Here's Why One Fund Just Bet $46 Million on This Surging Printed Circuit Board Stock

TTMI +2.77%

Key Points

• San Francisco-based Think Investments added 793,100 shares of TTMI valued at $45.7 million in the third quarter.

• The stake represents 6% of 13F reportable assets under management at quarter-end, making it the fund's fifth-largest holding.

• This marks a new position for Think, which reported holding no shares of TTMI in the second quarter.

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San Francisco-based Think Investments initiated a new position in TTM Technologies (NASDAQ:TTMI) during the third quarter, adding 793,100 shares valued at approximately $45.7 million, according to a November 14 SEC filing.

What Happened

According to a filing published with the U.S. Securities and Exchange Commission on November 14, Think Investments LP disclosed a new stake in TTM Technologies in the third quarter. The fund reported holding 793,100 shares at quarter-end, with a market value of $45.7 million. This addition reflects normal trading activity, bringing the total number of reportable positions in the portfolio to 20.

What Else to Know

The position represents 6% of Think Investments LP’s reportable U.S. equity assets as of September 30.

Top holdings after the filing:

• NYSE:RDDT: $76.4 million (10.1% of AUM)

• NASDAQ:AMZN: $71.4 million (9.4% of AUM)

• NASDAQ:TASK: $66.7 million (8.8% of AUM)

• NASDAQ:SMTC: $58.6 million (7.7% of AUM)

• NASDAQ:TTMI: $45.7 million (6% of AUM)

As of Wednesday, shares of TTM Technologies were priced at $68.29, up a staggering 182% over the past year and well outperforming the S&P 500's 13% gain in the same period.

Company Overview

Metric

Value

Revenue (TTM)

$2.8 billion

Net Income (TTM)

$131.9 million

Market Capitalization

$7.1 billion

Price (as of market close Wednesday)

$68.29

Company Snapshot

TTM Technologies, Inc. is a global provider of advanced printed circuit boards and RF components, operating at scale with over 16,400 employees. The company leverages engineering expertise and a comprehensive product suite to address complex requirements in high-growth technology end markets. TTM generates revenue primarily through the manufacture and sale of advanced PCBs and RF components, as well as value-added services such as RF design, simulation, and quick-turn prototyping.

The firm's diversified customer base and strong presence in mission-critical applications position it as a key supplier in the electronics manufacturing value chain. More specifically, it serves original equipment manufacturers and electronic manufacturing services companies in sectors including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation.

Foolish Take

A new stake of this size signals where Think Investments is leaning within the broader semiconductor cycle—and why it’s doubling down on companies benefiting directly from accelerating data-center, AI, and advanced electronics demand. TTM Technologies’ latest results reinforce that: Revenue grew 22% year over year to $752.7 million, and non-GAAP EPS hit a quarterly record $0.67, driven by strength in data-center computing and networking markets. Meanwhile, cash flow from operations also came in strong at 18.8% of sales.Shares have hit all-time highs this month, and while volatility has been elevated, the company’s diversified end-market mix—45% aerospace and defense and 23% data-center computing—offers exposure to structural growth areas rather than purely cyclical demand. With Think Investments allocating 6% of its reportable assets to TTM and establishing it as a top-five holding, this addition fits the fund’s profile of concentrated, high-conviction bets on secular growth themes.For long-term investors, the key questions are whether TTM can maintain strong growth in core end markets and continue converting demand into free cash flow as it ramps capacity.

Glossary

TTM: The 12-month period ending with the most recent quarterly report.13F reportable assets: U.S. equity holdings that institutional investment managers must disclose quarterly to the SEC on Form 13F.Assets under management (AUM): The total market value of investments managed by a fund or investment firm.Position: The amount of a particular security or asset held in a portfolio.Stake: The ownership interest or number of shares held in a company by an investor or fund.Original equipment manufacturers (OEMs): Companies that produce parts or equipment used in another company's end products.Printed circuit boards (PCBs): Boards that mechanically support and electrically connect electronic components using conductive pathways.Radio frequency (RF) components: Electronic parts designed to operate at radio frequencies, used in wireless communication and signal transmission.High-density interconnect (HDI) PCBs: Advanced circuit boards with higher wiring density, enabling more complex and compact electronic devices.IC substrates: Specialized base materials that connect semiconductor chips to circuit boards, crucial in advanced electronics.System integration products: Solutions that combine various hardware and software components into a unified, functional system.Quick-turn prototyping: Rapid production of prototype products to accelerate testing and development cycles in manufacturing.

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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool recommends Reddit and TaskUs. The Motley Fool has a disclosure policy.

Here's Why One Fund Just Bet $46 Million on This Surging Printed Circuit Board Stock was originally published by The Motley Fool