William Blair Small-Mid Cap Core Fund on Vishay Intertechnology
Thesis
Vishay supplies low-cost, highly reliable discrete semiconductors and passive components used in power conversion, filtering and system stability. The fund believes rising power density in AI servers and EVs increases demand for these components as system complexity grows, creating a structural opportunity that is not tied to a single chip architecture. Recent earnings beat expectations as end-market demand improved, AI data-center networking remained strong and share gains were expected in key areas. The fund still views automotive and data-center demand as a mispriced growth opportunity, although it trimmed the position after outsized performance reduced the stock's risk/reward attractiveness.
“We believe the company is well positioned to benefit from sustained demand in its automotive and data center end markets”
Key risks
- Less compelling risk/reward after outsized stock performance