Investment management company Vulcan Value Partners recently released its second quarter 2024 investor letter. A copy of the letter can be downloaded here. The quarterly results were mixed. The firm faced stock price volatility with some of the companies in its portfolios but managed this by adhering to discipline and capitalizing on the volatility to invest in companies with improved price-to-value ratios. In the quarter, the fund’s Large Cap Composite returned -2.9% net of fees and expenses, the Small Cap Composite returned -0.1 % net, the Focus Composite returned -0.4% net, the Focus Plus composite returned -0.8 % and the All-Cap Composite returned 1.1% net. For more information on the fund’s best picks in 2024, please check its top five holdings.

Vulcan Value Partners highlighted stocks like Qorvo, Inc. (NASDAQ:QRVO) in its Q2 2024 investor letter. Qorvo, Inc. (NASDAQ:QRVO) develops and commercializes technologies and products for wireless, wired, and power markets. The one-month return of Qorvo, Inc. (NASDAQ:QRVO) was 5.14%, and its shares gained 11.43% of their value over the last 52 weeks. On July 26, 2024, Qorvo, Inc. (NASDAQ:QRVO) stock closed at $122.01 per share with a market capitalization of $11.594 billion.

Vulcan Value Partners stated the following regarding Qorvo, Inc. (NASDAQ:QRVO) in its Q2 2024 investor letter:

"Qorvo, Inc. (NASDAQ:QRVO) is a leader in radio frequency (RF) systems and power management solutions for mobile devices, wireless infrastructure, aerospace and defense, the Internet of Things, and various other applications. Qorvo’s chipsets are a small cost but are critical components in modern mobile devices. As data needs increase and telecommunications technology continues to evolve and become more complex, more RF content is needed in each device. The complexity and barriers to entry intensify as content requirements increase and space constraints become more pronounced. Qorvo operates in an oligopoly with only a small number of companies capable of producing these increasingly complex chipsets at scale. Qorvo should also benefit as growth accelerates in adjacent markets and these markets eventually become a larger piece of the business through the adoption of the Internet of Things, satellite, Wi-Fi, and other markets. The company has faced headwinds over the past few years including lower demand in China, excess inventory in the channel, and factory underutilization; but secular tailwinds should drive growth and, in turn, margin expansion."

A close up of a highly advanced mobile device with the company's branding visible.