THIS IS A TEST. “We live in a digital world and semiconductors are the new oil in this world. Not only are semiconductors crucial for most components of our daily lives, but they’re also critical for national security. Semiconductors have matured as a sector with now a majority of demand coming from non-consumer sectors. This diversified demand structure will help the semiconductor industry’s revenue stream be less cyclical in nature, furthering the attractiveness of the sector. In our view, the biggest risk of investing in semiconductors is geopolitical. With tensions surrounding China and Taiwan continuing to grow, XYZ Fund’s U.S. Semiconductor fund, SMH, offers investors exposure to this growing industry while minimizing geopolitical risk.”

– Joe Bloggs, Head of Thematic Equity Strategies, XYZ Funds