Last year was a tough one for the semiconductor industry – the makers of those essential electrical components found in all modern technology. Fears over slowing demand for memory chips, rising inventory levels and the ongoing US/China trade war led to significant declines in share prices in the second half of the year.
For us though, the bigger picture hasn’t changed. Long-term demand is coming from a raft of digital technologies, broadly referred to as the Fourth Industrial Revolution. The structural growth drivers to these companies therefore remain firmly in place.