Universal Display Corp

We exited our position in Universal Display as delays in the commercialization of blue phosphorescent OLED technology reduced near-term visibility, while persistent memory price inflation continued to pressure demand for consumer electronics, including smartphones and PCs. Although successful adoption of blue phosphorescent OLED remains an attractive long-term opportunity, we believed the near-term risk/reward had become less favorable given the uncertain timing of this important catalyst.

Universal Display Corporation continued to lag due to higher computer memory prices driving up the price of mobile phones and slowing demand in one of the company’s most important end markets. Additionally, the war’s effect on consumption may hurt end markets more broadly. However, we remain confident in their longer-term prospects and look forward to their technology enjoying widespread adoption.

We increased our position in Universal Display, reflecting our belief in its strong competitive advantages and market position. The company is well-positioned to benefit from lasting secular trends in the technology sector, particularly in the area of display technologies. Its solid margins and healthy balance sheet contribute to our confidence in its long-term growth potential, making it a valuable addition to our portfolio.

We increased our position in Universal Display, reflecting our belief in its strong competitive advantages and market position. The company is well-positioned to benefit from lasting secular trends, particularly in the display technology sector. Its solid margins and healthy balance sheet contribute to its resilience in challenging economic environments, supporting our conviction in its long-term growth potential.