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Stock Update: Microchip Technology

Microchip Technology was the best performer for the third quarter, on a dollar-weighted basis, adding $1.51 million to the Fund’s value. This provider of semiconductors, used in everything from touch panels to automotive infotainment systems, has been beating expectations for several quarters and the stock has moved higher throughout the year. Microchip’s management has a unique strategy of staying out of high volume applications which tend to have low margins and high obsolescence risk. Instead, they concentrate on taking market share in low volume applications. Additionally, management acquires other semiconductor companies that have good technologies but are poorly managed. Stellar results following the integration of a pair recent of acquisitions has helped drive earnings.

The portfolio is actively managed. For the FAM Equity-Income Fund's current Top 10 Holdings to the most recent quarter-end, view its Portfolio Details.

To obtain the FAM Equity-Income Fund's performance data that is current to the most recent month-end, click here.

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