On Semiconductor CORP

• HA Heartland Advisors Heartland Mid Cap Value Fund 2Q26 Portfolio Manager Commentary ↗ Heartland Mid Cap Value Fund reduced ON Semiconductor after it reached its price target, built MarketAxess amid temporary issuance-related trading headwinds, and initiated International Flavors and Fragrances as a self-help opportunity. The managers argue that AI-driven market concentration has created mispricings and rely on scenario-based price targets and a two-bucket value process to assess them. 2Q26 IFF $23BMKTX $5.8BON $28B
• JH Janus Henderson Investors Global Sustainable Equity Fund ↗ Global Sustainable Equity Fund trimmed AI exposure after strength and added Verisk Analytics and selected insurers, seeking durable moats and businesses unfairly penalised by the market. The portfolio retains exposure to AI infrastructure bottlenecks, power and grid equipment, while pairing them with resilient companies positioned for energy-security and climate volatility. July 2026 KLAC $221BMCK $117BMSFT $4T +2
• MC Muhlenkamp & Company Quarterly Letter, January 2018 ↗ Muhlenkamp & Company expects tax reform and deregulation to support economic growth while Federal Reserve and European Central Bank balance-sheet retrenchment removes support for asset prices. The firm plans to keep searching for undervalued opportunities as those opposing forces affect markets at different times. 2017 —

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