BBH Select Mid Cap ETF on Entegris, Inc.
Thesis
BBH views Entegris as a critical supplier of filtration products, specialty materials, and delivery equipment used in high-precision semiconductor manufacturing. The semiconductor industry outlook improved during the quarter, with stronger expectations for wafer-volume growth and fab construction supporting demand. Management's focus on profitability is already appearing in gross-margin improvement, while stronger free cash flow should reduce leverage. The position remained the fund's largest holding at quarter-end despite being trimmed after strong performance.
“Entegris is a key supplier to the semiconductor industry of essential filtration products, materials, and related delivery equipment that enables the high precision fabrication of semiconductor chips.”