Samsung Electronics (XKRX:005930, Financial) had two consecutive quarters of double-digit gains, driven by its DRAM and NAND flash memory chips. Total semiconductor sales were up 40% year over year, and the division generated $5.6 billion in operating income, doubling from 2016 comparable period. Management anticipates accelerated sales in the mobile phone business upon the launch of the Galaxy S8 in the second half of the year. Select information technology sector holdings detracted.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund second quarter 2017 shareholder letter.
