Nomura Value Fund, a series of Delaware Group Equity Funds II on QUALCOMM Incorporated
Thesis
The fund initiated QUALCOMM while the semiconductor company was out of favor and trading at what the team considered a reasonable valuation. The company is best known for mobile-handset chips, but the thesis centers on broadening its growth drivers. QUALCOMM is expanding into AI inference, automotive applications and the internet of things. The fund sees this diversification as a way for the business to participate in multiple secular compute markets from a discounted starting valuation.
“the company is expanding its product range in support of AI inference, automotive applications, and the internet of things”