What smart money is saying about Onto Innovation Inc.
4 funds in our archive have pitched Onto Innovation Inc., most recently Argent Mid Cap Strategy in September 2026.
Onto Innovation Inc. is a global leader in designing, manufacturing, and supporting cutting-edge process control solutions. The company's diverse portfolio encompasses tools for macro defect inspection, 2D/3D optical metrology, and lithography systems, alongside sophisticated analytical software for process control. These offerings are crucial for optimizing manufacturing processes, enhancing yield, and facilitating device packaging and testing in various industries worldwide. Their solutions are delivered both as standalone systems for specialized functions—such as detecting large flaws, performing packaging lithography, evaluating probe cards, and measuring transparent and opaque thin films—and through an extensive suite of process control software. This software scales from individual tool management to enterprise-wide factory integration. Beyond hardware and software, Onto Innovation also provides essential spare parts and software licensing services. Their technology is vital to a broad spectrum of clients, including manufacturers of semiconductors, advanced packaging, silicon wafers, LEDs, VCSELs, MEMS, CMOS image sensors, power devices, RF filters, and data storage products, as well as those in various industrial and scientific fields. Originally established in 1940 as Rudolph Technologies, Inc., Onto Innovation Inc. maintains its headquarters in Wilmington, Massachusetts.
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Fund signal · last 12 months
20 lettersToo few moves on Onto Innovation Inc. yet for a clear signal
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, 21 fund letters reported a position in Onto Innovation Inc., with 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 8 | 0 | 1 | 1 |
| Q2 2026 | 10 | 0 | 3 | 0 |
| Q1 2026 | 2 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 1 | 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 · 21 positions · 4 moves
- September 2026
“We maintain meaningful exposure to AI infrastructure enablers, though we reduced that exposure during the quarter. Our investments are increasingly concentrated in our highest-conviction franchises, including Lattice Semiconductor, Onto Innovation, Modine and SiTime, where differentiated intellectual property, market positioning and identifiable profit cycles should support attractive long-term opportunities as infrastructure architectures evolve.”
Onto Innovation Inc. - September 2026
“These gains were partially offset by semiconductor holdings Allegro MicroSystems and Onto Innovation, which gave back some first-half gains as the AI semiconductor trade unwound despite generally solid fundamentals.”
Onto Innovation Inc. - HoldsBridge City Capital Small Cap Growth StrategySeptember 2026
Listed in Bridge City Capital Small Cap Growth Strategy’s reported holdings.
Onto Innovation Inc. - September 2026
Listed in Tributary Capital Management Small/Mid Cap Strategy’s reported holdings.
Onto Innovation Inc. - September 2026
“During Q3 we reduced direct AI infrastructure exposure where stocks had run ahead of fundamentals on an expected return basis. For example, we cut Forgent (FPS), TTM Technologies (TTMI) and Onto Innovation (ONTO), and exited Modine (MOD).”
Onto Innovation Inc. - September 2026
“Onto Innovation Inc. (ONTO) is a leading provider of advanced packaging, inspection, and metrology equipment for the semiconductor industry. Onto was one of the fund’s top contributors in the prior quarter, but like Vertiv, the stock was caught up in the sharp correction across the AI physical infrastructure theme and declined by 20% in the third quarter. Despite this we retained our position, as the company has favorable exposures within semiconductor capital equipment categories, and believe the stock trades at a discounted valuation multiple compared to many peers.”
Onto Innovation Inc. - September 2026
Listed in Buffalo funds Mid Cap Discovery Fund’s reported holdings.
Onto Innovation Inc. - September 2026
“TOP 10 HOLDINGS (%)* Silicon Motion Technology Corp. 3.02 Ligand Pharmaceuticals, Inc. 3.02 MYR Group, Inc. 2.84 WisdomTree, Inc. 2.74 Semtech Corp. 2.43 JBT Marel Corp. 2.34 ESCO Technologies, Inc. 2.32 Onto Innovation, Inc. 2.14 SiTime Corp. 2.10 Novanta, Inc. 2.06 Top 10 Holdings Total 25.01”
Onto Innovation Inc. - June 2026
“AI remains a powerful secular trend, and we continue to see attractive long-term opportunities tied to both expanding data center capacity and ongoing innovation to improve the performance and efficiency of AI infrastructure. At the same time, valuations across many AI-related companies have moved meaningfully higher, and participants across the supply chain continue to benefit from shortage-driven pricing power that may prove fleeting. As a result, we remain focused on franchises whose intellectual property and competitive positioning should enable them to gain market share as AI infrastructure designs evolve. Areas of particular interest include data center cooling, advanced semiconductor materials and high-speed networking. These are reflected in holdings such as Modine Manufacturing, MACOM Technology Solutions, Lattice Semiconductor, Onto Innovation and SiTime.”
