Fund cites unsustainable multiples of 20× sales and 50× earnings for semiconductor equipment supplier KLA in Q2 2026.
Vltava Fund exited its position in KLA Corporation (NASDAQ:KLAC) during Q2 2026, citing a misalignment between price and quality. The stock closed at $235.55 on July 2, 2026, valuing the company at $307.69 billion.
KLA shares surged 22.10% in the past month and 154.76% over the last year. The fund noted that even high-quality semiconductor equipment firms face stretched valuations, requiring exceptional long-term growth to justify current multiples.
The sale was part of a broader reduction in semiconductor equipment holdings, including Lam Research and Applied Materials.