TD Synnex (SNX, Financial), the largest electronics distributor globally, was formed last year from the merger of TechData and Synnex. With the merger, the valuable North American market consolidated from three to two and we are cautiously optimistic about the company’s ability to increase margins over time. The industry is relatively non-cyclical and is expected to grow slightly faster than GDP growth.
From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund second-quarter 2022 letter.