Onto Innovation Inc. - 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.”
Onto Innovation Inc. - June 2026
Listed in TimesSquare Global Small Cap Strategy’s reported holdings.
Onto Innovation Inc. - June 2026
“Onto Innovation Inc. (ONTO) is a leading provider of advanced packaging, inspection and metrology equipment for the semiconductor industry. We believe the value proposition of their premium solutions will benefit from increasing complexity and cost across logic, memory, and other semiconductors, in addition to elevated demand for semiconductors more broadly. During the quarter, the company successfully launched their newest Dragonfly G5 system including orders from flagship customers and reported robust quarterly results ahead of expectations, causing the stock to outperform. We believe the company is a primary beneficiary of the multi-year secular tailwind from AI-related datacenter buildout while trading at a much more attractive valuation multiple than many of its more high-profile Semiconductor Capital Equipment peers. As such, we retained our position and it remained a top idea in the portfolio.”
Onto Innovation Inc. - June 2026
“TOP CONTRIBUTORS Credo Technology Group Holding Ltd. was the largest contributor to relative performance, benefiting from accelerating demand for high-speed connectivity solutions used in AI data-center infrastructure. The company’s strong results reflected continued investor confidence in its exposure to advanced networking, bandwidth expansion, and power-efficient connectivity solutions required by next- generation compute architectures. Onto Innovation, Inc. also contributed meaningfully as demand expectations improved for semiconductor inspection and metrology tools used in advanced packaging and process control.”
Onto Innovation Inc. - June 2026
“Onto Innovation (Information Technology, Core Growth) — Trimmed Onto Innovation was a top contributor during the quarter as investor confidence improved around the company’s exposure to advanced semiconductor manufacturing, packaging, and AI-related demand. The stock benefited from stronger expectations for industry spending, continued execution, and recognition of Onto’s differentiated position across process control and inspection markets. We trimmed the position into strength, while maintaining a constructive long-term view on the company’s growth opportunities.”
Onto Innovation Inc. - June 2026
“As noted above, Direct AI beneficiaries and a few other stocks in the portfolio rose sharply and in a number of instances prices raced ahead of fundamentals compressing future expected returns. We exited several positions including Credo Technology (CRDO), Semtech (SMTC), Nova Limited (NVMI), Universal Technical Institute (UTI) and Comfort Systems (FIX), entirely, and trimmed others, such as Modine (MOD), Forgent Power Solutions (FPS), Onto Innovation (ONTO), TTM Technologies (TTMI), and Carpenter Technology Corp (CRS).”
Onto Innovation Inc. “Onto Innovation Inc. Special Situation 1.8%”
Onto Innovation Inc.“TOP CONTRIBUTORS Onto Innovation, a semiconductor capital equipment provider, is benefiting from strong Dragonfly G5 inspection system adoption and rising capital expenditure expectations from key customers, including TSMC, Samsung and SK Hynix, amid accelerating AI-driven capacity expansion.”
Onto Innovation Inc.- HoldsBridge City Capital Small Cap Growth CompositeJune 2026
“Top 10 Holdings SCG Rep Account 2.7%Onto Innovation Inc. 2.4%Kulicke and Soffa Industries, Inc.”
Onto Innovation Inc. - March 2026
“Onto Innovation, a developer of high-performance control metrology, defect inspection, lithography, and data analysis systems for microelectronic device manufacturers also enjoyed a 30% boost to their share price. The company reported a first quarter beat and guided above expectation.”
Onto Innovation Inc. - March 2026
“Onto Innovation, a developer of high-performance control metrology, defect inspection, lithography, and data analysis systems for microelectronic device manufacturers also enjoyed a 30% boost to their share price. The company reported a first quarter beat and guided above expectation.”
