Kla CORP

• JH Janus Henderson Investors Global Sustainable Equity Fund ↗ Global Sustainable Equity Fund trimmed AI exposure after strength and added Verisk Analytics and selected insurers, seeking durable moats and businesses unfairly penalised by the market. The portfolio retains exposure to AI infrastructure bottlenecks, power and grid equipment, while pairing them with resilient companies positioned for energy-security and climate volatility. July 2026 KLAC $213BMCK $117BMSFT $4T +2
• AF Aristotle Funds Aristotle Growth Equity Fund Commentary ↗ Aristotle Growth Equity Fund added Coherent, Sandisk, ServiceNow and Western Digital to target optical networking and constrained AI data-storage demand. The fund sold HubSpot over AI-native competitive risks, briefly exited and then repurchased Amphenol after reassessing its role in the optical-interconnect transition. second quarter 2026 APH $198BCOHR $46BHUBS $12B +5
• VF Vltava Fund When Artificial Intelligence Becomes Abundant in Investing, What Will Become Rare? ↗ Vltava Fund argues that artificial intelligence will commoditize basic analysis while increasing the value of independent judgment, patience, skepticism and long time horizons. It exited Lam Research, Applied Materials, KLA and Cenovus on valuation concerns, then added Visa and Kaspi.kz for their durable payment-network and ecosystem advantages. second quarter of 2026 AMAT $329BCVE $61BKLAC $213B +2

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