Voya MI Dynamic Small Cap Fund on TTM Technologies, Inc.
Thesis
TTM Technologies is an overweight holding and manufactures advanced printed circuit boards. The position was primarily driven by portfolio risk-management considerations. Strong quarterly results and guidance highlighted accelerating demand from AI data centers and defense customers for high-performance computing hardware.
“Shares advanced on strong quarterly results and guidance as the company benefited from accelerating AI data-center and defense demand.”
Key risks
- A slowdown in AI infrastructure spending could weaken demand for high-performance computing hardware.
- The broader market may become more selective about the sustainability of earnings growth in AI supply chains.