Hedge Fund Manager Charles Paquelet’s Top 5 Tech Stock Picks

4. ON Semiconductor Corp (NASDAQ:ON)

Skylands Capital’s Stake Value: $7,291,463

Charles Paquelet’s Skylands Capital cut its stake in semiconductor company ON Semiconductor Corp (NASDAQ:ON) by about 11% in the third quarter. The hedge fund still owns a $7.3 million stake in ON Semiconductor Corp (NASDAQ:ON).

As of the end of the third quarter of 2023, 53 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in ON Semiconductor Corp (NASDAQ:ON). The most notable stake in ON Semiconductor Corp (NASDAQ:ON) is owned by D E Shaw which owns a $205 million stake in ON Semiconductor Corp (NASDAQ:ON).

ClearBridge Sustainability Leaders Strategy made the following comment about ON Semiconductor Corporation (NASDAQ:ON) in its Q2 2023 investor letter:

“To fund our purchase of Lam Research, we exited ON Semiconductor Corporation (NASDAQ:ON), preferring Lam at this point in the semiconductor cycle, and as we are also cautious on automotive demand, a key end market for ON Semiconductor.”