Cambiar SMID Fund's 14.39% quarterly gain was tempered by Dolby Laboratories' decline, even as semiconductor exposure provided a necessary offset to the portfolio.
Dolby Laboratories traded down in Q2 due to weakness in consumer electronics end markets and below-expectations growth forecast.
Lattice Semiconductor exposure to the rallying semiconductor industry helped offset Dolby's pullback in the Cambiar SMID Fund.
ON Semiconductor exposure to the rallying semiconductor industry helped offset Dolby's pullback in the Cambiar SMID Fund.
The Cambiar SMID Fund delivered a 14.39% return in Q2 2026, trailing broader market benchmarks despite strong contributions from the technology and industrial sectors. While semiconductor holdings like Lattice Semiconductor and ON Semiconductor bolstered performance, the fund faced headwinds from Dolby Laboratories, which struggled due to weakness in consumer electronics end markets.
Dolby Laboratories suffered from exposure to consumer electronics end markets, where higher memory prices and disappointing industry growth led to a downward revision in the company's growth forecast.