Elsewhere in the portfolio, shares of semiconductor capital equipment provider Applied Materials (AMAT, Financial) ended the period higher on the back of several impressive earnings reports as the company continued to benefit from cyclical strength. While we continue to appreciate Applied Materials’ market position, we moderated our position size over the period as we expect fundamentals will likely peak in 2021.
From the T Rowe Price Equity Income Fund (Trades, Portfolio)'s semiannual 2021 shareholder letter.
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