We bought Audinate late last year looking for an improvement in the semiconductor market to help support growth. While demand has been resilient, and Audinate has done well to relieve supply chain pressure, supply, or lack thereof, of chips, continues to bug the market. Shares traded to an 18 month low yesterday and have been underperforming the Philadelphia Semi-Conductor Index since hitting highs. While not showing signs of bottoming here, the underperformance against the US-based index looks overdone. More broadly, we are also tactically bullish tech near term with the view bond yields have rallied too far.
MM remains cautiously bullish AD8, remaining patient for now
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