators Fund’s reported holdings.
KLA - HoldsFindlay Park American FundJune 2026
“Other strong contributors included KLA, Applied Materials, Entegris and Keysight, which provide critical equipment, materials, testing and measurement capabilities to the semiconductor ecosystem.”
KLA - June 2026
“Performance commentary The performance of the fund was behind the benchmark over the quarter. The relative high weighting in the energy sector contributed to the underperformance during a period in which energy stocks gave back some gains from the previous quarter, after agreement appeared to have been struck to end the US conflict with Iran and the ‘war premium’ in commodity prices faded. Some of the fund’s best performers over the quarter were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in Micron, Applied Materials, KLA Corp and Lam Research were among the main positive contributors.”
KLA - New positionBaillie Gifford Positive ChangeJune 2026
“TSMC posted first-quarter results of 40 percent year-over-year revenue growth coupled with an increase in profitability (operating margin is now 58 percent) due to scale, product mix and capacity utilisation. New holding KLA provides process control equipment and services that help chip manufacturers improve production efficiency and reduce waste, water and energy intensity during semiconductor manufacturing.”
KLA - June 2026
“TOP 5 CONTRBUTORS as of June 30, 2026 KLA Corp Taiwan Semiconductor Manufacturing Co Ltd ASML Holding NV Alphabet Inc Eli Lilly and Co”
KLA “We also harvested gains in Alphabet and KLA Corp following strong share-price appreciation and reallocated capital to more attractively priced opportunities while maintaining significant exposure to both companies.”
KLA- June 2026
Listed in Liontrust GF Sustainable Future US Growth Fund’s reported holdings.
KLA - June 2026
“Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.”
KLA - June 2026
“Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.”
KLA - June 2026
“Semiconductor equipment company KLA was another large contributor.”
KLA - June 2026
“KLA Corporation KLA Corporation contributed to performance in the second quarter, benefiting from the AI-driven WFE upcycle and reinforcing its position as the leading process control beneficiary of rising semiconductor manufacturing complexity.”
KLA - June 2026
“KLA Corporation KLA Corporation contributed to performance in the second quarter, benefiting from the AI-driven WFE upcycle and reinforcing its position as the leading process control beneficiary of rising semiconductor manufacturing complexity.”
KLA - June 2026
“we purchased in late April, is a diversified construction and building-services company with broad exposure across US end markets, from pharmaceutical manufacturing to data centres.”
KLA - TrimmedFlexible Equity FundMarch 2026
“ We eliminated Uber Technologies (UBER) and trimmed Canadian National Railway (CNI), reducing the weighting in Industrials. We initiated a position in Watsco (WSO). Our weighting in Information Technology increased during the period as we initiated positions in NVIDIA (NVDA) and SAP SE Sponsored ADR (SAP). We exited Workday (WDAY) and trimmed Taiwan Semiconductor Manufacturing (TSM) and KLA Corporation (KLAC).”
KLA - March 2026
“Relative results were partially offset by Lam Research, KLA, and Costco Wholesale.”
KLA
Also mentioned · 6
These funds discuss KLA — as a competitor, benchmark or comparable — without disclosing a position in it.
- June 2026
“The largest relative detractors included Netflix and Intuitive Surgical as well as not holding Advanced Micro Devices, Lam Research and KLA.”
KLA - June 2026
“Much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI-memory boom. Not holding Lam Research and KLA Corp had a negative effect on relative returns.”
KLA - June 2026
“Performance commentary (continued) Performance and activity PA Performance Fund (%) Benchmark (%) Relative (%) Quarter 15.65 14.93 0.72 YTD 11.28 11.25 0.03 1 Year 23.39 23.67 (0.28) 3 Years (p.a.) 19.68 19.68 (0.00) Since inception (p.a.) 12.57 11.30 1.27 Past performance is not a guarantee or reliable indicator of future returns. The impact of fees or other charges, including tax, where applicable, can be material on the performance of your investment. The impact of fees reduces your investment. Please refer to the Glossary for the basis of calculation and impact of fees. Performance and since inception date based on Z Acc USD. Source: Royal London Asset Management; Gross performance; Since inception date of the share class is 20 July 2021. Performance commentary The fund outperformed its benchmark over the quarter, which was mainly the result of positive stock selection. Holdings in the healthcare and information technology sectors proved particularly beneficial. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel, SK Hynix and Micron Technology were among the fund's strongest contributors. Much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI-memory boom. Not holding LAM Research, ASML or KLA Corp hit relative returns.”
KLA - MentionedRoyal London AM US Equity Fund (IRL)June 2026
“Not holding Lam Research and KLA Corp had a negative effect on relative returns.”
KLA - MentionedBuffalo funds Blue Chip Growth FundJune 2026
“The largest relative detractors also included portfolio underweights to strong benchmark performers. Lam Research and KLA each benefited from improving semiconductor capital-equipment sentiment, and the funds underweights detracted approximately 82 basis points and 61 basis points, respectively, from relative results.”
KLA - June 2026
“KLA Corporation outperformed as hyperscalers (Amazon, Microsoft, Google, Meta, Oracle) ramp spending from roughly $630 billion in 2026 to an estimated $1 trillion+ in 2027 towards the AI infrastructure buildout. KLA is a beneficiary as they provide equipment to the chipmakers, who need to expand capacity.”
KLA
Fund coverage · 6 theses
- Guinness Global Innovators FundJuly 2026
KLA is a process-control leader whose inspection and metrology demand is supported by advanced-node and AI-related semiconductor complexity.
Read the full thesis KLA Corporation benefits from the AI-driven semiconductor equipment upcycle and its dominant process control market share.
Read the full thesisKLA Corp is viewed as a high-quality AI infrastructure beneficiary with a durable market position, strong free cash flow, and long-term secular growth exposure.
Read the full thesis- Bristolgate U.S. Equity StrategyJune 2026
KLA Corporation is a dominant semiconductor process-control provider benefiting from complexity-driven demand and strong dividend growth.
Read the full thesis - Alger Growth & Income FundDecember 2024
KLA is a leading semiconductor capital equipment company that supplies advanced inspection tools and metrology systems essential for the production of smaller
Read the full thesis - Parnassus Core Equity FundDecember 2024
KLA is well-positioned for long-term growth due to high switching costs, strong demand for advanced semiconductors, and effective management, despite recent stock price concerns related to weaker demand in China.
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