The value-focused fund sold its LRCX stake after a 255% one-year gain, citing overvaluation amid AI-driven market exuberance.
Vltava Fund sold its entire position in Lam Research Corporation (LRCX) during Q2 2026, citing overvaluation. The stock closed at $351.41 on July 2, 2026, reflecting a 15.87% one-month return and a 255.64% gain over the past year. LRCX’s market capitalization reached $439.46 billion.
The fund’s investor letter noted strong performance in semiconductor equipment stocks but emphasized fundamental investment principles over AI-driven hype. LRCX, a key supplier of semiconductor processing equipment, had surged alongside broader tech sector gains.
Vltava Fund’s exit underscores a cautious stance on richly valued tech stocks despite their recent momentum.