BBH Select Mid Cap ETF on Entegris Inc.
Thesis
Entegris is a critical supplier of filtration products, materials, and delivery equipment used in high-precision semiconductor fabrication. The fund sees improving semiconductor end markets, with 2026 wafer-volume and fab-construction expectations revised materially higher from the prior quarter. First-quarter results and second-quarter guidance were above consensus, while management expects growth to accelerate through the middle of 2026. Gross margin improved sharply to 46.9%, and management is targeting net leverage of 3.0x by year-end supported by at least $450 million of free cash flow.
“Entegris is a key supplier to the semiconductor industry of essential filtration products, materials, and related delivery equipment.”