We also initiated a new position in specialized semiconductor provider Marvell Technology Group (NASDAQ:MRVL). Marvell’s acquisition of Cavium (another semiconductor company) required approvals of regulators in both the U.S. and China, and shares were temporarily pressured as heated trade rhetoric had the potential to scuttle the deal. Regulators ultimately approved the deal, closing in early July, and we expect Marvell shareholders to benefit from this value-creating transaction.
From Wallace Weitz (Trades, Portfolio)'s second quarter 2018 Partners III Fund shareholder letter.
