ON Semiconductor Corp

ON Semiconductor has been a top contributor to our relative performance, reflecting its strong position in the semiconductor market. The company is well-positioned to benefit from the ongoing AI-related spending, which is projected to reach $700 billion. This positions ON Semiconductor favorably within the tech sector, as demand for semiconductors continues to grow in line with advancements in AI technology. We believe the company's robust free cash flow and competitive advantages create a significant moat, making it an attractive investment.

ON Semiconductor has been a top contributor to our portfolio, reflecting its strong performance in the semiconductor sector. The company is well-positioned to benefit from the ongoing AI-related spending, which is projected to reach $700 billion. This positions ON Semiconductor favorably within the market, as it continues to leverage its technological advantages and maintain a competitive moat. We believe that the company's growth potential in the AI space will drive significant value for shareholders.

ON Semiconductor has been a top contributor to our relative performance, reflecting its strong position in the semiconductor market. The company is well-positioned to benefit from the ongoing AI-related spending, which is projected to reach $700 billion. This trend underscores the growing demand for semiconductors, and ON Semiconductor's capabilities in this area enhance its competitive moat. We believe that the company's fundamentals support its growth trajectory, making it an attractive investment.

ON Semiconductor has been a top contributor to our relative performance, reflecting its strong position in the semiconductor market. The company is well-positioned to benefit from the ongoing AI-related spending, which is projected to reach $700 billion. This positions ON Semiconductor favorably within the technology sector, as it continues to leverage its capabilities to meet the growing demand for semiconductor solutions in AI applications.

The letter discusses ON Semiconductor as part of the portfolio but does not provide a specific investment thesis or directional argument regarding its future performance.

On Semiconductor (ON) has demonstrated significant performance, with a notable 29% increase this quarter. This rebound is indicative of the company's strong fundamentals and market position within the semiconductor sector. The technology stocks, including On Semiconductor, were primary drivers of our portfolio's performance, suggesting a robust outlook for the company as it capitalizes on ongoing trends in technology and AI. We believe that On Semiconductor's growth potential and competitive advantages position it well for future success.

The fund maintained overweight positions relative to the benchmark in semiconductor companies Broadcom, ON Semiconductor and Marvell Technology, all of which detracted from performance relative to the fund’s benchmark. ON Semiconductor’s production has historically been tied to the automotive sector, and the forecast for car and truck sales remained uncertain, given the likelihood of price increases on newly manufactured vehicles due to recent U.S. tariff announcements.

The fund maintained overweight positions relative to the benchmark in semiconductor companies Broadcom, ON Semiconductor and Marvell Technology, all of which detracted from performance relative to the fund’s benchmark. ON Semiconductor’s production has historically been tied to the automotive sector, and the forecast for car and truck sales remained uncertain, given the likelihood of price increases on newly manufactured vehicles due to recent U.S. tariff announcements.

The fund maintained overweight positions relative to the benchmark in semiconductor companies Broadcom, ON Semiconductor and Marvell Technology, all of which detracted from performance relative to the fund’s benchmark. ON Semiconductor’s production has historically been tied to the automotive sector, and the forecast for car and truck sales remained uncertain, given the likelihood of price increases on newly manufactured vehicles due to recent U.S. tariff announcements.