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Heartland Mid Cap Value Fund cites ON Semiconductor upside amid AI demand
The fund said ON Semiconductor shares were down over one month, but up 57.5% over 52 weeks, while the fund returned 9.9% in Q2 2026.
Heartland Mid Cap Value Fund highlighted ON Semiconductor as a key holding in its Q2 2026 investor letter, pointing to rising power demand tied to AI and to ON’s role in power management and image sensing semiconductors. Yahoo Finance reports the fund’s letter framed ON as an “AI beneficiary” within a broader rally in mid-cap stocks during the quarter.
The fund said mid-cap stocks rose sharply in the second quarter, with Technology viewed as a main driver of absolute returns. However, it noted the fund lagged the Russell Midcap Value Index, returning 9.9% for the quarter versus the index’s 13.4%, attributing the gap to negative security selection even as Tech contributed to the overall market.
For ON Semiconductor, the letter cited a mixed recent performance profile, including a -17.0% one-month return and a 57.5% gain over the past 52 weeks. It also said the stock closed at $93.73 on July 14, 2026, valuing the company at $36.48 billion.
In its discussion of ON’s business, Heartland described the company’s silicon carbide semiconductor leadership, noting the products are used in electric vehicles, renewable energy inverters, and high-power industrial equipment. The letter also referenced management actions following a 2023 slowdown in auto and clean-energy-related markets, including steps to optimize manufacturing and product offerings, and said ON has gained market share with leading global EV manufacturers.