Onto Innovation Inc. - December 2024
“The key detractors to performance over the quarter were ASM International and Onto Innovations. • We expect the bull market, which began in 2023, is entering its third year. Conditions are favourable for further corporate earnings growth and, hence, equity market growth in 2025. Interest rates have stabilised, inflationary pressures are easing, and central banks can now support a stable economic upcycle via interest rate cuts if required. CONTENTS Fund commentary page 3 Market outlook page 4 Stock story: AppLovin page 5 Stock story: SharkNinja page 6 Key statistics page 7 Munro Small & Mid Cap Fund quarter return (net) 20.9% MSCI ACWI SMID Index quarter return 8.3% MUNRO MEDIA Equity Mates Podcast, 9 December 2024 The Nvidia story is not over Listen to the podcast episode here Livewire Markets, 20 December 2024 A sizzling start: How Qiao Ma delivered 62.2% returns in the first year of Munro’s new strategy Read the article here Livewire Markets, 4 December 2024 Jun Bei Liu, Catherine Allfrey, Emma Fisher [and Qiao Ma] will all be part of Australia’s newest fund Read the article here INVESTMENT TEAM Nick Griffin CIO James Tsinidis Portfolio Manager Jeremy Gibson Portfolio Manager Qiao Ma Lead Portfolio Manager Kieran Moore Portfolio Manager munropartners.com.aupage 3Quarterly report: SMID QUARTERLY COMMENTARY Fund commentary The Munro Global Small & Mid Cap Fund returned 20.9% for the December quarter, outperforming the benchmark return of 8.3% by 12.6%. Global markets had mixed performance, in local terms, for the quarter, with equity market performance bifurcated by region. The US SMID market was modestly positive, whilst many other markets, including Europe, Hong Kong and China, were weaker. The US Presidential Election was the major event of the quarter. Donald Trump won a clear mandate to govern with Republicans gaining a majority vote in the Senate and the House of Representatives. This led to the bifurcation of the market with the US seen as having a stronger economy and lower taxes under Trump and the impact of potential tariffs threatening growth in other parts of the world including China and Europe. The market had a weak close to the quarter following the US Federal Reserve’s meeting in mid-December when they disclosed a likely two rate cuts in 2025, versus market expectations of four rate cuts. Key contributors to perfomance over the quarter were Reddit and AppLovin (see stock story on page 5). Reddit delivered a strong set of results, demonstrating impressive revenue growth and expanding operating margins. As the world grapples with misinformation and AI-generated content, we continue to view Reddit’s position as a unique platform hosting the largest volume of human conversations globally becoming increasingly valuable. Within the Digital Enterprise Area of Interest (AoI), both Wix and GoDaddy reported strong results for the quarter, with revenue, profit and free cash flows exceeding investors’ expectations. Both web builders’ management teams expressed confidence in their respective continued growth fuelled by new product features powered by AI innovations. The key detractors to performance over the quarter were ASM International and Onto Innovations within the High Performance Computing AoI.”
Onto Innovation Inc.
Also mentioned · 2
These funds discuss Onto Innovation Inc. as a competitor, benchmark or comparable, without disclosing a position in it.
- June 2026
“JFrog, a developer of software supply chain and DevOps platform solutions, gained 94% as cloud revenue grew more than 50% and now accounts for over half of total sales. Onto Innovation, a provider of semiconductor process control, inspection, and metrology equipment, advanced 85% on strong advanced-packaging demand.”
Onto Innovation Inc. - March 2026
“Onto Innovation Inc., a semiconductor inspection and metrology company, advanced 30%.”
Onto Innovation Inc.
Fund coverage · 4 theses
- Argent Mid Cap StrategySeptember 2026
Onto Innovation benefits from exposure to advanced packaging and semiconductor investment, but valuation compression outweighed strong execution.
Read the full thesis - Artisan U.S. Small-Cap Growth StrategyMarch 2026
Onto Innovation Inc is a leading semiconductor process control provider poised to benefit from a potential memory supercycle and resilient competitive positioning.
Read the full thesis - Royce InvestSeptember 2025
Onto Innovation is a leader in providing essential inspection, metrology, and lithography equipment for semiconductor manufacturing, with strong growth prospects driven by technological advancements and a robust product pipeline.
Read the full thesis - Artisan US Mid Cap Growth StrategyDecember 2024
Onto Innovation is well-positioned for growth in advanced semiconductor packaging and optical metrology due to increasing demand from AI and 3D chip architecture, despite recent short-term cyclical pressures which present a buying opportunity.
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