We redeployed that capital into some of the underperformers... another example is Skyworks which is a component supplier into smartphones. Interestingly the fear in Skyworks that was weighing on the share price over the course of the last quarter was that the elevated memory prices is going to lead to weakness in iPhone volumes and potentially squeeze out the non-memory component suppliers. So we took advantage of that to rotate — trimming Samsung, buying Skyworks on weakness.

We added to our position in Skyworks, which is a component supplier to iPhones and other smartphones. That stock's been quite weak because there's fear that the memory cycle has been — is going to drive pressure on broader iPhone volumes, and we use that opportunity to add to a position that we think is already undervalued.

Skyworks is a leader in radio frequency (RF) systems primarily for mobile phones, wireless infrastructure, aerospace and defense, internet of things, and various other applications. Their components are mission critical and support key network technologies, including cellular, WiFi, GPS, and Bluetooth connectivity. Recently, Skyworks lost market share to a competitor which negatively affected our value and caused us to reevaluate Skyworks’s competitive position. While Skyworks’s moat is not as strong as we had originally believed, it remains one of the leading companies in a consolidating industry with high barriers to entry.

Skyworks is a leader in radio frequency (RF) systems primarily for mobile phones, wireless infrastructure, aerospace and defense, internet of things, and various other applications. Their components are mission critical and support key network technologies, including cellular, WiFi, GPS, and Bluetooth connectivity. Recently, Skyworks lost market share to a competitor which negatively affected our value and caused us to reevaluate Skyworks’s competitive position. While Skyworks’s moat is not as strong as we had originally believed, it remains one of the leading companies in a consolidating industry with high barriers to entry.

Skyworks is a leader in radio frequency (RF) systems primarily for mobile phones, wireless infrastructure, aerospace and defense, internet of things, and various other applications. Their components are mission critical and support key network technologies, including cellular, WiFi, GPS, and Bluetooth connectivity. Recently, Skyworks lost market share to a competitor which negatively affected our value and caused us to reevaluate Skyworks’s competitive position. While Skyworks’s moat is not as strong as we had originally believed, it remains one of the leading companies in a consolidating industry with high barriers to entry.

Skyworks Solutions Inc. is a leader in radio frequency (RF) systems for mobile phones and other applications. However, the company recently lost market share to a competitor, which negatively affected its value and prompted a reevaluation of its competitive position. While Skyworks has historically maintained and grown its market share, the manager notes that its moat is not as strong as originally believed. Despite being one of the leading companies in a consolidating industry with high barriers to entry, the recent loss of market share raises concerns about its future prospects.

Skyworks Solutions Inc. is a leader in radio frequency (RF) systems for various applications, including mobile phones and wireless infrastructure. However, the company recently lost market share to a competitor, which negatively impacted its value and prompted a reevaluation of its competitive position. While Skyworks has historically maintained and grown its market share, the manager notes that its moat is not as strong as originally believed, raising concerns about its long-term prospects in a consolidating industry with high barriers to entry.

Skyworks Solutions Inc. is a leader in radio frequency (RF) systems primarily for mobile phones and various other applications. Their components are mission critical and support key network technologies. However, recently Skyworks lost market share to a competitor, which negatively affected our value and caused us to reevaluate Skyworks’s competitive position. While Skyworks’s moat is not as strong as we had originally believed, it remains one of the leading companies in a consolidating industry with high barriers to entry.

Skyworks Solutions Inc. is a leader in radio frequency (RF) systems primarily for mobile phones and various other applications. Their components are mission critical and support key network technologies. However, recently Skyworks lost market share to a competitor, which negatively affected our value and caused us to reevaluate Skyworks’s competitive position. While their moat is not as strong as we had originally believed, they remain one of the leading companies in a consolidating industry with high barriers to entry.

Skyworks Solutions Inc. is a leader in radio frequency (RF) systems primarily for mobile phones and various other applications. Their components are mission critical and support key network technologies. However, recently Skyworks lost market share to a competitor, which negatively affected our value and caused us to reevaluate Skyworks’s competitive position. While their moat is not as strong as we had originally believed, they remain one of the leading companies in a consolidating industry with high barriers to entry.