Keysight Technologies (KEYS, Financial) also contributed favorably to performance during the quarter. Revenues grew +6%, with adjusted operating earnings growing +11%. The Company’s revenue growth is likely slower than what it would have been otherwise were it not for chronic input shortages from non-Company-controlled portions of their supply chain. This is evidenced in over +20% growth in orders that should help Keysight accelerate top-line growth over the next several quarters. In spite of this, we trimmed our holdings in Keysight and redeployed the proceeds into Taiwan Semiconductor which now trades at a discount to Keysight but should have a more sustainable pathway for growth.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners fourth-quarter 2021 letter.
