What smart money is saying about Photronics
2 funds in our archive have pitched Photronics — most recently Heartland Value Fund in June 2026.
Photronics, Inc., including its affiliated entities, operates as a global supplier focused on the production and distribution of photomask goods and associated services. The company's reach extends across the United States, Taiwan, Korea, Europe, and China, serving international markets. These photomasks are vital for the manufacturing of integrated circuits (ICs) and flat panel displays (FPDs), enabling the precise transfer of circuit patterns onto semiconductor wafers, FPD substrates, and various other electrical and optical components. Photronics markets its offerings to a broad customer base, encompassing semiconductor and FPD manufacturers, designers, foundries, and other producers of high-performance electronics, facilitated by its sales personnel and customer service representatives. Founded in 1969, the company was originally known as Photronic Labs, Inc., changing to Photronics, Inc. in 1990. Its principal office is situated in Brookfield, Connecticut.
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Position history
Between Q2 2025 and Q2 2026, 3 fund letters reported a position in Photronics — 2 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 2 | 0 | 2 | 1 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Fund activity · 3 positions · 2 moves
- June 2026
“A good example is Photronics (PLAB) . Earlier this year, we reduced our stake in PLAB, a leading manufacturer of photomasks that are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication process.”
Photronics - ExitedJAG Capital Management Small Mid Cap Growth StrategyJune 2026
“Security selection within the Information Technology sector was the largest detractor to relative performance. Several portfolio holdings significantly lagged the benchmark, including Fastly (FSLY), Akamai (AKAM), and Photronics (PLAB). Consistent with our sell discipline, we liquidated our positions in these companies during the quarter.”
Photronics - September 2025
“Finally, Photronics, a leading manufacturer of photomasks for the semiconductor industry, advanced on continued strength in the semiconductor cycle and persistent demand for advanced chips.”
Photronics
Fund coverage · 2 theses
- Heartland Value FundJune 2026
Photronics is the largest merchant photomask maker, benefiting from high barriers to entry, robust leading-edge and rebounding trailing-edge demand, and an attractive valuation with strong cash and margin potential.
Read the full thesis - Heartland Value FundJune 2025
Photronics, Inc. (PLAB) is undervalued at $18 per share, trading at less than 10x 2026 earnings forecasts, with strong growth potential in semiconductor manufacturing amid a market recovery.
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