Hennessy Focus Fund on Applied Materials, Inc.
Thesis
Applied Materials is one of the fund's core holdings tied to the build-out of advanced semiconductor manufacturing. The managers expect the AI infrastructure buildout to be massive and transformational, with significant value capture accruing to the companies supplying the chips, hardware, data centers and power required. Applied Materials is identified as a direct beneficiary of that spending and of the scaling of advanced semiconductor manufacturing. The broader portfolio is positioned around multi-year AI infrastructure tailwinds, which the fund expects to support long-term earnings growth.
“We are direct beneficiaries of this spending through our investments in Brookfield Corporation, Brookfield Asset Management, and Applied Materials.”