So I was digging through some recent 13F filings and caught something interesting about TTM Technologies. Metavasi Capital dropped $11.81 million into TTMI back in Q4 - that's 171,202 shares at an average of around $69 per share based on quarterly pricing. Not huge by institutional standards, but definitely meaningful enough to make it their 8th largest holding.

What caught my attention is the timing and conviction here. This was a completely new position for them, and they sized it to represent 4.81% of their $245M in reportable assets. That's the kind of allocation you make when you actually believe in something. Their top holdings at that point were SPHR ($20.74M), BLND ($19.41M), and APP ($18.82M), so TTMI was right there in the mix.

The company itself manufactures printed circuit boards and RF components - basically critical infrastructure for data centers, aerospace, defense, and automotive sectors. Their trailing twelve months (TTM) revenue was sitting at $2.91 billion with $177.45 million in net income. Q4 numbers showed 19% YoY sales growth to $774.3 million, which is solid.

Here's where it gets interesting though. By the time that SEC filing came out in mid-February, TTMI had already rallied to $90.91, up 249% over the past year. The stock hit a 52-week high of $111 just days before. That's not a small move. The company's benefiting from the AI infrastructure buildout - data centers are hungry for their products.

But this is where I'd pump the brakes. At that valuation, you're looking at a P/E ratio around 64. That's expensive territory, even for a growth story. Metavasi was right to get in earlier, but jumping in at peak valuations? That's different. The article made a solid point - wait for pullback before making moves here. Sometimes the best investment isn't the one making all-time highs.

Metavasi had 27 total positions in their portfolio after this filing, so TTMI represents their conviction but not their entire thesis. Worth monitoring, but not at these prices if you're looking to establish a new position.