Entegris (ENTG) Outperformed as Demand For Mission-Critical Products Remains Strong
The London Company, an investment management company, released “The London Company Mid Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 10.3% gross (10.2% net) compared to a 4.8% return for the Russell Midcap Index. The portfolio outperformed the benchmark in a strong market environment, despite headwinds from factor performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy highlighted stocks like Entegris, Inc. (NASDAQ:ENTG) in the second quarter 2023 investor letter. Headquartered in Billerica, Massachusetts, Entegris, Inc. (NASDAQ:ENTG) is a micro contamination control products manufacturing company. On August 2, 2023, Entegris, Inc. (NASDAQ:ENTG) stock closed at $103.55 per share. One-month return of Entegris, Inc. (NASDAQ:ENTG) was -2.61%, and its shares lost 2.43% of their value over the last 52 weeks. Entegris, Inc. (NASDAQ:ENTG) has a market capitalization of $15.5 billion.
The London Company Mid Cap Strategy made the following comment about Entegris, Inc. (NASDAQ:ENTG) in its second quarter 2023 investor letter:
"Entegris, Inc. (NASDAQ:ENTG) - ENTG outperformed during 02, gaining share in its end markets, while highlighting an improving outlook with a potential recovery later this year. Strong demand for mission-critical products, such as liquid filters, and the easing of supply chain constraints were highlights. Its value-added offerings allow for above-average growth relative to the rest of the industry across all cycles. ENTG has drastically increased its size and scale to become one of the most diversified players in the semi-materials industry. Management remains focused on debt reduction. We remain attracted to the industry's high barriers to entry, limited competitors, and high switching costs."
Entegris, Inc. (NASDAQ:ENTG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Entegris, Inc. (NASDAQ:ENTG) at the end of first quarter which was 28 in the previous quarter.
We discussed Entegris, Inc. (NASDAQ:ENTG) in another article and shared The London Company Mid Cap Strategy's views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
