Versum Materials (NYSE:VSM) is a global provider of critical, high purity, high performance materials for the semiconductor manufacturing industry. e company, which was spun o from Air Products in 2016, is bene tting from the increasing importance of materials used in the engineering and production of new semiconductor chip designs, as well as several technology trends (Internet of ings, Virtual Reality, Arti cial Intelligence, etc.). ese secular tailwinds should continue to provide a favorable backdrop for growth going forward. As a newly independent, publicly-traded company coming out of a much larger industrial gas parent, Versum is bene tting from greater investor awareness and the ability to reinvest its own capital. e company is a market leader with strong margins and cash ow generation enabling it to act as a consolidator in a fragmented industry further boosting growth and market share. is is the type of story that we seek to uncover in pursuing the Fund’s corporate change theme.
From Keeley All Cap Value Fund's third quarter 2017 commentary.
