Analog Devices INC

• FPA Crescent Fund FPA Crescent Fund 2Q26 Commentary ↗ FPA Crescent Fund scaled back exposure to AI and data-center beneficiaries as valuations and capital-cycle risks left little margin of safety. It added 14 largely AI-agnostic mid-cap businesses, including specialty chemical distribution and biotech equipment companies, seeking durable growth, strong balance sheets and conservative valuation support. 2Q26 +7.1% 028260 $47BADI $180BNTDOF $62BNVDA $5.1T
• Wedgewood Partners Are Hyperscalers Still Magnificent? ↗ Wedgewood Partners increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that their AI infrastructure spending is supported by high-return core businesses and investments that hedge DRAM cost inflation. The firm initiated Hermès, citing its artisan-led supply constraints, durable brand equity and pricing power, while trimming several large technology positions to maintain concentration limits. Second Quarter 2026 +9.4% HRMS AMZN $2.8TGOOGL $4.2TMETA $1.4T

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