Columbia Threadneedle Investments, an investment management company released its “Columbia Seligman Global Technology Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets rose in the third quarter with the large-cap Russell 1000 Index gaining 6.08%, raising its year-to-date return to 21.18%. The fund’s Institutional Class shares returned 1.00% in the quarter, compared to a 1.52% return for the MSCI World Information Technology Index-Net. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.
Columbia Seligman Global Technology Fund highlighted stocks like Semtech Corporation (NASDAQ:SMTC), in the third quarter 2024 investor letter. Semtech Corporation (NASDAQ:SMTC) manufactures and distributes analog and mixed-signal semiconductor products and advanced algorithms. The one-month return of Semtech Corporation (NASDAQ:SMTC) was 32.14%, and its shares gained 284.82% of their value over the last 52 weeks. On November 26, 2024, Semtech Corporation (NASDAQ:SMTC) stock closed at $63.11 per share with a market capitalization of $4.75 billion.
Columbia Seligman Global Technology Fund stated the following regarding Semtech Corporation (NASDAQ:SMTC) in its Q3 2024 investor letter:
“The portfolio’s holding in semiconductor and semiconductor equipment companies Broadcom and Semtech Corporation (NASDAQ:SMTC) contributed to performance relative to the fund’s benchmark. Broadcom sells custom AI Application Specific Integrated Circuits (ASICs) to Google, Meta and one other undisclosed Cloud Service Provider (CSP), while Semtech is a supplier of analog and mixed-signal semiconductors used for Internet of Things (IoT) systems and cloud connectivity. Broadcom and Semtech were two overweight positions for the portfolio compared to the benchmark and both companies’ stock price moved higher during the third quarter. Semtech recently entered into a definite agreement with Traxmate, a leading global IoT tracking platform provider. The partnership and incorporation of Traxmate’s precise location and tracking services should seemingly integrate with Semtech’s low-power, location-aware LoRa Edge platform to deliver efficient tracking solutions. Broadcom has been a long-term holding in the fund and remains one of our team’s highest-conviction ideas. The company expects to ship the same amount of AI computing units as NVIDIA this year and should continue to benefit from a focus in the U.S. to produce more chips domestically due to heightened geopolitical risk around Taiwan.”