Cambiar SMID Fund’s Strategic Bet on ON Semiconductor Corporation (ON) Amid Demand Inflection Ahead

Cambiar SMID Fund’s Strategic Bet on ON Semiconductor Corporation (ON) Amid Demand Inflection Ahead Soumya Eswaran Thu, June 4, 2026 at 8:11 PM GMT+7 3 min read ON ^RUT Cambiar SMID Fund, managed by Cambiar Investors, published its Q1 2026 investor letter. A copy of the letter is available to download here. The investor class (CAMMX) returned 2.21%, and the institutional class (CAMUX) returned 2.27%, underperforming the Russell 2500 Value Index s 4.77%. This shortfall was mainly due to declines in certain healthcare and industrial positions and lower exposure to the top-performing Energy sector. The broader US equity market saw mixed results, with the S&P Index down 4.3% and the Russell 2000 up 0.9%. Economic headwinds included Mag 7 stocks’ high capex budgets, AI disruption fears, and redemption gates in private credit, exacerbated by the conflict in Iran, leading to a widespread drop in stock prices. Notably, value stocks outperformed growth stocks in the quarter, offering some downside protection. In addition, please check the Fund’s top five holdings to know its best picks in 2026.

In its first-quarter 2026 investor letter, Cambiar SMID Fund highlighted stocks like ON Semiconductor Corporation (NASDAQ:ON). ON Semiconductor Corporation (NASDAQ:ON) is an American semiconductor company that provides intelligent sensing and power solutions to the automotive, industrial, aerospace and defense, medical, and communication industries. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was 33.12%, and its shares gained 170.35% over the past 52 weeks. On June 3, 2026, ON Semiconductor Corporation (NASDAQ:ON) closed at $133.93 per share with a market capitalization of $52.07 billion.

Cambiar SMID Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its Q1 2026 investor letter: