Synaptics has continued its strategic shift to higher-margin business, primarily Internet of Things (IOT) products. While the strategic plan has been well executed, we have trimmed the Fund's position over the last several months due to valuation. During the first quarter, Synaptics's stock price fell 31%. While increased uncertainty on global growth has tempered our near-term expectations, we believe the current valuation is attractive and remain confident in the company's long-term prospects."