TD Synnex Corp

TD SYNNEX Corporation (SNX) is listed as one of the top positions in the portfolio, representing 3.5% of the total weight. However, there is no explicit directional argument made regarding its future performance or valuation in the provided passages. The company is categorized under Electronics Distributors, but no further insights or opinions are shared about its prospects or challenges.

TD Synnex has been a strong performer, contributing significantly to our returns with a total return of 79% in the first half of 2026. We believe that technology spending, including corporate IT, will continue to grow at GDP+ rates for the foreseeable future. Our long-term investment in TD Synnex is based on its consistent profitability and stable competitive dynamics, which provide a solid foundation for future growth. Despite trimming our holdings due to rising valuations, we maintain confidence in the company's management and its ability to capitalize on ongoing opportunities in the market.

TD Synnex (SNX) is the largest IT distributor globally. The company has done a good job diversifying away from its historical position in hardware and into software, security and services. TD Synnex is modestly levered and uses its cash flow to repurchase shares and pay dividends. The company reported blow-out earnings on March 31, 2026, which caused the stock price to jump. We think that TD Synnex is exceptionally well run, has scale and scope advantages against smaller competitors and that profits should continue to grow with IT spending at a GDP+ rate.

TD Synnex (SNX) is the largest IT distributor globally. The company has done a good job diversifying away from its historical position in hardware into software, security, and services. TD Synnex is modestly levered and uses its cash flow to repurchase shares and pay dividends. The company reported blow-out earnings on March 31, 2026, which caused the stock price to jump. We think that TD Synnex is exceptionally well run, has scale and scope advantages against smaller competitors and that profits should continue to grow with IT spending at a GDP+ rate.

TD Synnex was up more than 50%, benefiting from surging demand for AI infrastructure and cloud computing. The company reported strong earnings and easily beat analysts’ consensus. Management also came out with increased guidance for the coming quarters.

TD SYNNEX CORP is mentioned as a top contributor to relative performance, but no specific argument or directional stance is provided regarding its future prospects or valuation.

TD Synnex (SNX) is the largest IT distributor globally. The company has done a good job diversifying away from its historical position in hardware into software, security, and services. TD Synnex is modestly levered and uses its cash flow to repurchase shares and pay dividends. The company reported blow-out earnings on Mar 31, which caused the stock price to jump. We think that TD Synnex is exceptionally well run, has scale and scope advantages against smaller competitors and that profits will continue to grow with IT spending at a GDP+ rate. SNX trades at roughly 11x forward earnings and continues to be a top 5 holding for the Fund.

TD Synnex (SNX) is the largest information technology (IT) distributor globally. The business has evolved, and the company sells increasing amounts of software, security solutions, cloud licenses, and other growth-y IT at attractive margins. Shares have performed well this year as billings growth has rebounded to a double digit rate, led by TD Synnex’s more complex and higher margin Advanced Solutions portfolio. We believe that SNX shares are still attractive at the current valuation of roughly 12x this year’s earnings.

TD Synnex has shown strong performance, contributing positively to the Fund with a return of 31.09%. The company is positioned well within the Information Technology sector, benefiting from the overall market rebound and the increasing demand driven by advancements in AI. The Fund's strategy focuses on high-quality, profitable companies, and TD Synnex fits this profile, making it a valuable holding as we anticipate continued growth in the sector.