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Stewart Asset Management points to Lumentum as AI infrastructure beneficiary
The fund said it initiated a small position in Lumentum, citing optical networking demand and customer agreements extending through 2027.
Stewart Asset Management said its Q2 2026 results reflected strong equity performance, with its flagship portfolio returning 15.97% net of fees for the quarter, compared with a 15.20% gain in the S&P 500 Index.
In its Q2 2026 investor letter, the firm highlighted Lumentum Holdings Inc. as a potential beneficiary of AI infrastructure spending, describing the company as a maker and seller of optical and photonic products used for optical networking hardware that moves data between AI chips, servers, and data centers.
According to the letter, Stewart Asset Management initiated a small investment in Lumentum during the quarter, and tied the outlook to an “optical upgrade cycle” where demand outstrips supply, with customer agreements extending through 2027 as data centers expand.
The article also notes Lumentum stock closed on September 4, 2026 at $881.26 per share, after gaining 13.83% over the prior month and rising 519.81% over the past year; the company’s market capitalization is cited at $79.05 billion, and its 52-week trading range is listed as $144.52 to $1,085.68.
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