FPA Queens Road Small Cap Value Fund on Vishay Intertechnology, Inc.
Thesis
Vishay supplies passive electronic components and discrete semiconductors across industrial and other markets. The fund sees stable industry competition, incremental electric-vehicle and electrification demand, and a sharp recovery from the post-Covid cycle. Its data-center exposure also attracted AI-related interest, prompting managers to reduce the appreciated position aggressively.
“We believe the stock may have gotten caught up in the “AI trade” and have aggressively reduced our position.”
Key risks
- Cyclical component demand
- Tariff disruption
- Valuation may have become elevated amid AI enthusiasm